Who is responsible--directly, morally and legally responsible--for this orgy of Federal Reserve extravagance absolutely unequaled in the history of the world or in the history of banking? Why, the Federal Reserve Board at Washington is responsible. What makes them responsible? Here is the exact language. Read it. "Any compensation that may be provided by Boards of Directors of Federal Reserve Banks for directors, officers or employees shall be subject to the approval of the Federal Reserve Board." That's plain, isn't it? If the Federal Reserve Board at Washington doesn't "approve" these huge compensations, they can not be paid. It is the Federal Reserve Board at Washington--and no other authority on earth--which is responsible for the greatest orgy of expense ever strapped on the backs of staggering business. It's their ukase, it's their decree, it's their order which registers these titanic expenses--every penny of which is wrung from American producers of wealth! And they are political appointees--not elected, but appointed. The Federal Reserve Board at Washington really wields a power greater than any sceptered monarch ever swayed. At their nod or at their beck every Federal Reserve employee holds his job, for if they don't "approve" his "compensation" he can't attach his lips to the public teat with its golden flow of "compensation!" It's the Federal Reserve Board at Washington--unsupervised and with legally limitless power--which is responsible for this Federal Reserve expense orgy. CHAPTER XII WHAT THE MONSTER DOES WITH ITS LOOT THIS chapter is going to be like a tack--short but pointed. Federal Reserve apologists--on and off the floor of Congress--when driven into their last retreat always take their final stand and make their last play in the "franchise tax" stronghold. Their assertion is in effect that no matter what may be the abuses and sandbaggeries and extravagances of this system the "big money" gets back to the Government in the shape of the mythical "franchise tax." Here is where you get the facts precisely as they are. What became of the lootage of the Federal Reserve System for the year 1921 and what proportion of it did your Government get?