Rensselaer Semi-Weekly Republican, Volume 36, Number 71, Rensselaer, Jasper County, 29 April 1904 — Want Off The Bond. [ARTICLE]

Want Off The Bond.

'As a result, undoubtedly, of the MoOoy bank failure, Henry O. Harris and J. C. Harris, proprietors of the Rensselaer Bank, usually called the Harris bank, have filed a suit in the circuit court asking to be released from the official bond of Samuel R. Nichols treasurer of Jasper county. The complaint is very short and does not set forth any of the grounds why such release* is desired.

The summons is msds returnable on May 4th, when if the case comes to trial, the plaintiffs must show cause for being released, and if found suffijient by the court, such release will be decreed. Tt.e release howrver will only be for future liabilities and will not extend td liabilities for what has already ocoured. The treasurer’s bond is in the sum of $160,000, and the bondsmen signing with Mr. Nichols, were Alfred and T. J. MoOoy, of the MoOoy bank, Henry O. and Jos :ph O Harris of the Harris B ink, and A. Partisan and E L Hollingsworth, of the Ist Nations! Bank. Tnere are $23,000 of the county’s funds in the MoOoy bank, the loss on which amount, whatever it may be, the treasurer and bondsmen will have to make good. It is a matter of common rumor however that a private contract was made after the bond was given, between the three banks, whereby, as is now assertedThe Ist National Bank was given an indemnifying bond against being holden for anything more, on the treasurer’s bond, than for the money belonging to the county it actually had on deposit. This bond, if held good, will throw whatever loss there is on county funds from the McOoy failure upon the Harris bank. And the desire of the latter bank to now be released from the treasurer’s bond, is commonly understood to be from a desire to terminate this contract with the other banks. The reason why this contract and indemnifying bond was given was as we under stand, because the U. 9. comptroller of the currency objected to the Ist National bank being on the treasurer’s bond.