New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-02-08
THE GENEVA FUND AND ITS DISTRIBUTION.

THE GENEVA FUND AND ITS DISTRIBUTION.
To the Editor Of The Tribune.
SIR: The Judiciary Committees of the two
Houses OF Congress have each reported bill for the dis
tribution of this fund and each bill has like clap
thunder upon the Mutual Insurance Companies, which
preparing to swallow up the greater part OF this
gterng prize. The two bills in perfect accord upon
three polnts-Frs that the Treaty, differing very es
sentially this head from the CarendonJohnson
Treaty, has obtained award TO the United States as
nation, instead of award to the individual citizens
whose specifications thus construed TO be- mere ev
dences Of part or the whole Of the national losses
From these premises, the Committees both reach the
conclusion that the fund will be paid to the
United States, TO distribute equita0ly among
ali who are entitled TO indemnity according TO the
Judgment of Congress untrammeled by any legal claims
OF individuals by techncaites or precedens or by the
circumstance of the sufferers having filed their claims,
having omitted to do so. Second following this line
Of argument both reports provide for payment of all
direct individual losses beyond what have been satisfied
bv recovery Of insurance Third both specifically ex-
cude all the claims Of underwriters, except when Is
proved that the premiums received were insufficient
to pay the losses incurred.
The mercantile public well as the underwriters are
much surprised at these conclusions for nobody denies
that the technicalties Of the law and such
few presidents as bear upon the case would
give 10 the underwriters an equal claim
with uninsured citizens to the fund. treating
the recovery as salvage upon losses paid by them The
public will have less sympathy with the disappointed IN
surers and disposition TO this decision OF the
Committees reversed, in consequence OF the prevailing
belief that the largest claimants have not only made
great profits ont OF their war premiums but have also
so arranged their accounts that anything which they re-
cover now will be paid TO their present members
an almost entirely different set of men from those who
paid them the enormous war premiums by which they
were enabled their losses 1t is certainly the
earlier members who in equity if not in law, ought to
get the benefit of any returns made to the officers III
which during the war; they practically partners.
To return 20 the two committees After agreeing upon
these points they dyerge. The House Committee after
providing for the payment Of the classes named and OF
the trfing losses of Government vessels destroyed by
the Rebel cruisers give the benefit of the fund 10 those
who have paid premums-hrst deductinG from the
sum Of their claims any return premiums when they
may have received from the mutual ofcesand TO such
underwriters show that they incurred war losses
in excess Of their war premiums. Any surplus, after all
these claims shall have been satisfied is 10 20 into the
United states Treasury very business-ke provision
also made for the investment Of the Geneva Fund IN
u s. bonds so that shall not be lying idle while the
contestants are establishing their claims and waiting the
final summing up of the last one, upon which II must
depend whether they paid in full only pro rata The
Senate bin ignores the claims of those who have paid war
premiums and returned to the public treasury whatever
remains Of the fund When II IS considered now Few IN
divduals were uninsured, and how few offices lost any
thing beyond the premiums which they had re-
ceyed it really looks If the Senate bill would leave
the United States in possession Of Il millions OF the
fund.- Offset the loss of the one or two small naval
vessels destroyed by the rebel cruisers Congress- then
for years to come would be beset by domestic claimants
for redress; and Government tainted by foreign
nations with having Endorsed and enforced claims for
losses enormously in excess OF any which their own
legislature and courts find to be just This would be
result both deplorable and demOralzing; and for
would much prefer specific distribution, made
either to underwriters the payers Of premiums.
whichever can make the best snow Of equity for their
claims Yours MERCAToR.
Boston, Feb. ], 1873.