The daily union. [volume] (Washington [D.C.]) 1845-1857, 1850-12-18

holders cannot trust each oher why should the public
uust them The losses against which the corpora
tors Of hre insurance company are 10 insure are not
Losses resulting from the misconduct OF the directors
they result from the destructive operation Of the element
against which they insure. You may carry on the ope
rsions OF an insurance company with all possible skill
and discretion and yet their capital may be swept from
them by an extensive eonfagraion II i that and not
stockholders to guard IL is therefore Just that
they should not be required subject themselves 10
liability coextsnsue with the whole amount oil Their
Again, sir, i should be opposed to this amendment
because think il would be fslaey in the result even
amount q The party shall be liable 10 the amount Of
his stock and that liability shall be limited 10 The per-
who stockholders at the time that The debt was
contracted or the liability incurred. When Is the debt
contracted By the insurance company upon policy
When is liability incurred Reverse the order OF the
inquiry eontiagen, liability ly,, y incurred when The
when the loss is incurred No, when the loss is
incurred. and when the proof OF that loss is made
in the terms of the contract, then only is there a
debt existing. An individual may have been stock
holder at the time that the policy entered; he
may have ceased inermedatey and another person may
have become stakeholder anterior 10 the OF
The loss. and is stakeholder al the time the debt is
ceTaned exist by the fact oil the loss and the proof oil
before the corporation and be is subject to the LIABILITY
Mr.. President, really hope the Senate OF the United
Satcss TO the fact OF the Indispensable necessity
Of associated capital for the purpose OF accomplishing
great benefit TO the community, will not restrict the char
stockholders TO refuse their acceptance
There is, besides. which is suggested by the
senator from Virginia, which, my Judgment 10 an I'M
answehle onei il is the benefit when is 10 result to
the Insured which is the advantage which gentlemen de-
sire TO accomplish As understand The senator there
other insurance companies in the District OF Colum
ba. in whose charters this additional liability IS not I'M
posed WHAT then. is the consequence Here have been
several insurance companies existing IN this place Here
is une which has conducted its business in such way
To merit renewal oil lis charter Instead OF renewing
that charter upon terms Of equality with those already
n.etrs. than. 70
liability which will deprive them Of the benefit which.
BY the act OF renewing the charter you profess 10 con-
Mr. CASS will not detan The Senate. sir but wish
make one remark in to what has been said BY
the senator from Georgia He raises no objection 10
the principle laid down. which is very old one, thai,
heho rcaps the advantage should the risk but be
says that The insured reap portion OF the advantages
So when man loans 10 q bank AN amount OF money,
you might well say that because 1900 loaned the
money, and because IL Is an advantage to him 20 loan
il. aherefoe he should portion OF the risk No Mr.
ns snd fe d hs
owner or the What they gain is the premium
and the interest For that they to the risk of
The honorable senator says likewise, that in The nsu
rance OF buildings they peculiar kind OF risk mot the
risk by the misconduct encouragement Of their officers
ciplei see none. bank may be burnt down, or its
funds stoen without any charge Of negligence upon the
ss much az s insurance company may
risk that BY experience they calculate, and know the
value OF, and make the artypay for have no fear at all
that there will not be insurance il we do not establish
monopolies. have heard the whole argument twenty
years ago about the banks, that there would be none If
did not grant them this privilege; but now they are
incorporated with this provision in their charter, and yet
lind no difficulty in getting banks Il will work pre-
csely the way IN other kinds OF business Ii twen
y men wish to establish great mercantile company.
public benefit that the banking company or the insu
rance company can find in favor of their companies Al
Der all that good old commonlaw doctrine the safest,
that those shall the risk who reap the advantage
MrlMASON. wish to suggest, with very great def
10 the honorable senator rem Michigan that the
opinion he expressed little while ago direct
aventon OF that great doctrine OF intervention which
he has not emily adopted as his polar STAR but has recon-
mendsd the American people The doctrine Of non-in
tsrvenon. understand, is that The United States have
no right 70 legslate for the Territories at all.
Nj. CASS. Will the honorable senator allow me tc
81 s
pass the law upon the subject must judge OF Its lin
itation
hear me out The doctrine OF non-inervention,
have than heard tpropounded By that honora
BILE senator in relation to the Territories is. that we have
right to egslate for them al all, or 10 pass any law
for their government and we have not that right be-
The right of legislation inherent in each people,
and no foreign power has right to declare what shall
be their aw--they must declare il for themselves That
10 the doctrine Of nonsnterveniion, as understand il ;
and therefore the Congress OF the United States has
right TO legislate for the Territories. s
Now Sir how does Il apply here Here are the people
OF the District OF Columbia, DEF BY the supreme law
o egslaiing Tor themselves, and the power vested IN
body not responsible 10 them should say, then, that
IL there be anything in this pnncple OF intervention
because there inherent right in the people 10 iegis
this anomaly existsin Tree government that The people
subjected 10 the will oil others, you should at least
correspond lar practicable, an legslang for them
to what you believe "a their will You must conform
your will 10 theirs. You not undertake 10 expert
upon them, and say this is great principle, and
whether you approve IL not, must be adopted Bat
il you ascertain what is the desire and will OF the
people you are To govern, you must conform 10 u, pro-
vded does not infringe any OF the great fundamental
principles Of a government like ours. This 10
feature be introduced into the legislation Of the Dis
Columbia has asked for the adoption al this principle On
the contrary, have shown 10 the Senate, those who
10 be benefited hy IL, IL any benefit Is TO result from
ia, have repudiated H. Yet the senator says that il
principle oil common law that those who enjoy the benefit
should take The risk and therefore you, the people oil
this District whatever your opinions must submit your
poor judgments TO the higher wal u those who control
sou. say sir, that this Is direct incident OF the prn
cipe Of non. inietventian. If not the principle itself
Mr.. CASS. 0ne word. Mr. President. The honorable
senator has certainly mistaken my principle Of non-ineT
thai the constitution gives right TO intervene and
therefore hould not intervene Ny principle IL. that
the consitaon expressly gives Congress the power TO
egslae IN all the Disic; OF Columbia. Now,
are asked 10 cgslae granting charters TO these
pofatfons, coming within the province OF Congress-
and within The powers confded BY the constitution
But asked mol 10 intervene upon certain point
We have night 10 intervene Just please the
government oil this District under the Constitution Where
the constitution limits Us, there we are limited where
IL does not, we limited only BY sound and healthy
AIr ~ pnuaa md hnat