The New York herald., 1871-12-01


my anserce IN a foreign lard, these false charges
agasust the Treasury Dcpa tnent that orr snaieu III
me "rs" -, q tao ns m n n ina. sen;s c or sne sse
were back ilren and ''stoptiiel" " dodges, anu
%ae WIN view 10 sgs. as'sn''Sn Snu 'rS Sss
ihss miSnr say, 'why should We deny
general caarss Of Official dishonesty wnsr msrgs ah
more sIcci ;ca4iy with greater wronsdolng' MAKES
- These were motives that induced me to swerve
from the general ruic 10 give no need to slanaers
Anosier reason was because hold that the reo.
pie have Il rient not only 10 believe Dut 10 Know,
that their Servants who administer their puoc;
analrs. wno have the custody an! disposition 0l
tner money. iailnfui and honest.
When Drst entered puplc life. more than forty
onc,a acl ,nat ~ as mol willing everybody should
see d.. TINS rue nave never broken IN = single
the sliengtn adhere l nevsr will break il. nave
now held his once Tor more than ten years, ana IN
anI WHAT would 10 some have been such tenpta.
tons Ior making money as have rarely oeen pus
nave become riun by spec,laiions In stocks ~
my knowledge OF the .government's Intentions
know.edge ior my own or the interest OF any ether
person. since have bcen in the 0ice nave
ness wna,cyer. nave gvea my whole time and
alieatio, ni%nt and day, 10 the utter neglect OF my
est ami In consequence thereof am now, at that
age tat Il the tle allotted TO man IN Tins world, as
into INTO tn.s oaice have BUS little 10 leave TO my
children, an honest reputation, anu tnat IL IS
dtere even 10 me extent OF aDpea ing the GRIM
nal courts 0 lifc cDunrY Tor the cOnvcttO OF us
10 axe frsm the treasury . single cent, nor any
grcacr amonnt except by authority OF law. II
partment or Ii there have been any since have
! been III II. am IN entire ignorance OF them, and
ee e sure na oer ne vXceps sui he S Saes
! Implicated nave cen pursued, ana when causht
were convicted ana punished, have existed, Or DO
now exist
II may be doubled which does the most to under
m ne confidence n oar republican inslitutons-lef-
ipittna vlg O,tcIals 10 esclpe snment, or
the aDatuy VAN wnlci the pubic minl receives
Infamous charges against trusted pubic officers.
Sc gUaIr Es DEPOSITED by INSURANCE COMPANIES.
Tive avs oI the state oil New YORK require u
Raviscd S'atnics page 17i) that before any foreign
Hta,e mere snat be- led IN IN. - Insurance Depart
ment u tue sta lie certificate OF the cnieI tinan-
clai oilicer' OF the Stale ~ whose laws sucn com
pauy IS moor rIrated that there Is deposited win
ham III irust Ter the oeneht o the policy holders OF
the company. soh,o1o IN ocks or securities.
la order TO avai ltsal OF the privileges Ol Lnls act
aud OF 81 nil.r ,n'ctrents in othe" States
Naioiai Lile Insurance Company OF Inc United
Sta,eS OF Ancrc. q. incorporated by the Congress OF
the .ned states ana naylng Its olce III this dis.
trict, deposited i'll this office 100000 IN United
States bonds, lor which the treasurer Issued The
certificate required by the laws OF the State or New
Yotk, wnlch certificate was accepted Us Sufficient
by tae insurance department Ol that stale. he
form ol tne cer.uicate thus given Is III words ami
figures as follows, To w.t.
o. nF uSraD srAiTs 1y
the sta,es and that the National Lie iasurance
chartered ny Congress Dis,rlct
the nted states anonnn; Il par rot than
le o. hanarei thousand dolars And hercOy
oacc as Treasurer NV oeia eapaeiy
holders o said comrany and = SAID 10
e n AND further sr mat T am satisfied Sisae las
as i AM SvauTc & are snoa ONE - hG ,
olce y tue ,1ia ay o. sasns. a ~ lsos AM has eyer
amount ioU ia the SOCKS and securities slec
In witness whereof hive hcreanto my hand
ocial sea- to e alled a. the Treasury department
j. L. s.iaNLK. Treasurer United states
Certificates OF similar purpori have been gwen by
the Treasurer !or ase in o.n.r Ssa tes. some time
I IN ..5ri last tne si00.0o0 in United states bonds
! were Withdrawn and $4,000, par value, III
Uuiied states four per cent, COUPON certificates
Indebtedness or 1870 issued TO the State OF Maine
/ ior advances made during the war OF 1872, were
substituted These cerIicaies are payable
to bearer, and not assigned to The treasurer, the
evidence OF ,hc purposes ior wDlcn they are held
neiug the letter tnat accompanied anu which Is on
| Alter TINS deposit had been made the National
poiaron IN TINS psir,ct incorporated by
Tor sn same q 300 nr
secured by decus o trust on nnincuinberea real es
tale valued, oy appraisers appointed oy the Insur.
ahce Department. Vl the state Oi New YORK, at
81 600. This real estate has been conveyed TO the
Treasurer oI the Unltea sia,es, IN ms Official ca
pacliy ana 70 ms successors IN oflee IN trust Tor
the policy holders OF SAID company, by deed OF
| trust executed ny tnc trustee anu granors
OF the ABOVE mentioned trust Poll
| cies oil insurance Amounting to $4,000 on
the impro, emcns on TINS property. have
aud fllen win the other papers IN his ONCE. For
these deposits certncate III accordance with the
facts stated given by the treasurer, to he flied
IN Tue insurance Department Of the State OF New
York.
lL Is proper that the Tacts should be stated that
pay ymcnt vi the above mentioned nOlcs Is promised,
as appears rom Their tenor, when and as tile same
may he required by a vote OF the directors OF the
company, the notes being payable to the order OF
the company. The deeds belnz merely collateral
10 the notes. it would seem that the Treasurer
not dispose OF the property Tor the Denent OF the
policy noiders unii there shall have been default
notes can he demanded oaly by the directors, the
Treasurer would seem to be unable 10 make any
sale tor the benefit OF tue policy holders
IN case CT a failure OF tie company 10 meet It's en-
gagements without the cooperation OF the board or
directors.
in addition to iAe difficulties already enumerated
the taxing ol these trusts by the Treas eX
ira official. there Delng law OF United states
requiring him to take or nod securities for The pur
poses as above stated. II - therefore doubted
trust lor the two be ore mentioned insurance com.
panie5. could De made cvliiabe III the manner nat
was contemplated BY the Legislatures tue states
that enacted the laws 1Or the protection OF its
polcy-u oding ctizens.
strongly impressed with the conviction that all
Corporations that by their charters authorized TO
have money transactions should be conreed to
give ample security for ibe faithful performance Of
| ali their obligations. would most respectfully sug-
gest that Congress he asked 70 SO amend the acts of
incornorltioa dnelef which the two above NAMED
INSURANCE companies We're created as TO compel
each OF them to deposit in lieu Oi their present un-
authorized securities, al least one hundred thousand
dollars IN the new five per bonds OF the govern
meui, with he Treasurer OF The Unlied States and
assigned 10 him Ia trust for the benefit OF the policy
holders oi SAID companies respectively, in case de-
iaut should he made ty them III paying tneIr legal
| Liabilities TO said policy holders.
IN ih!s connection II may perhaps not be inoppor.
tune 10 suggest the prOpriety OF having established
| W law Of Congress, governmental bureau TO have
charge OF the affairs OF all knls Of Insurance.
panies and associations in the same manner as the
Comptroller OF the Currency now has cnarge OF the
anarS OF All The Danks that Issue paper money III the
| United states
Al the meeting OF the National Insurance Conven-
t01, ned IN the CITY OF New iOrK In NAV last n. u.
| Morgan, President OF one OF the largest insurance
| companies IN that city, said:-
The reasons why would prefer national bureau 10 the
present STATE supervision patent
4 present companies. - ~ - ~