Daily Iowa State Democrat. [volume] (Davenport, Iowa) 1856-1859, 1857-01-31
LOCAL. ITEMS.
AcsOnssssOd alton NOtes.


man" appears in the gazette Of yester
day morning, which refers to IN article
appearing In the State Democrat upoi
the subject OF accommodation notes.
which plainly shows the ignorance o.
the writer, aud his tota misconception
Of the iinpart OF our remarks that
portion Of our article having reference
10 this city was as follows
Hundreds OF our citizens become
sureties on notes, simply for want Of
nerve enough 10 Say so IL should be
the rule with cverv man thus lending
his name, TO enquire whether himself
will be able 10 pay the note at manur-
ity wishout embarrassing his business
relations, and ii he can not, then to re-
fuse, even when he has every reason to
believe that the maker or the note will
himself be prompt To pay II. There 10
too great careiessness on the part Of
men in this respect, and many of our
citizens have suffered by it A word
OF caution is needed to stop the ireque'
n,t If the evil, and NJ harm can be
done by the eNcercisc OF little more
discretion.
We have ii from The very best
sources OF Information, that nothing Ii
more common than Tor actions at law
to he commenced on notes AGAINST
sureties ~hen the principals have
failed to pay We also know that
many men obtain money upon notes,
simply b,eause tlic surety Is good when
thsy are worthless, and il i this which
we felt called upon TO caution oui read
ors against Take the ,asc u Mr..
tranEel, who failed iol about 100000
with about $4,000 assets TO pay his en-
dorsers with. Those who endorsed
for hun, considered linn yery clever
man, without onqulring into his prob
able ahilit, TO pay, and they are losers
bv il.
Our remarks were not intended Ia
prevent all use vi a acomodation notes,
blt called fol the eversise of little
more discretion Nekonw that there
j, not anothi cily III this State parsls-
ing the reputation Of Davenport for
sl.acious business men, and honorable
traders. and We should dislike to see
hat reputation impaired in uny man
ner.
We cannot account ioi the style of
a business mans" communication OH
any other ground than that OF an
itching desire Ia appear IN pubic PRINT,
for we hope that he la. not heeu de-
priycd Of eureties bv reason ut oui
article When he says that our artl-
Gle either SAID or intlnated that this
business community possesses neither
capital, capacity, OF common honesty"
he SAYS that which he knows 10 be
wiltully false, and If =, had possessed
common honesty he wonid not
have 80 stated.
We regard accommodation notes 40
IN evil custom, often times productive
Of great good and lasting benefit to
individuals, but il is a fictitious method
of obtaining capital that renders sure
ties liable to embarrasments and bank
ruptcv. " is like the system Of
banking. There ought to be sound
and hoslthv bass "a security for
these accomm odallon notes. If the
principals have such bass, there is no
danger OF loss TO the suretles, IT the
principals are honorable business men.
No mercantile community can do
business without a resort to accommo-
dation notes, but those who become
sureties ought 10 enquire into the
probable capacity of the principals to
paytheir notes before they become en-
iorsers for them. This would keep
the business community sound. and
give it reputation worthy Of any city.
ANY Of the Banking Houses will
inform IA business man where We got
our IN ioimstion.
4 YANkEn IxvENTIoN. We have
,iWars ait,,rsl fLs .nveftiya o en- itl3 of the