Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1843-12-26

Strong was member of the council two
sessions in 1888 and 1899, and he was
again elected to the council last fall Mr..
Frank was elected to the council last fall,
and is the only member of council who has
not before been member of the Legislative
Assembly of this Territory.
WISCONSIN MARINE AND FIRE Insurance.
CoMpANY.-A Joint committee, consisting
of Mr.. Wilton of the Council, and Mr..
Darling Of the House, was appointed by the
last Legislature, to examine into the affairs
of this institution. Mr.. Wilton being I'M
we'll at the time it was proposed the cxami-
nation should bemadc, the duty dcvolved upon
DIR. Darling, than whom, in ou opinion, il
could not have been entrusted to better
hands. A report has been made TO the Lee
gislatuEc, from which we extract.
Numerous questions were propoundcd by
the committee, all Of which were clearly and
fully answered We have not room to give
detail of The questions and replies. The
committee state that the institution is cxer-
cising all the privileges of banking insiiiu
ton; an authority which is not conferred in
their charter, but on the contrary strictly for
hidden in these words: "no;hing herein
contained shall give the said company bank
ing privileges The report concludes as
follows:
The report OF the secretary shows fha,
the financial concerns Of the institution, Mt
the time Of the examination, were in n
favorable condition; and your committee
have no doubt of the fact. The men who
now have charge of its int rests, are men
Of character and shrcwdness; and were they
sole owners of its stock, it might long
continue in its prosperity But the ma
jority of the stockholders are citizens of a
foreign government, neither subject or
amenable to our laws; and who, of course,
cannot feel, to the same extent, the moral
force of all those obligations which con-
meet a citizen with his own laws and
government. 1t will be perceived that
$130,625 ofthe stock are owned in England
and Scotland, 500, 025 in the different
states, and $l,92h by citizens Of this ter
ritory. How 500 it may serve the pur-
poses Of these foreign stockholders tc en-
ploy new agents to do their business. de.
ponds upon themselves. Your committee
only alude to this subject TO show the great
danger to be apprehended, from the Ins,itu
ton, from the facts disclosed, and TO show
the greater necessity Of early checking
any unwarrantable assumption of power
If this company have transcribed their
powers IN one particular, how soon may
they in another1 And when and where
are their transgressions TO stop? 1t ap,
parently only proffers protection to our
vessels and houses againststh ravages oil
the strom and the endeavouring element,
and it is amply endowed for that purpose
but its business operations. in reality, are
of different nature. So far as these re-
spect more matters of contract between
the company and individuals, whethcrthey
pertain to "loaning money" shaving notes
or dealing in exchanges, provided they only
come within IFS chartered provisions, YOU
committee have nothing TO complain. Blu
when IL assumes the power Of debating t,
US currency-of flooding our territory
with baseless, and, as your committee be
lieve, unsafe paper, unsGfe because it i:
Unauthorized and unprovided for-ihey be-
leve the duties of the legislature call loud
ly for restriction.
They have no doubt that come Of the
privileges of the institution may be favora
bic TO the interests Of small class Of 90
citizens; yet they cannot for momen
admit that any OF these advantages. excep
that OF insurance, (of which but little i
done.) depend upon the existence of sucl
an institution; but on the contrary, tina
they would all be attained to the same ex
tent by private brokers, and probably BY
the same individuals. But at any rate
were this charter annulled, the great evil
feared by the community, would be re
moved, and the people saved from wha
might shortly become a worthless circula
ton. The past experience with banking
m this territory, both authorized and un
authorized, admonishes the Legislature +
guard with scrutiny the interests Of he
citizens, and 10 save them another delug
of worthless paper.
Your committee believe that the interest
and prosperity of the people. in these par
,iculars, are in the hands of the Legislature
! With the exception of the paper alluded to
the circulation OF the territory is nov
sound and healthy; and in those parts @
the territory where this paper is discoun
tepancei, gold and silver is almos, tn
only circulation. Andiflhe legislature doe