The New York herald., 1845-08-01

Incorporated insurance companies since the year
ls27-by the Niagara, the Old Atlantic, (of that
late,) the Union, Neptune, American, State Ma
line, Ocean, National, Sea- Triton and other marine
companies, to say nothing of the innumerable fire
companies that were swamped in December, 1886
the public have aroused themselves to the important
enquiry whether there is really any safety in the
lew mutual plan? Whether notes given for a
Years premium on ships are collectable where the
company has failed before one month Of the term
insured had expired? Whether, where a company
represents itself to possess ST. OOO 600 of assets and
10 be liable for SSOO,OOO of losses-and where that
company has insured 900 of sea risk, out
standing and scattered over the globe, and also
$25, 100000 on fire risks, there be a sufficient
guarantee Of indemnity in what would remain of
the 20OOO0, of the pretended assets, after making
the necessary sacrifice of property, that is on notes.
mortgages, &c. to raise the $S0OOOO, of losses, in
cash? Whether one month of war with Mexico
would not sweep such companies, even the proudest
and safest, out of existence leaving only enough to
pay officers salaries! Whether another fire, even
Of one half the size of the last would not annhilae
every Mutual Company in Wall street? Whether
these Mutual Companies will be again tolerated,
they last winter in keeping their lobby men,
bers at Albany, to prevent the passage OF law per-
hitting the introduction of foreign insurance capital
into Wall street? Whether the business Of insu-
rance sho ould not be thrown open to all without taxa
ton or restriction? Whether it would not have
been better for New York that one half Of the last
loss had fallen upon some of the immensely rich and
solvent London insurance companies?
But the most serious consideration is, whether by
insurng in Mutual Company, each and every man
does not become partner, in law, and render him
self, and all his property, liable for any deficit on the
part Of the company! Some individuals, high in
legal authority, have asserted that this is the case
If so, there will be sufferers than was at first
anticipated. The system rotten in its formation
and it appears only to have become worse by age
None have been so warmly in favor of it, (exceptng
the paid proectors)as several of our commission mer
chants; who, if any profit was temporarily made upon
the insurances effected tor accounts OLA, B. and c.,
residing abroad, were enabled to pocket the scrip
for themselves. Now that the loss has come, they
will be astonished, perhaps, at finding themselves
partners with the insurance companies and liable to
pay any deficiency.
Let every company seeking public confidence,
make statement, showing the real character and
amount of their assets specifying particularly, the
fact that valid consideration has or has not been
given by the company to the parties, and whether
said parties are solvent. Let them give accurately
an account of every claim existing every
law suit pending, and the amounts in dispute. Let
them state the amount OF unexpired marine and fire
risks outstanding. Let them state too whether they
have directly or indirectly Shaved" notes, and how
much scrip has been purchased on speculation by
their paid officers With these statements fully and
honestly made, every man will be enabled to Judge
as to the expedlency of encouraging Mutual compa-
MES upon the new plan. They should not be dissa-
tisfed that their permanent sovency is questioned,
because, having begun without any capital really
available, the stock notes being at best of dubious
validity, they can only have acquired by the accu
mutation OF premium notes, for which no bone fde
consideration has been can be given, owing to
the want of an existing indemnity, fictitious and
temporary Importance. The system was but
periment-time has shown Its falacy 1t has ex-
ploded with the 'great explosions" We must have
large and solid capitals, judicious men to manage
them, who will attend to no other business, and the
introduction of foreign capital must be allowed by
law, to create wholesome competition.
THE POLICE DEpARTMENT.-The new Police are
completely organized, and we have no doubt all will
30 smoothly for the future. We hope the Chief will
attend to our suggestion however, and have.them
all numbered. The public will never be satisfied un
til this is done. Will Justice Matsell see to it
The old officers have been all notified to quit, as
will be seen by the following letter. copy Of which
was served or them to-day :
MAYORS OFFICE,
July 2ls 1915. )
Sin
SYou hereby notified that the Office you hold Mar
shall is abolished. Respectfully,
JacoB RAMSEY, First Marshal.
The following letter was also sent to the Magiss
trates at the Tombs yesterday by the Mayor
Mayors OFFICE, !
July 30th. lS45. !
To The Special Justices at the Police Office. Halls Of Jus.
tice -
In accordance with the act entitled An act for the
tabshment and regulation of the Police of the City Of
New York., passed May th, 1884, have detailed police
men Gilbert f. Hays, Alexander NJ. G. Smith, James II.
welch John Davis, Alexander II. Stewart and John
Wkehart to attend upon the Police Court Halls of JUS
tce and process issued by the Justices Of said
court Respectfully,
WIN. f. HAyEMEYER.