Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1915-08-12
SIGNING BONDS.

A great many men refuse to sign
personal bonds when appealed to.
Time was when election or selection to
certain offices and positions which
make bonds imperative was the signal
for the incuulbent's responsible friends
to get ready to take a chance or sever
la friendship. There are cases of record
where signing resulted in the loss of
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 a
big deficit facing him and those who
nad backed I:c: with their names and
their property. And in those cases it
was pttiful 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 bondsmen and to see the old
father sell the farm to make good for
an incompetent or erring son.
A surety company-looking for BUSH
ness of course-sends out a condensed
synopsis Of the responsibility the
bondsman takes when he signs his
name.
A 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 q municipality, he is
responsible, as his bondsman, for the
loss of funds thru not only the dis
honesty OF the man bonded, but also
thru his carelessness, neglect, or ig-
norance of the law. His responsibility
may also cover thefts by deputies
clerks and others under his super
vision.
If he signs bond for a person fill
ing position Of trust with a financial
manufa curing or mercantile institu-
ton, he is imperiling his estate as a
guaranty against human integrity.
Honesty, like timetables, Is sub
ject to change without notice. Men
who have been faithful for years sud-
denly yield to temptation and fall, and
the bondsman is called upon to make
good the loss-perhaps at great sao-
rifce.
Should he sign contract bond, he
may become responsible not only fol
the completion of the contract, but also
| for its maint ena.nce for a number Of
years.
In signing bond for an admins
traitor, executor or guardian, to cover
term of years. he Is exposing him
self and his estate to possible loss fo1
| the entire period Of the bond and until
the bondsman's liability Is terminated
! by the statute OF limitations.
He also inpairs his credit in be.
coming a bondsman and deliberately
risks his LIES accumulations.
In fact, whenever he signs a bond
for another he Is stalking his estate
against the integrity, and frequently
against the financial responsibility. o.
the one who he has bonded
The commercial world is beginning tt
look upon a bond as it does upon any
other form OF insurance. In fact the
present system in business Is that the
I company employing carries the cost d
the bond as 1t does other insurance Of
different kinds. In government posi-
lions the surety bond Il paid for By
the incumbent In short there - N
good reason for any man to demart
such risk Of his friends or for an,
! friend to take such risk. The bond Il
based Is based not on financial strength
but ON the character and good reput,
of the bonded. Anyone with decen