The Grange advance., 1874-03-04

tl0ote0 " 19oet0 20 $OV, 60I. AOs WAs0 W4Ic0
they exclaim, Ito carry toHexpiration $9,-
622,884, which amount the Association has
at risk And yet they give the Associ-
ation no credit for what they elsewhere de-
clare, " that every individual member is
holden and hound to pay all losses and e1-
penses, to the full amount 1T least Of their
property insured" They then seek to ap-
ply the rule which is only applicable to
stock insurance companies. requiring re-
insurance fund sufficient to carry all risks
to expiration, not needing their own opinion
just expressed, that the Association pos
sesses q Reinsurance fund to the full
amount of property at risk.
The committee made this astounding
proposition: EARN property cannot be
carried for ten years for two per cent. 1t
is true that this association has done it for
q few years by drawing on the future for
the past, or in other words, by using the
premiums received for new business to pay
losses on the old business" This is de-
liberate, and we are compelled to add, a
willful and malicious falsehood, for they
had the data before them which showed the
contrary. Every assessment for losses and
expenses is made upon those members, and
those only, whose insurance is in force
when such losses and expenses occur, and
in exact proportion to the amount Of inter-
est of each member.
Our system of bookkeeping is simply sin
gle entry, and any men Of ordinary intelli-
gence can be convinced very soon that the
great bugbear that our books and accounts
are complicated is humbug. We keep q
Journal, Ledger, Application Recorc, Bills
Receivable. Bills Payable, Certificate Rec
ord and Loss Book. In addition to the
above we keep an account with eUery men,
Der on the back of the Application, by which
we are able to tell when the money Of any
member deposited in the bank is exhausted.
After doing business for eight and one-half
years we find that the oldest members still
have money to their credit.
Our book accounts have been examined
many times by our members and those who
were not, and never before have we found
q committee so dull that they could not or
would not comprehend our system.
They cut up the Charter and Bylaws SO
as to change the sense entirely. In one
place they quote I" and the Secretary is au-
thorized to cancel any policy whenever he
deems advisable"
They should have added, s. within thirty
days after the Policy note given becomes
due, unless said note shall be renewed or
settled by this Association within thirty
days; provided, however, that the Secreta-
ry shall notify the party at least ten days
before said note becomes due. The Secre-
tary is also authorized to cancel any policy
for all non-conformance to the rules and
regulations Of the Association
We do not claim that the Secretary can
eancel policy without any cause. The
above is but a fair sample Of the way they
have treated every section they quoted, and
then say ''your committee confess their
inability to reconcile these inconsistencies. -
In answer to the assertion that the papers
Of this Association were in the hands of R.
J. Mendenhall, we would state that it is an
unmitigated falsehood, and calculated at
this time to alarm the members Of the AS
sociation, while the facts of the matter are
that R. J. Mendenhall never held in his
possession any of the papers of this Asso-
citation, except that while he was Treasurer
he held the official bond OF our Secretary,
nothing more, nothing less.
The article quoted from Pennock Pusey's 8
report most clearly indicates the said - self
appointed" committee did not intend to do
this Association justice, as they would have
published all that Mr.. Pusey said concern
ing the Association instead Of inserting
that only which, in their opinion, would
result in prejudicing the public against the
Association.
The article from the Insurance Chronicle,
a paper published in the interests of stock
companies, was written by an agent in this
State, and we do not deem it worthy OF
notice.
The report Of Sherwood;s committee
simply contains the rehash Of the false
statements, figures and arguments Of the
hundreds of agents Of stock insurance CON-
panies, peddled broadcast through the State,
and we would not answer it were it not for
the assumed authority, purporting to
emanate from as honorable source as the
Patrons of Husbandry. Farmers of Min
nesota, the officers of the Minnesota Farm
ers' Mutual Fire Insurance Association,
would assure you in all candor, knowing
whereof we speak, that the Association is
sound to the core.
fer to the annual report Of the Association
just published; to the certificate Of the
State Insurance Commissioner, dated Feb
ruary 10, 1874, that the Association has
fully complied with the law, and is author
lied to transact the business Of insurance
in this State; and we freely offer all our
records, books and papers to the examina-
ton and scrutiny Of any fair and impartial
committee whom you may designate for that
purpose.
JOHN @. farmer, President.
Gro. l. PARSONS, Vice President.
20. MIME, Treasurer.
W. A. N1MocKs, Secretary.
The Roman Catholic Total Absti.
nence Society Of Philadelphia, had a
grand demonstration at the Academy OF