The Idaho Republican. [volume] (Blackfoot, Idaho) 1904-1932, 1920-12-06
MALICIOUS REPORTS
ARE CONDEMNED AT
BUSINESS MEETING
Banks State That Black
foot Business Houses.
Are in Good Con
dition
BANKS ARE SOLID
Salt Lake Banker States
Our Banks in Sound
Condition

At meeting of the Blackfoot Com
mercial club and the members Of the
| Retail Merchants association held
at the Commercial club rooms on
/ Monday morning, they discussed
many subjects relating to markets
and the best plan of handling in
debtedness to be in q position to fin
ance next years business. farming
and stock raising A member, cash
ier of the Federal Reserve bank, Salt
Lake City, Mr., Galbraith, said it
| was advisable for everybody to pay
| up all the debts they could and get
as Clean a rlate as possible to start
the new year; that sound business
practice demanded it and that the
banks are all working to that effect,
but were trying not ito work a hard
ship on any man who could not pay,
such as the man with potatoes who
is unablesto get cars or to sell po-
tatoes al, all. He said the condition
Ct the whel- market warrants leo
pie w in gradually unloading their
wheat. hh aA3 t
Mr.. Galbraith said the natural
stringency in money markets at this
time has been greatly aggravated by
people withdrawing their money from
circulation and boarding it. The Fed
eral Reserve Bank estimates that
there are in the United States three
billion dollars being boarded in safe
ty deposit vaults, not subject to
check put away in bureau drawers,
cupbcards, socks and other things
that is not subject to check and not
in circulation or doing Its part In
carrying on the business of the coun-
try. Every dollar that is withdrawn
from circulation in this manner
means for the time being, just so
much money put out of existance. II
that three billion dollars were brot
out of hiding and put into circula-
tion,of deposited In the banks where
part of it might be loaned out to
tide over people who are needing tenn
porary loans, 1T would relieve the
worst of the money troubles. 1t was
stated in the meeting that number
Of thoughtless persons had been
questioning the solvency of local
banks and wondering If they are all
right. Other people hearing such con-
versations had taken the exaggerated
view and have passed the word along
that there was question about their
solvency. In that way damaging re-
ports had been spread that made
some people uneasy when there was
absolutely no occasion for 1t. Mr..
Galbraith said that all of the Black
foot banks are in good condition,
that their standing and securities
with Federal Reserve Banks are am
pie and that thru. their membership
in the Federal Reserve Bank they
have all the banks of the United
States behind them, If they needed
help. There is absolutely no occas-
ion for uneasiness about Blackfoot
banks. There is a great wealth Of
produce in storage on the farms;
most of 1t is saleable at some price
and great deal of 1t is saleable at
as fair a price as we can expect url-
der the present conditions and for
some time to come and he advised
that a gradual selling Of any saleable
produce should be made.
In commenting on the condition Of
the local banks Mr.. Galbraith said.
"All OF the banks in the valley are
good. All of the Blackfoot, banks are
in good condition; as good as any
in the state, and fine feature about
them is that there are no spectators
connected with them as officers or
stockholders. Each of the BlackfoOt
banks has one or more individuals
connected with it who could protect
all the depositors of the bank out
Of his private fortune. The law makes
every stockholder liable to the de-
positors for double the amount OF
their holdings in capital stock"
,i Bankers in. the meeting reported
that all the -iackfoot business houses
were in good condition and that any
report to the effect that there were
failures in prospect are false and
damaging. o,t
The following resolution was or
dered published:
n A Resolution
Be 1t Resolved:
That the merchants of Blackfoot,
in convention assembled, express our
unqualified confidence in the sol-
vency of our banks. Thru their con-
nection with the Federal Reserve
system, the whole financial strength
of the United States is behind them,
and no depositor need fear for the
safety of funds entrusted to any lo-
cal bank.
~ We deplore the tendency to give
circulation to wild rumors rejecting
on individuals and business institu-
tions, and we call upon the citizens
generally to discourage the spread
ing Of such wild runiors. M
BY the Resolution COMMITTEES.
e.. T. Peck,
r. B. Dunlap,
H. F. McCosha. E
Elackfoot, dtsEo,