Gloucester County Democrat. (Woodbury, N.J.) 1878-1932, 1906-02-08
NO ASSAULT ON FINAN.
CIAL INTERESTS NOW.

blAL lNIEkE0I0 NUN.
ssThe incendiary resolution introduced in
the House Of Assembly to the effect that
there are causes of suspicion of the integ-
rity Of financial interests in New Jersey,
and calling for legislative drag net inyes-
tigation of all financial institutions, TO sit
during the rest of the year, has been partly
abandoned by It's putatiye author
ga belated and realizing sense OF the IN
Jury that the mere ordering OF such an IN
QUESTION by the Legislature would do to
investments and savings in New Jersey, as
represented by the banks, compelled pre-
cipitate retreat by the author and the in
spirers of the resolutions when the judo
iary Committee of the House gave hear
ing on the proposition on Tuesday at
Trenton. But the animus of this attack on
financial stability and credit in New Jersey
was revealed in the persistence that there
should he Legislative Committee lnqnls-
tion of Life Insurance Companies and afllil-
ated institutions.
1.-THE author Of the resolution was willing
to spare investors, depositors and stock
holders of the banking institutions, and the
blow was to full upon the tens OF thousands
of wage earners who hold modest insurance
policies, and whom feeling of distrust and
alarm would inevitably cause the sacrifice
OF what they have paid on their policies out
If taeir savings.
at is reprehensible and wicked to make
the necessary work Of legislation tributary
to the game of politics and political ambi-
tons as this proposed resolution IS plainly
intended TO do
consequences the most deplorable may
.ensue. Among the eighty-one members OF
a legislature there are always few fire
brands who need to be repressed In the
Interests of the public safety. And there
are members to be guarded against, who
would make legislation the basis OF political
capital without scruple about its moral or
economic effect,
ssThe people of the State have doubtless
heard the last OF vicious legislative resol-
ution that has shorn of part of its terrors,
confessedly as mistake. It can now be
left to adorn the long roll of discredibed,
useless and dangerous measures that length
ems every year TO show the folly and
recklessness that the average Legislature has
to contend against and suppress.
The above screed was received in our
mail on Saturday last. 1t was unsigned,
and no request was made to publish, but
the desire for publication is implied.
We take it for granted that all New
Jersey financial institutions, life and fire
insurance companies, and our State Bank
ing department. are all above suspicion Of
wrong doing, but it must occur to the aver
age reader, as it does to us, that on inves-
tigation Of their methods by legislative
committee, followed by report as to their
condition would have no such effect as our
correspondents forebedes.
We have no idea that New Jersey Insur-
ance Companies are in condition any way
parallel to the Equitable, Mutual and New
York Life, but even the revelations there
made have not resulted in loss to policy
holders; indeed, the value Of every policy
of insurance in those companies has been
made more valuable by the reforms brought
by the revelations growing out Of investi-
CATION.
There is no intimation that the inYesti-
CATION in New York or Pennsylvania were
for political effect, and we think our anony-
nous correspondent is in error in visiting
on representatives Of the people who pro-
pose such in New jersey the epithet Of
e.frebrands who need to be suppressed in
the interests Of public safety"
The solid financial institution Of our
State will be more firmly established in
pnbIic confidence after a search ng inyesti-
gation, and not wage Garner will suffer
loss by correction of lax methods if such
be found to exist.
We regret that our correspondent should
have deemed it wise to conceal his
identity