The Leon reporter. (Leon, Iowa) 1887-1930, 1915-08-19
Signing Bonds.

A great Iuduy Il0ll refuse 10 sigh
personal bonds when appealed to.
Time was when election or selection
to certain offices and positions which
make bonds imperative was the sig
nal for the incumbent's responsible
friends to get ready to take q chance
or sever friendship. There are
cases of record where signing result
ed in the loss of friendship and con-
siderable more. Even now when an
official fails the first question Is as
to who are his bondsmen. Few men
of middle age fail to recall instances
where the county treasurer or some
other bonded official found himself
Involved and big deficit facing
him and those who had backed him
with their names and their property.
And in those cases it was pitiful to
see old men who had by the hardest
labor cleared off the mortgage and
settled down to comfort go back to
the money lenders for their loss as
bondsElen and to see the old father
sell the farm to make good for an
incompetent or erring son.
a surety company-lOOking for
business of cOurSe-sends out con-
densed synopsis of the responsible
ity the bondsman takes when he
signs his name.
bondsman in many instances is
liable to the same extent as the en-
dorser of a demand note.
If he signs bond for a man hold
ing Office under a municipality, he is
responsible, as his bondsman, for
the loss of funds through not only
the dishonesty of the man bonded,
but also through his carelessness,
neglect, or ignorance of the law. His
responsibility may also cover thefts
of deputies, clerks, and others under
his supervision.
If he. signs a bond for a person
filling a position Of trust with a f.
nancial, manufacturing or mercan-
tile institution, he is imperilling his
estate as guaranty against human
integrity.
Honesty, like time tables, is sub
iect to change without notice. Men
who have been faithful for years
suddenly yield to temptation and
fall, and the bondsmen are called
upon to make good the loss-per-
haps at great sacrifice.
Should he sign "a contract bond,
he may become responsible not only
for the completion of the contract,
but also for its maintenance for 4
number Of years.
In signing a bond for an admin
istrator, executor or guardian, 10
cover term of years, he is expos
ing himself and his estate to pos
sible loss for the entire period of
the bond and until the b0ndsman's
liability is terminated by the statute
of limitations.
He also impairs his credit, in be-
coming a bondsman and deliberately
risks his life's accumulations.
In fact, whenever he signs bond
for another he is stalking his estate
against the integrity, and frequent
ly against the financial responsible
ity, of the one who he has bonded.
The commercial world is begin
ming to look upon a bond as 1t does
upon any other form of insurance.
In fact. the present system In bust
ness is that the company employing
carries the cost of the bond as it
does other insurance of different
kinds. In government positions the
surety bond is paid for by the incum-
bent. In short there is no good rea-
son for any man to demand such
risk of his friends or for any friends
to take such risks. The bond is
based not on financial strength but
or the character and good repute of
the bonded. Anyone with a decent
repute who can find several persons
OF good reputation and business
standing to approve Of him in a gen
eral way as to integrity and fitness
can get bond.-Marshalltown
Times-Republcan.
We can use some choice first mort