Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1877-04-06


aons were interested to the extent of one
hundred millions OF dollars Of insurance,
upon which they had depended MS pro.
lection from want to their families after
they should have passed away.
The tclcgrnphic wires flash forth the
Astounding news to the associated press and
instantly the sensational newspaper editors
scize with vulturo-like avidity upon this
choice item for thrilling sensational, and
making the best OF their opportunity pro.
claim abroad, under flaming headings,
the "crookedness" and rottcnncss OF Life
Insurance Companies until panic ensues
and some policy-holders in their insane
folly seriously propose to drop their insur-
ance in the old Mutual, Of New York, and
other wcll-e tablished companies. These
sensational elitors remind one of a flock of
old mcn, women and children all scream
ing Mt the top OF their voices and swinging
their hats, caps and bonnets high IN the
mir at 4 frightened runaway team to stop
them.
Commercial firms, manufacturing COM
panies and others, fail almost every day.
Banks fail by the dozen, and Fire Ins. Com
pnnies by the score. Everything and every
body fails TO meet their engagements and
obligations these hard times, and all these
innumerable failurcs scarcely elicit sim
gle comment from these self.nppointed and
vigiant guardians Of public interests but
when the unprecedented event of the fail
ure OF four life insurance companies occurs
the sensational editorial corps go into
spasms which, like the nightmare, holds
| them in terrible agony over the "crookcd-
ness" of life insurance, and their cxcilable
readers enjoy all the luxury of ''big scare
and in their Wild panic forswear life insur.
ance now and forever.
Now let us apply little common sense
in practical way to this subject. Banks
have failed all over the United States in
hundreds OF instances for fifty years pas,
and yet we take bank currency and use il
daily, only discriminating between safe
and unsafe. Fire Insurance Companie.
have failed in almost innumerable instan.
ces and yet We insure our buildings, care.
! fully distinguishing between the sound
and unsound companies, and the same
practical, common sense philosophy APP
plies to all exigencies Of life in this falli.
BILE world. Why, then should we expect
infallibility in life insurance more than in
any other human enterprise? Every good
| institution has its countcrfeitS, and no office
! of trust so high or holy but it NAV occa
sionnly be occupied by wicked and mcr
cennry knaves. Even the twelve apostles
! had Judas who betrayed his trust, anC
the Christian Church its counterfeits al
MohnmmedRnism and Mormoniam, bu
does this destroy our confidence in tht
genuine or, shall we discard Christianity
because ther. are hypOcrites who assume
its holy gar5? Such an absurd folly
would argue nm approximate TO idiocy, OF
Il fitness for the lunatic asylum. But, n,
after a stOr II, We have a clear sky and
n purer atm sphere; so after this agitation
over life insurance, we may expect to find
il on u better and tirmer basis than ever
! before. Heretofore too much reliance hu,
been placed upon the sworn statements o.
the officers, and this has left an open dool
for fraud ami perjury. The State Super
| intendent OF Insurance has trusted too i'm
plicitly in their annual reports, and ha,
| been too careless and superficial in his per
sonal examinations into tho assets and liza
bilitirS Of the companies, aud this loose
ness has afforded pcrpetuity to weak and
shaky institutions. This state OF thing.
might have continued for an indefinite pc
riod and resulted in far more disnstrOn,
| consequences hadnot the financial panic and
pressure OF the past ten years forced these
! frauduently managed companies into the
| hands of receivers by the stringent lawi
and vigilance Of the Superintendent o.
| Insurance. The insurance Journals, by
their able and vigilant editsrs who under
stand the subject, first raised the note O
alarm which aroused the State Superin
tendents of Insurance from their apathy
and resulted in most thorough RnC
searching Investigation of the standing o.
the remnining companies, and those which
are able To pass this 'scrutinizing inspection
will certainly come out OF the ordeal firm.
or and stronger than ever before.
| All the weaker companies will be weeded
ont this year, the laws in the future will
be more vigorously enforced, and the Su
perintendent, like n Ewiich-tender who hni
! slept at his post and suffered train to b,
wrecked, will watch with sleeplcss vigi
lance that no more companies slip through
| his fingers rs did the Continental, and /
| is more than probable that the next thirt,
years will not zee another failure of liz,
! insurance company on this continent.
The laws upon life insurance have beer
tested and found sufficient, and the head
officers Of two companies have been indict
ell before the grand jnries, arrested, ant
| only out Of prison on bail and awaiting
their trial with an interesting prospect o
learning nm honest trade in the penitentiary
and the officers of the other two eompanie
may yet take similar direction. w
cannot make laws that will prevent theft
robbery and murder, but we can max
them 10 punish such crimes; nor cal
we make laws that will prevent fraud il
life insurance cOlnpanleH--we can onl,
make them TO punish such frand. Tn
laws we have are amply adequate, aud th
demand for their faithful enforcement Ii
the future cannot be igliored by the prope
officials, backed as 1t is by fifty lhousan,
policy-holders.
brighter day and purer atmospher
has already dawned upon life insurance il
our country, and hence our confidence i
life insurance should be strOnger than eve
before, because the laws have been trie
and not found wanting.
The policyiholders In the COntinenta
may be saved from loss, unless they Sulfe
themselves 10 be swindled out Of thei
claims BY outside, unknown and irrespon
Rible parties who propose 10 collect thei
claims. Let all beware Of such confdenc
Rames and look only 10 their well-knAw
and reliable agents to protect their right
snd secure their claims.
RoILA II. CuuBB.
PEsRYsBrRo, March 3, 1877.