The Dawson news. (Dawson, Ga.) 1889-current, 1922-01-03
A Royal Palace for Bankers.
From the Augusta Chronicle.

Figures have just been given out on the
cost of the new federal reserve bank building
in New York. These figures are presented III
reply by the reserve bank to the Overman
resolution in congress calling for information
as to the alleged amazing waste OF public
money"
In this report it is shown that the New
York reserve bank is now spending Tor
banking palace more money than the United
States government has ever appropriated in
any one year for the last twenty years tor
public buildings, including custom houses,
court houses and postoffices for all our AZ
states.
This royal palace of banking is to cost more
than SIS, 100000 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.
1t is to be luxurious and lavish in its appoint
ments in its marble and brass trimmings, its
gymnasium, its club quarters, its baths its
dining rooms.
The fees to be paid to the architects and
engineers are to exceed 100000. The foun-
dation cost alone is reported to exceed 81 ,8O0,-
900.
We are told by the Baltimore Manuafctur
ers' Record that at time when the New York
reserve bank was being authorized to spend
over 25.600000 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 OF the New
England states, the states of New York Del
aware New Jersey, Pennsylvania, Maryland
Virginia West Virginia, Ohio, Kentucky
North Carolina, South Carolina, Arkansas, the
greater part of Missouri and pats OF Illinois,
Indiana, Tennessee and Mississippi, on "agri-
cultural and live stock" loans, amounted to
only $17, 167, 900, 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.
The Chronicle gives as apt criticism on this
construction the comment of the Manuafctur-
ers' Record:
These facts, which have been taken from
the federal reserve board are indicative of
the spirit which has prevailed in the manage
ment of the whole federal reserve system,
from the board in general control in Washing
ton nearly, if not ALL of the federal reserve
banks in twelve cities of the country. Some
Iof these federal reserve banks have perhaps
lhad wiser management but they are part OF
a system which has we'll nigh wrecked the
universe financially; and what else could have
been expected under a management which
permits such amazing eXtravagances at time
when the business interests OF the country
have been driven into the worst commodity
panic in the worlds history? The reckless eX-
travagance and wild waste of the peoples
money in this royal palace or temple of bank
ing can be appreciated from the simple state
ment that its cost probably far 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 a
structure at the present time in which to house
the New York federal reserve bank only
serves to demonstrate the unftness of every
man who is a member of the New York bank
board or the federal reserve board at Wash
ington who has approved, or who has even
failed to disapprove, of this vast expenditure.