The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1921-12-27
A ROYAL PALACE
FOR BANKING

The New York Reserve Bank is now
spending for a banking palace more
money than the United states govern
ment has ever appropriated in any one
year for the last twenty years, for
public buildings. including custom
houses. court houses and postoffices
Cor all OF our As states.
This royal palace Of banking is to
cost more than s25,600,o00. 1t is TO
cost more than the combined cost OF
the White House and the treasury
buildings at Washington. and the state
capitols OF a dozen states Of the
Union. It is to be luxurious and Lavish
In its appointments. in its marble and
brass trimmings. its gymnasiums it
club quarters, its baths, its dining
rooms.
The fees to be paid to the architects
and engineers are to exceed S1,0o0,o0o.
The foundation cost alone is reported
10 exceed 81 SOC, zoo.
At a time when the Kew York Re-
serve Bank was being authorized 10
spend over s25, 600.0 900 for this lux
urious palace OF banking, the total
amount Of money which six Of the
twelve reserve banks were lending in
eighteen states. including all of the
News England states, the states Of New
York. New Jersey. Delaware. Penn-
sylvania, Maryland Virginia, West
Virginia, Ohio, Kentucky. North Caro-
lima. South Carolina, Arkansas, the
greater part Of Missouri and parts ot
Illinois. Indiana, Tennessee and Mis-
sissippi, on agricultural and live
stock" loans amounted 70 only $1zI67,-
600, or scarcely two-thirds as much as
the sum appropriated for the palace OF
banking in New York by the Federal
Reserve Bank OF that city.
These facts which have been taken
from the official reports Of the Fed
eral Reserve Board, are indicative Of
the spirit which has prevailed in fhe
management Of the whole Federal Re-
serve system, from the board in gem
eraI control in Washington to nearly,
If not all, of the Federal Reserve
banks in twelve cities OF the country.
Some of these Federal Reserve banks
have perhaps had wiser management,
but they are a part Of a system which
has well nigh wrecked the universe fl
nanciaIly; and what else could have
been expected under a management
which permits such amazing extrav-
agance at O time when the business
interests Of the country have been
driven into the worst commodity panic
in the worlds history? The reckless
extravaganza and wild waste OF the
peoples money in this royal palace or
temple Of banking can be appreciated
from the simple statement that its
cost probably far exceeds the cost Of
any royal palace for emperor. car or
king, sultan or oriental prince or po-
tentate in all the worlds history.
The criminal folly Of building such
structure at the present time in
which to house the New York Federal
Reserve bank only serves to demon-
strate the unfitness Of every man who
is a member Of the New York bank
board or the Federal Reserve Board at
washington who has approved, or
who has, even failed to disapprove Of
this vast expenditure.
The figures as to the cost Of this
banking palace" in New York are re-
veaIed in the reply Of the Reserve
Board to the Overman resolution CALI
ing Tor lnL0FfnalloN as 70 the dileseA
amazing waste of public moneys"
Former Comptroller Of the Currency
Williams in a letter TO Senator Over
man. has made a remarkably interest,"
ing analysis Of the Reserve Boards
astounding report to the senate, from
which we are publishing some lengthy
extracts in this e-Manufaeturerf
Record.