The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1872-01-19

eneCt DelnR uieaStfou5 W OIL PoiIS@
concerned. - -aTE .ItT.-
"The fact that an insurance company
has deposited in this State twenty-five
thousand dollars in bonds and mortgages
is no; proof positive that such company
is solvent and able to meet its losses,
which, BY a calamity such as the one
referred to, NAV reach many times that
amount; and it is in such cases that the
system of insurance affords the greatest
benefit The loss by the destruction OF
a small amount of property is not
appreciably felt by the general commu-
nifty, while the destruction Of half OF a
city may embarrass the trade and busl-
ness of q continent. A policy, then,
which alone provides for the payment
of small losses, is not found to be ade-
auate to meet the interests involved.
at is not he object here to recon-
mend the repeal of our present statute
requiring a deposit of bonds or mort
cages by foreign companies doing bust
ness in the State, but rather 10 call a
general attention to the subject with the
hope that the superior wisdom OF our
legislators may suggest some plan which
will he equally beneficial without en-
bracing the defects of the present
system.
1.-THE importance OF the subject is so
great that it is believed a general over
hauling of our system of insurance laws,
especially such OF them as relate to
domestic companies, will not be with
out beneficial results. AS we find them
now, there is no means provided by
which these candidates for public
favor and patronage can be required to
disclose their condition to any one out
side OF those whose interest it may be
to conceal or withhold from the public,
their true financial status. We require
such conditions from foreign companies
as almost to amount to a prohibition !;
at least, to limit the number OF those
who can or will comply with them.
This, upon the plea of protecting our
people from unsafe companies; while by
this act we encourage the establish
ment OF domestic companies, whose
financial character undergoes no such
investigation as is believed to be nee
essary. 1t is {. system OF protection
which does not protect.
at is tonight that the interest OF our
people require the enactment OF such
laws on this subject as will authorize
an examination by responsible officer,
of the state OF the liabilities Of all COM
panies doing business within the State,
with view of preventing unsound
companies from imposing upon the
public
Reference is made 10 the resolution
OF the Legislature in regard to the
winding up of the affairs OF the IN ORTIZ
western Bank of Virginia" and the
report made by C. D. Hubbard in rela-
ton thereto is set forth. Information
is also furnished in relation to the stock
held by Virginia in banks within the
limits of West Virginia at the time Of
the separation.
ION the 10Th day of February, 1871,
the Board of the School Fund by an
order entered on record, directed Hon.
Chester D. Hubbard to exchange in
accordance with proposition OF the
officers Of the First National Bank Of
Wellsburg, all the Library Fund. Inter
nal Improvement Fund and other inter-
ests held and owned by the Board in
said Bank, for United States five-twenty
bonds, dollar for dollar, registered
bonds being preferred. In pursuance
of this order, Mr.. Hubbard exchanged
the stocks held by the Board in the
name OF Internal Improvement Fund
in said Bank, amounting to l6O shares
of United States five-twenty coupon
bonds and reported the fact -under date
OF Oath February, whereupon the
Board directed him by telegraph to
forward the $4,000 United States
five.twenty bonds, SO received in
this exchange, to Washington and have
them registered in the name Of the
Secretary of the Board of the School
Fund, which he accordingly did, re-
porting the fact.
"On the Goth of March last, the regis
tered bonds from this source were
received through the First National
Bank Of Wheeling by the Secretary OF
the Board.
at is not fully understood what mo-
tive could have influenced the Board to
make this exchange, especially when it
is understood that the banks in which
the Board of the School Fund own stock
usually pay larger rate Of dividend
than six per cent-the rate paid by the
United States upon its bonds-and more
especially as there. was no act
of the Legislature authorizing the
sale or exchange Of any OF the
stock held by the State in the First
National Bank OF Wellsburg, which
alone could authorize such sale. The
only legislation upon this subject is
found in the Acts of 1870 page SO,
which transfers all the stocks held by
the State in banks to the School Fnnd,
and makes it subject to the control of
the Board Of the School Fund. 1t is
not believed that this act gives author
ity to the Board to sell or otherwise
dispose OF these stocks.
The National Bank OF Wellsburg
having determined to wind up its bust.
ness, some legislation is needed to
legalze this transaction and 10 author
ize the State of lSS shares Of stock now
held by the sale in the name OF the
School Fund in that bank.
A. P. Hall, former Sheriff Of Lewis
county, was defaulter to the State of
Virginia in the sum of S2l00 Steps
have been taken for the collection Of
this sum, and Jonathan NJ. Bennett has
been appointed to personally superin-
tend the collection.
1t is recommended that an appropria.
| t;on NJ eo2 * he made tn John Ere,r for