The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-10-25
NATIONAL INSURANCE CONVENTION.

Sixth Days roccedlngs-Auiuaased Discus
sion ON the Question Of Taxation-nIr. Clarke
ON Lapsed Policies.
The proceedings OF the above Convention were
resumed Yesterday.
Mr.. BREEsE, Of Wisconsin, offered q resolution
setting forth that provision for the amaR or
such life insurance companies as desire to avail
themselve s OF 1t should included In the insurance
laws OF the several States, and instrucung the Com.
mittee on ''Windingupn Companies to devise ap-
propriate legislation for this purpose The resolu
tion was referred to the committee.
The report OF the Committee on Miscellaneous
Business, 80 far 1t relates to the resolutions
ferred to the committee, was adopted. The report
recommended no action on the part OF the Conven-
ton In regard to the resolutions for memoralizing
Congress in regard to the Bankrupt law and for the
once.
Mr. Skeels resolution, setting forth that 1t Is de-
sirable for states to enact that no policies shall be
Issued on the lives OF their citizens for terms ex-
tending beyond the age OF seyentyhve years, was
taken up and referred 10 the Committee on Legis-
lation.
Mr.; MILLER. Of New York, offered the following,
which was laid on the table,
That by the great Chicago consequent app
@ OF q ha y % q e as Of The s
opinion Of this great truths among Others
Firf-The vast Importance and bencacence of reliable
system an amount Of capital adequate
tnc kencai Oh the
sconiThe a6surdity, folly impotence of any State
ITS own limits or of imposing as conditions Of their adms
Tard-The imperative necessity of that uniformity and
reciprocity which the great object of this Convention to
EaM The charging BY companies Of ADEQUATE premiums
nary to provide against the hour Of adversely.
Mr.: BREEsE from the Committee OF Taxes. Fees
| and Deposits, moved the following
That in the matter of taxation in other matters con.
% me- and @
recommend that State Be lei. regulate the taxation
Us own a ,n your Gomme mould that
Company in every State for the next preced
such premiums the actually paid policy holders for
Losses therein during the same period should be charged
in lieu OF all other taxes. ''''' "''''-
| Mr.. GAME offered the following amendment
recommended that the uniform rate of taxation
per cent on gross premiums Of marine companies and that
policy terminating at the death Of insured and cent
An animated and earnest discussion followed on
| this question, which was continued until four
O'Clock in the afternoon, when 1t was further ad-
On motion of Mr.. HARVEY Of Illinois, the follow
Ing resolution was submitted, in order that Mr..
Clarke, who could not stay over the then session.
| might be in order In giving his views:-
That any company organized under the laws Of
ia. ss for The Ct @
-four per cent interest shall desire 70 enter or
by the lower standard OF onetenth the
the lower and higher twoenhs the second
Increasing oneenth each until the full four
established
Mr.. CLARKE, Of Massachusetts, supported this
resolution IN an elaborate speech and expressed
his firm conviction that 1t would not be safe to trnst
to four per cent reserve, and that in this opinion
he was strengthened by the Judgment Of the in
surance world. In reference to the question
OF dividends he was satisfied that there
had been In the State of Massachusetts,
s254,ooo,o0o Of lapsed policies in 1870, and fiom
that source many companies had declared n divi-
dend. He was OF opinion that 1t was absolutely
necessary That something should be done 10 stop
this wholesale slaughter.
On the motion OF Mr.. MILLER the resolution OF Mr..
Harvey was ordered 10 lie upon the table,
1.-The Outline of Draft OF General Insurance Law
| by Mr.. Ocott, was delivered to the members.
JOINT Special Commission for the compilation OF
| fun and complete American experience table OF
| mortality was appointed.
The Convention then adjourned until this morn
| ing