Daily press. [volume] (Newport News, Va.) 1896-current, 1906-02-02


and we need and desire the building
OF others In many sections of our
state. Our policy should he such as
10 give assurance to those who have
and Will invest in such properties
mat they may expect reasonable re-
turns and will receive from us
honest. fair and just treatment. Rui
we should have ii distinctly under
stood that so far as we have power
10 prohibit that there shall he no
rebates, nor favoritiSm TO any shin
pers; no discrimination against in.
dividnalS. sections or cities: no com,
bination or pooling to destroy com
petition and increase dates: no cxor
bitant local taxes destructive of in
duStrieS and re:arding development:
no local rates in excess of through
rates thus permitting MS TO be un
dcrSold in the markets of our own
stale. The enforcement of these jus,
policies must result to the advantage
of the farmer. merchant. mamfac.
iurer ami miner
immigration Endorsed
Immigration has wisely been made
a part of the agricultural dcpar,.
mcnt OF this state. This deparimcn,
with the means at its disposal has
managed this feature intelligently and
with success. II has been instr,mcn.
ial in bringing to this stare sever
al thousands Of splendid Immigrants
from the Northwest who have pmr.
chased homes ana now constitute
i part OF our best citizens and most
prosperous farmers. The prospect OF
more settlers from this section i'm.
creaseS each year and their coming
should he encouraged in every pos
sihlc way. Virginia cannot afford 10
he indifferent to immigration.
There is Il great scarcity of farm
labor in this state which must he
supplied. MOI much more than half
of our land is under cultivation.
Department Of Banking Needed.
Another matter demanding legisla.
lion is the creation Jointly or separa.
'iely. as may seem better, OF Il De.
pariment Of Banking and Insurance
ana The enactment of some addition
al Legislation controlling these two
businesses in this state
lf'it. as great as are the advant-
ages TO Il community of il hank run
safely and conservatively. equity as
disastrous are the effects OF one run
rcckleSsly and unscrupulouSly. Tho
''H'' vi ' u NUdTltTtu v
her and having on deposit and Suo.
jcct TO their control millions OF
dollars in money. should be subject
10 laws combining their operations
within safe and conservative limits
ah0 they should be sufficiently exam.
med by Il capable and honest Off.
cial To ascertain their solvcncy and
whether their assets are impare
or MOI, and see that the laws con.
trolling them are oheyed. Banks
tina; are properly run should not oh.
I"ct 10 this. Those that are NOT should
have this forced upon them whether
they desire il or not.
Virginia should not longer delay
legislation upon this matter
Insurance Not Overlooked.
As previously stated. insurance re-
GnireS consideration at our hands.
The benefits derived from both life
and fire insurance are vas, and in.
Vulnerable. Insurance is so promo
tive of public good that il should
be encouraged and no legislation
should be enacted tina; would retard
IFS rsc or proper extension. But,
there should be legislation and S,.
pervision in this state of both life
and fire insurance in order 10 secure
aS far as possible the solvency of
the companies conducting business
mere. the clcarness of contracts and
divcsiinS them OF ambiguous and
misleading statements. to obtain re..
SGnable rates and To prevent the rates
charged in Virginia from exceeding
those in o'tcr states possessed of
similar conditions
The life insurance companies have
greatly enlarged their fields of orer
atoms ana have now really become
the savings banks of the nation.
They hold in trust millions of the
earnings and accumulated savings OF
The people.
Vireinians Pay Out Millions.
About five millions of dollars each
year are paid in premiums by the
people OF this state 10 life insurance
companies located outside of Virginia
We should by law require the life
insurance companies doing business
in this state to invest a part of their
reserve funds in safe Virginia Sc
rnritics, loans, mortgages or proper
ties. hpproXimating as near as pos
Sible the amount required TO the
amount of Virginia premiums that 20
INTO the reserve funds. This. be-
sides being beneficial to the state
would give additional security to Vir-
Sina pOlicyholders
State is Prosperous.
The time is now opportunc for
Virginia To commence an era of edu.
caiional progress. OF internal improve
ment and development, which her de-
hcient revenues heretofore have pre-
vented. We have recently reduced
our taxation upon real and personal
property. but. under Ike wise prOvi-
sions of the new Constitution. new
ana JUST sources of revenue have
been created and we now have a.