The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1871-04-14
New York Notes.
(by our own Correspondent. }


Most of US Gothamites were wofully disap-
pointed that the census did not give US over a
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 reasons why not. We have no
adequate facilities for rapid and comfortable
transit to the upper end OF the island, and so
the population 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 1t or under it, that will transport us and
our wives and children rapidly and well Va
rioHs are the projects. A little bit of pneu-
matte tunnel, which proposes to blow us up
town, II only the leave Of the legislature can
be got, has already been constructed, and is
on exhibition but as yet it's builders have the
right to carry freight only. 1t is by no means
certain tn such a mole-like mode would sat
isfy the public, il the right to attempt carry
ing passengers could be obtained. 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 great
deal But it has not begun to run vet, and it
is very doubtful whether people will extern
sively patronize that way of getting high. An
other plan proposes an elevated tunnel, sup
ported on iron columns and arches, the cars to
be propelled by air but we fear its projectors
will not be able to raise the wind necessary.
The proposal which looks most feasible, how
ever and which is most likely to be carried
out successfully to a practical result is that
the city shall build the much needed road.
Many people believe that to provide such nee
essary convenences for the use of the citizens
is a work pre-eminently appropriate to be done
by the city, and they point to the Croton Water
Works and Central Park az examples Of the
advantages to be derived from such improve
ments so done. 1t is certain that several lib
eral charters have been granted to private
persons, many of our most solid citizens
among them, but of all nothing has resulted
while no one doubts that il the city should
undertake the thing, it would be done, and
probably we'll done. And cit we're well, 'twere
done quickly"
Our new postoffice 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 he building. 1t is shame
that this great metropolis should be compelled
to use for its postoffice thing Of shreds and
patches 80 utterly unsuitable as it's present
burrow; but we shall have to endure it, with
only the encouragement that the new one will
be really first-class and worthy, whenever it is
completed.
We have lately been good deal agitated on
the question of the stability Of our life insur-
ance companies. Our confidence has received
arude shock by the failure Of two companies,
which have lately been wound up by our vigil
liant Superintendent. In the case Of the Great
Western there is 10 charge of dishonesty, but
the assets were not what they appeared to be,
and could not be collected. The amount neces-
sary to reinsure the risks, or it is called,
the reserve, was not there only the shadow
Of IL remained. Thousands of persons whose
families depend upon the solvencv OF life in
surance companies for protection in the event
of the death of the breadwinper, are anxieusly
asking how far this weakness extends. II two
companies fail, why may not others II the
Great Western, which had a nominallv sufi-
Gent reserve, proved not really to have 1t, how
are we to be sure that any company has what
it Processes to have? This is fair question.
and entitled to fair answer. Happily there
is a way in which it can be satisfactorily
answered, The system Of State deposit and
State registration fully meets this question,
and removes all doubts Other companies NAV
be, and doubtless many are safe and sound
but registration company must be. Why
Be ause they deposit with the Insurance De-
partment at Albany. the entire sum necessary
to meet their liabilities to their policy holders
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 sugges-
ton Of Mr.. n. d. Morgan, President of the
North America Life Insurance Co., to whose
sagacitv and love OF justice we owe the Regis
tration System, and the deposits to meet it can
only be made in bonds and mortgages, and
State, and United States stocks, the former
of which must be approved by the Department.
The law provides for the keeping of these Sc
curities in such manner that it is almost an
impossbility that they should ever be stolen,
and certain that the thief could make no use of
them if any one should by any possibility igno-
rantly steal them. Under this system there
can be no doubtful or bogus items in the re-
serve, and the reserve is the citadel of life in
surance. 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 cho-
sen to demonstrate to all the world that they
are So by putting IL ont ofthei,' potoer tobe 9TH
er,oise. This final browning glory of life insur-
ance entities such company to be called the
safest financial institution in existence.
There can be no fears or doubts about II
probably most, if not all companies will sooner
or later be forced to initiate the North America
meanwhile all honor to the originator and pio-
neer.
There is also curious state of things in the
fire insurance business, but / have already spun
out this letter to such a length that | must re-
serve that for another time.