The enquirer. [volume] (Richmond, Va.) 1804-1815, 1804-08-29

value in proportion to the whole value of our
fortunes: the great io1es that fometimss ac
company the burning ola houfe, from the de-
ltructon OF the property which is in them;
lois which would always be more oppreisive,
when no part of that value would be recovered
| by the lniurlnce upon the houfe the FREQUENT
rliks of deitruction to which houies are fnb-
lected, will often recommend to the tinid and
fometimcs TO the prudent, the neceffary precau-
ton OF infuring their houfes. They will GER
ta,niy have to pay more for the fecurty, which
they purchafe, bit their compensation will be
greater, when deftruction once approaches. And
even fhould danger never threaten their habita-
ton, it certainly of fome advantage to know
that they feldom Rand in fear OF its vihtations.
BY fome men the privilege can fcarcely be too
dearly purchafed, of leaving their home in peace
of mind, and without the periecuting fear OF
hnding 1t, on their return, finoaking heap of
ruins.
| Every man who injuries houfe, mutt nav \
certain itipulated fun. This fun may be either
paid to one Individual or company ofindiyidu.
ais. On account of the fmall capital of a Jingle
individual, however, the operations of infilrance
have generally been conducted by a company.
For the greater convenience of carrying on their
buiineis, this company have generally ATTEMPTED
to obtain, and very often have fucceeded in oh.
tanning, an act of incorporation. And thus arm.
ed with the protection of the law, they proper
| iy deferve the name OF an Anurance Society.
L heie focieties may be properly diitinguifhed
INTO two claties, according TO the different me-
thods of reeeiving and di,et7ing their funds. Tn
mott OF thete focieties, the niilrer and the in.
lured may be coniidered as perfectly diitinG.
In fome others of different contribution, the
lnturers and the injured are really the fame. In
the hrit tort, the man who has his houfe injured
pays 10 much every year to the man who INJURIES
it. He pays it, whether the houfes of the in
iured are deitroyed by fire or not whether the
FUNDS which nave been already contributed are
e1s or more than Efficient to pay off all the lof-
tes. When his contribution is once paid in. he
has no concern with the funds of the inIituti
on; he has no hand in the uie and employment
lotthote funds, until the defruGtion Of mis- houCe
by hire thould give him right to apply for that
part OF ITS value, which has been injured. Very
Idltierent is the contribution of the other form
of an aiiuraNce fociety. The contribution
OF each individual is by no means certain and
ldehned. When his houe is frft entered, he adj
vances certain fipuated fun and this is the
only part of his contribution, which is ALWAYS
liked and certain. What he pays afterwards is
Ientrely dependant upon the demands of the To-
lciety. He contributes only when the fociety is
IN want of money. If there be no fires TO def
troy the houfes which injured, he may not be
called upon tor Jingle cent. during hundred
l i.
the regulations may be for every year or every
day. When his original quota is once paid in, his
influence over 1t does not necefiarily expire His
vigilance may purtue it through all the various
mazes or Its employment and difburfement.
with the other members of the fociety, he gives
his vote, and exerts his influence i'm the govern
ment OF ITS concerns. He may propoie bye
laws ne may aiilft IN the election of its officers
he may examine the books and records of the
tetI hs.y,, L.,
/ under his own eye, and add, retrench or amend.
as far as his zeal, Or capacities NAV give him an
attendant power over the other members of the
inftitution.
Ut this laft form, was the Affnrance Society
propoied by &C William Frederick AT of the
city of Richmond" 1t was Incorporated bv
the Virginia Legislature in an act of the aod
december, 1894, under the name of The
Mutual Aiiurance Society againft Fire on Build
insS OF the State of Virginia. II propofe to
devote two fhort numbers, to an examination of
this fociety. In the firt, fhaIl attempt to ex-
PLAN Its general principles 6 regulations. The
iecond fhall be employed in drawing out fpe-
CHIC and accurate ftatement of the number of
hou1es injured IN the country and in the towns.
or the amount OF Premiums and Lo(ies, of the
neceiiary eXpences of the inftitution, and offuch
other items as may be fufficient to explain the
peculiar contribution and particular condition of
INC iOciety. htle UatementS may furnifh us
with tome curious ftatfical remarks, which
may be worthy of being mentioned
|
The Charter for Incorporating the Bank of
Virginia, in part of the 10th caufe, fett. 8. de-
clares-" nor lhall this corporation directly or
indirectly deal in, ortrade in any thing, except
Bills of Exchange, Gold or Silver Bullion, or IN
the faie of gods really and truly pledged for mo-
ney lent, and not redeemed in due time, or in
goods which ihall be the produce of its lands"
by this claufe it appears, that the Bank is per-
mitted to receive goods as a depoGt, and as 4
iecurlty for the money! it advances. What thcfc
goods may be becomes, therefore, an impor-
tant enquiry, worthy of the particular confde-
ration of the Stockholders, at their general
meeting on the FIT Monday in September.
What mutt be the peculiar properties of tbofe
goods, 1t is not difficult to afcertain. They
mutt be nearly Interchangeable in their nature.
and 10 valuable in the market, as TO be convert.
BILE into money in thofe quantities and at flcb
rates, ds may be compatible with the intereR Of
the Bank. An attempt has already been made
| 10 prove thai iubdcco combines both thefe pro-
pertes. 1t is worthy of enquiry, whether the
lift of our commercial productions does not fnr-
NTH other goods which the banks NAV alto re-
ceive as fate depoGts'
In addition to the two extracts ofletters, one
from Cadiz and the other from Madrid and to