The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1892-07-14
To the Editor Of the Pilot:


To the Editor Of the Pilot:
We are just now having an experience
which well illustrates the great differ
ence between cool head and heated
heart A good deal of ridicule has been
excited because a thoroughly competent
expert has been employed to examine the
books of the insolvent bank of Mau.vo
woe; this, too, with people who were at
first most clamorous for an examination
of the bank records. As the actual truth
ought to be the object of all search and
us it is highly important that the abso-
lutte integrity and good business judg-
ment of the assignee of the bank should
| be established and generally recognized;
If as | believe his conduct entities him
to this [ ask for a steadfast and lntelll-
gent support of this investigation. It is
quite as important for us as a commun-
/ ity to save our reputation as to save our
property. When the end is reached,
every creditor of the bank ought to have
! the means of knowing precisely how and
| by whose fault he lost his money. If
| such information be furnished we will
still have confidence in one another and
| know that we are not a community OF
| cheats and rogues. To leave the truth
In doubt is 10 continue the existence Of a
multitude of suspicious which are prob
! Ill ! i
most cases an injury to the public as
well as to the persons suspected. trust,
| therefore, the investigation will be per-
n:tted to continue until light has been
! thrown upon every transaction.
! In another respect the heat of passion
is, or may be, the occasion of injury to the
involved IN the disaster. 1t is well known
| that the assignee. with the consent and
| approval of the court, made a settlement
with one of the heavy borrowers from
| the bank; that is, accepted the best Sc
| curity he could get for less sum than
| the amount actually due, the sum beng
sonable to believe the debtor could go
with such means of payment as he pos
| sessed. | have heard disinterested bust
| ness men express the opinion that the
settlement was good one except that
the amount agreed upon by way of com
promise is more than the debtor can pay
and vastly more than could have been
recovered by Selling everything he had
and selling it at forced sale. However
This may be, it is plain that the Court
was of that opinion and ordered the adj
justment to be made accordingly. AS
soon as the terms of the adjustment were
made public, violent abuse was immedi-
ately heaped upon the assignee, his
motives suspected his Judgment i'm
peached and his conduct denounced so
violent and SO unjust were these criti-
cisms that the assignee, as am informed,
declines to attempt any further adjust
ment with other creditors, no matter how
advantageous it may be to the creditors
OF the Bank or to the debtor concerned.
He prefers, as it is reported, to let the
law take its course and then the creditors
of the Bank cannot charge him with show
ing fayoritism III making settlements. No
one can justly find fault with the assignee
for coming to this conclusion. He can
hardly be asked to subject himself to
suspicion and abuse for using his best
Judgment when he can proceed accord
ing to law, sue, get Judgment, issue ex-
ecutiou and sell whatever can be found.
thus showing to every body that he has
obtained all that the law could procure
for him. This however may be, and is
very likely to be. less in amout than he
could secure by settlement upon good
business basis. Settlements may also
enable the debtors to not only Pay more
than the sheriff could get but save some
thing out of the wreck for themselv
The city also may be much benefited by
having as few assignments or failures as
is possible under the circumstances.
This brings me to a suggestion: Why
would it not be wise for the creditors of
the Bank to hold meeting and appoint
committee consisting of three or five |
members, their coolest heads. their men |
of best business Judgment, and instruct |
this committee to confer with, and advise |
the assignee whenever the latter NAV
seek their advice with reference to tie |
examination of the bank books. the set
Element of claims against the Banks deb
tors, or with reference to any other mat
ters that may concern their interests? /
do not believe the assignee would object
to such step and | think it would tend |
to restore what hes been temporarily
lost but which may and ought to be re
that Is. confidence in the honor
Of our neighbors and in the rectitude of
their intentions. Such restoration of
confidence must precede return of bust
ness prosperity. DEPosIroR.