The weekly north Iowa times. [volume] (McGregor, Iowa) 1857-1867, 1861-03-13
Home Protection.

1t has ever been the true policy of the
several States to protect and foster their
institutions at home, in opposition to build
ing up and enriching other States at their
own expense.
In no one branch of business is this
more important than that of Insurance. In
view Of this fact the legislatures Of the sew
eral States have passed Tvs prohibiting all
foreign Insurance companies from doing
business except under certain restrictions.
Under thse restrictions all foreign compa-
nies are entirely barred except the heavy
stock companies Of the country. These
under the heavy duties imposed upon them
of getting out license to do business, by
depositing with the Auditor of State secu-
rity for the payment of losses in the State,
paying taxes, &c, on their business-are
allowed to come in. ....
BY the laws of our own State all fol eign
companies are obliged to show, by evidence
properly authenticated, at least $780, 900
cash capital to deposit with the Auditor of
State certain amount of capital as indem.
nifty to lhcir policy holders; to pay tax of
two per cent. per annum on all cash premi-
ums received in the State, and many other
restrictions which, together with the great
disadvantage of being obliged to let ther
agents issue policies and pay losses who
have no interest in the welfare Of the com.
pany they represent except to get their own
fees, necessarily makes their rates about
double what are required to sustain COM
pany at home, on which no taxes arc i'm
posed, and all policies issued directly from
the office of the company, strictly in ac-
cordance with safe rules of doing business.
The penalty imposed by the laws of this
State on agents doing of companies, doing
business here in violation of law, is one
thousand dollars fine or corresponding i'm
prisonment.
Notwithstanding all this our State is be-
ing drained of enormous amounts of money
annually, in violation of our laws, by agents
representing different companies from all
parts of the United States, and many of
them aeiLt-cats without foundation; also by
the agents of the great nonopolies of the
East which, by their great notoriety, have
been enabied, by exorbitant rates of insu-
rance, to concentrate vast amount Of cap
itai in eastern cities at the expense of other
States generally, building up companies of
which the stock is worth often two to three
hundred per cent on the original invest.
ment, increasing their stock from quarter
Of million on the original investment to
two and three millions in a few years by
their income.
Under pre-existing laws of other States
companies have been formed on the mutual
plan; and from the liberties granted them
by the laws Of those States have, in many
instances, become perniciouS swindling op-
erations, consequently injuring the credit Of
mutual companies. But everything genu-
inc is liable to be countcrfcited, and the
mutual plan is, nevertheless, the true plan
of insurance. Mutual companies have
been sustained in preference to stock com
panies, in Ohio, Pennsylvania, and the
New England States, and given good salts.
faction generally.
Mutual companies, organized under the
laws OF Iowa, are compelled to perform
their duties in such a way that more safety
is given to their members, and the obiec-
tons common to mutual companies thereby
removed.
The principle Of insurance is coeval and
coexistent witA the advancement and pros
perity Of all civil and commercial countries.
1t is a means of obtaining help when most
needed, and which can be relied upon in no
other way. Every one is liable, and often
in a moment when least expected, to be de-
prived OF property that he has laborcd |
years to accumulate, by the destructive ele.
ments fire and lightning. A company or
ganzed under the laws Of our State, prop
erly authenticated and conducted on the |
true system of insurance, should BE- sus-
tanned in preference to foreign compani. S.
=. Any one desiring insurance, should, be-
fore receiving policy, see that the compa-
ny offering to insure, is properly authenti.
Gated under the laws of our Statc-other-
wise their insurance is void.
MILTON BRIGGS.
Wyoming, Jan. I'd, 1861.