If you want in your city a Post Office Building, a Federal Court Building or a Custom House Building you must lobby and beseech and petition and "trade" and pull wires in Congress until you do--or don't--get it. But it's different with Federal Reserve satraps. By merely a Federal Reserve ukase or decree or resolution or order an Aladdin's Palace arises like magic--paid for by your money. No such squandermaniac obsession has ever before been seen in this country in prodigality of buildings, in luxuriance of equipment or in splendor of quarters. And not only that, but the speed with which enormous sums have been "charged off" from building accounts is absolutely appalling. Take a look at some of the items of this profligacy. The Philadelphia Federal Reserve Bank bought a building for $600,000 and spent in "remodeling" it $1,099,638, making a total cost to September 30, 1921, of $1,699,638, and then "charged off" to "depreciation allowance" the enormous sum of $1,166,848! In other words, after spending $1,099,638 in "remodeling" its building it "charges off" for "depreciation" $1,166,848, or $67,210 more than it cost to "remodel" it! So that after spending $1,099,638 on "remodeling" the whole property is worth only $532,790, or $67,210 less than it cost before "remodeling." Either Philadelphia real estate depreciates with lightning-like rapidity or Federal Reserve judgment isn't worth a picayune or this huge "charge out" for "depreciation" is a mere camouflage or deception. Take your choice. It's either damphoolishness or incompetency's height of deception. And that's all you can make it. The San Francisco Federal Reserve Bank spent originally in "original investment" for a building $520,785, spent $232,895 for "remodeling," spent $448,776 for "new building" operations, making a total cost to September 30, 1921, of $1,202,456 and then "charged off" for "depreciation allowance" $530,795, so that after spending $681,671 on "remodeling" and new buildings on an original purchase of $520,785, it emerges with a value of but $671,661! Or in other words, after spending $681,671 on a $520,785 purchase it claims the gross value to be but $671,661, or but $150,876 more than the original purchase! Or in other words, it got but $150,876 of value for an expenditure of $681,671! Does San Francisco real estate depreciate as fast as that, or are Federal Reserve business oligarchs futile wastrels, or is this method of accountancy just a camouflage? Figure it out for yourself. The St. Louis Federal Reserve Bank made an "original investment" in building of $1,311,197, spent $560 on "remodeling" and "charged off" $685,000 for "depreciation allowance," emerging with a value of $626,575 for an expenditure of $1,311,757! Another case of swift shrinkage in value or wastrelcy in expenditure or camouflage in accountancy. Figure it to suit yourself.