The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1898-08-09
THE NEWBERRY HERALD AND NEWS. AUGUST 3, 1898.

sion TO show that if tho largo sums
paid by the people Of Tennessee re,
mained ut hore, circulating among
our own people, and performing tho
useful and valuable functions of
which capital is capable that the
people of the State would be to a
very large degree the gamers by the
process.
This is the lesson, of course, which
ls presented for the consideration Of
tho people of all tine Southern States,
and the people of Texas appear to
have begun to consider it to good
purpose. Under an act recently
passed by the Legislature the Texas
Mutual Life Insurance Company was
Incorporated for the purpose Of en-
couraging the organization of home
companies, SO that Il part at least of
the capital annually sent ont of the
State may be retained for investmont
and use at homo, The prosp, ctus of
the company say:
"rexas is So far removed from the
great money centres that it is. prac,i-
cally n country within itself This
| being the case, le, us sec what few
other peoples, Similarly situated, arc
doing. The lit,lc land Of New
ZralanA, with rnpn!n.ion not one
third as great rs TINT Of Texas, has
Il compnny who's" assets exceed $lO,-
| N>0,0OO. Instead Of sending their
lifo insurance premuEI and accumu-
! lations to Australia, or to England,
they are, to this extent at least, re-.
tanned permanently at home The
reserve, surplus, G;vilaads, death
claims, interest, taxes, commissions
and expenses circulate at home, to
the benefit Of every business on the
island. Australia proper, with popu-
lation bnt little greater than that of
Texas, has home companies whose
assets exceed S1OO,O00,00O. In our
own country some Western States
have broken away from the apron
strings Of Eastern corporations.
Kansas and Nebraska, and Iowa and
Indiana, and California and Michi-
gan each have successful company,
while Ohio's home company has as.
sets Of more than $4,000, ZOO, and
WiSconsin's home company has more
than 100000, 900"
The Financial Chronicle contri
butes some further interesting inior-
nation bearing on the general sub
jcct; one highly suggestive statement
being that the policies Of life insur
ance III force in New York aloue in
1891 amounted to l,22J, ,725, ,5i5,
and the gross assets to $ 1884, 4,Ool,-
33i. These figures, rs the Manufac.
turers' Record says, sufficiently sin.
dictate the accumulation Of wealth
through the agency Of insurance
companies" and it adds all that is
necessary to add by way of comment.
when 1t says:
"How much the South has contri-
butcd to these accommodations and to
others in the North would be diff
cult to estimate, but it is fact be-
yond dispute that the South sends
annually millions of dollars TO out
side Insurance. companies in the pay
ments on policies, comparatively lit
tic OF which returns in tho form Of
permanent Investments. Tie estnb-
lishment Of home companies in South
ern States will tend to keep the
money in those sections where it is
most needed. What has been done
in Now Zealand, in Michigan or Ohio
can certainly bo done in Texas and
mauy another Southern State, pro
vided every safeguard is had in or.
oh Tha pain 0f