The Cairo bulletin., 1905-10-19
JAIL FOR INSURANCE eRAFTERs.

The action taken by the Merchants
association of New York looking 10 the
punishment Of insurance magnates who
lmlsappropriate policyholder money
as though the wrong doors were guilty
of larceny Il significant of healthy
idea among the business men Of thar
city Of what constitute honest deal
ing8 among those who are given the
care OF other peoples money in the
capacity Of trustee The organization
referred to which Is large and repre-
sentative adopted a resolution calling
on the district attorney 10 ascertain
whether an indictment cannot be
found against the life insurance Off
GERS who contributed funds of the
policyholders to political campaign
committees, and ask ne that civil ac-
ton be taken by the proper authori-
ties looking TO he restitution Of these
misappropriated funds. The associa
lion recites that the penal code pre-
Yides in substance for the punishment
of those guilty Of such conduct as EN-
bezzlers, and that the interests OF tae
community demands that this M sap
Precipitation be punished II is further
recited that no distinction in the law
should be made in favor of those who
are in high business positions, ana
that c-nyict ID of such offenders as
common thieves would be operat We as
q check nnOn corrupt use Of money
by corporations
All OF this is true and shows which |
way the moral temperament is leaning |
in reputable business circles in New |
posure of the most fagront graft and |
posures Of the mostfagrant graft ana |
the most shameless outrages against /
honesty and decepcy in the financial |
circles of New York during the last
year or so Regulations of men prom |
nent in the business world have
melted like snow under the searchlight
OF exposure. The thing has gone from
bad 10 worse until sentiment among
honest business men in that city has
been rud ,lv iostled, Those life in
sur.uce msgpatcs knew as we'll as
the policy holders them elves that
their money was not paid into the
companies to be appropr ated 10 poiiti-
cal campaigns Those life insurance
magnates knew full Well that the
nepotism they practiced at the eN-
pense of the policy-holders was VIOLA
ion of every sound principle of bust
ness morality. They were obliged to
know as everybody else knew, that
these things were graft pure and
nipple. and that the men who did
them were thieves by every pr nciple
of the neral code The fact thar they
occupied high positions Of response
bilty and trust, instead Of exeusing
them. made their crime even moe
reprehensible.
If the law cannon take hold of the
men who committed these offenses,
then the law bearing upon larceny Is
defective and should be so amended
as to include in ST. prov sions the
punishment of JUST such men for just
such offenses. When business men
drawing princely salaries to receive
and properly guard millions Of dollars
belong ng largely to poor men who
thus endeavor to provide for their
widows and orphans by practicing
often the most rigid economy and self
sacrifice. squander. m appropriate
or steal this money, they should come
under the penal code and be put in
Jail as the just penalty Of their crimes
as well as for the sake Of a moral les
son those who have strong temp'a-
lions to forge checks. pick pockets or
burglarize banks II Is a source OF
gratifcat on 10 note that so large and
representative a business organization
as the Merchants association of New
York We've the cases of the insurance
grafters n this light