The midland journal. (Rising Sun, Md.) 1885-1947, 1891-06-26
Ill,
THE sUB-TREAsURY PLAN.


The st. Louis convention gave birth
to a financial measure, which is known
as the sub-treasury plan, and which has
come to be regarded as the pet project
of the Alliance. The financial question
is undoubtedly the great issue which the
Alliance proposes to force upon the
country for settlement. The farmers be-
ieve unreservedly in a greater volume
of currency.
The free coinage Of silver is one of the
means which it advocates for providing
larger circulating medium. But they
say that free silver is not adequate to
the real needs of the situation. The
only other legal means of putting moro
money into circulation as the law stands,
they explain, is through appropriation
bills But appropriations, they argue,
are already too large. To further in
crease them would merely add to ma
tional extravaganza and corruption. So
they have formulated plan for provid-
ing fiuctuating volume of currency
which shall be governed in amount by
the law of supply and demand, and
which shall be based upon actual values.
The bill which they have drawn up is SO
important that it merits careful study in
the shape in which it is pending in con-
gress. This is the measure:
Sec. /. Be it enacted by the senate and house
OF representatives of the United States of
America in congress assembled, that there may
be established in each of the counties of each
Of the states Of this United States branch of
the treasury department of the United States.
to be known and designated as o sub-treasury,
as hereinafter provided, when 100 or more citi-
zens OF any county in any state shall petition
the secretary Of the treasury requesting the
location of g sub-treasury in such county, and
shall.
l. Present written evidence, duly authen-
ticated by oath or affirmation Of county clerk
and sheriff, showing that the average gross
amount per annum Of cotton, wheat, oats, corn
and tobacco produced and sold in that county
for the last preceding two years exceeds the
sum OF $500, 900. ut current prices in said coun-
ty at that time. and,
2. Present good and sufficient bond for title
TO a suitable and adequate amount of land to
be donated to the government OF the United
States for the location of the sub-treasury
buildings, and
q A certificate Of election showing that the
site for the location OF such sub-treasury has
been chosen by popular vote of the citizens
OF that county. and also naming the manager
of the sub-treasury elected at said election for
the purpose OF taking charge OF said sub-treas-
ury under such regulations as may be pre-
scribed. IL shall In that case be the duty of
the secretary Of the treasury to proceed with
out delay TO establish a sub-treasury depart
ment In such county as hereinafter provided.
Sec. 2 That any owner Of cotton, wheat,
corn. oats or tobacco mAy deposit the same in
the sub-treasury nearest the point Of its pro-
duetion. and receive therefor treasury notes.
hereinafter provided for. equal at the date OF
deposit 10 80 per cent. OF the net value OF
such products at the market price. said price
10 be determined By the secretary Of the treas
ury under rules and regulations prescribed,
based upon the price current In the leading
cotton. tobacco or grain markets OF the United
States: but no deposit consisting In whole or
In part Of cotton. tobacco or grain imported
into this country shall bo received under the
provisions Of this act
Sec. q That the secretary Of the treasury
shall cause 10 be prepared treasury notes In
such amounts a. may be required for the pur-
pose of the above section. and IN such form
and denominations a. be may prescribe, pro-
vided that no note shall b OF q denomination
Of less than one dollar or more than one thou
sand dollars.
Sec. l. That the treasury notes issued un-
der this act shall be rocelvablo for customs.
and shall be a fuu legal tender for AL debts.
both public and private, and such notes when
held By any national banking as.ociafion shall
be counted a. part Of is lawful reserve.
Sec. s Il shall be tho duty of The man
ages of . sue-tFeasury when eotton- grain %