The Orangeburg democrat. [volume] (Orangeburg, S.C.) 1879-1881, 1880-01-23
lrcside>.ts Report--Fa1mel's Aid
Association.
T" Mc CNtcrs oma Mcn.hcrs r. tie
Farmers .Im .is$Ocittfion

~
Farmers .lni is<OciutiOn
GENTLEMEN - Our Association
has l.ecn in eX istencc now three years.
and by aud through an eyer merciful
Providence we are for the third time
permitted to meet in annual session
1"r the purpose Of transactiny such
business Us may be brought before us,
in compliance with the fundamental
laws Of our Association.
1t must he source Of satisfaction
Auu y reason for couyralulltiuu t,
the members of the Farmers Associa.
ton that in our existence OF three
gears not Il member has been lost by
death. This should fiji all eur hearts
with gratitude and tllanktulness to
our Heavenly Father tor his goo ln.ss
coward us.
l think also it must be 4 souroe
ior congratulation to tho memb bers
of the Farmers Aid Associat; on that
tor the past years no company or
Association established on the basis
ON which ours Is established has
failed. | am myself member Of
several of these companies, one Of
-"illch l have been Il member, 70" up-
ward Of five years With an insurance
1T one thousand dullars up to The pre-
rent time i: has cost forty dollars or
eight collars annually. | have
watched The course ,fthc Associations
for the past three years with unusual
snterest none Of them have made large
growth. Sun,c OF them have suf-
lcrtd sligh losses in membership, but
ALI OF ih.m have paid their losses
FULLY and have gone Oh III the even
Tenor Of their Ways.
Relief Associations AMI Aid Asso-
ti"ns like ours are not subj jrct to the
uahgcrs which have brought disaster
To l,c "rcrIl pr insurance companies
,Dur plan j. NOT oa.ied dawn with too
expensive machinery and con,plcxi.
ties which make the cost Of insurance.
in the regular comptn;e,' So heavy
MD render the management of th-
business so cnsily.
1t may be well to contrast the two
SYSTEM, OF insurance. Tie regular
companies Il Tier but little from saw
ing banks. They collect from their
policy hollers rom time to tine such
sums as put at interest will amount
III II given time to enough to pay the
iuce Of policy. In brisk times when
money WAS in dcmal d they were able
1" loan their capital 1T high rates OF
interest. and the income from this
source Nal enormous. But like other
lenders they over csl,:Hatcd the value
fthe property on which they lonne.l
thcir funds, anl the decline in prices
vi nll class Of property has left these
money lenders large los. r.. Many Of
lilo cam anics l,un,l 10 iavorites-
men who were concerned il: their
,npnagcm,nt-wlIo engaged IN sp"cu
lntion and squamlerod the funds
i'lsllsr,l ii the payment OF death
claims. Daring the last four years
those who have lm'l money to loan
have had to accept lower rates Of in
tcrtst, pnl in this way the interest oi
itsurnEce cpmpajnirs have bc,n mate
Tally reduced. lIs' haiIi!,nEs ihaSl
e,n.p pa nics ereclcd-somc Of them
costing millions OF dolIurs-havc been
almost dead weight OH their hands
Rents have fallen, and Tie revenue
derived l;om such real estate in many
cases has amounted To hardly enough
TO pa! Ipi !'eeccssary repairs, improve
menls and running TX icnsea.
During The time of tie greatest pros
pcrity Of Insurance companies, when
lhcir l., ceipis iyaEA cnI':,al IoanaL ;.nl
buildings rented we're the- highest,
they were rccci>;isa II food Of alpli-
cations tortpol.cios, and they were
over rrn with money. I'll y raise d
salaries, they treated their :'gcnts ;c
libe,al commissions and hecaH,e gen
orally cxtravngant.
Tins have changed, and many pI