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


establish an Insurance Company in this
town? Insurance Companies are nj.
why's rofiabie institutions, and We see
no reason why The people OF Newport
should not become their own mutual In
surers. and thus keep u large amount of
money in Tie place which Is now paid
To other offices, either in this State or
elsewhere.
We have thought OF this subject for
some time past, and we have been led
more Immediately 10 these remarks, IN
consequence OF many oil the citizens OF
this town, Mlddleiown aud Portsmouth
having recently become insured NJ an
Office in another Sate,-and the affairs
oi' which We think are not quite right;
al all events, there IL something very
peculiar about the transaction which
do IS not appear TO be altogether fair and
honest. Many persons ook Policies up
on The representation thar il was one al
the best, safest aud cheapest Offices in
the country; his may all DC truC-we
have nohinp To say atout il. But We
,ow thai very icw months after this
trtch II Policies WIS issued nn a.fcss-
uirnt WAS made on each, OF Il heavy per
ccbiaCc, 50 much so that Il iran whose
property would he taken "a most O,h.r
oliiccs Tor ,hree qnfiers or even one Ier
cent wiil it, ihls instance cost lin al
least two nnd IA half per cent. per year.
THIS we do MI call cheap insurance.
Neither can we understand why such
heavy assessments are SO soon made W
on these Policies, without there havir e
recently been any large lire or fires 10
re;ure it.
We 40 not know precisely what amount
81 property ola THE Island. ncluiiug
Newport, Middletown and Portsmouth,.
is Insured AT the various Offices in dillrr-
cnt parts OF the country; il is over
nlIion oi dollars, however. During the
ltsi twenty years, Insurance Companies
have not had TO pay exceeding five thou
sand dollars for proI erly injur,d or des-
WOycd by fires OH Ii is Island, il we ex-
rcpI ,hc hurniup OF the OCEAN uouse
which vns Il v,rv MAMMAL d;sos,or
Now u.csc are lhpoI tant considerations.
and d,sery. tll. s.,ious ot,,r,io, or our
citizens her, is a Iur,e nmouut q, nrop-
cr,v insured and Il il ,,orIv ;ncr.,s;n,,
willie but mere pit,auce has brcn last
h, fire for ueorIv - ouarter ol - con,,r,.
Caa weloi. linen. us a conuupi,y ,vsI
afford 10 be, ome our own Insurers and
even make money by the opera,jon q
We have no doubt of il: and We think
that every nan. il he will only inycsti-
gate He suhi,cL VIII arrive Al III, some
conclusion.
Past cxuc.i,nce teaches us Thai there
is tot II salcr placs in the coun,ry ot IFS
sZe where ris,s con he a,,Leu-,nd v,,
We have TO pay G,II as much. finn, y liz
Il. more than ls reouire,l oC ,hos. ubosc
property is local, d in much more dan.
y,rous plac.s -or at I,,s, r.bor. ,,,,,,
and much mare d;sas,r,rs Gr.s ,roo,o,,'-
ly occur. The aroume,t uscJ bv ,hos.
whose inter, st II is Ia max. me- MAJ, w,II
or our Insurance is, ,hn, our bu,,dincs
he marty ali OF wood aud that ca fire
once gets we'll started. and ther, is y
fresh wnd. nothing can save us from al.
most toia, d, st!..ction. But we contend
that this is not a sound argnm.rt he.
cause the pnst docs not Warrant my
such conclusion.-and ext ericnce is Ger.
t.unl, the best and wis,st Teacher
Ncvport is more than two hundred
.sars .lJ and thcre Lac r.vor bo,,,
nauy srrion. Gr, hero. with tho exc.n-
lion Of the Ocean House and Mr. vn,
Aliens ncw house. Iasr winter. Dunno
the very loao period. with the ,bove
exceptions, there has p,v.r b,.nou, ,,,
fire wi ic, DESTROYED three ,ho,,so,d loI
lar. WORTH OF rropcr,v. or nuv,liro lilo
il. About "A wear npo we nuhI,sLcd ,
corrcc, r, ,corj r.II,I, c.,., -,
taken place in this town. for n perioJ or
on, hundred mars from Dccembcr I7lo
20 Octoher. lS1S-ond IN, - boIo ,,