The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-12-07

it. On yesterdaya concurrent resolution, Of
fered by f. J. Cain, colored, to meet in joint
assembly on Monday, the 9Th of December, to
elect an Associate Justice Of the Supreme
Court, WAS taken up in the House,
and after considerable opposition from
the supporters of Judge Orr, it was, on
motion Of Feriter, amended so as to read,
''meet on Tuesday, the 7th," then adopted and
sent into the Senate. Hayne, colored, at once
moved that it be amended 80 as to read, inject
on Tuesday, the 2lst December" which was
accepted, and the resolution adopted. This
delays the election for two weeks, by which
time the friends of Judge Orr will probably be
able to put him in nomination with some hopes
of success; as it is now he would make very
poor run against Whipper.
THE NEW INSURANCE COMPANY.
Wright, from the Senate Committee on In
corporations, to whom was referred bill to
incorporate the Policy-holders' Life and Ton
| tine Assurance Company, reported yesterday,
and recommended that section 8, second para
graph, be amended to read as follows: 1.-THE
board of trustees shall consist Of not less than
| thirty-six persons, majority of whom shall DO
residents of the State of South Carolina, and
not more han one-half Of those residing In the
State shall be residents OF the City Of Charles
| ton, and no one shall be trustee who is not
| q policy-holder in the company and that the
bill, so amended, do pass. 1t was ordered for
consideration to-day, but owing to the press oil
other business 1t was not taken up.
INCORRECTLY NAMED.
Frequently it happens that child before it
| il chrlstened has some pct name given which
cllngs to it through life, despite the benefits
of the christening. But we hope such will not
be the case with bill which was pushed
through the Senate to-day in manner which
gave the spectators an idea that several per-
sons present were deeply interested in Its
passage. 1t has been given the pet name Of
"bill to better protect the holders OF Insurance
policies in this State" when It should really be
called "bill to make demand for
the bonds and stocks Of the State,
thereby increasing their value and giving
an opportunity 10 the bondholdcrs TO
sell out at an advantage y and we trust that
when the time comes to christen it-make it
an act-the senators will see that it is properly
named. To let 1t retain its present name will
only be to habit it with very limsy material
so fiimsy that oil the movements Of Its body
NAV be seen, so that none will be deceived,
and make those upon whom the bill was to Dc
palmed of as something to benefit them, only
despsc the creators-cven though they be
benefited by it.
But TO the bill and the manner it was hur-
ried through the Senate. Yesterday Leslie
asked and readily obtained leave 10 introduce,
without previous notice, 'bil to better pro-
tect holders of insurance policies Of this State,
saving that it was "matter important to the
credit of the State and to every citizen OF the
State.n The bill received its first reading. and
was ordered to be printed for consideration
to-day.
It provides that no company or association
which is now organized, or which may be
hereafter organized, in this State TO carry ou
| the business of Insurance OF any kind shall
| procced further with business. or 10 business,
las the case may be,) until they have deposit
| ed with the Cumptrollcr-Gcncralo OF the State
bonds or stocks of the State equal to the sum
OF fifty thousand dollars, par value, Tor each
life insurance company or association, and
| twenty thousand dollars, par value, for each
other insurance company or association; that
the Comptroller-Gcneral shall hold SUCH Donus
or stocks as security for policy-holdcrs in said
company or association; but as long as any
company or association so deposlling shall con-
tinue solvent, he may permit such company To
collect and receive the interest on the bonds
or stocks so deposited; that after such deposit
has been made it shall become his
1 Il, 70 fur ch QccOni1tiOn cOruOratlOn
with a certificate of such deposit, which ccrti-
| ficatc. or duplicate thereof, certified by the
| Comptrollcr-Gener may be used In, and be
| evidence for and against the corporation IN oil
suits; that 1t shall not be lawful for any person
or .rsons, corporation or corporations, aSso-
ciation or associations. to act within this State,
as aren't or otherwise, in receiving or procur-
inc applications for insurance OF any Kind or
kinds, or in any manner TO solicit any one TO
| insure. or In any manner TO aid III transactin9
| the business ofinsurance, OF any KIND or Kinds,
| for any company or association Incorporated
| by or organized under the laws oil this or any
other State government, or any foreign gov
ernmcnt, until such company or associa-
tion have deposited with the Comptroller
General of this State, for the benefit OF
| the policy-holdcrs Of such company or asso-
| citation, citizens or residents OF the United
| States. bonds or stocks of this State equal to
the sum OF fifty thousand dollars, par value,
| for each HE insurance CUlIlUilly VI assUCl,t-
tiou, and twenty thousand dollars, par value,
| for each other insurance company or assocla-
| ton; but so long as any company or aSso:ltl-
| tion SO depositing shall continue solvent, the
Comptroller-G General may permit slch company
| or association to collect and receive the inter
est on the bonds or stocks so deposited, and
| have appointed an attorney In this state on
whom process of law can be served; and said
attorney shall have filed with the Comptroller
General q certified copy OF the charter OF said
company or association, and also certiied
| COPY OF the votA or resolution Of The trustees
| or directors Of such company or association
appointing him the attorney OF such company,
which appointment shall continue until
another attorney be substituted, which shall
| be done upon the death, removal or incapacity
| to act of such attorney, or may be done by
| such company OF association at any time; that
when the foregoing requirements, and such
other requirements as are now or may here
after be required by law, shall have been COM
piled with, the Comptrocr-Gcncrals shall give
o certificate 10 that effect, and also State The
name of the attorney, which certificate, when
flied in the county clerks Office of the county
where the agency is to be located, shall be the
authority TO commence business; that every
violation Of this act shall subject the company
or association, or agent or agents, violating,
jointly and scvcrally, TO u penalty OF five hun
dred dollars for each violation, which Shall
| bc sued for and recovered i'll joint or
several civil action in the name Of the State
of South Carolina, Dy the solicitor OF the cir
! cult i'm which the company or association, or