Imperial Valley press., 1914-09-12
Bill For Relief of Cotton
Producers Is introduced

The following bill, introduced in the
House by Congressman Henry, would
render sure enough aid to cotton
growers if it should pass:
"a bill for the temporary relief of
The cotton growers and producers OF
agricultural products.
"Be it enacted blythe Senate and
House of Representatives of the Unit
ed States of America in Congress as
sembled, That the secretary of the
treasury and the federal reserve board
created under an act approved De-
cember %, 1913, be, and they are
hereby, directed to forthwith ascer-
tain as nearly as may be what per
cent Of agricultural and food products
CT prime necessity, that is to say, cot
ton, wheat, corn, oats, tobacco, and
food products, as exported in nine
teen hundred and thirteen, originated
Ui were produced each of tl>e
twelve region bank districts now es-
tabli3hed by law. Upon ascertaining
as expeditiously as may be such per-
centage, it shall be the duty of the
secretary of the treasury to deposit
Immediately in each of the twelve re-
gional banks and branches thereof q
percentage of federal reserve notes
hereinafter mentioned as will cor
respond with the percentage pro-
duced by each regional bank district of
the commodities herein mentioned to
the total export value of 1913 of said
commodities.
"Sac. 2. That it shall be the duty,
and is hereby made the duty, of the
federal reserve board to deposit with
the secretary of the treasury for the
purposes of this act a sum of fed
eral leserve notes, as authorized and
provided for in section sixteen of the
act approved December %, 1913
known as the Federal Reserve act, as
will equal so per centum of the cap
ital stock of all national banks as of
June 30, 1914. The federal reserve
notes to be deposited with the secre-
tary of the treasury, as herein pro
vided, shall be set apart as emer-
gency currency, but shall in no wise
in any other respect interfere with
or prevent the carrying out of the
above mentioned federal reserve act
"Sec. 3. That when such deposit OF
federal reserve notes shall have beer
so made in each of the twelve regiona
hanks and branches thereof said re.
gional banks are hereby authorized
empowered and directed to use anC
ray out such federal reserve notes
as follows: Whenever any produces
Of cotton or owner of lands on which
the same was produced shall, through
any Incorporated bank, state or na.
tional, present to the regional banl
of the district within which the state
or national bank may be situated, {
ILL IF sale in writing to cotton il
bales grown in 1914, in such form as
may be prescribed by said regiona
bank, said bill of sale to be signed
and sworn to by the producer or per
son upon whose land the same wa.
produced, giving the number, mark
weight, classification and location O
said cotton, it shall be the duty Of
said regional banks to advance upol
said cotton in said federal reserve
notes, or other lawful coin or cur
"ency, at the rate of II cents pc,
pound for middling cotton, and othel
grades at the prices, off and on, &C
cording to the established difference
in prices based on middling cotton a
- cents per pound.
"Sec. A. That thereupon title to SAT-
cotton shall pass to and be veste,
in said regional banks. The state o
national bank so receiving such fed
eral reserve notes or other Lawful
coin or currency shall pay the sam
Iover to the producer or person ol