Palatka daily news. [volume] (Palatka, Fla.) 1919-1994, 1922-05-19
At time when every dollar of


public funds is needed, rather poor
example of the expenditure of such
funds is that set by the Federal Re
serve banks, whose duty, it would ap-
pear, is to set the nation a shining
example of thrift and economy. But
this is by no means the only bad ex-
ample; congress has few such sins
to answer for.
The federal reserve system now
has, or had, surplus of about 2S0
million dollars. Each of its IL re-
gional banks has an expense account
running int othe millions. Each has
a long array of high-salaried Off
Gals. Each has it's own small army
of employees. And several of the
banks are building or have built
handsome bank buildings costing mil
lions of dollars, the total approx
mating something better than SO
millions.
For a business which barely got
started in 1914 these profits and this
development are somewhat astonish-
ing if we consider that congress in
tended to give the people safe bank
ing facilities at moderate cost.
The senate has been looking into
federal reserve expenditures, with in
teresting results: In 1915 the Fed
eral Reserve bank of New York had
seven officers and 81 employees. By
July l Of last year its officers had
increased to 40, its employees to 81
DAT and it is planning to build itself
a rs million-dollar home that would
make King Solomon's temple look
cheap.
This is more than twice as much
money as our formerly easy-going
Uncle Sam has expended for public
buildings within the last 20 years. 1t
probably exceeds the combined cost
of the white house and treasury
buildings at Washington, with the
capitols of dozen states thrown in.
It is more money than five of the re-
|serve banks were lending on agricul-
tural and lvie stock paper during
crop-moving time. This bank build
ing is to cost more than any public
building in Washington, more than
the capitol of the United States.
1t may be true that the govern
ment itself is not putting up these
buildings, yet it cannot escape the
responsibility for such lavishness at
this particular time when economy
was never so imperative.
/ As planned this Banking palace is
to include an auditorium seating
1000 persons, two clubs, one for men,
the other for women; two restau-
rants, each with an area of 5000
square feet; smaller and more ex-
elusive rooms for officers and their
guests; 5000 square feet of gymna-
sum, where the medical department
can instruct the force in simple cor
rective exercises" ETC., etc.
TIL eNew York Reserve bank pays
more than one-half million dollars a
year in saalries to its 40 officials
and $4,4S4,1O3 a year to its 3,O47
employees; total of nearly five
million dollars, and this does not in.
clude occasional bonuses which in
case of its officers sometimes reach
a handsome figure.
Nine of the officers of the New
York Federal Reserve bank are paic
more than the chief justice of the
United States; II receive more thar
an associate justice of the supreme
court; IS are paid more than Secre
tary Hughes, or any other cabinet Of
ficer, and yet they are supposed to bt
serving the same government and thu
same people.
Here is the salary list of the Al
officials of the New York Reserve
bank as recently transmitted to tn,