Rensselaer Republican, Volume 19, Number 44, Rensselaer, Jasper County, 7 July 1887 — THE WRECKED FIDELITY. [ARTICLE]

THE WRECKED FIDELITY.

Mr. David Armstrong, of Cincinnati, 0., has had his bond as received of the Fidelity National Bank accepted, and he is , now in charge of the defunct institution. Comptroller of the Currency Trenholm and Solicitor of the Treasury McCue has gone to Washington, having given to the receiver and to the United States District Attorney there, respectively, such instructions as could be given at the present time. . ■ Mr. Trenholm, in conversation said, that be would deal with this bank upon the principle that National banks hold a fiduciary relation to the public, and that the profits upon the stock are in part the consideration for the proper discharge of the trust by the officers chosen by the stockholders: and when , as in the case of the Fidelity Bank, this trust is betrayed by the officers, it is the duty of the government to award exemplary punishment not only to the men active in the wrongdoing, but also to those who, being in a position to protect the interests of the depositors, neglected or omitted to discharge that duty. It is understood that the Comptroller and the District Attorney agree ’ that the government officers will aet tor the creditors of the bank, and that individual suits are not necessary, the government regarding it as its duty to exhaust the legal liability of officers and stockholders in the effort to meet claims. Comptroller Trenholm will declare a dividend as soon as t|ie necessary data can be collected.