The advocate., 1891-03-25
49, auR.TREAgURY BILL

AoNkDuug0 Ab ~ bAlh blLuo u1 A0Ooa8hAH
10 o proper understanding Of tho
principle which il involves. The bill
is as follows:
A BILL no ESTABLISH A SYSTEM on SUB.
TRHAsURTEs, AND BoR OTHER PURPOSES
House bill No. 7i02, introduced by Hon, John
A. Piclglor, OF South Dakota, embOdieS the do
mAnd OF the Farmers Alliance and Industrial
Union. 10 was referred 10 tho committee on
ways and means, and is as follows
Section l. BE II enacted by the Senate and
House OF Representatives Of the United stat0s In
OOngF0ss assembled. That there may bo estab-
llshed In each Of the counties Of each OF
Ehe states OF this United States, branch OF the
treasury department Of the United Btatsa, 10 be
known and designated as q nbtreasury, as
hereinafter provided, when 100 or more citizens
OF any county In any state shall petition the sec.
rotary OF tho treasury requesting the location Of
asub-tTeaaury In such county, and SHALL
I. Present written evidence duly authenticated,
by oath or affirmation by county clerk and sheT-
M showing that tho average gross amount per
annum OF cotton, wheat, oats, corn and tobacco
produced IN that county for the last preceding
two years, exceeds tho sum Of e5OO,OOO 40 current
prices IN said county at that time, and,
2. Present good and uhiclent bond for title
10 suitable and adequate amount OF land 10 DO
donated to the government Of the United States
Tor Che location OF tho sub.treasury buildings,
aud,
q A certificate Of election showing that the
Gito for the location OF such subtTeasury has
been chosen by popular vote Of the citizens Of
that county, and also naming the manager Of
tho sub.treasury elected ~ said election for the
purpose OF taking charge Of said sub.TeasuTy
under such regulations 90 may be prescribed. 10
shall n that case be tho duty OF the secretary Of
the treas ury 10 proceed without delay 10 estab-
llSh q gub-reasury department In such county as
hereinafter provided.
BeC Q. That any owner OF cotton, wheat, corn,
OatS, or tobacco, may deposit tho same in the
aub-tToasuTy nearest the point Of its production,
and receive therefor treasury notes hereinafter
provided for, equal at the date Of deposit 10 10
por C0ntum Of the net value Of such products at
tho market price, said price TO be determined by
Che secretary OF the treasury, under rules and
regulations prescribed, based upon the price cur
rent In the leading cotton, tobacco or grain mar
k6ts Of tho United states; but no deposit con-
slsGing In whole or In part OF cotton, tobacco or
grain imported Into thls country shall be 70.
oelved under the provisions Of this act,
Sec. 3. That the secretary Of the treasury shall
cause 10 be prepared treasury notes In such
amounts 90 may be required for the purpose Of
the above section, and In such form and denOnli-
nations 90 may DO prescribed, provided that no
note shall be Of denomination less than 81 or
more than $1,000.
B0O. 4. That the treasury notes Issued under
thir act shall no receivable for customs, and
shall be a full legal tender for oil debts, both
public and private, and such notes when held by
any national banking association shall be count
Cd az part Of ltS lawful reserve,
Soc. & 10 ahallbe Che duty Of the manager Of the
sub-troasuTy whom cotton, grain or tobacco is ro-
oslyed by him on deposit as above provided 10
giyO warehouse receipt showing Che amount
and grade or quality Of such cotton, tobacco or
grain, and its value az date OF dep0slt Che
amount Of treasury notes the aub-treasury has
advanced on tho product; that the interest on the
money % advanced ls ~ the rate OF per cent.
per annum; expressly stating the amount Of In
suFAnoe, Weighing. chasing, WArehOuaing, and
Other charges that viii run against such deposit
Of cotton, grain and tobacco. All such ware
house receipts shall bo negotiable by endorse
mcnt.
Sec. q. That the cotton, grain, OK tobacco de-
pO6lbcd IN the sub-tTeasuTy under the provisions
Of this act may be redeemed BY the holder OF
tho warehouse receipt herein provided for, either
~ the sub-tEeasury I'm which the product 10 de-
poaittd or az any other sub-tTeasury, by the sur
rondeaUg such warehouse receipt and the pay
ment IN lawful money Of che United States OF
Eho same amount originally advanced by the
subtEeasuTy against Che product, and such fur
ther amount as may be necessary to discharge
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