The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1873-01-15
WEDNESDAY, EVEN'G, JAN. 10. 10
STATE INSURANCE.

reau in the State, and hardly know how
It's provisions could be better shaped
for the accomplishment Of the ends sought.
The measure is ostensibly, as really, one to
relieve the people Of the Commonwealth
from the burdens Of taxation, to raise rev.
enue for the treasury, and to insure. on
the credit Of the State, certain descriptions
Of property and life. 1t provides that the
officers of this bureau shall be
superintendent or president, o
recorder or secretary, and cashier, who
shall reside in the city of Richmond, and
that there shall be branch Offices in each
senatorial district at some central county
seat therein, which shall be presided over
by clerk or deputy of the home office.
The duties Of these several officers are
amply defined in the bill, and are limited
TO making insurance, on the credit of the
Commonwealth, upon the lives of indiyidu-
ais, and on houses and other property, such
as board of directors may specify in
formal schedule prepared by them
for that purpose. This board
of directors shall consist of the
superintendent, recorder and cashier, to-
gethcr with the first and second auditors,
the treasurer of the Commonwealth and
the acknowledgements; and shall, by
and with the advice and consent of the
governor, appoint clerks in the respective
branch offices in the State
The Commonwealth is made the sole
stakeholder in the capital, profits, and BUSH
ness of the bureau, and all persons or cor
porations, private or public, are henceforth
prohibited from negotiating any policy of
insurance, either on life or property
excepting only marine risks) in
the State. But the act is not
intended, nor shall it be construed to
impair any contract or policy of insurance
now made in the State and existing poll.
cies of insurance are left to expire by their
own limitation, forfeiture, or otherwise,
without any interference by the bureau.
The bureau is restricted and limited in
its operations to making insurance Of lives
and property in this State, and not to in
sure either lives or property out of it, mol
to take marine risks. One of the marked
features of the act is that which
provides that if any PERSONS prem
UNI in life or property policy exceeds
the amount of his or her tax on real es
tate, there shall be allowed credit O
twenty-five per cent. on such real estate
tax.
The bill contains twenty-five carefully
drawn sections, and there is only one il
which We can see any room for improve
mcnt, if the section is not in fact all that j
should be. In the twenty-tirst section W,
would limit the restriction to foreign com
panies doing business by agencies or other
wise in this State, and leave the companie.
organized and doing business under thei
respective charters from the State t.
the enjoyment Of all their right
and franchises as they now exist. w
would do this so as to save any question a
to the constitutionalty Of the act in respec
to vested rights and franchises. The claus
providing for an abatement in part Of th
taxes of those taking out policies in tn
Insurance Bureau, will operate as a sufli
cent indueement to all insurers in tn
State to prefer the greater security to tn
less in obtaining their policies. The prac
teal effect and operation will be the same il
the one case as in the other, for within
f.cys tbo tif,,a 4ba AZ ,,,{
successful operation, the entire INSURANCE
in the State will be done with the bureau
The bill has been prepared, we under
stand, by a gentleman of the very highes
legal attainments and learning, and W
make the above suggestion in regard to th
twenty-first section with more hesitatio
than we should otherwise do, had the bi
come from a less practised hand. The bi
is accompanied by very able written al
gument in favor Of the measure, whic
sums up in the following cogent reason
why the Legislature should enact it into
law:
J. Insurance by the State is the only mode
raising revenue which protects the person or Il
property which it burthens.
q
from flowing out of the State to foreign ms
rance companies,
8. Thatit viii put into the State treasury
large amount of profits which are now realiz
by private insurance companies, foreign ar
home, in the state.
4. 1t win be tax voluntarily sought az
paid.
s. That it is the only mode of revenue viii,
can or will pay consideration for its impo
ton.
g. That it will be at the election of tho
milling TO pay it, and be derived from tho
most able to pay it, for the relief of those III
able to pay any tax at all
7. That it will be insurance the be
guarded against frda,d. by making every polio
held er and every taxpayer, all the people,
terested against fraud
s. And that, conversely, it will best prote
honest policy holders against mere eaptious al
technical refusals to pay for losses
.. That il il the most certain, easy and che;
mode of collecting revenue in cash and in a
vance.
THERE is no longer any excuse for
nature. The Lotto with its forgetful slice
and the poppy with its consequent halldc
nations, are eolipsed by the discovery,
Arabia, Of plant the seeds of which pr