The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1909-03-11
Investigating Committee


Were Criticised by Audit
ing Committee-Finding Of
Facts in Regard to Condition
Of Insurance Department
No Evidence Of Dishonesty
on the Part of Any One
Handling Funds or Securi-
ties Has Been Disclosed.
The following will be read with in
terest here at the home Of Insurance
Commission James r. Young Read
ers of the GOLD LEAF will recall the
criticisms passed by the Legislative
Auditing Committee upon certain OF
the State departments, Auditor,
Treasurer, Insurance Commissioner,
etc Reference was made in these
columns at the time and reply there
to of Hon. James r. Young, In
surance Commissioner, was also pub
lished. This being the home town of
Mr.. Young our people are naturally
more Interested in what concerns his
department therefore we give that
part of the report of the special in
vestigating committee having ref
erence to the Insurance Department
as follows:
INSURANCE DEPARTMENT.
This committee considered with
very great care the critiriSmS of the
Auditing Committee upon the Insur-
ance Department. The committee
had before it the Insurance Commits
sionpr, who filed written statement,
and made n verbal statement answer
iny all questions which We're asked
and giving all Information which this
committee desired. There were also
present two members of the auditing
committee, who were examined by
this committee as to their criticisms
in detail. aud each member who
signed the report was invited to be
present. We have in addition, in
sppcted the office of the Insurance
Commissioner; his methods Of book
keeping. the records kept by him. the
manner III which he keeps his securi-
ties. and general manner in which he
D. rforms the duties of his office.
We find as a fact, and desire 10 en-
nh do r ho
auditing committee, that no evidence
of any character of dishonesty on the
part of anyone handling the funds or
securities has been diclosed, and there
is no suggestion of any such. On the
contrary the Insurance Commissioner
appears to have collected every dol
lar from the insurance companies
which he should have collected, and
every item thereof is plainly entered
in ink upon his day book, which is a
well bound, substantial record, and
also in the respective ledger accounts
which he keeps with each insurance
company doing business in the State;
and he has properly and fully ac-
/ counted for and paid over to the
~
came, or should have come into his
hands. We find that he has kept the
securities deposited by the several
insurance companies in accordance
with the law, in safety deposit boxes
in vault in bank in the city, which
is reputed to be as near burglar
proof and fire proof as such vaults ire
made at this time. The State has
provided no vault of modern charac
ter sufficient burglar proof and fire
proof for any of the State offices. in
Guiding the Insurance COMMISSIONS
and the State Treasurer. The Insur
anca Commissioner is now occupying
temporary quarter in rented, brick
and frame building on Fayetteville
street. In it there is no vault OF any
character The Insurance Commits
sioner has provided himself with 6
large. modern, fire proof safe, in which
the records of his office and the val
liable papers are stored. But he has
deemed that this safe is not sufficient
strong protection for the securities
in his hands. and therefore he rents 6
safety deposit box and deposits his
valuable papers and securities in &