Dodgeville chronicle. [volume] (Dodgeville, Wis.) 1862-current, 1871-04-21
New York Notes.
BY our own Correspondent.

BY our own Correspondent.
Most of us Gothamites were wofully dis
appointed that the census did not give us
over million of inhabitants, and disposed
at first to think that our Uncle's enumerators
had missed some figures somewhere. But
We have pretty much settled down into the
belief that the folks were not at home-that
the million, like the millionaire, has not
come yet. And we see one of the chief rea-
sons why not. We have no adequate facili-
| ties for rapid and comfortable transit to the
upper end of the island, and so the popula-
ton of all the neighboring cities and villages
grows out of proportion to ours. The remedy
is some sort of road on the earth, or above
it or under it, that will transport us and our
wives and children rapidly and well. Va
rious are the projects. A little bit OF a
pneumatic tunnel, which proposes to blow us
up town, if only the leave of the Legislature
can be got, has already been constructed,
and is on exhibition but as yet its builders
have the right to carry freight only. 1t is
by no means certain that such mole-like
mode would satisfy the public, if the right
to attempt carrying passengers could be ob-
tanned. There is also the very melancholy
elevated railroad in Greenwich street and
Seventh avenue, upon which steam dummy
has lately been placed, and from which the
promoters expect a great deal. But it has
| not begun to run yet, and it is very doubtful
whether people will extensively patronize
that way of getting high. Another plan
| proposes an elevated tunnel, supported by
| iron columns and arches, the cars to be pro
! PEELED by air; but we fear its projectors will
| not be able to raise the wind necessary. The
| proposal which looks most feasible, however,
and which is most likely to be carried out
successfully to practical result, is that the
| city shall build the much needed road.
| Many people believe tLat to provide such
necessary conveniences for the use of the
| citizens is work prominently appropriate
to be done by the city, and they point to the
| Croton Water Works and Central Park as
| examples of the advantages to be derived
| from such improvements so done. 1t is GER
| tain that several liberal charters have been
granted to private persons, many of our most
solid citizens among them, .ut of all nothing
has resulted while no one doubts that if the
| city should undertake the thing, it would be
done, and probably well done; And it
were we'll tHere done quickly"
Our new post office will be we'll done, no
doubt, but it won't be done quickly, if the
| past is any criterion for the future. The
world moves, and so does the building. 1t
| is a shame that this great metropolis should
be compelled to use for its post office a thing
of shreds and patches so utterly unsuitable
| as its present burrow but we shall have to
endure, with only the encouragement that
the new one will be really frst-class and
worthy, whenever it is completed.
We have lately been a good deal agitated
on the question of the stability of our life
! insurance companies. Our confidence has
received q rude shock by the failure of two
! companies, which have lately been wound
up by our vigilant Superintendent. In the
case of the Great Western there is no charge
| of dishonesty, but the assets were not what
| they appeared to be, and could not be col
| lected. The amount necessary to reinsure
| the risks, or, as it is called, the reserve, was
not there; only the shadow of it remained.
Thousands of persons, whose families depend
upon the solvency of life insurance COM
panes for protection in the event of the
death of the breadwinner, are anxiously
asking how far this weakness extends. If
two companies fail, why may not others? If
| the Great Western, which had nominally
| sufficient reserve, proved not really to have
| it, how are we to be sure that any company
has what it processes to have? This is fair
question, and entitled to a fair answer.
Happily there is way in which it can be
answered. The system of State deposit and
State registration fully meets this question,
and removes all doubts. Others may be, and
doubtless many are, safe and sound, but a
registration company must be. Why? Be-
cause they deposit with the Insurance De-
partment at Albany the entire sum necessary
to meet their liabilities to their policy-hOld-
ers that is, the amount necessary to reinsure
their risks, or the "reserve." This "reserve"
is calculated by the Department according to
the law which was originally passed at the
suggestion of Mr.. n. .. Morgan, President
of the North America Life Insurance Co., to
whose sagacity and love of justice we owe
| the Registration System, and the deposits to
meet it can only be made in bonds and mort
cages, and State and United States stocks,
the former Of which must be approved by
the Department. The law provides for the
keeping of these securities in such manner
that it is almost an impossibility that they
| should ever be stolen, and certain that the
| thief could make no use of them if any one
should by any possibility ignorantly steal
| them. Under this system there can be no
doubtful or bogus items in the reserve, and
the reserve is the citadel of life insurance
when that is safe, all is safe; when that is
lost all is lost.
The policy-holders of the North America
Life Insurance Company know not only that
the trustees who have charge of the funds
which they have devoted to the protection
of their loved ones are honest, but that they
have chosen to demonstrate to all the world
that they are so, by putting 1t out Of their
poooGr to be otherwise. This final browning
glory of life insurance entities such a COM
pany to be called the safest financial inStitu-
ton in existence.
There can be no fears or doubts about it
probably most, if not all, companies, will
| sooner or later be forced to initiate the North
| America meanwhile all honor to the origin
ator and pioneer.
| There is also a curious state of things in
| the fire insurance business, but have al
ready spun out this letter to such length
that must reserve that for another time.