Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1905-10-05
FOLK TALKS GRAFT
Missouri Governor Delivers sensa-
tional Speech in Which He Scores
the Life Insurance Company Officials
and Calls For Change in Law.


warrensburg, Mo-, Oct. 5.--Governor
Folk. In a speech here Wednesday, an
nounced his views on life insurance
graft in this emphatic language:
when the directors OF a great In
surance company use the money IN
trusted to their care for their own
profit, that is graft.
when the president Of great In
surance company takes the funds held
in trust for the benetlciaries of insur-
ance policies and without their knowl-
edge and consent converts part Of
this trust fund into a political cam
paign fund, that is embezzlement.
ut Is just the same as IL public
official in charge of public funds were
/, to put his hands into the public treas
ury and take therefrom money which
he turns over to some one else for po-
litical or private purposes.
",rhere Is now in the hands of insur-
ance companies in the United States
a total sum greater than the money
supply of the nation. 1t has become
of nearly as much Importance to the
welfare of the country what Individual
controls the millions of dollars of this
or that life insurance company as ~ Is
who is secretary of theatreasury OF the
United States
"Flagrant breaches Of trust on the
part Of those intrusted with handling
these millions calls attention TO the
necessity of holding these trustees 10
strict Accountability before the par OF
Justice for all their acts
| "Officials Of life insurance COM
pany should be prosecuted when they
are faithless the same as corrupt men
| in public office.
"I,epitImate combinations OF capital,
whether they be for insurance purpos-
es or otherwise, are entitled to falr
treatment, the same as indiVlduals'
with equal justice, no more and no less.
"Rut II they cannot exist without re-
sorting to bribery and surreptiuous
violations OF the law 1t would better
for the people that they be wiped out
of existence.
"The time may come when the state
will insure her own citizens at FAR less
cost and with far more safety to those
who need that protection.
"Uhen ono reflects that Missouri
alone sends away premiums amounting
| to s14,Os4,946 a year, the gigantic ma
ture of the insurance trust can be real
lied.
.The millions piled up in the great
Insurance companies seem to be the
foundation IF what is known as the
system, whereby the financial affairs
of the country are being manipulated
to the injury of the people and the pen
eft of a special few. If the system IS
working an illegal game, the best way.
instead Of trying to beat the system
at its own game. Ia to put stop to ~
by enforcint, the law against the mem
bers Of the system and take their
graft away from them.
Action Threatened in Missouri.
Jefferson City, No. Oct. 5.-Consis-
tent with Gov. Folks declaration on in
surance graft State Insurance Super
lsntendent w. d. vandiver last night
announced that unless John A. Mccall
resigns the presidency OF the New YORK
fife and repays the money which the
commissioner thinks has been improp-
erly diverted from the trust fund Tor
political purposes he will immediateiy
take steps to take away the company's
charter in Missouri and stop 1t doing
| business In the state
"Mr. MCCALL, Mr.. Perkins, and all
others guilty of the misuse of funds
must resign" said vandiver. "and If
the case is within the criminal statutes
Of New York they should be prosecuted
as e,nbezzlers by the New York au-
thorities. One thing is certain, they
must replace these funds or they can't
do business in Missouri while am SUI