The Athena press. [volume] (Athena, Umatilla County, Or.) 18??-1942, 1906-03-02

they have not in their own hands
ample powers of defense. The i'm
mediate consequence of the differences
that arose between Mr.. Alexander
and Mr.. Hyde little over year ago
was the disclosure of unsound and
dangerous conditions, of unlawful
practices, and Of gross abuses of trusts
in the great insurance companies.
For the cure of these evils no new and
and untried remedies were tried. The
aid of no swashbuokling crusade in
the work of reform was invoked.
There was nothing unusual, nothing at
all out of the ordinary in the meth
ods restored to to root out evil and
restore wholesome conditions in th.
life insurance business. Recourse
was had to a method made familiar
by immemorial use. The legislature
named committee of investigation,
as it has named hundreds of such
committees before. The committee
with the aid of able counsel began its
work. 1t pursued its inquiries during
a period of four months. and it has
now rendered its report. Through
press reports of the testimony taken,
not only this community but the en-
tire nation was advised of what had
been going on in the insurance COM
panies. The public interest was deep
ly stirred. the public 'attention was
enhanced by the disclosure, many
times the public indignation was
aroused by revelations of forbidden
and abhorrent practices, and steadi-
ly from the beginning to the end pub
lie opinion has encouraged and sus-
tanned the committee in the perform
ance of its task.
And now, without single indict-
ment found, without any prosecution
begun, without any new law enacted,
the wrongful practices discovered in
the insurance business have been stop
ped, the companies chiefly offending
have been recognized, and, in the
case, certainly, of all but one Of them
and that one is under such public
scrutiny and criticism that regenera-
ton cannot long be deferred-there
are substantial and satisfactory assur-
ances that evil ways will not be re-
sumed. These reforms have been
wrought by public opinion made effec-
tive through use of the ordinary ma
chinery by which the interests of the
commonwealth are safeguarded. The
cure has been accomplished, too, with
out the necessity of a resort to the
courts. The transgressors who had
been unfaithful to their trusts could
no more Withstand the pressure of
public opinion than the rotten trunk
can withstand whirlwind.
It is encouraging, it is exemplary.
For years we have heard the prophets
of evil declaiming against the great in
surance companies with their i'm
mense accumulations of assets as q
source of public danger. The Arm
strong committee says in its report
that "no tendencey in modern finan-
cial conditions has created more wide.
pplOnu dppI0uOu51Ou thoA tnO eOhu
ency to vast com binations Of capital
and assets. The control of these
huge accumulations "of assets readily
convertible into money" is referred tc
as condition that "has placed the
officers and members of, finance com
mittees of life insurance companies in
positions of conspicuous financial
power" They were in that position a
year ago. Where are these Simpsons
now that public opinion has done its
work upon them? II we do not FIND
them "eyeless in GAIA at the mill
with slaves" we find them at least in
situations quite as impotent and equal
ly void of menace. The presidents Of
the three companies most conspicuous
in the disclosures were forced to re.
sign, one of them is dead, one of them
is an invalid, and another is in daily
expectation of summons in restitu-
tion suits. IL this land of liberty
protected by law" the people evident
ly know how to take care of them
selves.