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Warehouse Act of 1916

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]

Warehouse Act of 1916
Great Seal of the United States
Other short titlesUnited States Warehouse Act
NicknamesAgricultural Department Appropriations Act of 1916
Enacted bythe 64th United States Congress
EffectiveAugust 11, 1916
Citations
Public law64-190
Statutes at Large39 Stat. 446a aka 39 Stat. 486
Codification
Titles amended7 U.S.C.: Agriculture
U.S.C. sections created7 U.S.C. ch. 10 § 241 et seq.
Legislative history
  • Introduced in the House as H.R. 12717 by Asbury Francis Lever (D-SC) on March 4, 1916
  • Passed the House on May 2, 1916 (292-42)
  • Passed the Senate on July 12, 1916 (31-27)
  • Reported by the joint conference committee on July 18, 1916; agreed to by the House on August 3, 1916 (Agreed) and by the Senate on August 3, 1916 (34-25)
  • Signed into law by President Woodrow Wilson on August 11, 1916

Advocacy

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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

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The table below shows 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

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References

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  1. ^ "United States Warehouse Act" (PDF). Farm Service Agency. United States Department of Agriculture.
  2. ^ 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.
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