New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-03-16


voucher went in that was the time to have salt
20 me- Sir you have not submitted q prope
voucher, and whose duty II to do that
The auditing committee OF the trustees wer'
they perfunctoryc No. Salaried: a special sal
AIRY for 4 chairman: another salary for c.epufy
q daily compensation for Others That attended
Suppose that IL passed the first month. Wher
tho accounts came IN the vouchers were there
Tor protection In TIE hands OF the controller
And it came 10 a second month, and &c went 20 9
NTH month, and IL went 10 tenth month aho
So went 10 year. and all the time was carrying
forward the business and the purposes ano tht
ITGtecton and SAVING money Tor those lns
companies But the tenth month passed ano
there Gas no objection And The nrst year
passed and there was no objection. Ana the
second year and the third year and the fourth
and she dfth and the sixth and the seventh, the
eighth. the ninth. and Ihe tenth. and then when
the cry comes out they say, We'll. we old nor
know anything about ii. This is the fellow, THIS
&c the man that has done IL all" If they haa
stopped. II they had performed their duties Whe.l
they should have done II. If It was a duty-out
mark. I am not assuming or asserting or accept
ing that Il was-but II II was guy mere me- a.
should have stopped II Al the INCEPTION OF H.
And when they continued and continued by me.
the fault. the blame. the responsibility is thelrs
and II IS not mine I could have stopped the
first month, ard IL could not have performed
nv duties without presenting detailed vouchers
] could have surrendered my contract
NO CRITICISM MADE.
Never, as the evidence OF your Investigation
criticism Why could there be? They sat there
weekly cashing the emoluments that came 70
the vouchers there under their noses and II they
took them and looked at them, why. then they
approved what was done, and stano approSeo'
II they dtd not take them and look at Them
then they deceived me into the assumption that
they performed their duty. and that they were
satisfied with the manner ana rehdiuoh OF my
After and beyond that. remember. after this
auditing committeeman by the way, let me say
4bis 70 correct the press assertions. and which
nobody on the part Of the company has as
sumed 10 DO. that what is called the Paris ac-
count was actually reported upon ana passed
upon by the auditing committee OF the New
York Life. And let me say, further, that never
q Do ar OF the New-Yo LIES money passed
through my hands 10 which did not put my
F.John Hancock" And when you remember the
story OF the Steel Trust divideno-that money
was not paid by me. but was paid 20 J. 7. Nor
gsn & co. TO take I'D some notes which had
discounted IL order 10 pay for facilities and for
che purpose Of the time. the obligations OF the
New-York Life
responsibility OF this auditing can be confined
20 A. and c. During this long period OF years
there has been a rotating membership; this time
A and B. next year B and c and next year B
and =, that ali this knowledge has spread
Ard--why, II simply excites my laughter when
hear the gentlemen assert-those who are here
and IN my hearing and others-that they ala
not know that Andrew Hamilton was defending
The New-Tork Life and the insurance interest
generally throughout the United States on be-
half Of the principles which the officers Of the
insurance companies believed 20 be necessary for
their success and for the benefit Of the policy
holders.
PATS FOR YELLOW DOG"
Why il there was trouble and an agent would
write from a fsr-off country and say. If this
bill passes II is going TO XIII our business out
here they would rush In you know TO the
dresden and say: We'll now, here is this agents
letter: for heavens sake, will lose all our
business out there" We'll send for the judge"
AN right" The judge VIII come. sit down"
.sTTeIi What Is The tronble9" well heavens If
This bin passes We might as well get out OF that
State" We'll all right" We will have 70 see
10 agitate- We will have the press DO some
thing. viii have 10 have the politicians do
something: We win have 10 have the agents do
something. we VIII have 70 have the policy
holders do something: We VIII get men Of in
fuence 10 go ahead and see if we cannot beat
It" And would beat IL. Then the word
would come in 1T IS beaten" They would come
sn and pat the back. the men that woIld
not know me now would come in and pat me
ON the back and say, You did IL"
Now. about the vouchers-an say about that
SIS dd not keep the books Of the New-York
books. And when $1,000 or $4,000 came into my
possession ] gave my voucher for it. Now, IL
WIS going TO do anything wrong with IL or put
Il i'm my pocket would have got it in another
way and / could not get il. Because want
10 tell you that the stingiest that ever
audited an account that know OF in my life
was John a. Mccall. had TO go up and show
cause befoTe-Wen, ] had 10 show cause first
before ] went into il, and then when I came
hack ] had TO show cause before I could pay
my bills. So that I never know and II is not
known where the accounts were charged whether
$4,000 was charged TO this account or that OF
the other I did not keep their books. ! had
no responsibility for that, and if there were
errors and wrong in that, II lays right down at
the administration, and il comes right back TO
the board OF trustees Of the New-York Life ard
20 nobody else.
NEEDS OF INSURANCE FINANCE.
Now, simply IN this interruption OF the
ordinary course OF hearing to-day giving one
chapter. The volume VIII be made of successive
chapters Now. about the methods and the
vouchers, ! have no excuse whatever 10 offer
about the form OF vouchers that were accepted
FOR the disbursements that I made TO the various
branch agencies
The insurance world to-day Is the greatest
financial proposition in the United States. And
as great AFFAIRS always attend, 1t commands a
higher Law. in defending fits rights and its
property. you cannot stop 10 kick every cur that
comes along and barks; and # you could sweep
them out IN other perhaps mysterious but by
honest ways, you are defending and asserting
The higher law which great enterprises have a
night 10 command.
So. ] say, when these vouchers were given over
they were right, and when the auditing COM
Tnittee approved them, then they stand as spon-
Eors for them. II they did not approve them
then they failed 10 perform their duty. And
the reason ] come forward now is not to saw or
not 10 apologize for those vouchers that were
given IN the form that they were given hut 10
say this That these men-with their responsi-
biities upon their shoulders and not upon mine
they have something account for nd thew