New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1871-10-31


well calculated to open up such topics as those
touched upon in the reports OF the Brother
"hood of Locomotive Engineers"
REvIEW OF TIE ms TRANCE CONTENTION
Tho National Insurance Convention, having
Anished the work before it, adjourned, yester-
day afternoon, to the third Monday in October,
1872. 1t is surprising to find what has been
accomplished by this body in the two sessions
which it has held, since its organization on
the oath of May last. At that time the In
mrapce Departments Of the several States
were adjusting their relations with this COM
mandine interest without any concerted action,
each Legislature passing such laws as local
prejudice or preferences suggested, and each
newly appointed Commissioner making such
regulations for the annual returns OF COM
NAMES. and management OF current official
business. "a seemed good to him. AS q con-
snnuonce. there were such conflicts of statutory
and discretionary regulations that The COM
panies were continually kept in trorble,
and no policy holder, not inspired, could
tell where he stood, nor even where bis
money went to- But, when the officials OF
eighteen States assembled here last Spring,
compared notes, heard what the great life, fir,
and marine underwriters had to say of exist
ing abuses and needed remedies, and thu )
discovered how much there was to learn, a
beginning was made toward a great reform.
The delegates divided themselves into COM
mittces, called in experts to instruct them, re-
ported back to the Committee of the Whole,
and, before they adjourned on the 2i of June,
agreed upon q number of rcfOrmatOry measures,
the ratification of which by tho various Legs
laturcs must result in great advantage to tho
public.
The second session began on tn" 18th Of tho
present month. 1t will not have escaped no
tce that the Secretaries of State, Auditors
General Controllers, and Insurance Commits
sioners whose debates wo have reported have
displayed freedom from mere sectional bias
and mutual forbcarance beyond praise. men
from ito extreme South noted in tho Rebel
aImies have met men ike MUOr-Gcl. Hart
ranft, the Auditor General of Pennsylvania,
who boast an honorable record III the Union
army, in spirit of perfect mutual respect
and good will, anxious only to further the
object in hand. Mr. Julius L. Clarke OF
Massachusetts. contrary to the expectations OF
some, took IN active part in the proceedings
The ncwly-uccted Republican State Auditor
of Ohio, d.. Williams, with his 23S,OOO votes
at his back, came, and served on Committee
with the Rebel Major-Gcn. Smith and the
Rebel Col. Gaines the Governor OF Nevada
sent his Private Secretary a journey OF
somo 5000 miles to act as special
delegate for the State; the Governors
of North Carolina, Alabama, Mississippi,
~. TanuaSSpp. California,
Minnesota, and the District of Columbia also
sent special delegates; in all, there were
twenty-nine States represented at tho Con-
vcntien. When it is considered that these
gentlemen received no pay, beyond the bare
cost of their travelling expenses tho attend
ance of SO large q number OF influential u'le-
gates is a noteworthy evidence of the general
interest in the subject of insurance which pre-
walls throughout the country.
Tho work accomplished at this : ,'iHn has
been: l. The perfection and final ''!Hn''"n or
uniform blanks for the annual retniES iequirch
by all tho States of Fire, Life, and Marine
Insurance Companies 2. The adoption: Of the
uniform rate of four-and-a- half per cent inter
est. and the American Experience Table Of
Mortality, as the basis for calculation OF pol
icy reserves 3. Tho agreement upon liberal
DOllcy toward companies III tcHipolhIAJ
barrasscd circumstances A. The establish
meut of much needed precautions against
bogus insurance spcculatiOns 8. mutual
agreement to accept certificates from each
other as to the solvenCy and regularity OF
companies, in lien of requiring as heretofore
special deposits in each State, and special returns
from the companies to all the State officials
G. The permanent organization of their body
as the National Insurance Convention OF tho
UNITED States" with permanent officers,
bureau in this city, and annual meetings T.
The framing and adoption, after full debate,
OF a General Insurance Statute, to be recon-
mendcd to the Legislatures of all the States
in place of existing crude and conflicting
laws. Nothing has been hastily done, no pri-
waite speculation has been subscryed, no con-
ccssl, n of principle made to local prejudice;
but the proceedings have been characterized
by method, dclibcration, and Il conscientious
regard for the public interest.
The session has in fact proved, as we an
tiCipated, enc of the most Important business
meetings ever held in this or any other COun-
try, and it's effects should be felt in the future,
in wiser legislation, greater restraint upon
ilegitimate insurance speculation, more active
promotion of sound and well-cOnductcd en-
tcrprscs, and far greater protection to the
policy holder.