, 1874-08-03

&idatoa On our ticket or on apy other ticket"
md tho psoplo Of Iowa propose to accept mud
vet on thiB principle.
FIRE INSURANCE BLATHER.
Since s.aaden and few others have been fr-
diced for having attempted to fire thoir build
ingt in ordor to obtain the insurance on them,
thors hayo not boon wanting those WHO would
tracea!l or uoarly all tho fres from which Chi
cago ias suffered to tho practice Of insurance.
These gentlemen (an1ong thom are some incapa-
ble city officially aay now that Insurance and
Firos ale simply cause and effect, and that
tho mBt effective way to guarantee
tho city against oonaagraslous in the
future ia to abolish insurance altogether.
Thls is mcas extraordinary caso Of hassy gem
ora1izat:on md idiotio ooncoik. 1t iB m in-
! stance Of tho familinr fa'laoy that be"
causo \ gotd thing IN abuaod It should
therefore be aone away With. A, B, and
hnse burned down their houses to secure tho
! insurance on them, therefore abolish insurance.
but there were cases Of nrson before there woro
| inauranco compauiea, and there would be arson
| ii insurance companies wore abolished. The
| doing AMY with insurance would not 90 away
with tho crimo.
| Fire INSURANCE .ia tho worry bedrock and bottom
| dollar Of all business. We're Chicago mer-
| chants aud property-owuera deprived o.
| Insurance., they could not mr'o = Peg.
It Is bold proposition, but It ts nevertheless q
true one, TINT ultimately our wlo1o commercial
prosperity resta on Insurance. business
1aan'H credit is measured by hia power to boz
row. The credit OF municipal corporation il
mcasuroa by tho e1tont OF tho loan or loana 1t ia
! able to negotiate in the uarlkets Of tho world.
Money il borrowed and pana arc made upon
tho security Of real or pasonhi property. Dnt
money cannot be borrowed on tho security Of
pe.ishable property. NJ loans arc mado On
security which may perhn in a night. Thore ia
not man IN Chicago who, on block worth
100000, could raisa $4,000, II with tho
mortgage securing that sum ho could not
aesign All insurance, policy as collateral security.
In tue last iaataue, therefore, it ID apparent
that all building pans aro negotiated on insnr-
auce polic!cs insurance is tho foundation Of
commercial orolt as efoo19 Is Tue oa6ls VI ouf
whole conmrclal systom. Take away the ln-
euranco companies: from Chicago, aud our
merchants WOULD DO compolod to buy IN Eastern
markets forcash. Tako away tho insurance COM
panios and dosplto al tho wealth We hase hero
amassod it buildings, we would not bo able to
compete with Milwaukee, Peoria, and Dubuque,
to aay nothing of st. Louis and Cincinnati. Hav-
Ing no Hecnrity to give but that which con-
Migration might awoop ont OF existonoe In al
hour, ne could obtain no capital, md, not boine
able to obtaln capital, our fair Chicago would be
left like ship in tho bad OF river from which
tho waters wcro drawn OF.
Tho lifo-tnsuranoo companies Of tho country
and their most profitable and safest Investments
In 1oans on improved roal oatate. Woro thore
no fro insurance, Nfo-insuraace companies
would not lend money on such property. No,
would they be in u hurry to inyost in municipal
boads. 70, municipal bonds these ia ultimately
no security excopt the improved property 1t
citlos, Without fire insurance, Indeed, uio.iu
surancs companies could not invest tho capita
they receive as premiums 80 as to enable then
to nav maturing policloy. Tho money at tl.el