Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1859-04-06
MORNING LEADER.

Hamilton, tor me regulation Of insurdnee
Companies IN the State Of Ohio.
Nh Speaker. regret theneeessity that con.
pels me to occupy the time Of this House, at this
late period Of the session, in the discussion OF
the merits of this bill But sir, its provisions
have 30 important bearing upon the interests
! Of my constituents, that should be false to my
duty as their Representative, did fail to pre-
sent, to the best Of my ability, some reasons why
this bill ought not to become law If, in its
discussion, Che time Of this House il taken up,
and that too at critical period the blame must
rest, not upon me- but upon those who have
kept back 80 important a measure to this late
period; for ! avow that the provisions of this
bill are of more immediate interest TO tho peo-
pie of Ohio, than any other that has received
our consideration during the whole OF the ses-
sion.
And now Mr. Speaker, what is the object OF
this bill, and what are its provisionsl The bill
| provides that every foreign insurance company
doing business in Ohio, shall, before issuing a
policy of insurance in this State, deposit in ev-
cry city ofthe first class the eum of $50 900; in
overy city of the second class $40, 600; and in
every other town or village where an agency
shall be established, the sum Of $4,000.
Now, sir | am aware that the committee to
whom this bill was referred have modified this
nonstrous proposition, and reported the same
back amended, 50 as to simply require such com
pany to deposit 5000 in the State; but this
proposition has been voted down by the House,
and the bill now stands as originally presented.
While / totally disclaim that my friend FROM
Hamilton would be guilty of lending himself to
forward the designs of any set Of men desirous
OF building themselves up by special legislation
upon this floor; and while know that he Is en-
tirely above any such charge, yet do most dis
Nl.g NJ. N..N
planned and intended for the express and only
purpose of driving the foreign insurance com
panies out of this State, and preventing them
from competing with the home companies the
city of Cincinnati. Gentlemen may deny this,
and believe what they assert, but | distinctly
charge this as tact, and ! challenge q success
ful contradiction.
II will be conceded BY every ono, that if this
bill becomes law, it will eflectually drive every
| foreign company out of the State Nobody
doubts this, for no one can be so insane as 10
believe that any Insurance Company would com.
! ply with its provisions. AT present there are
sixty-one foreign companies doing business in
Ohio, with capital of Sl9,675,0 900 Should
this bill become law then, all this vast capital
which is now used to protect our commerce, and
the property Of the people of this State, would
be withdrawn, and our merchants and citizen,
left to the tender mercies OF our home compa
nies, whose whole united capital, is not sufficient
| to underwrite one tenth of the risks, required bl
/ the legitimate business Of the Commerce of the
! State only.
But, sir, do not stand hero to simply give
my own views upon this question. 1t has been
passed upon by men far ADLER than myself
men whose interests are more deeply affected by
it--men who control to great extent the com
merce of the great lakes; and men whose lives
| have been spent IN mercantile pursuits and who
are educated to know what the best interests o
the commercial world requre--or at least so lai
as they themselves are interested in it. IalludC
to the merchants of the city of Cleveland. Il
would be supposed that if any class of mel
needed protection" from these irresponsible
foreign companies; if any class of our peOpl,
would feel the stern necessity of having law
like the one under consideration, in order tha
they might not be gulled and swindled and dc
frauded by the worthless policies OF these for
eign companies, it would be these very men -
Why siy, nearly all they have that is valuable il
the way of property in the world, is insured il
these very companies and yet they are entirely
content, and they protest against the passage o
this law as uncalled for-as wholly unnecessary
aud say if it passes, it will cripple and impair
harrass and embarrass the commercial people o
the State And | wish to read to the House thr
letter of Mr. Weatherly, the President of tn,
Board of Trale upon this subject. IL is tru,
that Mr.. Weatherly himself has for many year
been the agent Of several foreign companies
but the "BOard of Trade" is composed Of mel
who are not insurance agents, but who in fac
ara the sole owners of the wealthest home in
surance company Of our city.
The letter is as follows:
BOARD OF UNDERWRITERS
CLEVELAND Jan. 10, 1853.
! Tau RpnY
Sir ar 30 I'd respectfully request your attention
regulate the business Of kre and Marine Insurance IN h
By COMPUTING this "bili" with the existing law pn,e
Aprl5 Is o. YOU will see that Il does not Byo any aid
t1ual security 10 policy holsters,
The queries and Tho liwol 1880 9To sd opted ~ lh
lh and 10th queries arc also adopted IN tho ne'
~ referring to section three of th5 bin from lin
line o. you WI s1d @ gS what 5 a S's NE We 55 m
state ali agonc OF foreign Insurance Companies for u
Company ia lhg pnltGd states wSghH "a q ar iniRa'I M "
session q s agencies 40 counties e3at'in9g m hi,s Gs
tanning second class ci les twenty thousand ollars
thousand dollars II located elsewhere "a the state
of Foregn oompanies this State will prevent their be
ing oPaeoi by nome eompapes, oIgspaed under our aw'
Company hereafter incorporated or organic der III
laws OF this State" must oomgB with the same require
section 2l Of the bin says that companies, 70 exist
the provisions tas act 30 FAR may DO consistent vii
vii 6e spSafsnt to YOU, WILDE practeaiy void and GU
Hoard think you cannot al TO come to the conclusion teu
ness Of insuTanos Iousiveyto those companies now
erison holding charters om the state or organized Nv
u T6ai these oomoauies would be entirely inadequate
project the property ashore aud nf1at Of tho iahsbthn
Of this State needs argument from our Board for ~
fact OF gon raj otore ia each Of our largest ciieslha
have IN thom, II Is frequenty impossible to got sum
pTodu stored la ths active Of business locAto
Wecpnnot pc ieye that tho legislature Of ts state ca
ss 10 ~ logislafo ton suoh mousious mlgOl
oily 10 or OF companies hereoloe chartered by e. and VI
will promptly defeat IL Athe House. BhouId you taiuk
aItotho Assembly demonstrating against tho passage
ths bill, we shhl be very glad to moe % %s9nT views
Presideht
In connection with this letter, beg also t
read some extracts from a letter written me b
Mr.. II H. Bgelow, Of Cleveland, clerk in
Foreign Agency Office Of that city. 1t is true
that he il interested directly against the passag
of this bill but the letter is so we'll written, an
the facts therein contained 80 interesting, tha
| must trespass upon the time Of the House {
read them -
"giuce q passage Of tho regulating iooisn lusq
In Cleveland has iaed not single ois has been resste
few believe the dockeis will not show more lhnn {"
now on rccuni ..., . ,
e sso 91sTsaSs 9'g dd egls'iS'sS ao iS s,oi
nstes but Ia the best Eastein seourtesj every dollar
noice inaddion this uupo security the present n
gives authority 10 cnie Of SUIT TO- asnSn1 OF @ W. OonIl
teaon AZ s h2ndse M ths S5sa5 m ,hs ssS s tb
p ths policy boderi o2ihe benefits % this CITY direct
ss 9si9 atS 10 I pesSnh m RSodss q od deved A. lea
In bonds AMI mngago IN Cio Vesnd, and loans busno
mou. biiHioas ei qol WFh oi gf9Pg,'y iy annul,y