The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-12-19

Railroads have been rebuilt and their connec.
lions enlarged and improved, 30 that we now
draw cotton from the distant ports. -
onenea With our interior, and a neet Of steam.
snlps uuequalled on the Southern coast give
every accommodation to shippers to ana from
New YORK. Baltimore, Philadelpnia and Boston;
and real estate. WHICH m HON IOnr causes sss a noasSiv I'm in
the last Two years shown signs or joining IN me
general progress, and once more the SOUND OF tne
Rammer and saw ia everywhere heard; house, are
building In all quarters Of the city: representing
not borrowed money. but an accumulation OF
capital. some OF the o~Verdowtngao or Wnlcn may %
seen on Sullivan's island. which three years aga
was almost q sand.barren, anu ID no" cofeieu
with substantial dwellings. ..
In conclusion, the committee Woud say taat II
is only necessary 10 compare our co1dltlou non
with that Of q few years ago,to coHsloer upol Haas
solid basis our acquisitions or trade rest, anu WIFI
how much labor and risk, and against now many
adverse circumstances they nave oeen Woa iUe
us, TO feel assured thai the future OF gu. city rs ~
he one Of steady progress. ana We nees ouiJ uoo
our powers OF observation, and note the success
| OF those around Us, old residents ana new, 10
| come to the conclusion that no city presenes
| more advantages to an Industrious and prudent
merchant than our W loVea aoa aNo no for tho
The committee beg that this report pc lor the
present received as Information, until lhey can
| complete 1t by presenting the report on pnSs'
| pilates and fertilizers, when they Will ask tnaG Tue
| whole be printed in pamphlet form, Win sucH au.
| difional comments and EXPLANATIONS as may Do
proper. I. n. FhosI,. oonu,,tee
B. G. PINCkNBY
Mr.. W. 8. Thayer moved that the report De
received as Information, and that the COM
mittee be allowed the additional time request
ed, which vas adopted.
Mr.. A. L. Tobias submitted the following
memorial of the Charleston Board of Fire
Underwriters:
To the Honorable the Senate and House OF Rep
resentattues or the state Of South Carolina:
The memorial OF the undersigned, citizens Of
South Carolina, agents OF insurance companies
located In other States, and doing business In ILLS
State, respectfully represent:
That your menor1alists have observed In the
published reports Of the proceedings OF she Legs.
iature that . bill has been introduced into your
honorable body to amend the act entitled A
act for the better protection OF holders Of insu-
| rance policies In this State,n approved December
~, a. ID. 1859, which amendmenI, l! adopteo, WIZ
| compel life insurance companies doing business
| In the state TO deposit with the c0mptroller-gen
| erai stocks or bonds OF the State equal to the par
value Of 500, 600 instead OF S6o,u0o, and otner
| insurance companies $4,000 instead OF 2 ,OOo,
the figures In the original act.
your honorable body that the legislation proposed
BY the amendment would, II enacted, De nn1ost
| and unwise, and defeat the object VI Inc amend
ment, for the following reasons:
First, Because the requirement 10 make any de-
posit on the part or q company ID wrong III pfin'
cIple, inssmuch as that portion OF the capltal OF q
company 80 deposited with the State unoer tne
law Is so much taken from the control OF the
president and directors, who are the proper Gus
todians thereof, and should other states require
the same deposits, the aggregate Wouid pc 80
large that the inies migms % i ,hs,- %nI.
ness, with a proper regard 10 tne Secu!h,y ol thelr
policy .holders, or justice 10 their stocKlo!ders.
Secondly. 1t also enectually puts a STOP 70 any
90 > ,hrtpn iptn oyiatoncn tOcal C0mDAQlGS az
has peen proved by the career VI the only nome
company that has been put In operation or late
wears, iG having been obliged TO Cease business IN
consequence OF the very great decllne ID tne State
securities II was compelled 10 ueposlG Will tne
comptroller.
companies, the deposit 30 required does not give,
az the law Processes to do, any be ter security 10
the holder of q policy OF a good and SUBSTANTIAL
company than he would have without It. inar-
mucn as . company may lose oy q 8 ngle nre Ten
times as much as the amount deposited, Whlch
deposlt would therefore prove to be 8 totslly In
ADEQUATE securitHunless the company had other
assets to meet It's losses.
Fourth. The same reasons hold good with re.
spect to marine and life insu ance companies;
they may lose in a very snort period q much
Larger sum than the amount deposited, and the
policy. holder must, In such cases, look beyond Inc
deposit for the payment OF the loss; and your
memorislists would here state, that notwlthstand'
ING the unprecedented losses by the 1res OF PORT.
land. chicago and Boston. not 9 single Individual
insnrino in the agencies In this State has lost any.
thing, even In the Case OF suspended companies,
such companies having In every instance. a. lar
as your memorialists can ascertain, responded TO
and paid up their liabilities.
Your memoriahats would now call the attention
OF your honorable body TO q more serious aspect
or the case, which, IN their opinion, would Ger.
tainly result, should the propvsed legislation De;
q law, which Is that they believe that al
the companies now represented In this State
would Withdraw from 1t rather than comply with
fEI4 lN4ur Nha NH ~ hi AruF
deposit law was enacted there were seventy:o n
companies doing business here, and mat over LOFTY
aud we also know those now represent.
ed here are anything but satisfied with their forced
In our State securities, snd W. do not
believe they will for q moment entertain the lea
taking any more OF them, particularly as they
can have no guarantee that 8 similar amendment
may not be brought FORWARD from year 10 Year,
then, having no local. companies, and, un er
q tax, impossible to have them, the question
arises, what are The citizens and the OF
your State to do when they ind themselves de.
prlved OF that protection which all prudent men
Insurance. IRE and marine, 4. the handmade OF |
comm. rec, aud without It the wheels OF trade
must stop. or run so slowly as materially to IN.
the vital interests Of the whole people.
Life insurance 10 the friend OF tne Iatnerless
aud the widow, securing to them an Inheritance
by the hazards or business or the duo.
OF the value Of property, and 1t would
be cruel Indeed to deprive them OF that which
them from being dependent on the worlds cold
Your memorlalists therefore pray your honora
be body to reject the proposed amendment OF the
law afr resaid.
And your memorlallsts will ever pray. &c.
Signed: Vim. B. Heriot, Ohsrles 7. Lowndes &
Co., Huger l. kevenel, 5. Y. Tupper, q. j.. Tobias,
=. SebrIng d Co., Colburn d Howell, A. II. Hay.
den, Hutson Lee. ]. L. Honour, VIM. B. Shaw,
Thomas Frost. Louis Sherfesee. w. y. Hastie d
Son, VIM. McBurney, Eben Coffin, c. l.. Yates.
Mr.. VIM. Ladder offered the following reso.
luton on the subject, which was adopted:
Resolved, That this Chamber concur In the
above memorial, not only In consideration Of the
facts and reasons therein set forth, but In add.
ton. that such legislation will not only interfere
with and suppress that wholesome and economi.
cal competitor, which tends to reduce the expense
or Insurance TO the citizens Of the State, but also
aanrIuaa 1.-THE State and city Of q large annrta of