Vicksburg weekly herald. (Vicksburg, Miss.) 1868-1883, 1870-04-02
THE I~NstvAsOE DBPOslT
HGGEs

features Of which require q deposit
Of $4,000 cash; and when the 70.
eeipts Of q company shall exceed
that sum, q further deposit Of 50
per cent on all sums 40 received
shall be made; and for this The
Treasurer shall issue his certificate
Of depOslt, bearing per cent. inter-
est per annum, said deposit to re-
main q security for the payment Of
such losses as may occur. We can
see no reason for the passage Of
such a law. All the Companies
doing business here are performing
every duty, both to the State and
the citizens, with the utmost exact
ness, punctuality, and honor, and
are now n vast source Of revenue
to the place wherever an agency
exists. Take, for instance, our
city: there are about thirty
Companies doug business here,
each of which pays a license fee
to the city of Slj0-in all
$500. The gross receipts of these
companies is about Sl25,OO0 per
annum. On this they pay a State
tax Of half pc. cent. or 1925 and
a county tax of$625, n school tax Of
S625 and a special tax Of 1926, max.
ing a total of $500, besides the
printing and advertising of their
annual statements, the Auditors
and Probate Clerks fees, the in
come Of the agents, etc. Now the
passage of this act will certainly
drive from our State these COmpa.
mics, leaving our property exposed,
and likely, the fruits Of lifetime,
swept away in q few moments, for
Mississippi can give us no prOtec-
ton che has no insurance eOmpa-
niles (save one) aud no insurance
capital, but pertaining TO that one,
nor are we able 10 produce 1t. To
do the business Of Vicksburg re-
quires many millions Of dollars.
This same policy adopted by all the
States, would absorb the capital OF
nineteenth of the insurance Compa-
MES in the country ; 1t would leave
for the security of the policy hold
er only the amount so deposited,
and no more, as like deposits
in other States could not
be made liable or available
for losses occurring here, In Missis-
sippi, so what security Is there III
requiring this deposit2 Should
any companies comply, 1t will be
q few Of the larger ones. This, at
once up-rOOts competition and
gives them a monopoly of which
they will avail themselves, as they
are far behind on Mississippi bust
ness. The tendency then lie to en-
nance the cost OF insurance TO the
people requiring deposits, cOmpeti'
ton being diminished, and 1t is OF
inflexible law Of trade that " all i'm
pediments in the way must be paid
for by those who place them there
Now we have no idea that any one
company will make this deposit
And suppose they should, on with
drawing, order all their policies
Cancelled, what a state of uncer.
tainty and insecurity would be felt,
We advise the people to look into
this matter, and assist In It's defeat
Again should the bill become &
law, our agents could (and they 50
threaten) remove their offices Il
De Soto, and thus would
we also be deprived of the vast rev.
enue they pay, save their income
which is spent among us. We cal
see no possible good to come from
the enactment Of such law. II ID
not called for by the people it il
not demanded BY public necessity
or State policy, ana we are satisfied
our Legislature on due reflection
win see all the evils likely to grow
out OF its passage. What would
VicksbIrg be to-day without the
aid Of our agency companies !? Theil
losses have '.been since 1865 ovel
and above receipts, over $4,000 0
Then, again, their life policies, con-
tracts for lite, will the Legislature
deprive us of having a representa-
tive of these companies among us,
preventing the annual renewal oil
the provisions made for our de.
pendent onesp The more we re.
fleet on the matter the greater the
evils we perceive will grow out oil
the passage Of this law. 1t is moi
strange that Insurance premiums
are high when between two and
three per cent. goes for local taxes
HoN. PIERRE SoULE has passed
away. His death calls for more
than a passing mention, but at this