Herald of the times. [volume] (Newport, R.I.) 1849-1856, 1851-11-27

and necessity OF The establishment OF an
Insurance Company in this town. meets
with very general favor from our citi-
IONS. One of our merchants informed
Va yesterday that during ihe iime lie
had been in business. he had paid over
three thousand dollars, to Insurance
Companies, and had never asked for or
received one cent from them This il
bu, a single instance out Of many fun-
dreds which might he enumerated. IL
il was ossiblr 10 collect ,hc statistical
information, and we presume HAT ii
might he done, in time. with n consider
able degree OF accuracy. il would he
found that during only The last twenty
five years, our ciuzcns have paid sever
al hundred thousand dollars, for Insu-
rance, while, during the same period,
they have received bu, mere trihing
sum;-and we do not speak compara-
lively in proportion TO what has been
paid aw,y,-b but the sum, in itself, 10
very small indeed.
Now we ask il a single plausible rea.
son cnn he assigned why We should not
keep this money in The community, in
iuturc,--aDd it will be materially en-
largcd during the next twenty-five years,
because our population will increase
and people are daily acquiring The hab.
it ef Insuring. For the next quarter Of
n century the quantity of Insurance will
probably augment y, least twenty
per cent. |, would certainly be wise in
our people to save this large amount OF
money and il we can all afford TO pay
so much TO other Offices, we certainly
can much better afford 10 be our own
mutual Insurers. lor we shall save vast
deal by the opcrat on. Nor is this all |;
Tor we not only keep the amount actual.
ly paid, within our own business COM
munity,-but we obtain our insurance
AT considerably less and more reason
e"RC 'uNS. w L dii hboN itic CoUhlitlui
ofproperly in Newport, and It's actual
Liability 10 destruction we know, from
experience, that we have fewer fires
here, in proportion TO The size Of the
place, to say nothing Of the material Of
the buildings, than they do IN any other
town or city, elsewhere. Consequently
we are better able TO Judge wha, it is
really worth 10 insure our houses, &c.
AS matters now are. foreign offices com,
pei us to pay whatever they are dis
posed to exact, because We have no
remedy; this idle and pretended preju.
dice exists agains' property in Newport,
among the Insurance Offices. and what
ever rate they fix rs their terms, We are
all compelled 10 acccde to, if we desire
Insurance.
The matter is 80 simple, and I,ns, be
so apparent TO all, That We can hardly
think any ono will have any hesitation
as To icipating in the plan which we
suggest, because or mutual interests
require it, and all he facts and cirrum.
stances are entirely in i,sfivor. There
fore, all lha, is required is for II few
our citizens to petition Tor charter at
the January session Of The General As
scnbly; it must be continued over un-
til May, and would then be granted, and
the Company would be in operation at
once. But il the matter is delayed be-
yond the January session, the Charter
could not be granted until year from
mex: May, as al Charters, Of This kiLd,
under the Constitution Of The State,
have to lie over until new General
Assembly is chosen. Let us all act
promptly and energeticalIy in this mat
ter, and thus protect and benefit com
mon and highly important interest
ARBITRAY AcT.-A German paper