New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-01-02

Of the law applicable to that subject As would
| the reserve Of an insurance company becomes I'M
paired the law directs the superintendent OF the lnsr
to wind Il and distribute ia assets This rule I'M
Just those pOlcyh0lders whose health ms ialeu anu
Where and also to those who Sy reason Of
only secure insurance at an Increased cost,
for such is now the practice, upon the app
cation OF the Attorney when called upon Dy ne
superintendent place the affairs OF nsoiyeut compa
time and money and with nvariabe loss to those inter
ested winds up its affairs. IL may well be asked II us
work would not be better and more cheapy done "
placing the affairs of such companies IN the hands o.
other life insurance trust companies OF high character
and OF known and approved responsibility ra.her a
teal snG me hods Of managing this class Of bnsinsss
Akin to the business Of life insurance IN many respecs
that OF savings banks These iDstutOns noih III
the little treasures Of the poor Upon their soundpess
and honest management depends much OF that punnc
confidence essential to the business OF the county: N
merous failures among these banks have brought heavy
losses upon those III able to bear II ana strpea many
OF their entire savings. All that have sad OF the IN
sOlvency Of life Insurance companies Is as well apph
cable to the closing Of savings banks .. -, ,,o..
urge Legislature take strict account OF these
two classes iuciary corporations. Their organization
methods and needs nearly alike that they may Do
together The State when chartered them mas
right say they shall be faithful to those who trust them
To end it should hold them TO strict accommodating
1t Is lamenaDe fact that many organizations IN bOn
these great lines OF business have been found utterly
unworthy OF trust during the past few years Lie IN
companies have engaged in reckless competition
paying exhorbitant commissions and investing in costly
buildings and equipments. Savings banks not content
with filling their proper sphere as custodians 0f small
savings have sought to extend their business by obtain
ing deposits of large amount acorse which de
in my last They too have been gully 81 I'M
proper vagance and management IL Is equally
true that the departments created Tor the especial SUPER
vision Institutions have failed To protect the pub
lie loss by such shortcomings Whence THIS failure
has come Is matter for YOUR g,ayr eorsaera,oo.
ments and the companies might DO wisely amended put
the subject l. most important one u mus certainty
ne admitted that the departmental examinations nave so
Jailed give the public any safeguard at al con-
mensue with their enormous cost TO the institutions
examined.
THE CODE PROCEDURE.
In 1913 the old system OF practice at law and equity
was abrogaed and IN it, stead enacted the code OF
civil procedure. Contemplating at this distance Of time
the results OF the change IL well he doubted whether
IL conferred any substantial benefit upon the people at
all equivalent to the evils OF which the cause
For twenty-five years the practice of law unsettled
Private rights mperied by differing constructions
remedial provisions and thousands OF practice qucs
tons burGened and crowded our law reports
At last however, at the end Of quarter Of century,
the construction Of the code had been substantially
fixed by the courts. II was longer common to
see a citizen deprived Of substantial rights IN
our tribunals through mistaken views of prac
ticc Tne Legislature passed an Act March 2. 1870.
authorizing certain commissioners TO "revise simplify,
arrange anG consolidate all OF the state Of New
York" general and permanent In their nature ard IN
performing inls duty bring together all statutes and
lHris Of statutes which, from SIMILARITY oi suDject,
ought 10 bfoiEnt op-
suets cnnit neDts and making such alterations as may
De- necessary to reconcile the contradictions SUPP ~ the
omissions and amend the imperfectous oi the Original
text"
II is not necessary here discuss the seriously debated
objection that this authority not meant to extend 10
revision ~ system OF practice Tbe eonni >Snncrs
did submit new aud voluminous act entitled " Iae
sections was enacted by Legislature of 1875 vita
provision that should not take Eject untl May L,
changed TO September l, 1877, SINCE which daIe
that part OF the REVISED system las been IN o Grafton
undcr the restored of "Tnc Code o. Ciyl
procedure" Tie remainder of The proposed cudc con.
tanning 500 passed by the Legislature and
other bills to bc acted upon during the thirty days o-
lowing the ADJOURNMENT. Ii was pL steal nipUsb my
10 read act which covered nearly 700 cseiy printed
pages The Constitution forbade us Enactment aer ne
Adjournment, without M, Written approx "l ine Gov,
could read and the BILL therefore, tailed 10 become
a law. The matter viii, undoubtedly he brought TO
IL seems only proper TO remind you that this new ys.
tenn can only BE continued at the expense Of another
lon. period oi doub aud litigation proper
sfrcion, which will cost the people OF The Stale many
millions Of dollars. Already serious questions Of
I'M. s.tt have b brought bcfOr" the courts. Tho
great question will be presented to you whether tue
be 50 far superior 10 me ia ~ To 1nstf
you III committing the whole administration OF ci'li
justice the confusion Of construction from which 1t
has Just emerged The court, under thc olr sSsteh.
winch they understand, are alrcry burdened WIN
abOrs beg 0und ,udurance, and 1t seems nnwlse
10 lrctiiiltc upon them mass OF practice HlSdHon
wnch necessarily retatd sill more their accnnu'
lated loa of business submit 10 loui car iul !, NC,
ton the proposition that tins grave shqct NOuli DC
best thr repeal OF the par al code winch
Effect the first Of september, ana thc re-
enactment of toe code which was In force mp Ia that
daie ndcd, from time To time. experience
may suggest.
SPECIE PAYMENTS ADVOCATED.
In view OF the discussions going the Congress OF
the United states. it seeS proper for me TO remind you
ana our people that, whatever may happen elsewhere.
specie PAY under existing laws to he resned
in this state from and after the day OF January next
Chapter 49, the Laws Of 1879 provides. first, that
after the first day January, 1879 all taxes levied In
4 4 In a.. .t.a
bankuotes re,euable IN gold; and secondly tnt in all
contracts made this state alter that date the word
doats shall be construed coin. All our taxes.
general and local including canal tolls, will, next year.
have to be paid in gold or it, equivalent and the
viii be Obliged 10 enforce private cOntrac IS IN COM
IL will be seen that the day liked in this law Of our
STATE the same which appointed by existing statutes
OF the United for tie resumption OF specie pay
ents by the treasury. The low premium on gold wnch
MSS for a tong period prevailed indicates condition Of
thing, favorable specie payments being generally re
establs led Al early day.
II .e,ps TO me manifest that II the credit Of the
Federal Government can be maintained ~ the
point at which it stood month or two ago, 50 that It's
bonds bearing low freely sold the Treasury
will be able to resume payment before tie nav
de,ignA,cd. without distress 10 the community. We
have. In TACT passed thronsh an me surnH na1i, ,
false values Of period NJ great Imitation trces ootn Oh
wages and property are. with Few exceptions, lower
tndny than they would have been II had never de-
uari from The coin standard and do not doubt that
HE resumption Of specie payments WILL at once Increase
the gcablc value OF property and the market
urc of Labor They in VINO suppose that pro-
ionyntIon the present uncertain condition % hings
will bring relief thOse who, OWING moneynope to real
m more their property or 10 That large class OF men
which looking for belIerraes of wages WIN me pre-
ent ant confidence. property does not readily hhu pui
chusors price; capital is tilnd In investing; cnte
prise checked Until confidence IA res0fed our wohted
activity In the exchanging OF property VIII not Ittrn
and until the tendency 10 nacuVlty ana almost
morbid caution cases. we VIII look III sh ior ngneI
rae OF wages. M financial device. by way oil renewed
imitation or deonscmrnt or our money, VIII compensate
for the disastrous effects OF the additional loss OF cVu