The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1892-01-15
THE SUB-TREASURY
The Sub.TreaSury Bill as Presented In
the House Of Representatives by
Congressman Picker.
The Plan Feasible, and One That the
Farmers OF This Country are
Justly Entitled To.

IL the uuty OF their legislative CON-
mittee to formulate plan, to be
presented to congress in the shape of
a bill embodying their ideas in regard
to the measure called the sub-treas-
ury. This plan was accordingly put
in shape of bill and was introduced
in the house Of representatives by Hon.
John A. Picker, a republican member
of congress from South Dakota, in
February 1890. A similar bill was
presented in the senate by Senator
Vance of North Carolina, he being
democrat. Both these bills died, in
that graveyard of good legislation, the
committee. The following is the bill
as presented in the honse:
Section /. Be it enacted by the SEN
ate and house of representatives of the
United States in congress assembled,
that there may be established in each
of the counties of each state Of this
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 locating of q sub-treasury In
such county, and shall:
l. Present written evidence duly
authenticated by oath or affirmation Of
county clerk and sheriff, showing that
the average gross amount per annum
0fcotton, wheat, oats, corn and tobacco
produced and sold in that country for
the last preceding two years, exceeds
the sum of $4,000 90 at current prices
in said county at that time. and.
2. Present a good and sufficient bond
for title to suitable and adequate
amount of land to be donated to the
government of the United States for
the location of the sub-treasury build
ings, and.
l 8. A certificate Of election showing
that the site for the location of such
sub-treasuIy has been chosen by a
popular vote of the citizens Of
that county, and also naming the man.
ager of the sub-tI easury elected al
said election for the purpose Of taking
charge of said sub-treasury under
such regulations as may be prescribed.
It. shall in that case be the duty Of the
secretary Of the treasury to proceed
without delay to establish q sub-treas-
ury department in such county as
hereinafter provided.
Section 2. That any owner OF cotton,
wheat, corn, oats, or tobacco, may de-
post the same in the sub-treasury
nearest the point Of Its production,
and receive therefor treasury notes
hereinafter provided for, equal at the
date of deposit to eighty per
centum of the net value of such pro-
ducts at the market price, said price
to be determined by the secretary Of
the treasury, under rules and regula-
tions 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 inn
ported into this country shall be re-
ceived under the provisions Of this
act.
Sectin 8. That the secretary of the
treasury shall cause to be prepaid
treasury notes IN such amounts as may
be required for the purpose of the
above section, and in such form and
denominations as he may prescribe,
provided that no note shall be Of a
denomination less than 81, or more
than $1,000.
Section 4. That the treasury notes
issued under this act shall be receiv-
able for customs; and shall be full
legal tender for all debts, both public
and private, and such notes when held
by any national banking association
shall pc counted as part Of its lawful
reserve.
Section 5. It shall be the duty Of
the manager Of sub-treasury when
cotton, grain, or tobacco isreceived by
him to deposit as above provided, To
give warehouse receipt showing the
amount and grade Of quality of such
cotton. tobacco or grain, and its value
at date OF deposit; the amount Of treas
ury notes the sub-treasury has adj
vanced on the product; that the in.
tercst on the money 80 advanced is Of
the rate Of per centum per annumi
expressly stating the amount Of In
surancc, weighing, CHASING, ware
housing and other charges that will
run against such deposit Of cotton
grain or tobacco. All warehouse re-
;eipts shall be negotiable by indOrSs-
ment.
Section 6. That cotton, grain, Of
tobacco deposited in the Sub-treasurI
under the provisions Of this act may b.
redeemed by the holder Of the ware
house receipt herein provided for
either at the sub-treasury in which thu
products is deposited or at any othe
/. auh-treasurv. by the surrender Of sucl