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1、UnitedStatesWarehouseActTheUnitedStatesWarehouseActanditsImportancetotheBankAcceptanceTheUnitedStatesWarehouseActisgivenhereinfullasareferenceaidtothetreatiseonAcceptances.SinceBankAcceptancessecuredbywarehousereceiptscoveringstaplecommodities,areoneofthethreeeligibleforrediscount,astu
2、dyoftheActandtheprovisionswhichhavegreatlyimprovedthefinancialstandingofwarehousereceipts,isrecommended.FeaturesoftheUnitedStatesWarehouseActThenewUnitedStatesWarehouseLaw,approvedAug.11,1916,providesfortheissuanceoflicensesbytheSecretaryofAgriculture,fortheoperationofwarehousesforthes
3、torageofagriculturalproducts.ThelicensebringstheoperationofthewarehouseforwhichitisissuedunderaninspectionservicetobemaintainedbytheDepartmentofAgriculture,andmakesitincumbentforthelicenseetogiveabondinasumfixedbytheSecretaryofAgricultureforthefaithfuldischargeofhisobligationstotheowne
4、rsofcommoditiesplacedinhiscustody.Theinspectionserviceincludesanexaminationofthewarehousebeforethelicenseisissued,andfromtimetotime,todeterminewhetheritissuitableforthepurpose,andthepracticeandcompetencyofthewarehousemaninclassifyingaccordingtogradeandotherwise,weighingandcertification
5、ofproducts,etc.ThebondisaguarantyoffaithfulobservanceofStateaswellasFederallawsgoverningwarehouseoperations.Anappropriationof$50,000ismadetodefraytheexpensesoftheDepartmentofAgricultureinconnectionwiththisserviceforoneyear.UnitedStatesWarehouseAct§1.Shorttitle.-ThatthisActshallbeknownb
6、ytheshorttitleof"UnitedStatesWarehouseAct."§2.DefinitionsoftermsusedinAct.-Thattheterm"warehouse"asusedinthisActshallbedeemedtomeaneverybuilding,structure,orotherprotectedinclosureinwhichanyagriculturalproductisormaybestoredforinterstateorforeigncommerce,or,iflocatedwithinanyplaceunder
7、theexclusivejurisdictionoftheUnitedStates,inwhichanyagriculturalproductisormaybestored.Theterm"agriculturalproduct"whereverusedinthisActshallbedeemedtomeancotton,wool,grains,tobacco,andflaxseed,oranyofthem.AsusedinthisAct,"person"includesacorporationorpartnershiportwoormorepersonshav
