The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1871-03-16

There is a bill pending before the
Legislature ostensibly for the protection
of the poIicy-holders of the various In
surance Companies which are now or may
hereafter insure property in the State.
The real purpose of this bill, however, is
to force a loan under the guise of law
from these corporations so that the plum
derers may have longer and richer
feast at the expense of the taxpayers.
1t provides that each company repre-
scented in the State shall deposit with the
State Treasurer twenty thousand dollars
in Currency, Federal Bonds, State War
rants or Certificates Of Indebtedness, and
for the use Of which the State shall pay
six per cent. interest.
The advocates of this measure give as
a reason for its passage that it will create
a demand for the Certificates and War
rants, and thereby enhance their value.
They claim that its passage is necessary
to sustain the credit of the State.
What advantage will accrue to the
holders of insurance policies, when by in
creased rates they will be compelled to
make good the amounts lost to these
corporations by complying with the terms
of the proposed law, we are not informed.
These modern Solons only know that the
value Of the warrants they are drawing
will be increased temporarily. This is
for them sufficient. In all probability
the bill will become a law. The black
mail will be levied, the money squandered,
and in time the taxpayers called upon to
indemnify the Insurance Companies.
The pIunderers meet the statement,
that it is no advantage to the taxpayers
for warrants to be at par, with the asser-
ton that the liabilities of the State are
payable in currency or its equtUaldnt.
This is not the case with the salaries of
officers, and there is no occasion for the
State to be at any other expense. I'M
provements enough have been made upon
the State property to last for wears; and
should warrants depreciate nifty per cent.
the gentry now holding Office who belong
to the party which controls the Legisla-
ture. would realize more than they
earned.
We call upon the Conservatives to use
their best indeavors to defeat this bill.
Because; it will increase the rates of
insurance, probably compel home com
panies to discontinue, drive such compa-
MES out of the State that do not choose to
have their money and credit used with
out their consent, and thereby create a
monopoly for those companies that will
submit to the oppression. Because it
will place money in the hands of the
plunderers to be squand cred, and entail
upon the already over-burthened tax
payers large debt for which they will
receive no benefit. Because; the policy
holders are content with the protection
of the law as it now is, and do not APP
prove of the use of their names in so
disreputable an act.
We know that no effort of the Conser-
vatives will avail against the Mongrels
when they scent plumber, but they can,
and should, put themselves right on the
record. When the time comes, and come
it will, for this money to be refunded,
and it is missing, the people will desire
to known who borrowed it. Keep the
pockets of the people closed as much as
possible against the plunderers and they
will never forget the gallant fight you
have made, and are making, in their
behalf