Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1872-12-05
The Legislature.-Extra Session.
Tribute TO Horace GreeIey-PassnSc of
the Old South BiII-Insurance.
RnsrnN "Wednesday. Dec. 4

BOSTON, Wednesday, Zee. 4,
The senate had nothing before it to-day of i'm
portance, excepting the joint resolutions relating
to the death of Horace Greeley, and the Boston
building act as amended by the house. 10 this
latter the senate moved a number of amend
ments, some of them of an important character
after which the bill was sent to the printer and
-. will be further considered tomorrow. The SEES.
sion was a short one.
The house having exhausted its cloquence on
The Old South question, came to a vote soon
after meeting to-day. The yeas and nays were
ordered, and by great majority the bill was
passed allowing the Old South society to lease
their ancient meeting house to the United States
government for the Boston post office. One
hundred and forty-four members were in favor,
and forty-seven opposed to it. The senate ac-
ton in rejecting DIR, Packard's small pox bill,
giving the state board of health extraordinary
authority to establish hospitals in Boston, was
concurrcd in by the house.
Both branches Of the legislature adopted res
outions concerning the death of Horace Greeley.
In the house, where they originated, Mr.. Coggs-
well of Yarmouth spoke at some length, and in
his best wien in support of them. He did not
conine himself to fulsome words of eulogy, hut
while paying an eloquent and just tribute to the
memory Of the great editor, he entered upon a
critical yet friendly review of his public career
contrasting his characteristics with those of
Benjamin Franklin, another famous printer,
and Journalist. Mr.. Coggswell, who is famous
Tor his graceful periods and pleasing delivery,
was especially happy IN this tribute, and held
the close attention of the house. At the close
he moved the adoption of the following resou-
tons, which were unanimously voted and sent
to the senate, where like action was taken:
Resolved, that the senate and honse of represent
tatiYes of the commonwealth of Massachusetts in
general court assembled, have learned the death of
Horace Greeley with profound emotion. son of
New England, The became citizen of the world
alike TO novel and palace. His philanthropy was
unlimited by space and universal as the family of
man., His energy was intense, his industry un-
Wearled. His career was remarkable and its close
impressive. He stamped his influence upon the
thought of the age and the currenG history of
America. His benevolent, earnest and eccentric
character Will command the respect and Affection
ate remembrance of the present and succeeding
generations of his countrymen,
Resolved, that his eXcellency the governor be
respectfully requested to transmit copy of these
resolutions to the surviving daughters of Mr. Gree
ley, as an expression of the sincere sympathy felt
by theegisaure in view of the surprising Affections
which have overwhelmed them with grief.
The house has at last reached the general in
Surance bill and its satellite relaing to the lin
itatiOn of dividends. But no action was taken,
the members, by the decisive vote Of 80 yeas to
81 nays, refusing to enter upon discussion Of
the subject until the joint committee has re-
ported on all the insurance propositions which
have been referred TO them. There is great diff
ference of opinion as to what the legislature
ought TO do with the most important of all the
questions they have been called together to con-
slider, 1t is apparent now that this matter I'M
like the Boston loan act, will be thoroughly dis
cussed before action is taken, and considered
more in reference to the general principles of
sound insurance than as a method of reyving
the insolyent companies. On the other subjects
OF doubtful legislation the decision of the wise
men of Boston, which city only was concerned
IN their adoption, was readily taken as the Jug
ment OF the great and general court. On the
insurance bill the members show disposition
10 investigate fully, and act in accordance with
their own Judgment. Ii the whole SUBJECT
should be referred to the new legislature perhaps
the best disposition of it would be made
At the insurance hearing this morning Mr.
NewelPs bill TO guarantee insurance by mutual
companies was considered. 1t provides that
on each hundred dollars of value issued by the
companies, tive cents on real estate, ten cents
on real estate used for manufacturing purposes
and fifteen cents on personal property, shall be
deposited with the state treasurer as a guaran.
tee fdnd for the benefit of the aSsured-compan.
les nsurlng on more than two millions value
10 deposit half this proportion. Elizur Wright
favored the bill, taking the ground that if fire
occurred of such a magnitude as to exhaust
the deposit the state could continue the assess
ment until all losses are paid in companies re-
naming in operation abundantly able to be
taxed. lie believed in the mutual principle,
which he said would be impaired even to
stock companies by the provisions of
the bill. The matter of insurance was over.
done in this country, while in France but tbir.
teen companies existed, and those under GOV
eminent guarantees. There the system pur.
sued had the effect TO distribute the risks widely,
and that system would be virtually adopted
here should the state assume the guarantee re-
srOnsibility. Hon. Amasa Walker considered
that the measure under consideration would
promote absolute insurance, such as would have
resulted had insurance companies heretofore
funded their profits above ten per cent, until
their surplus had amounted to 100 per cent on
their capital. When this was done he would
allow companies to declare a stock dividend,
but not without the consent of the legislature.
The next measure considered was the bill
offered by Mr.. Abbott, which REEVES the act of
1882, giving authority 10 cities and towns to
form mutual insurance companies. Mr.. Walker
said he had no doubt that it the system of mu-
tual insurance by cities and towns had been in
operation at the time Of the recent great fire in
Boston every dollar of the losses would have
been paid. He would like to have law passed
compelling insurance companies TO show what
their receipts had beenIlor the last fifty wears,
and how much money had been divided among
stockholders. Such statistics could be obtained
and they would be the most interesting that
could be laid before the public