The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-03-27
The Extent OF the Life Insurance
Business I'm the United States---The
Immense sum Paid ia Premiums.

The Extent of the Life Insurance
Business I'm the United StRtes---The
Immense sum Paid IN Premiums.
C0rrespondsl.cs Of The Cincinnati Commercial
Very few in the Western country
have an idea of the vast proportions
this business has assumed within the
| last two years, and many will doubt
| the truth of the actual facts when sta
| ted. The statistics of the several COM
| panies, filed in the insurance DEPART
ments of theiseveral States, show, that
| the income for one year, ending No
vember 1, 1856, to these companies,
amounted to $4I, SOC, 900, or about one
fifth of the receipts of the internal rev.
enue of the Government. OF this
amount the West paid over one-half,
and Cincinnati alone about one mill
| lion.
If this amount was imposed upon the
people as tax pro rata, to be paid annu-
ally-as it is voluntarily done-there
would be great outcry, and every
| feature of the business closely scanned;
| but it Is paid cheerfully as an invest
ment.
| Nor is this the most striking feature
of the business. These forty-one mil
lions do not represent the capital in
vested in life insurance, but it is only
hundred and thirty millions, which
were covered by policies at that date.
Such confidence is placed in these life
companies, that the people willingly
submit to this assessment to create this
immense fund for their families.
No other business of such magnitude
| in this country is so little understood
by the people; no one depart iment of the
great commercial transactions so little
| inquired into, and yet no business is
increasing with such rapid strides.
Europe has three hundred and forty
eight life companies, one of which is
| two hundred years old, with an accu-
mutation of sixty millions of dollars,
and still rolling up its vast wealth, and
several others with an experience of a
| hundred years, count their assets by
millions of pounds.
In this country the business scarcely
dates back one generation, and is done
by about forty-eight companies, one OF
which has already accumulated eigh-
teen millions, and an income of five
millions.
The people of the West have largely
invested in life insurance. Every city,
town and village has its collector, in
every class, the farmer, mechanic,
merchant and minister.
This vast sum of forty-one millions
| seeks investment somewhere. 1t is Of
ten asked what the Government does
with the S20O,0O0,00O collected from
| stamps and duties? And the answer
comes to us in the statement OF the ma
| tional debt. But where the life insur-
ance money goes to is not so we'll un-
derstood. OF the whole amount about
nine-tenths go to Hartford, New York
and Boston; a portion to find its place
in the pockets of the already rich
stockholders; part to pay the salaries
of officers, and the balance contributes,
by its use, to the wealth of Eastern
capitalists, until called for to pay the
bond for which it was received.
Who ever inquiries why it would not
be better to keep, at least, the share
that is contributed by the West, at
home, make the difference in exchange,
and the investment hereS Who ever
asks if Hartford and Boston alone un-
derstand the business, and have its
monopoly?
Who ever inquiries why it is that
money is a drug in the East at five
per cent. and in the West scarce at ff-
teen?
This amount of nine hundred and
thirty millions of insurance on lives is,
about equivalent to the same on real
estate, held in trust for the widows and
orphans of the next generation-be-
cause the annu al tax on the amount is
but little more than the tax on real
estate.
No one doubts the value of the in
vestment, or the soIvency of the COM
so secure a basis. Houses burn by
chance; boats and vessels are DESTROY
| ed by accident, but men die by an un-
changeable law of nature, and in an
exact proportion.
So the business is safe, and the only
thing we claim, is, that Western men
should support and build up home