Windham County reformer. (Brattleboro, Vt.) 1901-1906, 1906-01-05

popular elamor. They were not moved
by any such base influences, when
may be termed bysome the vox populi
when they decided the income-taN law
enacted by congress TO be unconstltu-
tlonnl and may the day be far dis
tnnt when, by congressional enactment
or judicial decision, the authority or
the states over their own corporations
shall be entlr,sy destroyed.
am policy holder In both the New
York Life and the Mutual Life of New
York, and | feel that my holdings are
more valuable by reason of the inves-
tigation Of the strong legislative
committee. IL evil ave existed or do
exist I'm the mann, IN which these
companies have con cted their busi-
ness, and no one dou IT, those exist
Ing evils can be rem led much more
promptly and effectiv " under state
than under federal su, rvislon.
The righteous Indignation. an out
ragged public sentiment sure to exist
among the people of the state that
created the corporation, and VIII GER
tainly be made manifest upon the dis
closure of the least evidence of evil
doing, will demand In no uncertain
sound that It's officers and legislators
shall correct the wrong. and the de-
mand will become effective long before
the national government. It's ofncers
and agents, have awakened from a
sound and dreamy sleep. / represent
i'm part. a little state way up among
the green hills. having population
according to the last census of 10 little
over $4,000 souls II has AZ savings
banks. carrying the deposits OF over
100000 men, women and children.
amounting to over $47000,OOO with an
undivided surplus of over S3,O00,0oo
II has 40 national banks with paid
IN capital of SG1S5.000. The former
Notwithstanding they are constantly
loaning money in other states. are UNI
der the exclusive jurisdiction and SUI
pervision of the state, where they
should always remain, Each or these
banks Is thoroughly examined by
the state inspector of finance twice
a year and his report made public an
nually, and again biennially Bank
ruptcy or voluntary LIQUIDATION is a
thing unknown among them. by rea-
son of the conservative careful ana
honest management OF their officers.
The 40 national banks are. of course
under exclusive federal control. ana
while no present unsoundness is known
to exist. yet within the last 20 years
have known of at least five that have
been obliged to close their doors by
reason of their insolvency and the In
solvency q at least two OF them had
been of long standing, Notwithstanding
the inspections of the national bank
examiner.
We have another institution In our
state of which every Vermont
or Is proud II is the Ma
tional Life Insurance company.
at Montpelier. chartered by the
state over so years ago. organized and
for years managed by DR. Julian
Dewey. the father of our present great
admiral Ii has well-invested and Sc
cured assets. in round numbers. OF
S32 600 900: its Insurance in force
amounts TO over s135,000O00; its an
nual cash income meets Its yearly Ia
bilities. leaving an annual saved IN
come" according TO its last years re-
port. of nearly 100000. Its present
president was for many years the ac-
tuary of the company and no man mas
better understanding of life insur-
ance than he. He Is paid salary or
SIS. 900 per year. and its other officers
reasonable but in no sense an exor-
bitant compensation. The affairs of
the company are conservatively and
carefully managed i'm the interests or
It's policy holders. and they require no
federal supervision.
Vermonts secretary of state and
state treasurer are It's i'm rance COM
missioners. who examir and report
upon the condition of u company as
they do of its fire insur ,nce companies.
The state supervision Shich these cor
porations have. to my mind. is far SUI
perior to any supervision that could
be given them. were 4 constitutionally
permissible to place hem under fed
eral control Blli Wig as | do that
congress has no constitutional author
ity to legislate upon the subject OF
Insurance. but that II belongs 10 the
states exclusively to create. supervise.
and control. | shall vote. If the oppor-
tunity offers, TO commit rsrtion
of the presidents message 10 y COM
n,ittea IN the Judiciary