Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1898-01-06
Another Step Toward Capitalization.

Senator Platt's bill providing for a
National Bureau of Insurance supervis-
ion has caused much comment in in
surauce circles. The importance of
this measure is such that judgment
should not be speedily passed upon it.
superficial examination of it, howev-
er. would indicate that it is an ad-
vanced step toward that Capitalization
of power in the national government
which is gradually encroaching upon
the rights of States TO manage their
own affairs.
The theory of the bill is that insur-
ance is interstate commerce, and that
satisfactory State regulation is impos-
sible. 1t is significant, indeed, that
the willingness of many of the insur-
ance companies to submit to national
regulation is simultaneous with the
protests which have come from West
ern States against the domination of
the Insurance trust. Had the Insur-
ance Commissioners of Missouri, Kan
sas. Nebraska and the Dakotas not
shown a disposition to protect the in
terests of their Safes, it is safe to as
sert that the same old cry of interfer-
ence in a personal business would have
gone out against the Platt bill.
The grave danger which is confront
ing the country by the creation OF an
insurance bureau is aptly illustrated
right at this time in the proposed APP
pointment of Judge Paxson of Pennsyl-
vania upon the Interstate Commerce
The combination which
personally and financially than that
among the railroad companies. The
insurance companies have piled up
hundreds of millions of dollars surplus |
which is drawing interest. They have
more money at their ready command
than any other combination of business
now operating in this coun-
try. The consent of insurance COM |
panies to this national bureau could |
only be accom- plished by promise of
appointments satisfactory to them or
by the fear that the reaction in the
States which have been plundered |
would jeopardize their interests.
The question o: insurance rights is
one which is being fast forced as an
important issue upon the people of this !
country. If the Platt bill serves the
purpose of the Foraker bill, which has
resulted in full aud free discussion !
of the issues involved, it's introduction
will be of incalculable benefit to the |
country. 1t is a matter of surprise |
that the people who are so vitality IN
terested in insurance matters have pa
tlently borne the burdens thrust upon
them by a remorseless combination.
While the question of transportation
Is far-reaching one, it directly con-
Germs no larger percentage of our citi
zens than the question of insurance.
Nor have the railroad companies been
half so aggressive in an effort to alb
5orb the wealth of the country as have
the gigantic institutions who have
formed trusts in every State in the
Union.
Senator Platt comes from a State I
which has profited in proportion to its
wealth and population more largely by
he iniquitous combination among in
'urance companies than any other.
Hartford is the home of some of the
argest insurance companies in the
world. The Connecticut Senator has
through his lifetime or public service
Justly earned for himself a reputation
or honesty and fair dealing. The in
urance interests of his State. however,
ire as antagonistic to those of the
Vest as are its tariff and financial poll
les. Western Congressman will do
veil to carefully study the effects OF