The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1865-07-14
willingl, bid it good bye. The sooner it
Withdrew from The State the better.


If these bonds be good, why not sell
them and redeem the State banks circuIa-
ton at par with the proceeds! Do you
reply that they have q market value, and
therefore will not bring over SO or 10
cents on the dollar if offereds Whence
DO you derive the justice and right if you
have the power, to compel the Insurance
companies 10 take these bonds at par and
to hold them for one or two years, or for
a less or longer period? What excuse or
apology can you frame for compelling the
insurance companies TO relieve the banks
from carrying these bonds which they
have purchased at 80 per cent. discoun.
and deposited with the bank com ptroller
at par! The banks have already made on
the depreciation Of the currency Issued
upon these bonds, one quarter million
dollars; and why should these Insurance
companies be required to paw to these
banks which have robbed the people Of so
large a sum Of money, ono hundred AID
City or two hundred thousand dollars more
BY purchasing 100000 Of these bonds a,
par! DO you say, protect the banks ard
the banks will protect the people? What
. joke Or do you bv this measure TO
make " forced loan" upon your bonds
OF one half million of dollars, hope theirs
by to raise the price and make marketable
at par the other one and one half million
Of bonds
What justice is there in thus shifting
upon HE Insurance Companies the dis
charge of duties and responsibilities, which
belong TO, and should rest alone upon the
State and lis fiscal agencies, the State
backs! But il has been said, that these
companies "are SO paltry mean as at this
time to refuse to render this small service
TO the State, they are not worthy of the
patronage Of the people!'' What can be
conceived as being more contemp .abIy
mean, or more supremacy selfish than the
spirit that puts forth such an u,terance to
be used here as the on y argument upon
which to base legislative enactment.
This Dole lire of argument used by
the advocate of the passage of this bill,
rests upon the assumption that these H.
su1ance Companies have the resources and
financial ability to raise, carry and main~
tain the credit Of the securities based upon
the pledge of the faith and credit Of the
State, and therefore the duty to do it must
be forced upon them by solemn act of
legislation, which is 70 carry With it the
penalty for neglec; of duty thus imposed
OF forfeiture OF the tight on the part Of
these companies to transact their legi,i>
mate business within the State, which event
will iuffict upon the people the loss Of the
large amount Of revenues now annually
paid 10 the State, and at the same time de-
prive them of the benefits of the risks
taken upon the property and lives of the
people by solvent companies, 20 the amount
annually Of 100000 900.
Does not this assumption that these
companies have the ability to carry the
burden attempted to be imposed, most ef-
fectually aud entirely destroy the force OF
the argument that security 10 policy hold
ers requires the legislative protection con-
.emplaled by this bill There can be no
force IN such an argument unless it be Dor.
ro"ed from the apprehension Of Senators,
that these companies are to be made bank
rupt by assuming to carry the load thus
sough, to be imposed.
These companies, sir, have heretofore
most faithfully and TO the entire satisfaction
Of the people discharged all their duties !;
nay, they have not only done this, bu. as
is known to Senators, they have rendered
TO the Governor the loan of large sum
OF money, at seven per cent interest, to
meet the emergency which is lked about,
and that their offer was treated with that
insolence which ever charactsrizes power,
when held by cowardice, ignorance and
imbecility. The Governor insisted that
such law as this bill conten plates, W uId
he not only just but quite liberal that the
bonds they would be required to take were
perfectly good-would never be repudist-
ed 10y the people-and that they draw six
per cent. interest, and would be exempt
from State taxation, and besides, the leg.
isla!ure would, in their hberali,y, add two
per cent. to the interest on The bonds.
making eight per cent, by failing to pass
the bill then before the Senate to incr ease
the tax upon them from the present rate
OF three per cent. TO Eve per cent! What
and astute fnancier our worthy Governor
has shown himself to be! Quite too sharp
for the stupid agents Of these "mean !"
Insurance companies.
They know, sir, that had at that time,
this same bill which proposes to raise the
present tax TO five per cent in my pocket,
and thai had prepared report, showing
that such tax (and the tax OF three per
cent? was unjust and unconstitutional,
and know, if that bill pass, these COM
panies will pay no further tax until forced
to do 80 by judgment of the Supreme
Court of the United States. If that bill.
however, had proposed to raise the tax to
ten per cent. the Governor would have
been able TO offer more liberal terms
instead of eight be could have offered
thirteen per cent. and 80 on adin6nitum.
If the Senator from the 18th, Nawrence)
had introduced here such a bill, so tn At
the Governor could have extended the
liberalliy ofhis offer, i. is hardly supposa>
bio that these companies would have shown
themselves to be SO "mean " as to refuse
20 accep. it! If any company had, Sena.
tors would have repeated with indignan,
emphasis the words Of the honorable mem.
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