The Idaho Republican. [volume] (Blackfoot, Idaho) 1904-1932, 1920-09-29
Beets, Politics and Progress
By Byrd Trego
Chapter XIV

pected panic. 1t was Sunday and as
the day wore away with men COM
ing and going and large conference
in session all the time, they decided
to send for Marshall Field and see
what he would say about it.
Marshall Fields Advice
Mr.. Field threw a bomb into that
conference of bankers and financiers
by telling them to pool their inter-
ests and pay off the tremendous pile
Of debts contracted by Mr.. Walsh
and pour enough money into the
treasury of the First National bank
Of Chicago to pay all its obligations
and to stop the run on the bank and
make it perfectly safe.
The Bankers Surprise
Imagine the surprise of these
bankers when he told them to put
up their own good money to pay the
obligations of other men and COM
petitive bank engaged in criminal OPP
erations. But Marshall Field stood
pat. He analysed the situation on a
big broad plan and told them that
they had enough money to do this,
that there was plenty of it to cover
the losses and save everybody from
peril. That if they did not do this
a panic was sure to follow and the
losses they would sustain in the
panic would be tremendous, not
counting the losses of all the others
who were unable to do anything to
prevent disaster. He explained to
them the disastrous effect of the
panic on the city of Chicago, the
state of Illinois and the states of the
Union doing business with them. He
pictured to them the opposite effect.
The effect of saving everybody by
this generous act and of the effect
that would have on the commercial
confidence on the state and nation.
He talked to them for two hours and
then retired. Ten years before that
he had talked to them about a
similar matter during panic and
they had refused to act on his adj
vice. He went out and acted on his
own advice himself and became fam
Gus for it. Now he had again Of
fered them this advice and they did
not exactly refuse it, but they did
not accept it. Before the meeting
adjourned they adopted a resolution
that they themselves would put up
their own money to protect from
losses all the people who were af-
fected by criminal man carrying
on criminal transactions thru COM
petitive bank that was busted. On
Monday morning they poured their
millions of dollars into the treasury
of that bank and kept pouring it in
until the run on the bank was salts !
fled, obligations all paid and conf :
dence fully restored.
Cur Beet Scrip Panic
If you remember the panic of 1907
and of how it embarrassed you re- !
member that about three or four
years before that there was another I
panic under way which was pre- ,
vented by that two hours talk of
Marshall Field before those bank
ers on certain Sunday afternoon.
There isn't any bank that can fail
in a city without causing losses o
all the other banks and business
houses. There isn't any firm OPP
Grating in Bingham county that can
fail without causing some losses to
some other people. If there is any
large firm operating in Bingham
county that should fail it would af-
feet many people. 1t is our duty to
ourselves and others to SO arrange
our business and patronage that ev-
cry firm that is rendering a needed
service on right principles shall have
a good chance to succeed.
ITO be continued)