Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1874-01-22

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/. Lqa,t "a TIN iNs pJIl LAW. ],s-goa II
! In the Auditor's report several sugeestions
are made respecting our insursnce isv. vhich
demaad early attention. Npny 1rovfsiops Of
the Law 10 it, present form ,are 3rreconcllable
wish each other while come OF ii most i'm,
,poftant sections are 10 tconfused ard ohscure
u to runder thSm difaeplt 5of internretAtio
.eysniby persons lsarnsA IN the laTso While
ehs.e,sse ~ many aokaevledged defects In
thesMW1ltaelf, coupled With the Gct, tlAte even
the greatest limit of time allowed n, com,
paues In which ito Ale the Statsments rc+
duIred 7of them "a ;eyidsntiE sfoos !, short Il
sbeus 10 ma that the leciaiat - - 1honid ~ Al
easly day-so amend fa1d eimpllfv thIs 3sw, -
70 make il intelligi6Is in al Is partsi sand
reccpciIabie WITH ~ end sonsS4 IL ~ ~
.fAined.o me desien 81 the ~ ~ ~ nrotSet
the Insured end, their heIrs. int Sone 81 ia
fNatnree Ara entirelv iueoneist 1nf .Sfh fhs IN.
jeet, sou9ht. 'Speakin9 in, hehsif a thoaa
Whose intorost In inssrsune eofnss IN y tbst
on policy-holdcrs. Tepd noe for tke NM eing
ofiieers and etockho q ~. NV con yictions aTe
streng, and L fbelieyo thevs sre lonnded uuor,
the true theory Of publIc policy', thst ina ~
peryision OF these eompanIee sh6uid lie aolelv
md entirely n fhe hsndsof Che ~. Im1itnnrr
WITH uover. IA spaeial cases IL can, * ~
ia ria Attornsv- GenersI a. o4keryiss ~
obtain proper legal adyice. Il cannot but ,re.
gard, any law which nv be dhtorted ina, a
instrument Tor puttin0 inonev into fhe nnctet
a. private iniarmer. vithsnt rsfsrarrcs ~
the bensnts society Is to receive 'thereform.
and with no pretense Of deeicn to nunish <
willfull densnce Of It's provisions, = perni-
cous IN i!s snscis snd oppressive n its char
The best iudge 81 TIE nature Of A ofsnse
thst he should have the novsr 70 edd atermins
when Z the law r. wiIlfniIv d,soheys1 Ana
vhether the protectinn ~ the cnmm,nn d
and the interests ~ tha aksta dams IA It, ~
forcement in the courts. III wonld. fherefnre.
seem to me TO be wise to empower him. When
he Is satisfied there is no intentional violation
sities which may be supposed to have been been
incurred under the sections in Question. -
There Is q bald inconsistency in prosecut.
ing and filming the guardians OF ,trnst- funds
for technical violations of the statute in re..
spect to their trust,: az there can ha M min.
cfple in financial economy clearer than that
ovs and orphans Of thoss for whom the trust
il held. Our laws would hardly tolerats the
prosecution Of s guardian for iyiolStior of
Z law 81 merely 4, technicai patura When IN
his character aseguardien the expenis 81 His
defense aud the amount of, lie Az would II
so much diminiah tie, lands Of HIS ward,
This seems % me- tq feirly illustrate the 81
for Technical yioiattons OF on nrssant lnanr-
auce ~. !, And this. arrument n st,1nsth-
ened In case vhera the ~. ii y, irrecon cii.
able il many OF ia 'proyisions ~ To render &
imposaIbie 10 meet 81 il DISQUALIFICATION ! -
.-.ff45i',t1|, IA rg, s5 ~,
uam esiIF sAyINes BANKS. qs,.s r.,
The Auditor calls attention TO the Law;
which provides Tor TIE orrapiEetion and con.
troll Of local banking, aesocistionS, Withont
what he IN IA weii said' Tners =
NIT ne to direct your specisl attention "a his
suggestions, and to ada thereto 4 fev
thoughts which occur to me in this connec-,
tions That the law. requires thorough rsvi-
to me that our State has arrived st a posi-,
tion, IN the business habits and varied enter-ll
prizes of il peOpIe. whare ve shonld hsva
savings banks orrapixed upon Enc theorr
which has UNIFORMLY preyailed resnectinr IA
character and objects Of these, institutSona.
A. savings bank Il not designed % place for
institution for the nerotistIon r. 81 an hi
loans I; but 10 supposed to Be constituted Of Z
directory empo wered to receive the, limited
savlpgi Of those Ia moderate circumstsncee.
but prevented By the exRctinp dsmaniis III
daily labor from inatino investments IN
Themselves. Who there{DrS de1nte fhese insfl.
tutions TO invest theIr monsy for them. m
thh view Il car, roAiiiIv he eessr, tKst avircs
bank, whose difectory pursuea he leaitimaE
business Of Such e, institution. Il In = crest
measure relieved. under tie pressure ~ :
financial crisis. from the yicissltndes ~ ~
ordinary bank. The safety 81 thSse inSt,t,,.
tions Il the principsI object witch shomiH IN
spire IeeiSlsfion IA rersid Ia them m thsv
are subject 10 correct and strinrent rrles IS
to the securities which they are nermltfed n
accept, end are prevented by proi,er nensit,ss
from speculstions not ieciuinst AiT v{thin the
sphere OF wen condrcte bank: n thew sre
divorced by rigid AZ from Other rnnnsveS
II their directors aid ofyicers "a
required to file Al, oath snnusilv vith sS7I,sl
proper officer fsay the etate Auditnrl q mar.
form the duties Of their offices farthfnliy. ana
strictly to obey the law: md N the state An
ditor, who for this pnrrose nerfnrrrss the
duties OF bank Controller. "a suthnrized and
paid TO visit and investigate their Affairs.
either Ia person or by TIE employment Of a,
expert, ct ffeauent inferyals. thew NAV Ia
made Institutions that vfii deserve the coma.
dence OF the public, And viii become atimn-
lants and accessories to the indtIstrv rof the
people. IN order IL piva them a ~ sSct ~