Legal? Of course it's quasi-legal and that's the infamy of it. A coterie of the most astute lobbyists who ever enchained a people's industry log-rolled through a piece of legislation whereby they commandeered for their capital the people's money at a petty 6 per cent and in the year 1920 alone pouched on it a profit varying from 211 to 83 per cent! That's the record and those are the facts—hidden and concealed from you and draped in a mantle of silence. Federal Reserve lootage, Federal Reserve propaganda, Federal Reserve publicity—all paid for from your money—is too astute to "toot" anent this legalized sandbaggery. Do you, the stockholders in the eight thousand and odd National Banks in the U.S.A., know of any reason why you should provide at 6 per cent the capital for Federal Reserve lootage on which it made in one year alone from 217 to 89 per cent? That is, do you know of any reason except your legal helplessness and the bottomless greed of Federal Reserve sandbaggery? If the law—cleverly lobbied through your Congress—didn't compel you to do it, would you do it? Would you of your own free will provide capital at 6 per cent and be gypped out of 154 per cent? You know you wouldn't! Here is the core and center and solar plexus of the whole Federal Reserve System—commandeer capital at a petty six per cent and realize out of it profits that make Shylock look like a philanthropist. Peg this in your brainery and look further.
FOOTNOTES:
[1] The average paid in capital for 1920 was $94,234,000 and total net earnings were $151,408,031. This is 160.7% profit and so stated on pages 153 and 154 of Federal Reserve Bulletin of February, 1921. When the net average of the individual banks are footed and averaged the average is 140.9%. This discrepancy is for Federal Reservists—not us—to explain.
THE STUFFING OF THE LEVIATHAN
OU have seen the framework and skeleton of the monster—the commandeering of the capital for the operation of the twelve Federal Reserve Banks in each one of the satrapies. You have seen that the Federal Reserve oligarchs not only never put up one thin dime of their own for the capital for their System but obtained that capital—practically in perpetuity—at a paltry 6 per cent interest or dividend charge. This capital would naturally fluctuate somewhat—but ever upward—as new National Banks were commandeered into the jack-pot. By January 1, 1922, the paid-in capital legally sandbagged into the twelve regional Shylockeries was as follows: