The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-01-04
HOUSE OF MIRTH
HAS BEEN CLOSED
New York Republican Legislators All
Ardent Friends of Reform
This Year.
WADSWORTH is SPEAKER
MESSAGE OF GOVERNOR HIGGINS
READ.

Albany. n. Y, Jan. 3.-The state
legislature convened at noon today for
the 129th session under conditions in
some ways remarkable. The closing
of one of the bitterest factional fights
for the assembly speakership in many
years, the expectation of many that
the defeated faction would at once in
augurate policy of reprisal; the I'M
derstanding that at the opening of the
session Senator Edgar S. Bracket Of
Saratoga would introduce his long
heralded joint resolution requesting for
resignation Of United States Senator
Chauncey NJ. Depew; the intensity Of
feeling in many quarters resulting
from the disclosures of the insurance
investigatiOn-an these things drew
upon the opening of the session today
degree Of public interest greater
than for many years past.
There was very much more than the
usual interest also in the annual mes
sage Of Governor Higgins to the leg
islature, which included important
recommendations as to life insurance,
the mortgage tax law, the savings
bank surplus tax and electoral re-
form.
Message of Higgins.
The governor, in his message, says:
Inc eyes Oh the WuOle NtTIQ are
now turned towards New York, and if
this legislature does not produce an
insurance law which shall be drastic,
but practicable; radical. but sane, in
a spirit which shall be cOurag eOus,
but not hysterical, It will fail to meet
the expectations of those who have
confidence In the ability of popular
government to solve its own problems
as they arise.
or the federal government is not prob
able, and the possibility Of such &C
ton should not retard for an instant
the work Of the state.
Word of Warning.
while life insurance has received
almost exclusive attention, it cannot
be assumed that other corporations
dealing in indemnity and investment
contracts have been blameless, and a
word Of caution may not be amisS re
garding assessment associations, acct
dent insurance companies. cO-Opera-
tive fire insurance companies and the
like. Better allow free and unregulat-
ed Insurance than permit such concerns
10 exist under laws which do not pro-
tect our citizens, but enable the pro-
mOter of doubtful schemes to be guile
the investor to financial disappoint-
ises and deluded hopes.
The pOlicy-hOlders now demand
something better from the state than
a guarantee of sOIvency. He has
learned that his insurance will be
cheaper and safer when the compan-
MES are compelled to invest their as
sets for his benefit exclusively and are
prevented from diveTting funds TO the
individual undertaking of speculative
n n hn Of acrI
salaries and exOrbitant commissions,
gratuities to men of influence and con-
tTibutiOns for political campaign pur-
poses. He invOkes the powers Of the
state to shield him more effectively
and to curb the companies and their di-
rectOTs.
Radical Revision Necessary.
You will be called upon to make a
radical revision Of the law for the ben
eft Of investors in life insurance and
for the regulation and restraint of the
companies. We may well consider at
this time the expediency Of providing
for more thorough regulations by the
department of insurance. Under the
new insurance law of Germany not
only are thorough investigation and
publicity insured. but the government
director actually enters into the bust
I'VE can learn much from a careful
examination of this law, although
some of it's provisions may be deemed
too paternal for our differing cOndi-
tons of business and political life OF
Objectionable as leaving too much to
the discretion Of the insurance depart !
ment.
Investment of Funds.
1.-THE funds Of insurance companies |
should sacredly be safeguarded for the
policy holders by the state and every
element of personal gain eliminated
from their management. To accom- !
plish this result it has been suggested
that large amounts ought, for the
safety Of the insured as we'll as for the
good of the community, to be invested |
in bonds secured by mortgages on real |
estate at a conservative value; that de- |
posts with or loans to moyened COrpO- |
ratiOns should be subject to suitable |