Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-12-16
G0NTROL0F INSURANCE
MR.. COCHRAN ARGUES FOR USE
OF THE, TAKING POWER.

The House yesterday devoted four and
three-quarters hours to lively debate on the
possibilities OF controlling insurance COM
panies. Two set speeches were the feat
ures. One. by. Mr.. Sherley of Kentucky.
bore on the doctrine of states rights. and
the other. by Mr.. Cochran of New York.
related to the actions OF the officers who
manage the big life insurance companies OF
his state, Mr.. Cochran proposing that Con-
gress. through its taxing power. should con-
fine all insurance companies to the state
In which they are organized.
Mr.. Mann Of Illinois outlined q proposed
means of control he viii later present in
the form of bill. leaving 1t to the insur-
ance companies to voluntarily submit to
federal examination and approval. Mr.. VIII
lfams, the minority leader. closed the de-
bate. holding that control was possible, but
not through the taxing power.
No conclusion was reached on the COM
mittee reference of the Insurance feature Of
the Presidents message which Is the matter
under consideration.
In his eloquent speech Mr.. Cochran said
that the remedy was to confine insurance
companies to the state in which they were
organized, the same savings banks are
confined. Believe me- he declared, there
IS not the need of paying salary of $780,
900 year by any insurance company to
protect its policy holders, but 1t Is necessary
to get man to swindie them"
Mr.. Cochran described the method of stock
gambling practiced by insurance companies,
and said that the thousands of successful
instances left no record behind 1t was
only the few failures where the companies
were required to make good, that a record
was made.
"Rockefelier's fortune is a monument to
crime declared Mr. Cochran. and he does
not deny it,
1T is time we should consider the awful
effect of criminals still holding. the offices
they have abused" he added.
The situation, Mr. Cochran said In conclu-
sion, was such that Congress was bound to
take action. He believed this action should
be to limit insurance companies to the state
in which they were organized. He believed
special committee should be appointed to
secure that action.
Mr.. Adams IPa.) called attention to the
recent hazing at Annapolis and the proyi-
sion for the expulsion Of nlidshipmen engag-
ing in haZing The code of honor of the
academy was denounced by Mr. Adams, and
he declared it was time for Congress to
take action to prevent the recurrence of re-
cent disgraceful events.
Mr.. Williams criticised life insurance
officers in New York. He declared that II
they had not stolen, they had abused their
trust, especially when they gave large CAIN
paign contributions where the money was
not their own.
Mr.. Burke (Pa.) interrupted to ask II the
courts OF the state of New York were
not under the control Of the political party
" wuicn Mr. Williams belonged. This was
resented by Mr. Williams, who said # was
degrading the discussion Of broad uues-
tlon to partisan fling. He might make
return in-kind If he wished to, he continued.
Is the gentleman not from Pennsylvania r.
he asked. Uaughter). rs he not also from
the city of Philadelphia" Mr.. Burke re-
Joined that Pennsylvania was not com
posed entirely of the city Of Philadelphia.
But, re1oined Mr.. Williams, 1.-THE Inn
preston prevails in many parts of this
country that the absolute republicanisu in
fennsylvania Is due to the sardine-like
conditlon OF things in the city of Philadel-
the history about Boss Tweed. or anytbine
else that ever wore the uniform and bore
me name of the democracy of New York
lily. that these old characters are rush
a s n.s OF corruption to the sunlight of the
rank rottenness of Philadelphia.
win this fling, which was received with
laughter, Mr.. Williams concluded his re-.
until today N~1o1i iiSu