Another speculative bank in New York borrowed from the New York Federal Reserve Bank $30,000,000 more than the Federal Reserve Bank of Dallas was lending all its member banks in all its huge territory.
Another speculative bank in New York borrowed from the New York Federal Reserve Bank $20,000,000 more than the Federal Reserve Bank of Richmond was lending to all its member banks in the Fifth Federal Reserve District.
Massing these gigantic figures in another form, the fact is that at the time four speculative banks in New York were borrowing from the New York Federal Reserve Bank an average of $118,000,000 apiece—or practically as much money as the Federal Reserve Banks of St. Louis, Kansas City, Minneapolis, Dallas and Richmond were lending more than 4,000 member banks in 21 states comprising more than half the entire area of the United States!
If this isn't coddling parasitism and penalizing production, you find a name for it!
Millions by the hundreds for parasitical speculation, for the pounding down of prices in "short" markets in a "bear" campaign waged against real values and millions by the paltry tens only for the real producers of real wealth! If these actual figures don't batter down the "prop" of Federal Reserve propaganda about "furthering agricultural interests," nothing will. "Furthering agricultural interests" with a bludgeon! "Equalizing credits" with a meter of equality so stretched as to enwrap parasitism! If these actual figures don't convict Federal Reserve Oligarchy of the height of Pecksniffian hypocrisy it's convict-proof! Look over—and don't overlook—these figures. You can't consider them in cold blood without irresistibly concluding that Federal Reserve Oligarchy pampers parasitism, penalizes production and bestrews its gigantic resources by favoritism instead of by merit. It is obsessed by a squandermaniac prodigality for speculation and by a niggardly parsimony for real production of real wealth. It exalts the tokens of wealth and the jugglers of it far, far above its real producers. It reaches out almost limitless largess to the pinnacles of parasitism while practically starving the real makers of real wealth on whose shoulders parasitism gaily rides. It shovels out hundreds of millions for speculation and serves with an eye-dropper tens of millions for production. It's unfair, unjust, inequitable and Janus-faced. It mumbles and mutters and chitters and chatters and propagandizes about "equalizing credits" and "emancipating credit," while in truth and in fact it is grossly discriminating in its credits and instead of "emancipating" credit enchains it to the golden chariot of speculative splendors! That's what it really does and that's the true tale of its Partiality of Pillage.
THE TRAGEDY OF DRASTIC DEFLATION
