The New York herald., 1872-12-02

servative republicans of the Left Gen.
tire, may develop in day or two
of popular excitement into the leader
of comparatively small section in the Assem-
bly,. All this time the Bonapartists in the
background are grimly waiting, and if rup-
ture be brought about through the suicidal inn
prudence Of the monarchists an imperialistio
coup in some quarter may be expected.
It may be that the monarchists, valuing the
repeated threats Of resignation as the shepherd
in the fable crying ''wolf, wolf," have grown
into the belief that no wolf, communistic or
imperialistic, exists at all. 1t might, there
fore, be worth the Presidents while to carry
out this threat just once, and perhaps glance
Of the open jaws of the real political lupine
might bring the old gentlemen of the Right
and their clerical supporters to their senses.
The Fire Insurance ENTHUSIASTICALLY
Of Greater Protection for tho Pub.
lie.
The enormous requisitions made upon fire
insurance companies by the great fires at
Chicago and at Boston, in addition to those
imposed by the other fires which have oc-
CURED in the United States during the past
thirteen months, have awakened in the public
mind, as well as among the policy holders,
stockholders and insurance brokers, an in
tense interest, especially as to the actual condi-
ton of those companies and agencies which
are doing business in the city Of New York.
We, therefore, present elsewhere in our
columns to-day an article on the SUBJ
ject together with tables chiefly COM
piled from official sources, giving the
names Of those companies and agencies,
the dates Of their incorporation, their
paid up capital their net assets, their fire risks
in force their liabilities to policy holders at
the opening of 1872 and their recent losses by
the fire cyclone at Boston. We are, of course,
dependent in q great measure upon the COM
panies themselves for the statements we pub
lish, and it is by no means an unusual custom
with insurance officers, by an ingenious array
Of figures, to make their condition appear to
the best advantage upon paper Thus we do
not suppose that the actual present condition
of those companies chartered or doing business
in New York is even yet accurately known or
will be known until their annual exhibit is
made in accordance with the law.
1t is fortunate thing that as yet but few
companies have become bankrupt in conse-
quence Of the Boston fire. But while this is
gratifying evidence Of the general prosperity
of the business, it does not alter the fact that
there is far too little security for the public in
the present insurance system. In ordinary
times we are accustomed to see annual exhib-
its, setting forth large profits and heavy assets
and leading us to suppose that our insurance
companies are as safe as the United States
Treasury. But as soon as some destructive
confagration occurs, when the people are
more than ever interested in the solvency Of
the companies, we find them either bankrupt
or put to all manner of shifts to save them.
radical reforms are needed. There are too
many companies in existence too much anxi-
ETY. to make large dividends, and too much
competition. The system of agencies is per-
nicious. company pays an agent in some
distant city or village certain percentage on
very particular as to the description of prop
erty he insures or the amount of the insurance.
The greater the number and the higher the
sums the larger the income he realizes. There
should beyond question be Some restriction on
the amount of risk each company takes in
the idea of single national insurance COM
pany, by which alone policies should be
issued, and which, monopolizing the business
oil over the United States, would of course
always be as solvent as the nation itself.
Others, not prepared to 60 SO far as this, advo-
cate national system of insurance companies
sonic what similar to our national banks, !
chartered by the general government, limited
in number, and arranged under such strict
regulations as to securities and risks as to
insure policy holders against loss just as cer-
tainly as the holders Of national currency are
now protected.
While these and similar propositions are all
worthy of consideration, our own State should
not be idle in matter Of such great and
general interest. The present laws could be
much improved. Companies chartered in the
State should be limited as to number, and
should be restricted as to the amount of risks
they take in any one locality. At present
none Of our own companies and no companies
doing business in this State are allowed to
expose themselves to loss on any one fire or
inland navigation risk to on amount exceed.
ing ten per cent of its paid up capital. This
is not enough. No company should be per-
mitted to accept risks in any one locality
above certain amount A large fire any.
where, such as those Of Chicago and Boston.
could not then affect its solvency. The sub
ject is one of great importance to the public.