The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1882-11-01

afERrp1Ax, Mss. oet. 30, 1ss2.

4
MERIDIAN, Mss, Oct. 30. 1882.
EDIroRs CLARION: Msi. r N. Goar
sions of Ere insurance. Tie sMajor must
have experienced a change for the worse
before he reached that part of his article
concerning .snothern capital The best and
most enterprising citizens of Mississippi
think We need more Of this "northern capi-
tai" Perhaps if We had it, Maj. Goar
might have to reduce the interest charged
| by his bank from 10 and 81 per cent. to s
and 10 per cent, but as he is public spirit
| ed citizen and is making sacrifices to pro-
tect the people against the wicked insur-
ance companies" he would not object to this
additional sacrifice for the public good. /
am not questioning Maj. Goar's right to
conduct his business to suit himself. lie
pays his privilege tax as a banker and
charges no man interest without his consent.
His business is legitimate, and / only wish
| fire insurance companies could make the
profit he does. That they do not, is not
Maj. Goar's fault, but the companies mis-
fortune. Some heartless wretch might set
up bank in Tupelo and refuse to pay taxes
on the ground that he had no money of his
own, but used only the deposits of his custo-
uHFH. 2Qu AHSuAh ~ AHluEy ny
branding Maj. Goar as a Insurer and extor-
toner. IF he did, the Major would be justi-
fable in having his "footsteps logged, and
if he became so "agitated' as to issue
''windy circular" he should be excused,
Mai. Goar is the only man in Tupelo paying
for banking privileges. 1t is the means by
which he supports his family. If any one
undertakes to pursue the same business
without paying the same tax, he is attempt
| ing to rob Maj Goar of privilege he has
| bought and paid for and should be kicked
out of town. This rule, however, only APP
| plies to banks. 1t is not intended to protect
one who supports himself by working for
"northern capitalists" The Columbus
| (Miss) Insurance and Banking Company,
has right be protected in their banking
| business, but not as insurers, although they
| pay 81, 900 annually for the privilege. Maj
Goar's general agent" has paid his tax as
fire insurance agent. The law say each fire in
surance company shall pay - 900. BY pay
ing the agents tax and refusing The company
tax is equivalent to saying there is fire in
surance agent, not representing fire insur-
ance company. This may be true in fact,
but Supreme Courts have held differently
when the question of taxation is involved.
am asked to state the difference between
mutual life and mutual fire insurance, First
there is no limit to the amount of life insur-
ance an individual may take, and if one
company fails to pay in full, his claims on
the others is not affected. In fire insurance
Me can only insure for the value of his prop
.erty, or less and the insurance should, in all
cases, be safe beyond question. / know of
an instance where loss occurred four months
since. Half the insurance was in a stock
company and half in mutual. The stock
company paid, the mutual did not. Had
the mutual policy not been in force, the
stock company would have paid the whole
loss, as it was less than that company's in
Surance.
II desired to secure my family $1,000
at my death, and could only insure for that
amount, would certainly insure only in a
hrst-class stock company, or III mutual
that had provided an ample reserve to secure
to my family the amount of the policy.
There is nothing in my connection with the
Union Aid Association inconsistent with
my position on mutual fire insurance. When
asked to assist in organizing the company,
agreed on condition that provision should
be made for a reserve fund to be deposited
for safety in the State Treasury. When the
Acknowledgement decided that all mutual
companies were liable to taxation, this COM |
pany suspended until all taxes were paid. |
l have no sympathy with those who abuse |
solvent and egularlifecompanies. Those who
are able to make the investment cannot get as
safe insurance elewhere. Many of the life mu-
tuals will be good for few years. In my
opinion, none will be permanent that do not
provide a reserve from the beginning.
Maj. Goar is candid enough to, say that |
assessment fire insurance is yet an "experi-
ment." Prudent business men will keep
all II, rood ali lIoi
experiment is being tried. Fortunately for
the public, they have the benefit of the
Nashville Householders' Mutual Their
general agent was in the State last spring
and INDUCED in the usual abuse of legiti-
mate companies and made profuse promises
of safe and cheap insurance. At Gadsden,
Ala, fire occurred June H. Five of the
sufferers held policies in the company, their
claims being over "a, 500. On the 23d inst,
over four months after the fire, not dollar
had been paid. Maj. Goar "presumes" there
was some proper reason for Withholding !
Sometimes there are good rea- :
sons for withholding payment from one
man, but to propose to pay Mr.. Powers, DIR.
Dothet, Mr.. kinnebrew, Mr.. Brown and
Mr.. Woodward all in prescriptions" the
idea OF paying one man in brains sinks into
In addition to the above
unpaid losses, Judge E. H. East, of Nash
vile, has for one of his clients, an unpaid /
judgment for 81, $4,000 The court refuses |
to allow this to be paid in "presumptions."
Weakly d Warren, Of Nashville, hold for ,
one OF their customers an unpaid, adjusted
claim for $400-for loss that occurred over I
six months since. These are instances that /
| have met with in my travels. / hear the !
same company has 81 800 unpaid losses at
Water Valley, the result of fire last july
So much for their experiment" / do not /
know what the company is doing elsewhere, !
but will pay reward of ten dollars for !
evidence that claim of over $500 for a loss :
occurring within the last four months has !
been paid at this date
Maj. Goar does not refer to the article in /
The Comet, nor attempt to controvert any r
d the facts stated in my article, but repeats s
,he charge that insurance rates are exorbi- /
ant. MAJ. Goar aciU not risk his olon money /
or the same amount Of premiums charged by a
took companies. The certainty of member \
hip fees" and annual" dues and the free 4
Use of assessments deposited in his bank, H
will pay better.
The average profits of the business in the i,
state IN the last ten years, have been less \
han ten per cent. Those whod not believe h
hat insurance in good stock company is "
worth ten per cent. more than the privi- N
eye of insuring themselves, should by all h
means go into the Mutuas. They will soon q
earn that it costs as much, because enough II
/ the Improbable business refused by good &
is seized by Mutual agents to of a
ct the profits of the stock companies. A
III. NJ STREET. II
ri
'aseyville Organizes a Democratic