The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1906-08-31

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surance as family protection may be
preserved, and
Fomth-That ii may be made safe So
| that those who invest their money in it
may not be deceived or disappointed.
| do not think that these objects are
to be accomplished by change of man
agement of the companies alone. | am
afraid that even if the policy holders
participate in the selection of trustees,
as they have not heretofore done, the
trustees of their selection, however fair
their repute, will find it difficult and
| perhaps impracticable to give that init
mate supervisory attention to the several
companies affairs which, in the long
run. is essential if evils are not to
creep in.
TO secure permanent results, we shall
| have to have continued regulation and
supervision by the state We think we
have discovered some of the sources of
evil. EXtravagant salaries, reckless eX
penditures and the use of trust funds
for speculative purposes and private gain,
nave been encouraged, in the opinion of eX-
perts, by the accumulation of great sur
| pluses, needlessly exacted from policy
holders Legislation requiring at least
the apportionment among policy holders
of their excess payments at frequent in
teryals will check some of the troubles.
But after while they will return again
in some other shape unless constant Wig
Hence is employed. The state owes it to
it's people to itself insure the safety of
the financial institutions within its bor
ders. The average citizen has not the
time nor the facilities for personal in
| vestigatiOn. The state must assume the
task. It's methods of investigation should
be so complete that its license issued
to an insurance company or bank,
should be equivalent to a guaranty that
it is entitled to public confidence. An
insurance company dishonesty or
lincompetently managed, or "a bank
become insolyent, is public dis
aster of wide reaching consequence,
land should be made an impossi-
bility. This can be accomplished in one
way. and i'll one way only, and that is
by system of the highest publicity.
The insurance departments of the sew
eral states should devise and enforce the
use of such forms of reports that the
conditions of the several companies as
to assets, liabilities and expenses, should
be clearly disclosed. and should cooper
ate one with the other so that the cost
of Investigations from time to time may
be minimized. The revelations of the
recent investigation committees would
have come years ago had such a plan
been heretofore adopted. But the vast
ness of the work for the insurance de-
partment of any one state has prevent
ed its being done in the absence of CO.
operation and reports furnished have
served to conceal rather than show the
truth. In other words, think publicity
is the great safeguard.
Drainage of State Lands.
/. During the session of 1905 law was
enacted by the legislature, providing for
comprehensive system of drainage of
such part of the states swamp lands as,
in the opinion of the state drainage COM
mission, is advisable. This system in
wolves typographical survey. In No
vember next, the engineer i'll charge of
the survey is TO deliver to the drainage
commission. to be filed with the state
auditor, a map of. the swamp and
marshy lands he has surveyed which will
show not only the location, length, size
and approximate cost of each ditch sug
gested, but it will also show each forty
acre tract of land to be benefited by
each drain. Anyone carefully examining
that map and the reports which will
, accompany it which are to be printed
for the information of the legislature
and the people, can distinguish not only
the lands owned by the state that will
be benefited, but he can tell what lands
to be drained are owned by private in
dividuais or corporations. Every essen
tial fact with regard to each drainage
, lditch will be in possession of the legisla-
ture, and they will be in a position to
act intclligently on any drainage project
F they may decide to undertake. Thus the
legislature will be able to so apportion
the cost of drainage that the burden will
, fall on each forty acre tract in proportion
to the benefits received. For myself,
will say that L am not in favor of pay
ing single dollar of public money for
drainage of land owned by private individ-
uals or corporations. State drainage as ad-
vocated by me does not mean the drain
age of single piece of property owned
by individuals or under any other own
ership except the state, and only such
lands belonging to the state, as, in the
opinion OF experts will be valuable
enough after such drainage, to more
than repay the money expended upon
them.
The state owns nearly two million
acres of land that is entirely worthless
until il is drained. There is afforded
unmistakable proof that nearly one mil
lion acres of this land, when reclaimed
by ditching, will he as good as the aver
age swamp land that the state has al
ready sold, approximating fifty thousand
acres. and sold at the average price of
/. $6.43 per acre. Even if the market value
of this class of land does not increase in
value as time advances, which is alto
gether improbable, that one million acres
when drained, will sell for $6,43O, 600
The estimated cost of draining these
lands is 81 100000, or only one dollar per
acre. This sum, however, comes out of
the current funds, and the whole of the
Sc, 43O, OOO when the land is sold, will
90 into the school and other trust funds
of the state. This money, when placed
at interest at four per cent, will yield
net income of $257 200, which will an
nually be pouring into the state treas
ury as interest from the sale of these
lands alone. This income is not for one