Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1869-12-08
c..s,uo.a from nrst page.

Concluded from fIrst page.
rious and conservative companies dong
business in our midst, but as sugges-
ton to your sense OF self'preserVa.'on
and AZ a legitimate appeal to the qaes-
tion of local interest. IL has never oeen
our nolicy to break down what - gooo,
but 10 build up what is better. C)nser-
vatism is our motto, and is shown 10 our
management, our system, and our pro-
nosals. IL has never been either our
sffort 10 desire to destroy or para'yzs
other similar institutions, but TO esiao-
lish our own. aud that, too, upon i.S
own intrinsic merits This spifn,
however. has not been reciprocated by
cur rivals ia all cases In some It hap,
and il affords us sincere pleasure 10
acknowledge it. These institutions have
been, and will yet be, benefited by tne
conservative course they have thus pur-
sued. 1t is an old maxim that those
who stand high have may blasts 70
sbske them" And it has again heen
exemnlified in the history of the LIE
Assoc alton of America. Whole broac,.
aides of vllifcation, persecution ana
Ratification have been opened upon IL,
and with all the ferocity conceivable.
Rnt not a single shot has entered. The
abip still floats, and with her flag at the
masthead. These broadsides, as well as
smaller guns at shorter range, have tailed
10 defeat or destroy us. The storm OF
battle that has ragged against us has been
wild, fierce and furious, but as signaiiy
ebortiye as we have been Triumphant.
And now that our assailants have been
forced to retire, we are at peace with the
world. The war has been one OF aggres-
sion and persecution on the one side,
and simply of resistance on the other.
Il has been as unjust as il has been with
out cause, as wrongful as it has been ln-
considerable. 1t has been, and IS sui,
,he policy of the Association land l, as
On agent, have been so instructed IRON
the home office) to attack no company
until aggressed, but to present ltseii 70
the country upon its own inherent worsh'
and upon that alone to rise or fall. 1t is
mt our aim or our desire to overthrow
sny rival company. And, even If we
had the disposition or the power to do so,
IL could never be to our interest rr That
of the country at large to pursue such a
course. And the war which has been
wsged by our enemies for our desiruc-
tion. has been as unwise as it has been
uriust: as unpatriotic as it has been un-
suceesslul. But truce 10 this question.
| desire TO call your attention to The
charter Of the association. 1t was the
work Of many months OF careful, vigilant
and sssiduous preparation, and 10 thcr-
ouehly imbued with the spirit and COM
nrehensiveness Of the institution. twas
.bly conceived, wisely constructed and
carefully guar ded While it confefs val
uable immunities and large powers upon
IFS departmental organizations, it ietalns
superior powers in the hands of the Gen.
eral Board of Directors; but such only az
were deemed necessary and essential 10
the protection, safety, success and ell
cheney of the institution. Every junction
and every advantage is given to tbs
Departments that are necessary TO theil
periect equality, and at the s: me time
consistent with the unity, discipline, Sc.
curity and progress Of the Company, and
with what was demanded by the interests
Of all concerned. OF cour.e, paramount
powers, trusts and responsibilities mus
be located and reposed somewhere, III
order TO unify.- consolidate and discipline
the institution, and to protect the rights
and interests oil ereYy policy holder in il.
These are vested in the General Board
of Directors, which is composed Ct not
more then sixty trustees of Missouri ano
of the President Of each Department
who is &c o6icio member Of that Board
The Association msy be aptly com
pared 10 O military organization, with 1T
companies, regiments, brigades, divisions
and army corps, each constituting dis
tiuct organization, with plensry powel
and separate governments W then
respective spheres, but all combined
constituting one grand, homogeneous
unity, subject to the authority and gov
eminent of the commander is-chief.
Thus stands the Association, with i'll
branch, department and parent Boards
all subject 10 the control and govern
mcnt of the General Board Of Directors
The charter was amended in July last
2uring q convention OF delegates from
thirteen States, called by the Genera
b ,ard of d rectors for that and other pur
noses connected with the Association
|, was submitted for revision and amend
ment TO committee appointed from tht
different sections. avocstions and profes
siens Of the country; and among thoss
of The legal profession VINO were on this
committee, / mention the names o.
Judge Wright, of this city Judge Rose
of Arkansas; Judge Murphy, of Iowa
Judge Blair, of Mississippi; Col. Smith
of Mobile; Col. Moore, of Augusta, ant
Judge Henry Cooper, of Nashville
Tennessee. But few alterations wert
made in the charter, and have it her;
as it came from the hands of that com
mittee. II unitys and cinctures III,
tohole institution. But read it anC
Judge for yourselves.
An official report of the condition o
the Association has recently been made
by the Insurance Department Of th'
State of Missouri. The same has beer
published to the country, and to which
ask your especial attention. This report
az you will see, is under the oath of thu
Actuary-au officer not of the Company
but of the State, end having no connec
ton. official or otherwise, with the Asso
eiation-snd shows the splendid result
we have accomplished under our owl
new system, and under the operations Q
the charter l have just been describing
Ii exhibits the fact that after estimatin
reserve sufficient to reinsure all of it
risks and making an itemizsd ssiimst
of all its expenses and liabilities, th
Association had divisible surplus c
more than $3.50, 900 at the end Of its frs
fifteen months business. Such an exhioi
is without parallel in the history Of III
insurance. and demonstrates the positio
that our idea is the true one, and ths
our system beautifully harnonizss wit