The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1909-02-04
Raleigh News and Observer

KHIeIgh News ana observer.
Insurance Commissioner J. X.
Young yesterday submitted to the
House Selert Committee the following
statement in reply to the criticisms
OF his department by the Legisla i've
Auditing CDmmittee:
Hon J. II Currip. Chairman:
SIr:-As Chairman of the Special
Committee of the House appointed
to consider the report of the Audit
ing Committee, which recently eX-
amined the Insurance Department of
North CarOlina, | desire to offer YOU
and your committee every OppOr-
tunity for the investigation of the
criticisms OF the Auditing Committee
upon my department. feel that the
report OF that committee does me as
Insurance Commissioner and the
State of North Carolina a very great
your investigations be full and
thorough The methods adopted by
this department in Keeping it's books,
i'll the preservation of its funds, i'll
the protection Df the securities de-
posted by insurance companies with
1t have given me great concern. |
have with IL very scanty force, de-
veloped ii new department of Gov
ernment to a degree of highest ef-
fici~ncy of which the State can very
well feel proud. The income derived
by the State of North Carolina
through this department has in
creased during my administration
from $4,000 to $23O,OOO per
annum. Beginning with system OF
insurance laws hardly worthy of the
name, the laws OF this State are now
pointed to and followed by other
States, especially in the South. Your
Insurance Commissioner has been
called upon on several occasions tC
visit other States to make sugges-
tions i'll the improvement Of their laws
along the lines of the progress and
success WEIGH followed ne adminstra-
tiUn of the insurance laws bv this
department.
| have realized from the beginning
and have urged upon the Legislature
from time to time the fact that
have had an insufficient force. Mucl
OF the bookkeeping and other detail
work has been done by myself per
sOnally. Every dollar OF sprurit les
deposited with me by any insurance
company has been handled by myself
and i'll no case has any clerk or Othe
person handled any securities. A
S,l,n,YnGtinn En / .ct T.,
1905 changed the existing laws anC
required the Legislative COMMITTEES
to examine the Insurance Com
missioner at the time of the eXamina
lion Of the offices of the Auditor ant
Treasurer. Nv accounts have beer
examined by this comm ttee and ever
item by checked up now for fou
years. During this entire time AM
including the Investigations by tn
present committee not Il dollar ha
been unaccOunted for, not an errO
against the State and every and al
securities deposited by the insuranc
companies found to be intact. No
withstanding this significant fac
one would Judge from reading tn
report OF the Auditing Committe
that the Insurance Department de
serves the severest criticism. Sucl
inference is not proper aud is unjust
as | am prepared to demonstrate t.
you and to your committee
Without attempting to answe
every specific criticism made by tn
committee | desire to call your AT
tention to the following criticism
made by it. The system of book
which | have provided, which ha
been the growth from a small bus