Clarke courier. [volume] (Berryville, Va.) 1869-1997, 1905-10-04
FROM WASHINGTON.

The investigation of the big life
insurance companies of New York
Just now seems TO have backed
everything else off the boards. as
aninterestmaker intopublicevents.
IL seems to be the consensus of
opinion here among the leaders of
the Democratic party who have
visited the Capital recently that
the investigation. so far. has
been a rank failure and a farce.
They say that Chairman Hughes
of the New York legislative inves-
ugatlng committee is making q
grand stand play to the gallery
and that he is doing it for his own
behoOf and in the endeavor TO
make political capital out of it for
himself and for the Republican
party. lie wants to have his party
pose rs the great saviour of the
people and that ne is the prophet.
10 far he has brought out nothing
to the detriment of the companies
relating TO the misuse Of the money
entrusted to their care by the peo-
pie who have bought life insurance
nolicicS. lie has shown simply
that the companies have invested
ihe funds in their hands in the
interest of the policy holders, as
any other banking institution would
have done. When a man deposits
money IN bank ne does not expect
the officers OF the bank to allow it
II To lie idle in the safe or vaults of
of the bank. The officers invest it
To make money out of it for them
selves and the stock holders. In
the same way the officers of the
insurance companies have invested
the money of the people to make
money for the policy holders in
stead of themsclvs. There is no
sane man who belives that a single
one of the big life companies in
New York Is inSolvent. On the
contrary, If every one of them
should quit business to-day and
never sell another policy. they
could pay dollar for dollar every
outstanding policy. The absolute
integrity of such men as Mccall.
Morton and Perkins is beyond
cavil, and To hold them up as
marks for the little pin headed Re
publican politicians of New York
Is disgusting To the sober and SEN
Sible people who know and realize
the true inwardness of this social
ed investigation.
The truth about this investigation
lies much deeper than anything
that appears on the suface and is
of absorbing interest to the people
of the entire country. Aside from
the fact, as above stated, that little
Mr.. Hughes wants to make capital
out of il for himself and the Repub-
lican party OF New York which is
rotten 10 the core. the great under
lying idea of the whole thing is TO
boom RooSevelt'S idea of Federal
control of life insurance companies.
He already has been the moving
factor in the fight for Federal con-
troll of the railroads. If he gets Fed
eral control of all the big corpora
tons in the country. then State
rights mean nothing in this country
and we may as we'll have socialism
at once and be done with,it,
The people should not be fooled
with the bluff and buster of the
little political committee that's try
ing to smirch men whose names
have been for years the synonym
of financial intelligence and integ-
rity. The insurance companies, it
is belived here. will prove a clean
bill of financial health, but the
game is TO start the boom for Fed
eral control and Teddy may get
his followers to introduce such bill
into the coming Congress. This is
a Republican scheme from start to
finish.
The men at the head of the game
dO not believe there is anything
the matter with the insurance com
panics, but it suits their purpose
to exploit them in order to further
their own ends.
| am reliably informed that the
visit of the Taft party to the Phil
ippines surely will result in legisIa-
ton at the next session of Congress
which wili.remove all duties from
Philippine products coming into