Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1905-12-13

to their interests to make politics and
government q matter of business.
Whatever conduces TO make the voter
as he enters the election booth free
/ to exercise an Independent judgment,
to consider the public welfare, the in
tegrity of the state and the country
first of all, will at once establish
higher party standards and better pub
| lie service"
The Capitol.
! OF the several acts requiring revi-
sion the governor says,-ano this mat
| ter is first In his message-one Of the
most important Is chapter SIC, which
provides for the erection of a capitol
by sections, as the needs Of the state
may require. Examination of this act
makes it plain that several of the i'm
portant features of the law prescrib-
ing the powers and duties OF the COM
mission are of very Uncertain mean
ing and necessarily require construc-
ton. With all the conflicting inter-
ests involved and the tendency In
those who compete, as architects or
contractors, TO become embittered IL
they meet with disappointment, this
would be exceedingly dangerous. The
commission ought not to be left to
grope in the dark. In carrying out
this great work 1t is right, that their
powers should be restricted II is alb
solutely necessary that they should be
clearly and accurately defined. Moth
ing, says the governor, should be left
to conjecture or be involved in uncer-
tainty. Then he calls attention to
many antiquities of a technical but
dangerous nature.
1T is a shocking disclosure of the de
mQralized business integrity OF the
country" he says. when the adm!s
sions of the highest officials entrusted
with the savings which the people have
invested in life insurance and charged
with the management of these funds
show habitual violation of their trust
to enrich themselves at the expense OF
policy holders. 1t ought to be neces-
sary to say that no officer, agent, or
ELIE. uAE vi dNN AuHuA dnNG AOlARetlAs
should be personally interested in the
purchase or sale of any securities OF
that company, or any personal or pc
cuniary interest in the making of any
loans of the funds of the company.
The disclosures of the investigation
of the New York legislative committee
have demonstrated that the policy
holders of at least three of the largest
of the companies of the country have
been systematically plundered by the
operations of the officers of those com
panies" 1t appears )m the testi-
lnony take before the New York in
vestigating committee that one OF the
great sources OF evil is the improper
utilization of insurance companies with
other business enterprises, both
through the personal connections or
insurance officials with such enter
prises and through the holdings of
stock and other voting securities of in
dustrial and transportation companies
by insurance companies A conser-
yative estimate places the par value
of securities owned by insurance com
panies, which carry with them voting
power, at over one hundred millions
of dollars. To the extent to which
securities represent voting power in
surance companies acting through
their officials, participate in yhe man
agement of other business enter
prises. This is beyond the legitimate
province of life insurance companies
The governor thinks 4 questionable
If insurance companies should invest
in securities of this character at ALL
but If investments in selected shares
of unquestioned value be expedient
the voting power that they NAV carry
should be vested in public official
not connected with an insurance com
pany or any industrial or transporta-
ton company
The governor details some of the
shocking facts revealed in the New
York investigation and adds: 1T
seems to me that 1t Is due to our own
home companies, their policy holders.
and the people of the state, that wis
constn take such action as shall
make impossible a repetition in this
state of what has occurred in New
York and at the same time satisfy the
people as to the condition of Wiscon
sin companies. 1t has net been
intimated that any Wisconsin com
pany has been guilty of any sucn
wrong doing as that uncovered by
the companies under investigation il
New York. The reports of the warn
Gus companies to the insurance depart
ments de- not indicate any of these ir-
regularities. 1t has yet to be intimat-
ed that the Northwestern is guilty of
| any such Irregularities as have been
found to exist in the New York com
| panies. It's Invitation recently pub
1 ished, counting investigation, would
indicate that 1t has nothing to conceal.
/ The subject of insurance legislation
/ opens up such a wide field and there
is such need for thorough investiga
| ton that the governor recommends
4 that a committee with power to sum
/ mon witnesses, examine books. ana
/ with all power necessary TO investi-
| gate expenditures and methods OF
doing business be appointed and in.
strueted to make complete report to
the governor by Nov. l. 1906.
/ Railroad Rate Commission.
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