The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1874-10-13
TUESDAY, OCTOBER 10. 1874.
CIRCULATION.
CIRCULATION.
he ayerage daily circulation Of DAILY CtopE,
EllsE. INSURANCE.
or the periods named below, was rs follows:

There are many subjects In regard 10
which the legislation of Vermont is in
n state Of great comparative crudity
and in regard to which, willie recognizing
the evils of our legislation. there Is still a
demand for the safe guards and protecting
care which wise laws, judiciously cxecu-
ted. give to trusting and somewhat cred
ulous community. Such subjects are men,
toned from time to lime, as occa-
siuns for their observations occur,
and are then forgotten, The prac-
tical manner in which legislation is ct
fected in our system being by the pressure
during the session Of acts framed in the in.
terests of parties concerned in procuring
them, or by wide reference of broad
subject to legislative committee, which
reportsIwcakly and narrowly ii at all. True
and comprehensive legislation upon many
of the topics requiring it which have
sprung up in these latter days, can only be
brought about by keeping the subjects be-
fore the public, and committing their in
yestigaton TO competent persons for the
devising OF suitable and judicious method
of action.
Anon. these matters, that of fire in
suraucc demands present and Thoughtful
atteui,r. There has hcn hardly a chang,
in our laws upon this subject since 1862,
when it was very briefly enacted that for
t;gn fire insurance companies doing bus.
iu,ss in this state must designate an Eat.
'"ruey" upon whom process can be served
which attorney must 10y February 10 OF
cacb year, file with the secretary of state Il
"rcturn' in form g. Prescribed 10y statute.
so general ms 10 lie Of 10 practical value
whatever in asccI,aining the condition o.
the company, and that the secretary o
state and treasurer, as II board of insur
ance commissioners shall Examine til,
returns by October go and submit an all
stract Of them to the Legislature when il
session.
The foregoing comprises substantial,
the entire existing legislation which al
tempts to regulate this important subject
On the other hand the manner in whicl
The business Of fire insurance has of lat,
years been conducted, cannot fail to hav'
impressed every observer as in n hunde'
different ways requiring the bride and Tn
bit. Companies have been organized, no
alone in the commercial cities, but all Owe
the United States, from The villages o
Maine to the Country towns of Missouri
and organized most loosely often unde
some general law requiring but a small
capital and that nominal only ten per cent
or less paid in and notes Or memorandum
checks taken for the balance the stocl
being carefully placed in the name of IRE
sponsible parties whose notes and check
are hardly worth the revenue stamp affixed
premiums when harvested, being the onl,
actual capital, and these being invested
without care or supervision, for the PEI.
sonal benefit of the managers large anC
frequent dividends TO stool h, Hers eatius
up the reserves which the insured arc Ell.
titled to AZ their security extravngant cH
pcnses in every direction onerOus cor.
ditions and stipula,ions imposed upon ih.
insured losses adjusted either recklessl,
with view to increasing business by ac
quringa reputation for literally, or Of
fenscively, with view % save their asset
ut the expense of their customers ant
with loos,ness and fraud exhibited in ST
many ways that the risk OF insurance il
almost rs great rs the fisk of tire and al
insurance of payment hy the insuring com.
papics would be lively. though pcrlap
not prosperous business.
The interests of the genuinely strong
and honest companies as well rs Of oui
public, who are ileeced without mercy, (as
instances in Rutland have lately shown
require that the state which alone has the
power and opportunity to remedy the d
ease should take hold of the matter with
strong hand.
What we need is system of legislation
such as other states have long found neccs-
sary and have long enforced with success
a competent commissioner who shall re-
ceive a salary large enough to secure his
undivided attention to his business and
who shall have power to control the sub
ject absolutely, to examine assets here and
in other states, to shut the doors against
all companies with unclcan hands or ex-
hibling suspicious or bogus securities, i'
enforce compliance with reasonable rcgn
lations concerning the fora of policies. thu
adjustment Of losses and the payments To-
the insurucd, to compel the investment ant
deposit of reasonable amount Of 'apital
in our state as security for our citi-
zcns, to compile promptly in each
year full statistical tables showing tie
true condition of the various CO n.
panies, not AS appearing from that ''of
fetal statements" but as shown by cxaci
examination to exercise discretiOnar,
supervision over agents and agencies tn the
end that moneys shall not lie diverted nor
facts misrepresented and generally 10 plac,
the business, now a matter of hazird ard
guess, upon some firm and reliable basis.
sured that company viii III is fu'holzpd
to carry on Lusin IS with n our stat .snll
pay its debts without the aid Of receiver
or an assignee III bankruptcy, and without
the expense aud te.ay Of hostile liliga.
ton.
This is not q subject TO he treated has
tly the statutes OF various states whit u
have taken such action-neaily all except
our own should he carefully collected, and
the best extracted from each; the insur.
ance commissioners 0i our neighboring
states should he conferred with leading
aud honorable insurance men should be
consulted, md an act prepared with such
d-iiberalion and precision as the import
ance of the subject requires.
4. u. 4 nj ita Antu ,,t,