The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1892-04-28
KEEP COOL.


needed this advice more than they do
now with reference to the bank which has
closed is doors. The depositors have
thus far acted with good judgment and
they should continue to do so as it is to
their benefit. Some people do not seem
to understand what an assignment is
! and many of the creditors of the bank,
particularly people from the country,
| believe, or affect to believe, that an as
signee is appointed solely for the bene-
fit of the more wealthy creditors. The
object is exactly the contrary. Wealthy
people in case of this kind are prompt
/ to act and if an assignment was not made
would have at once seized upon the as
sets of the bank and the others would
share only in the residue after the claims
of those first to act were satisfied. With
an assignee no one has an advantage; all
receive proportionate share of what
there is.
Some hot heads even go to the extent
OF charging the attorneys of the assignee
with acting IN the interests of the assig-
or. They are the attorneys of the credit
ors of the bank and their duty is to get
every possible cent for those to whom the
bank is indebted. They are working in
the interests of those who would not be
likely, or possibly could not afford to hire
an attorney for themselves. They work
IN the interests of all the creditors alike
and their duty and that of the assignee
is to collect every cent due the bank and
pay it over to those whom the bank owes.
They are doing this for pay not for love,
just as every attorney works for his client.
People who are creditors of the bank
should pay no heed to those curb-stone
lawyers who could not distinguish be-
tween due bill and a promlssory note,
but who talk as if they understand all
about assignments.
If no assignment had been made the
farmers would get much less from the
bank, when the settlement would be
made, than they will get now, as others
more quick to act would secure their
claims and have them paid in full Others
not familiar with the course of procedure
or not III a position to act promptly would
have to be satisfied with what might be
left.
Threats against Mr.. Shove are unwise,
If they are not ungenerous. Not one
cents worth of the assets in the bank is
his nor is it in his posse 5sion; everything
Is In the hands of the assignee. How to
realize most from them SO as TO pay the
greatest per cent. possible to the credit
ors of the bank is the purpose of the as
signee. Mr.. Shove can realize nothing
from these assets but he cannot be other
wise than anxious that they should yield
the largest amount possible to those
whom the bank owes. He knows the
character of these securities better than
any other person does as he knows every
circumstance connected with them. He
can be of vast assistance to the assignee
if he is permitted to be. Any attempt to
harass him would be like cutting off ones
nose to spite some one else. 1t is a time
to keep cool unless further loss is desir-
able. One may do great injury to him
| self and others by being rash in this mat
ter, without any goods coming from it.
Everything that could be done for the
best is being done and interference VIII
the percentage the bank will pay.