The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1865-07-14
M A II IT OW &C:
The Insurance Law,

o-itue"''t, eso'efsi'c VI the principles OF
equity and justice, and opposed 10 the best
interests OF The people, prominent among
which was tie act TO facilitate the concir-
sion Of the Stale Banks circulation and the
State Bonds, and the &C. in relation to
Insurance Companies. TLe.e two acts
were passed at the insligation and for the
beneti. o! those in the Banking Interest,
after they hal created g bank panic" At
avery heavy expense to the people. These
acts we're forced through by the applica>
tiQn Of The caucus rule and money! and
the promise Of political Office by certain
BANKERS and the : Madison Regency" and
have been condemned by the peopl, Of all
pau res. While these two acts were under
consideration, the Madison Journal
made PARTISAN appeal to members in
thor behalf, ani an unwarranted attack
upon the Democratic members Of the
Legislature who opposed them. Our
senator, Judge REED denounced this attack
and the acts themselves in just and fitting
terms, in speech Of great Length, which
has recently appeared in pamphls. form
from the press Of the Milwaukee Ne,os
from which we make some extracts this
week, which relate more particularly TO
the odlous and unconstitutional Insurance
law, to which we call the attention of our
readers. This speech Of Judge REED was
one of the abIest ever delivered in the
Wisconsin Legislature, and we much re-,
greet that we can find room for only the
following portion Of ii this week. In
concluding it the Judge used the following
language:
knew, sir, the advocates Of this bill.
while urging Its passage on the hypocri.i-
cal and lying pre,ense that ii is for the
safety Of the policy holders, tell US tina.
these Insurance Companies will not be
compelled under The provisions of this
bhl TO purchase and deposit Wisconsin
War bonds ; that it will he entirely op-
uoDal with them TO do SO or not. | am
Of a loss to understand how any Senator
Of common honesty and ordinary iptelIi-
g-nce, can put forth such Al argument in
support of this bill. Is it not the oliec,
aud design of this bill if enacted into a
law, to compel these Companies to pur.
chase these bonds before the first Of June
next, or IN default thereof, to be forced to
close their agencies, suspend the transac.
ZION Of business within the State after the
month of February next
When sl00,O0O,000 in policies are
annually required to be issued by Fire,
Marine ana Life Insurance companies
within this state, can We find any other
reason than would govern The action Of a
black-Ieg, fo7 ticking uron ourselves or
forcing upon the people the risk Of driving
these Companies 10 close their agencies
and withdraw their risks from the property
Of the State"
Shall we enact a law that, if suffered 10
remain long upon the statute book, will
shut out these agencies, when TO 10 SO
viii irtict a wrong upon the people Of The
Stale, 10y sui jecting them to losse. through
:he frauds OF IRE pon,Ible "IIome Insur
nnoe Companies, the chief OF " hich ia run
by The " Madison Regency z"
And besides under The law as it now
stands, these companies and others which
we are assured will come in, will paw a
revenue to the State Of over SAC, 600, for
the ensuing year, and $4,000 to the FIRE
departments of the several cities, which
will be Annually Increased, unless we
should prevent 10y this unfriend!y and un-
wise, dishonest and corrupt, Legislator.
Are We prepared in the present condi
lioh OF our State and vity finances, to sur
render up this revenue? If so, We shall
secure that result BY the passage of this
bill,
Again, it is said by members of the
House, as If hunting for some apology for
their supper, of this bill, that patriotism
requires that these companies should aid
the government in its present emergency,
aud that this can be done the mos, effec.
inaily by paylng to the banks $500 600
for State bonds, which cos: them only
s3o0 200, thus enabling the banks TO pur>
chase 100000 of the United States
Bonds, which are exempt from taxation
and give to the people in return $3.50 600
OF National Wild Cat currency.
These bankers have boosted Of their
disIn:eresied patriotism, in coming to III.
iescue OF the country in its hour of grea
ties! need, by which they have already
made one half million Of dollars and I
would ask why should this Senate, which
claims title to loyalty, a,,emp, to lob
these bankers Of their boosted honors by
tue passage ola law under whose nrovi.
SONS their characters for patriotism will
sink below The contempt of the mos, uD.
prIncipIed shoddyi,e in the land,
haze charged sir, that the action Of A
majority OF this legislature and the action
ct Tie Stale officers with one honorable
exception, has been controlled by GER
tain set of bankers. so called, and brokers',
within this State; and no unpr. iudiced
mind OF reading the record here made 10.
VIII deny the truth aud Justice of ,ba,
charge
Two millions Of bonds were issued for
war purposes, under laws which were con.
sideTed If Questionable constituliouali,y.
aud therefore these bond. b.ya NO v.I,,o