Rensselaer Semi-Weekly Republican, Volume 36, Number 77, Rensselaer, Jasper County, 20 May 1904 — About Uncle Mac’s Overdraft [ARTICLE]

About Uncle Mac’s Overdraft

j Wht-n »hn probed* amount of A .\loOj>'s overdraft m t‘»e tailed bank was first, publinhed. we I 'stated that thout-h it had not been j discovered properly tulared on the ;lipt, it was kq wn that tb was entitled to a Urge credit, hq:l a corresponding reduction in his overdraft.

It seems that some time before the •sank closed a loau of #40,000 was mad- and a mortgage given oa the Jordan tp. land, though the mortgages were not recorded 1 Then a few week’s before the bank wis closed, Mr. MoOoy sold Ibis interest iu the Hang ng Grove land aad paid $3h ( 000 of the amount borrowed on the Jordan laud taking up the nct-ss and mortgages therefor, and which he still has in his pos easierWhen this $36,000 is properly credited on the books, it will leave Uncle Mao’s personal debt to the bank, in notes aud a little over $56,000. A pretty large amount, but if Tom’s hadn’t been any larger, there was plenty of property to have paid ail and kept the bank safely running.

Thus it seems to us no more than just to largely exonerate Uoole Mao from the moral responsibility of the failure. More especially as for many years he has had praotio ally nothing to do with its aotive management, and has been given but little insight into the condition of its affairs.

And right along in this connection, we are going to add here that we oonsider entirely incorrect and anjast the intimations in outside papers that snoh acts of hospitality on Uncle Mao’s part as entertain ing the school teachers was to induce them to pnt their money in the bank. We do not btlieve that any of his many acts of generosity and open-handed hospitality, ever had behind them any selfish or scheming motive, but proceeded entirely from the natural kiedaess tod benevolenoe ol his nature.