Evening Republican, Volume 17, Number 24, Rensselaer, Jasper County, 28 January 1913 — Bills introduced for Relief Of Officers for Bank Losses. [ARTICLE]

Bills introduced for Relief Of Officers for Bank Losses.

Senator McCormick has introduced bills for the relief of John BilL former trustee of Jordan township, and for A. A. Fell, former .trustee of Carpenter township, providing that moneys they had deposited in failed banks be refunded to them. Mr. Bill lost $525.26 in the McCoy bank and Mr. Fell lost $928.03 in the Parker bank. The Republican has always believed that officials should not personally lose any money held by them in trust and deposited in good faith in banks, by the failure of the mnks. The state legislature took the same view four years ago and several officers were refunded moneys lost in counties in the southern part of the state. The Republican pointed out that the officials relieved at that time were all democrats. The next year an effort to extend relief to 8. R. Nichols and A. A. Fell failed, because, well, apparently It was because they were not democrats, although the excuse was offered that too many were asking relief and the democratic pledge for economy had to be supported occasionally. The action in refunding some and refusing to refund others was a sample of preference legislation without a parallel. The law In force for the past six years places the responsibility for the of a depository for public moneys with advisory boards and in the event of bank failures the loss falls on the township, the county or the corporation. The passing of the law was an admission that the office holders should not be responsible and it should have provided for the refunding of those who had suffered losses. The practice, however, of relieving a few and letting the others bear their own losses is not right. Senator McCormick should make his bill include all who have suffered losses in this manner during recent years, and then let all suffer the same fate.