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Show TESTING THE FEDERAL RESERVE RE-SERVE The federal reserve banking sys-tejn sys-tejn is undergoing severe tests over the period of deflation of all values and credits to a peace basis. Sound finauc'-i' policies subject the twelve reserve banks to a great J deal of unjust and unmerited criti- cism emlnating from depressed farm and livestock conditions. Borrowing by member banks had to be scaled down from $2,687,000.-OftO $2,687,000.-OftO at the beginning of 1921 to $1.-: 144.000 at the end of 1921. a con-; tractlo nof $900,000,000. Net imports of gold reached $667.-j (Mlu.OO gold, most of which found its! way to the reserve banks, and at the end of the year the total earning assets as-sets of the reserve banks was reduced re-duced from $3,263,000,000 to 536.000.000, or 53 per cent. The gross earnings of the twelve federal reserve banks for 1921 was! $122,685,000, as against $181,297,-000 $181,297,-000 in 1920. The question is, can attacks and criticisms overcome the great record made by the federal re- ! serve banks in financing our coun- j try over the war period and averting a panic during deflation that took place on the return of peace |