St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1905-12-27

| WhIle the justices OF the supreme court
OF the United States, like the judges of
the several state courts, are human, still
the members ofthat greatest of all earth
~ tribunals never have, and may this
Capitol crumble into dust whenever they
do, adjudge any law OF Congress consti
tutional, not in response to their own
high conception of duty and understand
ing OF the law and constitution, but at
the demand of great popular clamor.
They were not moved by any such base
influences, which may be termed by some
the vox populi, when they decided the
income tax law enacted by Congress to
be unconstitutional, and may the day be
tar distant when, by Congressional
enactment or judicial decision, the
authority of the states over their own
corporations shall be entirely destroyed.
am policy holder in both the New
York Life and the Mutual Life of New
York, and | ieel that my holdings are
more valuable by reason of the investiga-
ton OF the Armstrong legislative COM
mittee. II evils have existed or do exist
IN the manner in which these companies
have conducted their business, and no
one doubts it, those existing evils can be
remedied much more promptly and
effectively under state than under Federal
supervision.
The righteous indignation, an out
ragged public sentiment sure to exist
among the people of the state that
created the corporation, and will certain
ly be made manifest upon the disclosure
OF the least evidence OF evil doing, will
demand in no uncertain sound that its
officers and legislators shall correct the
wrong, and the demand will become effect.
i've long before the national government,
its officers and agents, have awakened
from sound and dreamy sleep. / repre-
sent, 10 part, a little state way up among
the green hills, having a population ac-
cordng to the last census of little over
343 900 souls. 1t has AZ savings banks.
carrying the deposits oil over 140 900
men, women. and children, amounting to
over SAT 900 600 with an undivided sur
plus OF over 100000. 1t has 40 ma
tional banks with paid-up capital OF
Sc, 1856 900. The former, notwithstand-
ing they are constantly loaning money in
other states, are under the exclusive jur-
sdictiou and supervision of the state,
where they should always remain. Each
OF these banks are thoroughly examined
by the state inspector OF finance twice a
year and his report made public annually,
and again blennlally. Bankruptcy or
voluntary liquidation is a thing I'm.
known among them, by reason of the
conservative, careful, and honest man.
agement of their officers. The 40 ma
i .xo1,,
sive Federal control, and while no pres
ent unsoundness is known to exist, yet
within the last twenty-five years have
known of at least FIVE that have been
obliged to close their doors by reason Of
their insolvency, and the insolvency OF at
least two of them had been OF long stand
ing. notwithstanding the inspections Of
the national bank examiner.
We have another institution in our
state OF which ever Vermonter is proud.
1t is the National Lite Insurance Com
pany, at Montpelier, chartered by the
state over fifty years ago, organized and
for years managed by DR.. Julian Dewey,
the father of our present great admiral.
1t has well-invested and secured assets,
in round numbers, OF So, 900 900; its
insurance 10 force amounts TO over
$135, 100000; its annual cash income
meets its yearly liabilities, leaving an
annual Saved income" according TO its
last years report, of nearly So 100000.
Its present president was for many Years
the actuary OF the company, and no man
has better understanding of lite insur-
ance than he. he is paid salary OF
$4,000 per year. and its other officers a
reasonable but in no sense an exorbitant
compensation. The affairs of the com.
pany are conservatively and carefully
managed in the interests of it's policy
holders, and they require no federal
supervision.
Vermont's secretary OF state and state
treasurer are its insurance commission
ers, who examine and report upon the
condition OF the company, as they do of
it's fire insurance companies. The state
supervision which these corporations
have, to my mind. is far superior to any
supervision that could be given them,
were it constitutionally permissible to
place them under federal control. Believ-
ing as do that Congress has no con-
stitutional authority to legislate upon
the subject of insurance, but that it
belongs to the states exclusively to
create, supervise, and control, shall
vote, If the opportunity offers, to commit
that portion of the Presidents message
to the committee on the judiciary.