The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1855-01-23
PRINTER WANTED.

ware, pav.b according to invarahs rule Of the once. in
sah every Saturday night Apply without delay and state
qualifications and give references.
Companies.
As there appears to be disposition on the
part of our State Legislature to pass some
act at IT'S present session, in relation to for
eign Insurance Companies doing business in
this State, it becomes q matter of no incon-
siderable interest to every policy holder,
what that legislation shall be. That legisla
ton is necessary, both protective and restric-
tive, is quite obvious to every business man
n the community-and the only danger Of
error in their legislation will arise from
want Of familiarity with the principles of in
surance, and the obligations Of insurance
corporations to the communities in which
they do business.
The history of Insurance operations in the
West for the last twenty years, furnishes a.
bundant evidence that Western policy hold
ers have been by far the largest recipients
of the profits of the business, and are yet
largely indebted to Foreign Insurance CAPT
tai for the security of their property. While
we can instance the fate of the two Colum-
bus companies, Lexington, Nashville, Knox
Insurance Co., of Vincennes, and the Lafay-
cite Insurance Companies, as having failed
for want of cash capital and experience, the
most of our Eastern companies which have
done an extended business in the West, have
promptly met their losses. even though it re-
qured heavy drafts upon their capital stock
after the entire profits of their Western bust
ness had been absorbed. A convention Of
under writer's held in New York City, ascer-
tanned by a careful estimate, that the pre-
miums received by all companies during the
ten years ending 1850. from Western New
York, and in the North Western and South
Western States, did not pay losses by over
25 per cent. AS an instance in point, the
Etna Insurance Co., of Hartford, find, that
after having transacted business for "a years
in the State Of Ohio, it has paid to the resi-.
dents of that State in losses over and above
receipts for premiums, 66,4S6-psying
on account of the great fire at Chillicothe
alone, Sll2 900.
Most of the companies which have sus-
tanned and paid the heavy losses. may be
classed under the head Of "Foreign," being
located chiefly in the Eastern States. They
are yet In existence, enjoy large degree o.
public confidence, ard are doing healthy
business. In this view of their operations
and success in the West, we think such com
panies should not be regarded, as some legis
lators appear to regard them, as kind o.
monied Leviathan with q thousand yawning
mouths, ready to swallow the hard earning:
Of the mechanic, or the honest profits Of tn,
merchant or trader.
All past experience in commercial trans
actions, goes to establish the rule, that nj
man is safe in his pecuniary investments
where casualties by FIRE and storm are 81
frequent and sweeping, without insurance
The sagacious merchant or dealer, who il
daily mourning greater risks than his own in
dividual responsibility will justify, go ar
ranges his prices and profits, that they viii
cover the amount, which common prudence
dictates he should invest with some safe in
surance corporation, that the balance of hi
property may be comparatively safe.
1t is apparent from the ill-success that ha
attended the operations of the various loca
Western companies, that money is too scarce
too high and too much needed in the ordina
~ business transactions of the country
admit of sufficient amount being with
drawn to build up a reliable cash capital 70
insurance purposes for years to come. Tha
it is the duty of States to legislate, resPec
ting foreign corporations doing bushes
within their borders, no one can doubt: I
protect their communities from unjust an
oppressive imposition, and to so regulat
their restrictions that the business of sue
foreign corporations shall not "crush out
and prevent the organization and health
growth of kindred institutions of loca
character. To such legislation, such com
panies as it is desirable TO encourage, can
not and do not object, but rather desire it,
The Illinois Legislature has now bill IN
der consideration, which with its onerou
taxes and deposit feature, will absorb the en-
tire profits of any foreign company, an
eventuate in their withdrawing their sger
cies from the State. Yet Illinois 10 not abb
to do. safely. more than one-twelfth Of he
own insurance. A similar law was enacte
in Ohio, but an equitable view Of its beaI
ings upon all parties, resulted in its speed
modification. Our own State has been p,
calia rlu nj To In ha. h..S W