Warehouse Act of 1916
{{Infobox U.S. legislation
| shorttitle = Warehouse Act of 1916
| othershorttitles = United States Warehouse Act
| longtitle =
| colloquialacronym =
| nickname = Agricultural Department Appropriations Act of 1916
| enacted by = 64th
| effective date = August 11, 1916
| public law url = http://legisworks.org/congress/64/publaw-190.pdf
| cite public law = 64-190
| cite statutes at large = {{usstat|39|446a}} aka 39 Stat. 486
| acts amended =
| acts repealed =
| title amended = 7 U.S.C.: Agriculture
| sections created = {{Usc-title-chap|7|10}} § 241 et seq.
| sections amended =
| leghisturl =
| introducedin = House
| introducedbill = {{USBill|64|H.R.|12717}}
| introducedby = Asbury Francis Lever (D-SC)
| introduceddate = March 4, 1916
| committees =
| passedbody1 = House
| passeddate1 = May 2, 1916
| passedvote1 = [https://www.govtrack.us/congress/votes/64-1/h53 292-42]
| passedbody2 = Senate
| passedas2 =
| passeddate2 = July 12, 1916
| passedvote2 = [https://www.govtrack.us/congress/votes/64-1/s173 31-27]
| conferencedate = July 18, 1916
| passedbody3 = House
| passeddate3 = August 3, 1916
| passedvote3 = Agreed
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| agreedvote4 =
| passedbody4 = Senate
| passeddate4 = August 3, 1916
| passedvote4 = [https://www.govtrack.us/congress/votes/64-1/s212 34-25]
| signedpresident = Woodrow Wilson
| signeddate = August 11, 1916
| unsignedpresident =
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The Warehouse Act of 1916 permitted Federal Reserve member banks to give loans to farmers on the security of their staple crops which were kept in Federal storage units as collateral.{{cite web |url=https://www.fsa.usda.gov/Internet/FSA_File/aboutuswa.pdf |title=United States Warehouse Act |website=Farm Service Agency |publisher=United States Department of Agriculture}}
Advocacy
United States President Woodrow Wilson proposed the Warehouse Act at a political nomination convention in Sea Girt, New Jersey on September 2, 1916:
{{quote|For the farmers of the country we have virtually created commercial credit, by means of the Federal Reserve Act and the Rural Credits Act. They now have the standing of other business men in the money market. We have successfully regulated speculation in "futures" and established standards in the marketing of grains. By an intelligent Warehouse Act we have assisted to make the standard crops available as never before both for systematic marketing and as a security for loans from the banks. We have greatly added to the work of neighborhood demonstration on the farm itself of improved methods of cultivation, and, through the intelligent extension of the functions of the Department of Agriculture, have made it possible for the farmer to learn systematically where his best markets are and how to get at them.{{cite web |url= http://www.presidency.ucsb.edu/ws/?pid=65393 |title= Woodrow Wilson: "Address at Sea Girt, New Jersey Accepting the Democratic Nomination for President," September 2, 1916 |author1=Peters, Gerhard |author2=Woolley, John T |publisher = University of California - Santa Barbara |work= The American Presidency Project |accessdate= 8 April 2017}}}}
Amendments
The table below shows U.S. Congressional amendments to the Warehouse Act.
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! style=" border-bottom:1.5px solid black"|Date of Enactment ! style=" border-bottom:1.5px solid black"|Public Law Number ! style=" border-bottom:1.5px solid black"|U.S. Statute Citation ! style=" border-bottom:1.5px solid black"|U.S. Legislative Bill ! style=" border-bottom:1.5px solid black"|U.S. Presidential Administration |
| style="border-bottom:1px solid gray; background:#F5F5F5;"|July 24, 1919
| style="border-bottom:1px solid gray; background:#F5F5F5; text-align:center;"|P.L. 66-22 | style="border-bottom:1px solid gray; background:#F5F5F5; text-align:center;"|{{usstat|41|234}} | style="border-bottom:1px solid gray; background:#F5F5F5; text-align:center;"|{{USBill|66|H.R.|7413}} | style="border-bottom:1px solid gray; background:#F5F5F5; text-align:center;"|Woodrow Wilson |
| style="border-bottom:1px solid gray; background:#F5F5F5;"|February 23, 1923
| style="border-bottom:1px solid gray; background:#F5F5F5; text-align:center;"|P.L. 67-436 | style="border-bottom:1px solid gray; background:#F5F5F5; text-align:center;"|{{usstat|42|1282}} | style="border-bottom:1px solid gray; background:#F5F5F5; text-align:center;"|{{USBill|67|S.|3220}} | style="border-bottom:1px solid gray; background:#F5F5F5; text-align:center;"|Warren G. Harding |
| style="border-bottom:1px solid gray; background:#F5F5F5;"|March 2, 1931
| style="border-bottom:1px solid gray; background:#F5F5F5; text-align:center;"|P.L. 71-772 | style="border-bottom:1px solid gray; background:#F5F5F5; text-align:center;"|{{usstat|46|1463}} | style="border-bottom:1px solid gray; background:#F5F5F5; text-align:center;"|{{USBill|71|H.R.|7}} | style="border-bottom:1px solid gray; background:#F5F5F5; text-align:center;"|Herbert C. Hoover |
| style="border-bottom:1px solid gray; background:#F5F5F5;"|October 28, 1992
| style="border-bottom:1px solid gray; background:#F5F5F5; text-align:center;"|P.L. 102-553 | style="border-bottom:1px solid gray; background:#F5F5F5; text-align:center;"|{{usstat|106|4140}} | style="border-bottom:1px solid gray; background:#F5F5F5; text-align:center;"|{{USBill|102|H.R.|6128}} | style="border-bottom:1px solid gray; background:#F5F5F5; text-align:center;"|George H.W. Bush |
| style="border-bottom:1.5px solid black; background:#F5F5F5;"|November 9, 2000
| style="border-bottom:1.5px solid black; background:#F5F5F5; text-align:center;"|P.L. 106-472 | style="border-bottom:1.5px solid black; background:#F5F5F5; text-align:center;"|{{usstat|114|2058}} | style="border-bottom:1.5px solid black; background:#F5F5F5; text-align:center;"|{{USBill|106|H.R.|4788}} | style="border-bottom:1.5px solid black; background:#F5F5F5; text-align:center;"|William J. Clinton |
See also
References
{{Reflist}}
External links
- {{cite web |url=https://archive.org/details/CAT31297878 |title=The Banker and the United States Warehouse Act |last=Yohe |first=H.S. |date=February 1924 |website=Internet Archive - Archive.org |publisher=United States Department of Agriculture}}
- {{cite web |url=https://archive.org/details/farmerunitedstat51yohe |title=The Farmer and the United States Warehouse Act |last=Yohe |first=H.S. |date=January 1926 |website=Internet Archive - Archive.org |publisher=United States Department of Agriculture}}
- {{cite web |url=https://archive.org/details/warehousemanunit67will |title=The Warehouseman and the United States Warehouse Act |last=Williams |first=Paul M. |date=July 1926 |website=Internet Archive - Archive.org |publisher=United States Department of Agriculture}}
- {{cite web |url=https://www.fsa.usda.gov/programs-and-services/commodity-operations/warehouse-act-100/index |title=Celebrating The United States Warehouse Act ~ August 11, 1916 - August 11, 2016 |website=Farm Service Agency |publisher=United States Department of Agriculture}}
- {{cite web |url=https://www.fsa.usda.gov/programs-and-services/commodity-operations/warehouse-services/united-states-warehouse-act/index |title=United States Warehouse Act |website=Farm Service Agency - Commodity Operations |publisher=United States Department of Agriculture}}
{{Woodrow Wilson}}
Category:United States federal financial legislation
Category:United States federal agriculture legislation
Category:Federal Reserve System
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