The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1906-11-02

1
companies in seeking to get the priv
lege to write the three-quarter claus
in their policies was to enable Their
to collect premium on a risk tina
they did not assume-to get some
thing for nothing. To show that wa
right in my contention, am informet
by the Insurance Commissioner tina
the insurance companies have neve
written insurance under the provision
of this act authorizing the three-quar
ter clause to be put in the policies
and insist that the only reason tha
| they failed to do SO is because they
were not permitted to collect higher
premium than the risk they assumed
The Anti-compact.
Later, as a member of the Senate
it was my pleasure to help put on the
statute books a law known as the
Anti-Compact Law. The object of
this law is to prevent insurance COM
panies from forming a trust, or COM
bine to raise the rates on the people
AFTER l became Governor, Hon.
Reau E. Folk, Insurance Commission
er Of your State. came to the Cover
nor's Office and said to me: I have
learned from reliable sources that the
Board of Underwriters of Fire Insur-
ance for Kentucky and Tennessee are
preparing to raise or advance rates,
and the insurance companies have de-
termined that if | prosecute them for
violating the anti-compact law in thus
agreeing to advance rates, they will
cancel every policy they have written
and withdraw from the State, and
leave our people without fire protec-
ton in Tennessee ] said to Mr.. Folk,
Go ahead with your fight for the peo-
ple prosecute the representatives of
these companies If they violate the
law, and put them in jail, and I will
stand by you with every force and In
fuence vested In this office. II the
withdraw from the State
and leave our people without fire pro-
lection, / will at once call the Legis-
lature in extra session and send a
recommending that the State |
Treasury carry the fire risks OF our |
people to protect the business inter
ests of the State. This / said, we
IAN do at the prevailing rates with
tut the advance of rs per cent pro-
,osed by the fire insurance companies,
Jay all losses incurred and in ten
ears save a surplus sufficient to pay
,ff the bonded Indebtedness Of the
state We have had experience in
arrying fire risks on the States prop
rty under the plan proposed by me
s State Senator. We are carrying
ur own risks on the States property,
nd in five years have paid all fire
osses and saved for the State the
UNI of $4,000. Commissioner Folk
that he would vigorously
rosecute all who violated the anti
ompact law, the plan to advance the
ates was abandoned, and in short
me one of the agents of the fire in
nrance companies writing policies
/ Tennessee came to Mr.. Folk and
sked him to please inform him how
ley could raise the rates on fire in
france without violating the law. Mr..
ok said: 7 am not the counsel Of t
le fire. insurance companies; am
the people of Tennessee. c
have never seen a lot of men COM .
ne to raise prices ON helpless peo-
e by a trust or agreement that were I
IT lot of cowarHs. The old.fash- b
ned highwayman had at least one h
Vantage over such men. He had C
'urage. a
Anti-Raee Horse Gambling.
1T was my pleasure in the last Sen
e to vote for law prohibiting bet
lg on horse races on licensed race u
acks in Tennessee. The Supreme s.
,urt decided the law unconstitution.
on account of defect In the cap r.
IN of the bill. 9
II shall do all in my power to see
at the next Legislature enacts D
v on this subject that will stand the IL
IT OF the courts and forever prohibit D
Tennessee this most pernicious r
ecies OF gambling. Ia
TO me It is monstrous. appalling. tn