This little National Bank in Alabama was in the grip of the Federal
Reserve Octopus. It had to move the cotton crop in its territory.
Farmers, planters, merchants--and in short, all industry in its
territory including its own salvation--depended on the moving and on
the marketing of the cotton crop. It was "root hog or die" and this
little bank rooted and was looted precisely in this wise: It had to
borrow from the Federal Reserve Super-Shylockery at Atlanta. It had no
other house of refuge. It had to borrow something over $100,000 from
the Federal Reserve Bank at Atlanta and for the week's period ending
on July 31, 1920, it was charged and it paid as high as _thirty-one per
cent per annum interest_! Two months later when its loan reached as
high as $115,000 it was charged and it paid as high as _eighty-seven
and one-half per cent per annum interest_ to this subter-human
super-Shylock. For the two weeks ending on September 30, 1920, it was
borrowing an average of $115,211. Two weeks' interest at six per cent
would have been $288, but the records show that this little bank paid
the Federal Reserve Pawnbrokery at Atlanta for interest on that amount
for that time $2,189--running all the way from six to _eighty-seven and
one-half per cent per annum_! The actual average time for this loan for
that two weeks' period was almost exactly at the rate of _forty-five
per cent per annum_, or at the rate of $51,884 per year for the use
of $115,211! In about nine months that loan of $115,211 at that rate
would have eaten up the capital and surplus of that little Alabama
National Bank. Was that banking or was it putrid pawnbrokery? Oughtn't
the Federal Reserve Bank at Atlanta to put the three ball sign of
pawnbrokery over its portals?
And yet you read subsidized headlines sprawled athwart the columns
of a lick-spittle press about "Agricultural Interests Fostered by
Federal Reserve Banks" and "Farmers Aided by Federal Reserve System"
and messes of the like "bull" and "bunk" fed out by paid press agents
and absorbed by a befooled people chained to such pawnbrokery! "Aided"
by a sandbag! "Fostered" by pawnbrokery thuggery! It's enough to make
a "kike" pawnbroker sob and moan at his soft-heartedness. It's enough
to make Olomon Solomon Levi pull down his three balls and wail in the
Synagogue!
Public-domain text, read in full here on John Shaqi.
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