The New York Federal Reserve Bank paid $4,797,882 for its site, spent up to September 30, 1921, $758,072 on building operations, making a total expenditure of $5,555,954 and immediately charged off to "depreciation" the enormous sum of $1,841,618! Did it pay too much for its site or does real estate in the heart of the greatest city on earth depreciate almost 40 per cent almost immediately after purchase? Figure it for yourself. Later on reference will be made to this New York oligarchical palace of splendor. Up to September 30, 1921, Federal Reserve satrapists had spent $36,158,056 on its twelve building operations and had "charged off" as "depreciation allowance" the gigantic sum of $6,684,213! In other words, in a very few years, and in most cases practically at once, it depreciated its own building accounts by about eighteen per cent! Incidentally up to the same date it had spent $3,212,349 on its Branch Bank buildings and had depreciated them by $346,369. In its Helena Branch it made an "original investment" of $15,000, blew in $161,438 on the purchase and then "charged off" for "depreciation allowance" $77,738 when it got through, or about 45 per cent on the whole transaction. Up to September 30, 1921, Federal Reservists, including branch banks, had "reserved" $39,370,405 of your money in building operations and had them "depreciated" by the enormous sum of $7,030,582, or about 18 per cent, almost immediately. You are entitled to draw your own conclusions as to the necessity for these palaces, for the splendor of their equipment and for the real motive of so speedily "charging off" such enormous sums for "depreciation allowance." You are entitled to draw your own conclusions as to the wisdom of allowing a coterie of bureaucrats to spend such huge sums for their personal comfort or convenience or splendor unsupervised and unhindered. You are entitled to ponder on the proposition that these huge expenditures aren't obtained by legislation from Congress, but are made to suit the whim or ambition or convenience or extravagant ideas of an appointive body. The New York Federal Reserve Bank in cost, in expenditure, in equipment, in splendors purely for the convenience of its occupants is intended to surpass any like building on earth. Its cost has been estimated at from $17,000,000 to $20,000,000. Its corner stone--amid speeches and plutocratic glorifications--was laid on May 31, 1922. The fees of architects and engineers alone amounted to the stupendous sum of $1,106,000. It is intended to house 5,000 employees--about 2,500 more than it now has. Make right here some comparisons.