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1、United States Warehouse ActThe United States Warehouse Act and its Importance to the Bank AcceptanceThe United States Warehouse Act is given here in full as a reference aid to the treatise on Acceptances. Since Bank Acceptances secured by warehouse receipts covering staple commodities, are one of th
2、e three eligible for rediscount, a study of the Act and the provisions which have greatly improved the financial standing of warehouse receipts, is recommended.Features of the United States Warehouse ActThe new United States Warehouse Law, approved Aug. 11, 1916, provides for the issuance of license
3、s by the Secretary of Agriculture, for the operation of warehouses for the storage of agricultural products. The license brings the operation of the warehouse for which it is issued under an inspection service to be maintained by the Department of Agriculture, and makes it incumbent for the licensee
4、 to give a bond in a sum fixed by the Secretary of Agriculture for the faithful discharge of his obligations to the owners of commodities placed in his custody. The inspection service includes an examination of the warehouse before the license is issued, and from time to time, to determine whether i
5、t is suitable for the purpose, and the practice and competency of the warehouseman in classifying according to grade and otherwise, weighing and certification of products, etc. The bond is a guaranty of faithful observance of State as well as Federal laws governing warehouse operations. An appropria
6、tion of $50,000 is made to defray the expenses of the Department of Agriculture in connection with this service for one year.United States Warehouse Act1. Short title. - That this Act shall be known by the short title of United States Warehouse Act.2. Definitions of terms used in Act. - That the ter
7、m warehouse as used in this Act shall be deemed to mean every building, structure, or other protected inclosure in which any agricultural product is or may be stored for interstate or foreign commerce, or, if located within any place under the exclusive jurisdiction of the United States, in which an
8、y agricultural product is or may be stored. The term agricultural product wherever used in this Act shall be deemed to mean cotton, wool, grains, tobacco, and flaxseed, or any of them. As used in this Act, person includes a corporation or partnership or two or more persons having a joint or common i
9、nterest; warehouseman means a person lawfully engaged in the business of storing agricultural products; and receipt means a warehouse receipt.3. Powers of Secretary of Agriculture under Act. - That the Secretary of Agriculture is authorized to investigate the storage, warehousing, classifying accord
10、ing to grade and otherwise, weighing, and certification of agricultural products; upon application to him by any person applying for license to conduct a warehouse under this Act, to inspect such warehouse or cause it to be inspected; at any time, with or without application to him, to inspect or ca
11、use to be inspected all warehouses licensed under this Act; to determine whether warehouses for which licenses are applied for or have been issued under this Act are suitable for the proper storage of any agricultural product or products; to classify warehouses licensed or applying for a license in
12、accordance with their ownership, location, surroundings, capacity, conditions, and other qualities, and as to the kinds of licenses issued or that may be issued for them pursuant to this Act; and to prescribe, within the limitations of this Act, the duties of the warehousemen conducting warehouses l
13、icensed under this Act with respect to their care of and responsibility for agricultural products stored therein.4. Issuance of license by the Secretary of Agriculture. - That the Secretary of Agriculture is authorized, upon application to him, to issue to any warehouseman a license for the conduct
14、of a warehouse or warehouses in accordance with this Act and such rules and regulations as may be made hereunder; Provided, That each such warehouse be found suitable for the proper storage of the particular agricultural product or products for which a license is applied for, and that such warehouse
15、man agree, as a condition to the granting of the license, to comply with and abide by all the terms of this Act and the rules and regulations prescribed hereunder.5. Period of issuance of license. - That each license issued under sections four and nine of this Act shall be issued for a period not ex
16、ceeding one year and shall specify the date upon which it is to terminate, and upon showing satisfactory to the Secretary of Agriculture, may from time to time be renewed or extended by a written instrument, which shall specify the date of its termination.6. Warehouseman required to file bond to secure faithful performance of his obligations. - That each warehouseman applying for a license to conduct a warehouse in accordance with this Act, shall, as a con
