338 HISTORICAL AND POLITICAL. 



be entitled to receive the same on the surrender of his warehouse receipt. The Sec- 

 retary of the Treasury shall also provide rules for the duplication of any papers, in 

 case of loss or destruction. 



" SEC. 8. It shall be the duty of the Secretary of the Treasury, when Section I of 

 this act shall have been complied with, to cause to be erected, according to the laws 

 and customs governing the construction of government buildings, a suitable sub- 

 treasury building, with such warehouse or elevator facilities as the character and 

 amount of the products of that section may indicate as necessary. Such buildings 

 shall be supplied with all modern conveniences for handling and safely storing and 

 preserving the products likely to be deposited. 



" SEC. 9. That any gain arising from the charges for insurance, weighing, storing, 

 classing, holding, shipping, interest, or other charges, after paying all expenses of 

 conducting the sub-treasury, shall be accounted for and paid into the Treasury of the 

 United States. 



"SEC. 10. The term of office of a manager of a sub-treasury shall be two years, 

 and the regular election to fill such office shall be at the same time as the election 

 for members of the House of Representatives of the Congress of the United States. 

 In case of a vacancy in the office of manager of the sub-treasury, by death, resigna- 

 tion, or otherwise, the Secretary of the Treasury shall have power to appoint a man- 

 ager for the unexpired term. 



"SEC. II. The sum of fifty millions of dollars, or so much thereof as maybe 

 found necessary to carry out the provisions of this act, is hereby appropriated out of 

 any moneys in the Treasury not otherwise appropriated, for that purpose. 



"SEC. 12. That so much of any or all other acts as are in conflict with the pro- 

 visions of this act are hereby repealed." 



Amid the great confusion of thought as to the real object and effect 

 of this important and much-abused plan, an article, be it ever so elabo- 

 rate, could not be expected to sustain, by argument, all the propositions 

 of the measure. If, in this communication, a forcible, clear, and con- 

 clusive presentation can be made of ( i ) the necessity for the resort to 

 such legislation at this time, (2) the true methods of the proposed sub- 

 treasury system and their relation to agriculture and other lines of 

 business, and (3) a conservative view of the inevitable effect of the 

 introduction of this method to meet the necessity of the period, much 

 will have been accomplished. 



The necessity for something of this kind depends upon, and has been 

 developed by, the onward march of material progress. The introduc- 

 tion of steam and electricity, the effectiveness given to effort, under the 

 modern commercial methods, as the combined result of the introduc- 

 tion of improved machinery, and a more perfect application of the 

 economic doctrine of the division of labor, with many other forces 

 developed by discovery, research, and education, have in the last fifty 

 years , produced great changes in almost every line of effort. These 

 changes have probably affected the methods of agriculture and the 



