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.[1]
Advocacy of 1916 Warehouse Act
United States President Woodrow Wilson proposed the Warehouse Act at a political nomination convention in Sea Girt, New Jersey on September 2, 1916:
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.[2]
Amendments to 1916 Act
U.S. Congressional amendments to the Warehouse Act.
| Date of Enactment | Public Law Number | U.S. Statute Citation | U.S. Legislative Bill | U.S. Presidential Administration |
|---|---|---|---|---|
| July 24, 1919 | P.L. 66-22 | 41 Stat. 234 | H.R. 7413 | Woodrow Wilson |
| February 23, 1923 | P.L. 67-436 | 42 Stat. 1282 | S. 3220 | Warren G. Harding |
| March 2, 1931 | P.L. 71-772 | 46 Stat. 1463 | H.R. 7 | Herbert C. Hoover |
| October 28, 1992 | P.L. 102-553 | 106 Stat. 4140 | H.R. 6128 | George H.W. Bush |
| November 9, 2000 | P.L. 106-472 | 114 Stat. 2058 | H.R. 4788 | William J. Clinton |
See also
References
- ^ "United States Warehouse Act" (PDF). Farm Service Agency. United States Department of Agriculture.
- ^ Peters, Gerhard; Woolley, John T. "Woodrow Wilson: "Address at Sea Girt, New Jersey Accepting the Democratic Nomination for President," September 2, 1916". The American Presidency Project. University of California - Santa Barbara. Retrieved 8 April 2017.
External links
- Yohe, H.S. (February 1924). "The Banker and the United States Warehouse Act". Internet Archive - Archive.org. United States Department of Agriculture.
- Yohe, H.S. (January 1926). "The Farmer and the United States Warehouse Act". Internet Archive - Archive.org. United States Department of Agriculture.
- Williams, Paul M. (July 1926). "The Warehouseman and the United States Warehouse Act". Internet Archive - Archive.org. United States Department of Agriculture.
- "Celebrating The United States Warehouse Act ~ August 11, 1916 - August 11, 2016". Farm Service Agency. United States Department of Agriculture.
- "United States Warehouse Act". Farm Service Agency - Commodity Operations. United States Department of Agriculture.
