The Providence news. (Providence [R.I.]) 1891-1906, 1898-04-02
THAT DIsABILXTY INSURANCE
SCHEME.

1t is . good thing that the house COM
mittss on corporations OF which the Hon.
Walter Price OF Westerly. Is chairman,
will give a hearing On San act to incor-
porats tho Providsnt Disability Insurance
Corporation of Providenoe. X. l." OF
course. IL would have been better thing
rad the Senate killed the bill. and so not
permitted IL TO bother the House and
still better IL the Senate committee on
corporations had summarily disposed OF
1t by dropping 1t in the waste basket as
they would have been perfectly justified
In doing, and az tie House committee
would now be justified in doing. However.
the hearing Of Tuesday next ought to
mark the last stage In this precious busi-
ness. As The News has before pointed
out this proposed act 10 an anomaly In
insurance legislation. To pass 1t would
bs an iniquity. To present such meas
ure to the General Assembly Of Rhode
Island was an astounding piece Of impu-
denoe indeed, but the fashion that
msrked its galloping through the Senate
serves to indicate that impudence OF itself
Is something OF virtue in practice. 1t
indicates also that outside the Inc )ic-
nous charter names that appear In the
bill there must have been some influence
at work Of high order though by what
means aid OF such influences was sesured
is not known. 1t was introduced "by
request, no individual member Of the
upper branch, rs appears, teing willing
to father 1t. And for excellent reasons.
OF the two persons mentioned as charter
members of the "Provident Disability
Insurance concern one is said to 10
New York lawyer. but We have Deen so
far anable to track his identity or stand
ing In his profession. The other is a
Providencs man who was reported to US
~ having been deputy insurance COM
missioner in MASSACHUSETTS,. But this,
we discover, is not so. The party re-
ferred to was simply clerk in the New
England Underwriters Association at one
time. Locally re was formerly known to
limited circle as the proprietor of
"quick lunch" shop and is now, we un-
derstand, engaged in the honorable pro-
fession of bookkeeping to which, so far
as any interposition Of the State Is de-
served, as in this bill. to elevate him, he
would rettsr stick.
The bill for the incorporation Of the
Prcvident Disability Insurance Com
pany, briefly, proposes powers never te-
fore granted any corporation in this State
for all the lax laws that permit charters
that many other States would never
grant For one reason alCne 1t ought
never to be granted and that 10 1t per-
iuits tuo pioSeOuoiou VI tiio ouSiueo DO Va Aio
insurance subject only to the general oor-
poration lava The danger OF such an
institution so chartered is sslf-evidsut
even though Its original founders had
only the most honest Intentions As .
matter of fact no applicants however
responsible, wers ever granted q charter
with such powers as this bill provides In
several particulars, and it.ls absurd that
the Assembly should find 1t necessary to
give serious attention to a proposition
advanced by two unknown men. one non-
resident as in this particular instance.
The public would be glad to learn what
sort Of "pull" they invoked TO secure
the passage Of the impudsnt bill in the
Senate but that it now rast history. The
thing to do now is to see that the out
ragsus proposition Is killed in the House
committee.
1t In IN illustration of the statutory
weakness Of our insurance department.
that the insurance commissioner does
not occupy position that makes it his
duty and his privilege to expose such
bill as this Provident Disability Insurance
proposition the moment 10 GOES on the
calendar. In Massachusetts,, for instance,
the insurance department. would be OK.
pectsd to promptly discover such legisla-
tion and warn the committees against
10. In Rhode Island. however. tho In
sursnce department would only be re-
sarded as meddling In something tkat
was none Of Its concern did 1t make any
protest against pending legislation or
offer word of suggestion without 1t was
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