What became of this huge lootage wrung from America's brawn and brain
for the year 1920? Here's where it went. Dividends to the people who
provided the capital, i.e., the scores of thousands of member bank
stockholders, amounted to just a pitiful 6 per cent or $5,654,018 out
of $151,408,031, or about _one-thirtieth_ of the amount! Ought the real
providers of the real capital, upon which stupendous profits were made,
to be fobbed off with _one-thirtieth_ of its real earnings? Ought their
money to be commandeered at 6 per cent, profiteered upon at 160 per
cent and they be practically sandbagged out of 154 per cent? But it's
the law, you say! Of course it's the law and that's one of the infamies
of the System! On the one hand it sandbags commandeered investors, on
the other hand it filches from industry and then with both hands this
legalized parasitism smugly pouches the proceeds into its bottomless
bag of greed!
These twelve octopi have a surplus account and then another receptacle
for loot called a super-surplus account. There was swept for the year
1920 into the surplus account $78,168,287 and into the super-surplus
account $6,747,727. The remainder went as a franchise tax, so called,
to the Government. In a subsequent chapter you will read of this
franchise tax chimera.
The total surplus of the twelve Federal Reserve Banks at the close of
1920, after they had sandbagged out a profit of 160.7 per cent upon
their paid in capital for that year, amounted to the stupendous total
of $202,036,367 upon a paid in capital of $94,234,000 or 214.8 per
cent--accumulated in practically but six years of operations!
Shylock was a pure philanthropist, the Rothschilds and J.P. Morgan &
Co. are just alms givers compared with these gigantic toll takers on
industry's pike.
Public-domain text, read in full here on John Shaqi.
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