New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-08-21


of the toll and savings of community of
10000 producers for one whole generation Is
each year swept out of existence. And this Is
not only so much subtracted from the present
wealth of the country, but 1t is the loss of
the productive power of 80 much capital. On
the same assumption as before, it is the loss
of an annuity of $5,O0O,OO0, which is the meas
ure of what the capital destroyed would have
continued to earn. This annual loss Is
direct tax upon every department of trade and
industry. 1t is a tax which enhances the cost
of every necessity of life, and lessons the pur-
chasing power of every days labor. We buy
nothing of the price of which this is not
part. We possess nothing, from the value OF
which this is not continual subtrahend.
Moreover, it is not tax which Is returned
TO us as are those taxes which build school
houses, and improve highways, and sustain
Government. The repayment OF the greater
portion of this loss in the shape OF insurance
recovered restores nothing. This Is merely
the distribution of so much of the loss among
all the contributors to the support OF the In
surance companies. There are as many
mouths to feed, as many families to shelter
as before but so much less ability to feed
and shelter as is represented by the present
and prospective value of the property de-
stroyed What is lost is utterly and forever
lost, without hope of recovery or recompense.
1t is painfully significant that the majority
Of fires causing this enormous loss are from
preventible causes and is it not the peculiar
duty of fire underwriters to take measures
for their prevention ALI franchises imply
on the part of those who exercise them the
duty of a careful and intelligent regard Tor
the public veal. They are always given sub
ject to that supreme law, the safety Oh the
people. The fire insurance companies possess
valuable franchises, in entering into the pos
session of which they enter into an implied
agreement with the public that their business
shall be so conducted as not to be con-
tinual threat against the security of society
that it shall not give to the INSCRIPTIONS
an advantage over their honest competitors
by offering premium upon carelessness ana
crime And the sooner the same
sense of honor, which has shown it
self in the prompt fulflment OF writ
ten engagements, recognizes and justly
interprets those high obligatiOns-all the
higher and more sacred because committed to
no parchment-which bind in bonds of common
interest the insurance companies and the
public, the sooner will the business oil hre
underwriting become profitable and wholesome
both to its prosecutors and the community
OF course, it is to be expected that Intelligent
fire underwriters will in their own interest do
what they can to secure in cities proper build
ing laws, efficient fire departments, and ample
ofrnnnQat If not the
best of motives will impel them to this. But
there are other things which, leaving not these
undone, they ought vigorously to do. Iheir
relation to all the economies OF social ana
business life is such that the doing of these
other things will bring its own exceeding
great reward.
Among the causes of so frequent fires is the
premium which is too generally offered Dy
insurance companies upon incendlarlsm Tor
over insurance is premium upon lncendla-
rism. The companies owe it to the pubic,
and their officers owe it to the stockholders
and patrons, that no such temptation shall be
offered that in the event of loss, certain
share of it-enough to secure his nelghbors
and the community-shall be borne by the
insured. The public have rights In this mat
ter which far transcend the rights OF the
companies, or of individuals. The business Oh
insurance should not be so conducted as to
impose upon the community burden OF loss
which, without insurance, the community
would not be compelled to bear.
Again, whatever the fire insurance c0mpa-
MES may have done directly to secure better
building laws, better fire departments, &C.,
there is much which they can do indirectly to
make our cities safer, and which remains yet
10 be done. VIGOROUSLY unsafe structures,
when so placed as to endanger surrounding
property, should be charged prohibitive rate.
Tariffs of premium should be so fixed that 1t
will be improbable to build insecurity, to use
negligently, or to occupy with hazards that
endanger the neighborhoOd. Here it is in the
mower of fire underwriters to prove them
selves, what their occupation presumes them
to be- the friends and guardians of legitimate
enterprises.
Once more. To prevent, as far as may be,
this vast annual subtraction from the ma
tional wealth, it is the duty OF fire under
writers. whenever there is fraud. to refuse to
purchase-for payment of the policy is pur-
chase of the goods. This it is their duty to
do, In spite OIL al piauulsnncheo "nu IL "'A
ance of all threats.
BY these three things by guarding against
over-insurance, by charging outrageous haz-
ards, which imperil adjoining property pro-
hibitory rate, and by resisting fraudulent
claims, the insurance companies have it in
their power to. relieve the people, in great
measure, from the enormous tax now levied
upon their Industries by the devastations OF
fire. Public sentiment will support them In
so doing.
WHAT TO DO WITH TIE BOYS.