Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1870-05-17
looming UNDER THE RULE. y

SbNS6hu
To he asabers Of The Madison Mutual IHsur1acs Co
printed leaflet without signature and having the
above title, has lately been circulated through this
state TO considerable extent. Its whole subject mat
Ter - an assault upon the character Of this company.
" - tns natural inquiry Of every fair mind, "rom
whom Goes This come, IL from honest man, VIII y
aoes ne Withhold his name, and IL from knAve, who
pays the expenset The motives which have prompted
Us ieotiSanon and distribution may be briefly stated
and easily understood
The Madison Mutual has for ten years pm st been the
largest anu most successful Fire Insuranc Company in
The Northwest. BY what cautious steps in its early
years by what strict adherence TO its prncipies and
y what faithful discharge of its every obligation ii has
attained this position, need not here state Adapting
us whole operations to the wants and necessities of the
farmers, who have been its principal members, Ii has
proteeuon around one hundred thousand homesteads
and 3ald IN losses 0rer four hgHdred and eighty thou
sand dollars, large portion Of which would have been
Paid oy no other company and often saving families
from utter destruction and ruin.
II has made for its members at least million of
dollars, all OF which has been left "a their hands ex
cept as much as would save them from further call
To pay losses and expenses.
This prosperity, this large and increasing business
could not long escape the keen scent Of men who we're
on The look out for adventure Companies controlled
BY capitalists eager for dvidends, viewed this an
inviting neld, stepped in and spread their nets for
game Two difficulties, however, stood before them
First, the Madison Mutual had the confidence of the
public and second, IL had furnished cheaper insur
ance than could be afforded where ten or twaye per
expediens at hand and the father of lies Is
quick to help his votaries. The men who managed
these competing institutions in This state knowing that
death and life are in the power of the tongue, saw in
TINS 'Itte member" power which TO bring their
adversary TO the DUST aud give them an undisputed
heid, and unoosenng their seuth hounds and furnish
ing that member which lis set fire of he'll" with
ready made ISLANDERS, turaed them upon the object OF
their envy
At first they gave vague and mysterious hints of the
unsoundness of the Madison Mutual, then growing
bolder they asserted that had borrowed large sums
omohey TO psy losses, and IN short every ialsehood
which the occasion could suggest.
These lies have often 'returned to plague the invent
or, al first perhaps, creating some alarm among
members but on the discovery of the fraud establishing
their confidence The silence with which we have
treated them has doubtless inspired their inventors
With courage, which has been lately manifested in this
anonymous waif "Coming under the rule" The
bravery which commenced in oral alsehoods uttered
through Irresponsible eissareg has eliminated in the
courageous and manly issue Of printed libel without
name, without birthplace, sent to another State TO
steal ITS way back Into this and surTepttious
y through the postoiices by men, some OF whom deem
themselves respectable. They have themselves "eOme
under the rule that governs the conduct OF the potroon
Ia striking at his victim from the dark but they have
not come under the rule which says "Thou shalt not
pear iaise witness against Thy neighbOr."
III Is gratifying proof OF the public confidence that
so few OF our members have been ght In their nets
Occasionally umid man will yield to their persua.
SONS put the cases are comparatively Several of
Their dupes on discovering the frauds have wished to
leave them aud return to Company, but their rat
trap policies have provision to let the victim out
and when they pocket the money the insured has no
further sight OF it, As OF the pretended sick
lion, all the tracks are going tOTard and from the
den The loss and gain 10 such largely against
the deceived and in favor of the imposer The amount
OF fetur premium from Company which would
nave carried the policy three years longer will insure
WIN these honest men but year, and in proper
ton FOR longer shorter time.
- The cool impudence these lhelers In their caution
TO those who live on the fruits Of honest labor
aimost sublime. They intimate that the Madison Mu
tua was "organized with the sole purpose of making
comfortable places wi large salaries tor few enter
prsing gentlemen" II this is true the Directors who
organized and those who control its affairs are
either imbeeiles or knaves. Now who are the men
upon whom this sPittle is dung. Are they to be
impeached by anonymous scribblerl Who of the
officers has had more than fair compensation for his
ssrylces who Of the Directors has got rich out of
the large resources within their controf They are
well and iayoraby known through the State, are most
OF them of ample fortunes honestly acquired and
"though making many rich by their faithful attention
from its Golfers.
am that to honest men it is great enigma
That trust involving millions OF dollars should have
been discharged with no much fidelity.
The figures OF this dark lantern missive will be briefly
considered. "Figures won't lie,' bat they may be
made to convey falsehoOd eectually as words In
the hands Of these dexterous mathematicans they
madeto lie in too trng Of little less than thr-
teen millions Of dollars by the process of suppression
They say We assumed risk in 1869 of $5 1884, hut
suppress the fact plainly stated in our report that
during the same period we retired risks 20 the
The risks therefore Of 1850 we're but Sc ,O93 044 in
excess Of the amount retired.
Again, they give the following the comparative
receipts of 1865 and 1869:
Receipts of 1868 SIPS 266SI
Receipts oil 1909 402, ISL 03
Less in 1869 $35,6sO.7s
But if exclude the premium notes which these
stand thus
Receipts of 1862 excluding premium notes SAL 90
Receipts OF 1865, excluding premium notes 1878 90
Excess in 1869 sIs,ss3,oo
To their disparsging statements Of the falling of in
the number OF poce issued in 1869 compared with
1908, have only TO say that where prudence suggests
retrenchment, 1t may be wise to obey her dictates
that the number witch issued last year has given
them more uneasiness than ourselves.
They speak Of the S1,l7l ,464.36 10 premium notes
ana ask whether these notes will not be called upon to
come 10 the rescue We shall see The losses OF our
company paid in 1869 were SSS27764. but Of this sum
s9oool was paid upon lotses of 1868 occurring too
late TO be adjusted that year, leaving SIS O3 paid
IN 1868 upon the losses of that year. The amount Of
NIX during that year would average something over
SolOOO UOO By this ratio the of risks assumed
over those retired in 1862 would requirr reinsurance
fund OF S997jOS which deducted from the net gain of
Sl3 O53 ~ leaves balance in favor Of the company of
s3,O5S.7I,
As another make.weight these men assume. that AS
1869, was wet season. the losses may be expected to
be greater another year. In this they no nearer
right than in other dishonest ignorant attempts To
bring OUT business to the standard other
lnsuring against the: Effects Of lightning wet and
stormy season brings us often more losses than dry
one. Our losses last year By LghtRiRg psre no less
than one hundred and tpeHty ths of which these
assailants would have repudiaed under their policies
As an evidence of the effect upon business of this
sneaking publication submit the figures of the first
quarter of 1859 and 1870, observing that the omi
Under the Rule libel has been circulated and its moi
son fermented all within the quarter Just past:
iS7o-PoIices issued first quarter, 2474
Cash premiums, S31447Sg
1S69-Policies issued first quarter, 2O3p
Cash premiums, 27,46l.G7
Excess in 1870, 435 39s592
In confusion let II be Kept in mind that the Madison
Mutual got up and has been not to make money
for its officers directors, but SGUe money to its
members, which It has done to the amount of one
MILLION OF DOLLARS at moderate calculation that il
has no right ana occasion to make excessive accu
mutations beyond adequate amount to pay losses and
expenses and save its members from the vexatlon of
assessments, that its assets, aside from premium
notes. would enable it to close its doors to-dav pay sill
its losses and expenses till the expiration of its policies
and have handsome surplus remaining, and that an
assessment upon its premium notes, which would make
It's rates only equal to its compe tOrs would bring into
its treasury two hundred and ninety-two thousand
eight hundred and sixty-six dollars
ASH ave intended this mainly as defensive, / will
say nothing OF the gentlemen who have thrown this
ibeous paper before the public backed in any cases
by their own untruthfu assertions. II further expo
sures shall be provoked, the battle may be pushed to
their gates aud they not find themselves invuner
able.
D. WORTHINGTON,