The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1891-07-30
THE sUB-TREASURY BILL.
Full Text of the Extraordinary Measure
Which the Democratic Party is to
Swallow OF be Defeated by
Detection from Its
Ranks.

Section l. Be it enacted by the House
of Representative 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
the United States branch Of the treas
ury department of the United States to
be known and designated as a sub
treasury, as hereinafter provided.
When one hundred or more citizens OF
any county in any State shall petition
the Secretary of the Treasury request
ing the location Of a sub treasury IN
such county and shall, first, present
written evidence duly authenticated
by the oath or affirmation of the county
clerk and sheriff, showing that the
gross average 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 CT $500, 600 at current prices in
said county at the time; and, second,
present good and sufficient bond for
title to q suitable and adequate amount
of land to be donated to the Govern
.nent of the United States for the loca-
ton of the sub-treasury buildings; and
third, a certificate of election showing
that the site for the location of such
sub-treasury has been chosen by pop
ular 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-treasury under such requirements
as may be prescribed. 1t shall in that
case be the duty of the Secretary of the
Treasury to proceed without delay to
establish a sub-treasury department in
such county, as hereinafter provided.
Section 2. That any owner of cotton,
wheat, corn, oats or tobacco may de-
posit the same in the sub-treasury
nearest the point of its production and
receive therefor treasury notes, herein
after provided for, equal at the date Of
deposit to 80 per cent of the net value
of such products at the market price;
said price to BE- determined by the Sec
retary of the Treasury under rules and
regulations prescribed, based upon the
price current in the leading cotton,
tobacco, or grain markets of the United
States, but no deposits consisting in
whole or in part Of cotton, tobacco or
grain imported into this country shall
be received under the provisions of this
Act.
Section 8. That the Secretary of the
Treasury shall cause to be prepared
treasury notes in such amounts as may
be required for the purpose Of the above
section, and in such form and denomi-
nations as he may prescribe, provided
that no note shall be ofa denomination
of less than one dollar or more than
one thousand.
Section 4. That the treasury notes
issued under this Act shall be receiva-
Bile for customs, and shall be a full legal
tender for all debts, both public and
private, and such notes, when held by
any national banking association shall
be counted as part Of the lawful reserve.
Section 5. 1t shall be the duty Of the
manager of a sub-treasury when cotton,
grain or tobacco is received by him Oh
deposit as above prescribed, to give a
warehouse receipt, showing theamount
and grade or quality of such cotton,
tobacco or grain, and its value at date
Of deposit; the amount of treasury notes
the sub-treasurer has advanced on the
products; that the interest," on the mo-
ney so advanced is at the rate Of 1 per
cent per annum; expressly stating the
amount of insurance, weighing, class
ing, warehousing and other charges
that will run against such deposit of
cotton, grain or tobacco. All such
ware house receipts shall be negotiable
by endorsement.
Section 6. That the cotton, grain or
tobacco deposited in the sub-treasury
under the provisions of this Act may
be redeemed by the holder of the vale
house receipt herein provided for, either
at the sub-treasury, in which the pro-
duct is deposited, or at any other sub
treasury, by the surrender of such ware
house receipt and the payment in law
ful money of the United States of the
same amount originally advanced by
the sub-treasury against the product
and such further amount as may be
necessary to discharge all interest that
may have accrued as against the ad.
vance made on the deposit of products;
and all insurance, ware house and
other charges that attach to the pro-
duct for ware housing and handling.
All lawful money received at the SuO-
treasury as a return of the actual
amount of money advanced by the
against farm products as
above specified shall be returned with
q full report of the transaction to the
of the Treasury, who shall
make record Of the transaction and
cancel and destroy the money so re-
turned. A sub-treasury that receives
a ware house receipt as above provided,
together with the return of the proper
amount, Of lawful money and all
charges as herein provided when the
product for which it is given is stored !
in some other sub-treasury shall give
IN order on such other sub-treasury
;or the delivery of the cotton, grain or
tobacco as the case may be, and the
Secretary of the Treasury shall provide
tor tho oSi,ct~pa botU-oop c,,h- trooe.