New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1852-04-09
Fire INSURANCE. i'm New-Yorls.
To the Editors Of The N. Y. Tribune.
The General Banking laws havin

10 me EdHOTS OF ne ~ 4. ttoo"e
The General Banking laws havingbs.
come matured so as to afford security TO the biz
holder and public satisfaction, the attentloaef
the trainers of the New Constitution was turned
to legislation upon general acts, or prlncipes--
In obedience to the requirements of this lupda-
mental law. made with a view TO general equaEsy
of privilege; of giving to private capital full
scope in a stock or corporate capacity of desel-
oping the resources without loaning the Inoaxysl
or credits OF the State, the Legislature, IN lsl9s
passed general act, entitled, An Act 20 proside
for the Incorporation Of Insurance. CompaSies 60
bracing Life, Fire, Health, Marine and Transports
tion risks and regulating also the husnsss OF ~
elan Corporal ions these SUBJECTS tnln tae s2e.
This law, ike the other To ~hich " have alhdod,
will reach perfection through pubic suffering ooly
AtpIeseht, IL can be made 10 yield the agPENt
sanction OF law 10 the most gigantic System OF $3.50
Ing procticed ~ the annals u tbs or any ei>H
State.
The marks Of this article will be conanpdrtar
cipslly to Mutual Fire Insurance. M4
The law provides lst That thirteen peEs5D91Af
associate for such oIganizaior. 80
I'd. That they hie nOtIce OF their lntenI la'ae o.
fee OF the Secretary of State, ana puoish sas sns
IN the County Il.
80. That they file charter 10 accord sace wiAtAs
requirements OF the law, and not inc0as al IN
the Constitution Oh laws OF the state; Aai, ntler
upon, the Attorney General 10 ctTk4fy tnr t34A -
the Controller who shall himself or oy three dN1,
tsTested persons, specially appointed Oy bin f1ths
purpose, certify uIceI oatn, II a nutufl Colv
rspy That It is IL actual possession OF The csp|lH
premiums or engagements Of insurance, as i1e go
may be, iothe full required by the 5th sscoo
Finally, the important hilh section pfouceG
lsI No join, stock Company shall be organ !A>t q
the Counties Of New YORK OF Kings Nth si3zN
capital than $50 COO. t.
ID Nor N any ohsr County with less c4m
than $50 CO.
30. Nor on the Mutual plan, II in New Yo5t -
Krfs COuIy, until agreements have been er5sn4
INTO Tor insurance with Al, least one hundred eDpk
csLts the JTta,tUns shich If Il ife or lhl{0Q
IavigatioD " shall amount To flco hundred A9UHH
collars ana notes nave been received IN adv tr4M
TIE premiums Oh such nsks, paysDle A. toe ead OFF
within twelve months nom ne date thefe9f. xfN4
rotes 'bsll be coBsir cred par, ~ the ceosisi -!
8nc shall be deemed vsid, ard shall gnegO'ian98t
ooftsoIaife for the purpose OF psyins any -
which may accrue, or Otherwise, nor sfsaii snJtW
tual cempany, III any other county 10 the state, -
mencs business until agree enrs have oesa It.
mo Tor rsura3ce, me prsm'n"s on paief ~
an cunt 10 one hundred Ihousan nd dollars MI
oies received therefor, payable rs aforsa1ldtA
| which notes shaH be liable fsr and used az aiofeE
| Let II be ohtervsc, thar a much larger capHH
| required " compsriCs cTgapiziDg In hes-fafx
I Kings iban in Other counties The iH'sht 0fK
Legislature Hereby evidently affsr6 tae az
est t'cunv 70 the pu0G where there IS me gfe4se
| acfHirnlatg insurance ard lisk ahd u IS . 'fIH
ference a. al the Legislature ga mt snfsnd ts-t
Companies organized wifh he small cspi'a as saH8
| insure IA Ner-loTk snf kings. TINS eYdeni 9*
| i shsmeless'y ois'essrded. Tor r0nn;ry Comps
| oJgsn'zea pncer Tits Act Of 1879 flushed ara ~
| thGussnd collars IN cash Ignorant Of the 49,
eortemytucus NJ the rsspGrs iDuIsy unable 70 -
| the patty sum ~ SOS tCe athoat ssierm, ms, -.
/ without really sny premium notes Of no aot ~
| value, make no hesitation n sstsD isAng ageH4
| IN New lcIk end compefihg aeaiaS toS2an3w
| great crecis able 10 select rne hest risks; gnofW
| the character OF tire insured. and leaving ca -
| country fCois the gauntlet Of gambling ineeudr43
aid risss urser the roofs OF which 10 pfetsns -
would deem bis NE secure FOR a lodging fhesSxE
marks apply 70 almost the whole mutual bfo<4s
the trohhe fowl OF 1919 from the csuaisy, telu1{
| property holders, ~uA what kiad Of sec1giv -
| presently be shown II
1t is evident, on reference 70 the last sub1lns1$
OF the 5th section, that me Leg Stature tals9ss.s
the NufHolS should receive some p0gtiofs of'-ss
| pfemiens m noes, and insnre as mu'',8s ethp2
The makers for their proportions 81 toss aats
| But y hat have We 7 They have nearly az ~
the lists TO insure for cash, without prenlun 49,
the sane as II jDint stock aiEofding the secdnJ
the cash premiums paid anc this $l0e'gtetsr ~
taken TO secure charter. How came they y. -
! poEfr! such thing as one 81 their catlse's,szs
ever saw but, y h presumed, th-t 20 ~ -
ChGrfsr 10 concerned, il ~ there anf tHtt 49, ~.
torney General has certified tnas 70 Is no. 80
| teri Win she laws OF the state because 80 :. n
has been granted by special ACT 70 me osgi -
Lawrence, and perhaps 10 ore or I"o vs-s.,stpsA
old Companies II the Legislature iaiensett -
insurance, The ACT should have been snhye -
Act for Ns Suppression Of J0t1f STOCK its ,s6cf
| ran1ss for with the care with which thas Ts -
their capital 10 be invested, II Is barely s'pys<t
that they would risk their solid cash AZ sns -
Which these irresponsible mutass ~ou' s e.
on these Otss made by men OF straw, !" ~
dy OF the makers, without any guarsnlS' 49,
value on public record. Wbe0 II 10 Dofhs
thattbese Comp. nies Insure from Kane 70
from WasliD stoD 10 Wisconsin. tie ssaoiiil ~
companies cannot long remain rques.s
tween the ruinous tscleneion Of rates ana
pnlscry concentration Of fishs; while VIZ
I recent failures acd not little 70 the PUB
ana Should induce every honest man 90
iaslve attention 70 this new and fsFiav tS<
! eStI. . - ~. e,.s -
| b inference to the 5h section OF the
| mars that IN New Yosh and ktoes pos le<
| 6nhfssd psrsoxs could five theif seSeeu1
t43ooee,fks pyeMiHns 81 walcA, = 49,
| 19o0e0o, og 6 he yato 81 oa0W Aocf