The Lakeland evening telegram. (Lakeland, Fla.) 1911-1922, 1921-12-29
AS Others See 1t
A ROYAL PALACE FOR BANKING

(From Manufacturers Record Baltimore, Md
The New York Reserve Bank is now spending
for a banking palace more money than the Unit
ed States government has ever appropriated in
any one year for the last twenty years. for public
buildings, including custom houses, court houses
and post offices for all our As states.
This royal palace of banking is to cost
than $256OOOOO. 1t is to cost more than the
combined cost of the White House and the treas
ury buildings at Washington, and the state CAPT
tolls of "A dozen states of the Union. 1t is to be
luxurious and lavish in it's appointments in its
marble and brass trimmings, its gymnasium its
club quarters its baths it's dining rooms.
The fees to be paid to the architects and en-
gneers are to exceed $1,OOO,OOO The foundation
cost alone is reported to exceed $1,S00O00.
At time when the New York Reserve Bank
being authorized to spend over $25 900 900
for this luxurious palace of banking. the total
amount of money which six of the twelve Reserve
Banks were lending in eighteen states. including
all the New England states the states of New
York, New Jersey, Delaware, Pennsylvania Mary
land Virginia, West Virginia. Ohio Kentucky,
North Carolina, South Carolina, Arkansas. the
greater part of Missouri and parts of Illinois, In
diana, Tennessee and Mississippi. on "agricul-
tural and live stock loans amounted to only ST.
$4,000. scarcely, twothirds 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 Federal Reserve Board are
indicative of the spirit which has prevailed in
the management Of the whDle Federal Reserve
System. from the Board in general 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 per
haps mad wiser management but they are part
OF system which has we'll nigh wrecked the
universe financially; and what else could have
been expected under management which per
mits such amazing extravaganza at Il time when
the business interests Of the country have been
DRIVEN into the worst commodity panic in the
worlds history? The reckless extravaganza and
Wlld waste OF the peoples money in this royal
palace or temple of banking be appreciated
IRON the simple statement that its cost prob
ably lar exceeds the cost of any royal palace for
emperor car or king sultan or oriental prince
or potentate 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 70 dem,
onstrate the unitness 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 DIS to the cost Of this bank ng pal
ice in New York are revealed in the reply Of the
Reserve Board to the Overman resolution caliEs
for Information as to the alleged amazing waste
of public moneys" Former Comptroller Of the
Currency Williams, in letter to Senator Over
man. has made remarkably interesting ANALYSIS
OF the Reserve Boards astounding report to The
senate.