The Idaho Republican. [volume] (Blackfoot, Idaho) 1904-1932, 1920-08-20
HOME FINANCIAL
EXPERT PREDICTS
EASIER TIMES
Alex. Younie Sees Repe-
tition of Past Ex-
periences in Pres
ent Condition.
rVCTE Of SEVEN
Recalls Famous Parable;
Tells of Actual
Examples

i Alexander Younie, president OF
the First National bank of Blackfoot,
when interviewed in his private Of
fee Thursday predicted that the
worst of the financial stringency is
over and that the good crops OF
this valley will insure payment OF
all the pressing obligations this fall
He says that if only one-tenth OF
the crops are marketed at a reason
able price they will take care of all
the present obligations.
Mr.. Younie is. eighty years old
and has been a close student of fl
nancial and commercial matters all
his life. He has fine memory, has
always been successful in his busi-
ness ventures, and speaks from a
wealth of experience.
In our interview with him Mr..
Younie said:
"We are repeating the history of
former years. Following other great
wars we have had financial panices
and but for the influence of the fed
eral reserve banks we should be in
the midst of a terrible panic at the
present time. AS it is, we are just
emerging from stringency that is
already beginning to loosen. With
/ the moving of the crops, the early
wheat and potatoes and other prod
ucts that are being marketed, or
that will be marketed soon, the
stringency will be lessened.
"As l. ride, about thru the coun-
try in this county, read there the
record of the business transactions
that are soon to come. We have
an abundance, and the sale of the
crops or that part which will ma
turally be moved within the next
few months will loosen finances to
such an extent that we shall in a
general way be on easy street.
:, "a great deal depends upon the
crops In a circumstance like this.
Ever since can remember have no.
ticed that good crops and poor crops
run in periods Of something like
seven years. Not following that out
exactly, but usually there is peri
cd during which we have poor crops.
In the first period it may look as If
the crops may not yield much har-
vest, and yet they do. In the 9TH
or period it sometimes looks as
If they would yield good harvest,
, but the actual yield is very poor.
This condition has been with the
world, seemingly since the beginning
of history. Back in the times of
the Pharaohs they had the seven
years of plenty and the seven lean
years. The seven lean years ate
up the seven years Of plenty and
left them as lean as before. Last
year we had rather lean year in
this valley, compared to what we
expected. Due to our plentiful irri-
cation interrupted by shortage OF
water, we had tolerably lean year
in 1919. A great deal depended on
the crops Of 1920. The crops that
were planted this year all germinat-
ed. There was a perfect stand OF
almost all crops. I have scarcely
seen an acre planted anywhere that
was not good stand this year. Dur
ing the summer these crops have
grown and show every promise Of an
abundant yield.
"In financial circles the banks
have put out all the money they
had in loans; they have borrowed
from the federal reserve banks to
the limit and loaned that, and now
we are in a position to begin to pay
back. The first crops that are NOV
ed will be turned back into cash
that will be- applied on the most
pressing obligations. AS soon as
that process begins, the peak of the
financial stringency will have passed
"In this valley from Twin Falls
to St. Anthony the obligations of the
banks to the federal reserve banks
are something like sixty-five million
dollars. And the crops that will be
marketed will wipe out that indebt-
!, edness and leave a vast sum Of mil.
lions besides. It is very fortunate
indeed that the weather conditions
have been so favorable to US this
year.
IT we'll remember that in the sum
mer Of 1866, on the 18th of Aug