New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-05-17
CAM'AIGN GIFTS UPHELD.
Senatr BtsIkeley Defends Insurance
Contributions in 1896.

/
Warrington, May Ex-senator Buckley. o
, Conndicut, was heard by the House Commit
I tee oIthe judiciary to-day in refutation Of tn
stateent made yesterday before the COMMITTEES
by Mes M. Dawson, OF New York, actuary To-
. the rmstrong Insurance committee that no
one the American fire insurance companfe,
, kne' to-day whether they would or would mo-
be lvent when they paid their San Franciscc
loss.
Jere was. said Senator Buckley, absolutely
nOoundation for such a statement Mr. Bulke-
leJis president Of the AStna Fire Insurance
Copany. He said further that he knew of nc
AFRICAN company that did not know lust where
1t TODD financially. There were only two or
the companies which could not pay their losses
o. Of their surplus and still live. There were
, q or three companies which had increased
} tir capital stock to meet this demand
senator Buckley continued his discussion OF
. insurance questions confronting the country
the afternoon session Of the committee and
. me OF his remarks and conclusions created
pine degree Of sensation In the roomful of
committeeman and insurance representatives.
Discussing the Armstrong investigation and the
Irregularities brought out by ii. he said they
did not arise from the internal mismanagement
OF the companies or from the personal or Of
fetal dishonesty of the officers Of the companies,
but wholly from the jealousy Of financiers to get
control of the vast funds Of these institutions
The investigation and the legislation which has
grown out of IL, instead Of lettering conditions,
hs said, would produce contrary effect. as pro-
ncunced as jumping from the frying pan into the
fir Instead Of having several great institutions,
as before. controlled by a divided responsibility
the had put the entire business into the hands
OF ole man.
a.
Arn1nd. Senator Buckley did not reply. There
was silence in the room; then a general sup
pressd laugh. In the official record OF the hear
ing answer to this question will appear
WILL CONTROL WORLDS FINANCES.
'"Twnty years from now," went on Senator
Bulkely, after the tension Of this incident had
passed, these great insurance corporations ex-
listing O-day will own the major portion OF the
investment securities Of the country They will
control absolutely the finances of the United
States md Of the world"
SenatG Buckley. who IL DresiAen4 90 tha
s<Etna Fire Insurance Company, frankly admit
ted' In answer to q question by Representative
We re Arnond, that he had contributed $1,000 of
the runs or this company 20 the Mckinley
'campaign of 1896. He added that ~ Toigh4 os
ven 1, nave been $4,000 that he would have been
: ustihed in giving this amount, which was not
s. nea bite 70 what ne gave personaIIv
DO you think that action Ino11 y,o,,y nm, 4,
onuIoutlhg the trust funds Of your COMPANY
. :. d Ca!nPalgn committee either justifable, hon
81 or oecent?" QIIeried Mr. De Almond
contend that every custodian az f,Dds %
9 as chaLactes' replied the Connections Sonoto1
IS Justlned and within his rights when he taisnS
3 la' In1Hcy ana applies IL to the protection Of
) lie rights OF the people. I contend 49, e.
ection OF Mr. Bryan would have been csIs me
Mr. De Almond expressed a curios,t, q. 4,
, lI ! INTO the standard of morals which I,oI,I5
stLy sucn course, which brought fror, 60 80
or BuIkeley reiteratiOn of his justiicatioT
Dlu you contribute 20 the Democrats nart,,
L did not was the reply A''iO"u'
: ught?" OK 1885 was
Il do not"
MI De Almond then turned his question:, o,
: ce, Ger, what had been done with the svast
nu Whlch the Republican COMMITTEES h9S
lseo that year. and Senator Bulkelev raDiio1
at he believed It had been legitimateIv snept
) ms contribution OF 1896 ne placed on the
me ground of public expediencv in which ne
stlhed his contribution Of $4,000 to che reljeS
tne san francisco suffer eFs. He said he did
! rear criticism from his policyh0lders for
! ing ahything which he thought proper and
[ Al nc gave the money in the performance Of
duty. as he thought VI
, Tnls is new philosophy of Insurance oP !
hch am glad TO hear" commented MIR Oe
mona There are some people who oet 81
|, weIIul IN the financial world that thew d0 NOT !
10 go In boldly where others would NOT
If you gentlemen OF the House az Ranra |
Iatves, replied Mr.. Buckley who disburse |
Mons or the peoples money disbllrse N ae /
pestly as money is handled by the Insurance.
, hpanleS OF the country, you need have no Tear I
gong peIore your constituents"