Effective August 11, 1916 | Public law 64-190 | |
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Other short titles United States Warehouse Act Nicknames Agricultural Department Appropriations Act of 1916 Statutes at Large 39 Stat. 446a aka 39 Stat. 486 | ||
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. This Act of Congress went far in securing the farm vote in the 1916 Presidential election.
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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.
Amendments to 1916 Act
U.S. Congressional amendments to the Warehouse Act.