This panorama of value murders could be continued for pages of tables. They all tell the same story. Granulated sugar dropped in the same time from .15 cents a pound to .05 cents a pound; copper ingots from .19 cents a pound to .11 cents a pound; cotton yarn from 72 cents a pound to 25 cents a pound; pig iron from $37.75 per ton to $18.20 per ton; hides from 40 cents a pound to 14 cents a pound and so on down the line. These are the corpses strewn all along America's highways of production. What was the bludgeon which hit all these commodities on the head and drove them into the pit of loss? It was the persistent, wanton, ruthless and cold-blooded calling of loans and refusal of bank credits and contraction of currency by Federal Reserve oligarchy. They said they'd do it and they did it--aplenty. Here is the bludgeon, look at it. Their total of all loans and discounts including "bought paper" in all of the twelve Federal Reserve Shylockeries stood around from $2,700,000,000 to $3,000,000,000 from January to October, 1920, when the bludgeon pounded hard. Here is the bludgeon. Look at it in action. 1920 October $3,099,672,000 November 2,983,103,000 December 2,974,836,000 1921 January 2,622,174,000 February 2,500,013,000 March 2,356,160,000 April 2,180,178,000 May 1,995,051,000 June 1,782,951,000 July 1,661,036,000 August 1,527,255,000 And from May 28, 1920, to January 25, 1922--when the slaughtered were piled the highest--the twelve Federal Reserve Shylockeries hammered and battered down their bank credits in the leviathan sum of $2,005,149,000, or from $2,938,031,000 to $932,000,000! And incidentally the circulation of Federal Reserve notes contracted in the same period by the stupendous sum of $923,020,000! So that from May 28, 1920, to January 25, 1922, the Federal Reserve oligarchy--at their will or at their whim or for hidden purposes--contracted bank credits and currency by the titanic total of $2,928,169,000, almost $3,000,000,000, almost 3,000 million dollars. That was the pile driver battering your values down into the mire of loss. Take now a look at the financial corpses so slaughtered. Here they are. Look 'em over and don't overlook the hands that killed them. In 1921 there were 19,625 business failures as compared with 6,451 in 1919, or an increase of 13,174--more than three for one. And the liabilities reached the stupendous total of $627,401,000, an increase of $514,000,000 over 1919, more than five for one. In the so-called panic year of 1907, the high tide of business failures, liabilities were only $197,000,000, as against $627,000,000 in 1921. Why, if 1907 was a "panic year," 1921 was a pandemic year!