The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1906-01-03
Hamilton's Relations With the
New York Life Company.
HE WAS ENTRUSTED
With Hundreds of Thousands of Dollar:
With the Understanding that He
Was Not to Be Required to
Render Account of His
Expenditures.

Andrew Hamilton, the Legislative
agent for the New York Life Comp
any, who, according to testimony, has
bean entrusted with hundreds q
thousands of dollars by the company,
and has not accounted for 1926. 600,
has been heard by the New York L"g'
islstive insurance Investigation COM
mittee, but has declined to make an
accounting.
A statement by Mr.. Hamilton was
read for the record Wednesday. 1t was
presented By the Secretary John u.
Mccall, of the New York Life, who
went to Paris to obtain an accounting
from Hamilton. In his statement Mr..
Hamilton says that he Is unable to
produce any books or accounts, be-
cause he undertook the Legislative
matters for the life insurance c,m pan
les with the express understanding
that he was to make no accounting.
Absolute secrecy was necessary In re-
tainirg assistance therefore no checks
we're used in making payments.
MI. Hamilton went into an exhaus-
tive explanation of the reasons for or
psnizlng this confidential service, as
he characterized it, covering his msth
DDS Of work and citing a number OF
legislative bills IN which he had been
interested. A list Of expenses from
1899 to 1904 was appended to the
statement. The sum Of 1926 900 I'm,
accounted for, he says, would be great.
Iy reduced by his running acc unit still
unsettled and open, and, as a matter
of faith, pending q settlement, he or
iers to deposit slOO, 600 with the COM
pany.
Mr.. Hamilton, in his statement,
ssys that at the time OF bis employ.
ment by the New York Life, the life
inkurarcs companies feared that un.
less concerted action was taken they
might be practically legislated and
taxed out Of existence.
THE usual practice Of depending
alone upon counsel to attend and pres
emit arguments was determined to be
insufficient, says MI. Hamilton. The
yory fact that the great life insurance
interests Of New York favored or op
posed pending legislative propositions,
would itself often concentrate the op
position against their views; so like
wise did the knowledge that we were
represented at the capitols OF the var
ious States lead to demands that pol.
iticsl favorites should be employed In
She role of counsel, which, If acceded
to, placed our, IF .irs at the mercy OF
those who did not possess our conf
dence. These and other c%onsidera.
tions led the three companies to but
Gne conclusion. We felt that II a Sc
6ret service was a permissible govern
mental agency, a confidential service
would be the only effective, and at
the same time proper, plan to guard
tho welfare of the m st extensive com
mercial interests 10 the world-the
life insurance business Of the State of
New York. This confidential secret
service was decided upon as the only
feasible plan Of protection"
MI. Hamilton gives a long summary
Of the various styles Of bills hostile to
insurance companies, many Of them
taxable measures. BILLS to compel the
company's reports to be repeatedly and
unnecessarily published In newspapers
Arc advocated" says Mr.. Hamilton,
Ito gain favor with the press for In
c.easing their revenues. Outrageous
propositions, such rs the 10 per cent
tar proposed in Arkansas, or absurd
propositions like the Michigan bill,
where q doctors certificate Of III
health would excuse the payment Of
the insurance premium and keep a
policy In force; or the Virginia bill,
making it actionable for a life insur.
snce agent to enter the office Of a
man, where the sign no agents allow
cd is displayed find, legislative favor
However ridiculous these bills may
seem, they demand attention.
sat tho capital Of every State we
lave either retained representatives
for the companies, or are in co opera
ton with some one who has retained
representatives duly Influential. 1t has
been funod advisable, as the result Of
experience, to avoid as far as possible
anY exact public information as to who
represents us. The known presence OF
q corporation represented at legis,a
tive halls is the signal for renewed
yipor in the attacks Of blackmai)ers
and cranks, and unfortunately mem
bers of the legislative body are FIRE.
auently deaf to reasoning where a non
voting or corporate interest is at stake.
Where it becomes necessary, we have
oftan had occasion to employ the col
umns of the public press for a discreet