Submission statement: you just can’t get any more clear than this. The Supreme Court of the United States admits that the federal reserve banks are not part of the government, they are privately held corporations.
Fifth. It is urged that, if the Fleet Corporation is granted the government rate, it may likewise be claimed by every instrumentality of the government. Instrumentalities like the national banks or the federal reserve banks, in which there are private interests, are not departments of the government. They are private corporations in which the government has an interest. Compare Bank of the United States v. Planters’ Bank, 9 Wheat. 904, 907, 6 L. Ed. 244. The Fleet Corporation is entitled to the government rate, not because it is an instrumentality of the government, but because it is a department of the United States within the meaning of the Post Roads Act. In respect to messages sent, on the government’s business, no distinction can properly be made between those of the Shipping Board and those of the Fleet Corporation.