The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-05-17
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WtsHfgdtOs Nev IA Senator Hulhcley
~ toH1cctiout, wh1 II president ~ ths
Aetna ftr Insurance Company before the
tteusH COMMITTEES On Tho Judiciary toaday
rufuted tho statement made yesterday
~ n " bawaon. aotusfy ~ tho Afms,rona
investigating committee. relative w. Tho
standing ~ the AmsFican nrs Insurance
companies ~ q result Of ths San Franoiaou
Ore. IN discuasina the A mes Insurance bill
Mr. Dawson had said that there Wa no,
an American company witch knew whether
or not II would lp solvent after paying
ita san francisco loasea.
There u absolutely no foundation for
such a statement said Senator bulkeley
'Thep IL not an American compan which
docs not know just where II stands. There
ars only two or three companies which
annot nay their loaaes without, leaving
their capital and In many cases q part IL
their surplus impaired. These two or thu .
companies have taken steps 70 meet tbs
emergency by increasing their capital,
and will continue 10 do business,
Senator Bulkeley oontended that insure
ance companies were los Handicapped by
injurious Legislation In different states,
and the necessary enforcement Of such
LEGISLATION ny the Insurance Commissioners
The hearing digresaed To q discussion OF
campaign contributions by insurance oom-
panies to political p rites.
Senator Bulkeley frankly admitted. In
answer TO questions by Representative
DcArmond Of Missouri, that his company
had contributed IS 900 Of it's funds in 1869
TO the Republican national committee to
assist in the defeat OF Mr.. Bryan. He
made the contribution on behalf Of the COM
pany, and he added that IL might just as
well have beer $4,000. He said he would
have been justified In giving this amount.
but It was not a flea bite to what he per-
aonally Contributed,
do you think that action upon your
part in contributing the trust funds of your
company to the campaign committee was
justifable, honest or decent2' asked Mr..
Il contend, " Senator Bulkeley said, tina
every custodian OF funds of this charaote
is justified and within his right when he
takes that money and applies 1t to the pro-
lection Of the rights Of his people. l con-
sidered tina the election Of Mr.. Bryan would
b I'VE been a calamity
Mr.. DeArmond sale he would like to In
quire into the standard of morals which he
set up to justify such a contention.
Mr.. Buckley repeated his assertion that
he thought he was justified in using the
funds of the company in this way and added
further that in his opinion the party having
the most money would win.
did you contribute to the Democratic
party when it was successful asked Mr..
DeArmond.
ulu nOU.
DO o not think the election Of 1895
was bought"
Il do not said Senator Bulkeley.
Mr.. Dearmond then wanted to know
what in the Senator's opinion had become
OF the vast fund which the Republican
committee had raised that year.
Senator Buckley said he believed 1t had
been @legitimately spent
This produced a laugh, in which the Sena-
tor himself joined. He' went on to say
that he justified his action in making this
contribution to the Republican campaign
fund on the ground Of public expediency ,
In the same manner in which he justified
his contribution OF 5000 from the COM
pany's funds to the San Francisco sufferers
recently. He said he did not fear criticism
Of his policyholders for doing anything
which he thought proper, and that he gave
the money in the performance Of duty,
as he said.
'This is a new philosophy Of insurance
OF which | am glad to hear, Mr.. DeArmond
said. There are some people who get 90
powerful in the financial world that they
do not fear to go in boldly where others
would not dare to 60
IF you gentlemen of the House Of Repre-
sentatives," replied Senator Bulkeley, "who
handle and disburse millions Of the peoples
money, disburse 1t as honestly as money
ia handled by the insurance companies Of
the country, you need nave no fear Of going
before your constituents"