The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1911-04-05
PREAM MSLE.

Touching the prosperity Of the
South very closely indeed, the address
Of the Hon- ". S. Coleman, editor OF
The Cedartown (Ga.) Standard before
the recent Southern Commercial Con-
gress at Atlanta, was cne OF the most
atten1vely received speeches Of the
important meeting. Mr.. Coleman drew
his conclusions briefly and clearly.
and showed how closely the prosperity
Of the thirty-three Southern fire con-
panies is interviewer with the hnan-
cisl and industrial progress and devel-
opment Of the section in general.
Mr.. Colsnan's address follows IN
full:
Speech Of w. S. Coleman, Treasurer
the Georgia Fire Insurance Com
pany and National HONS Insurance
Company, Delivered at TAFT Hall,
:! Atlanta, Ga, March 10, 1911, Reare-
: sentins the Association OF Southern
Fire Insurance Companies.
Mr.. Chairman:
T come before yon as a representa-
tive OF thirty.three Southern fire In
surance companies, whose combined
assets aggregate orer s15,oe0,ooe, and,
as their ambassador n this high court
Of public affairs, to speak for the in
terest Of Southern insurance ccmpan.
les. At the special request Of this AS
socsaEon OF Southern Fire Companies,
have the hofcr Of addressing briefly
few remarks to this Important sub
5ect, which should concern every citi-
zen Of our section.
The question Of insurance il all its
branches in the South is one Of vital
end far-reaching interest 70 aH our
people, and no branch Of Southern IN
dcstry deserves greater concern than
this one feature Of this great Con-
gress. It is question that affects not
only the manufacturer, banker, capl-
taIst, business man and 1aborer, but
every inhabttant is directly interested
in business way, whether or not we
have recognized the fact.
At the close Of the civil war the
South was left without money, without
insurance companies and without
means for protection along ali lines
involved in insurance liability, and as
a result we naturally looked to North
ern and Eastern and foreign conpan-
les for such protection. Year IN and
out the various branches Of insurance
have perneated our whole Southland,
and levied vast tribute from Gun peo-
pie. The huge volume Of premiums
written In the South for fire, life, cas-
ualty, liability and all other branches
Of insurance, has grown to such stu
pendous proportions as to stagger our
people, and this vast stream OF gold
has been gathered in many centers OF
the East and abroad, thus enabling
captains Of industry to finance all rail-
way construction and the great laaus-
trial enterprises affecting the people
S.of this country.
We have contributed annually a
large amount OF our substance to this
one branch OF business, drawing on
our vitality and resources and taking
from the channels of trade such a
large percentage Of our money that If
we were not most remarkable people
and possessed the most marvellous re-
sources, we could not stand the drain
Few realize the fact that annually
Georgians send out Of the State to
Northern and foreign insurance COM
panies doing business in this terri.
tory, q. volume Of premiums in money
equal to one-fenrth the entire operat-
ing banking capital Of the State. This
is also true Of all our Southern States:
In 1SSo-1S90, in the fourteen States,
there were written il fire Insurance
premiums alone over s12S,e00,o0o. and
this fund has so rapidly increased dur,
ing the past thirty years that It has
reached the tremendous total OF over
s7s7, ,ooo, GEO. During this span OF
thirty years the Southern fire cempan-
les alone IN these fourteen States
wrote the pitiful sum Of a little over
sss,0eo,oee, leaving act balance Of
over. S64e, 100000 IN money that for
eign companies, operating in this ter
ritory, have taken away from these
States to the great money centers.
This volume Of money has made the
North and East the richest, and most
powerful section Of tbs republic, and
large share Of this fund has even
crossed the waters and helped to en-
rich the Golfers Of foreign countries.
Tkis money is annually Withdrawn
from our banks and repositories. thus
reducing the cash assets Of our faan-
cial institutions, limiting our trade, re-
sttricti1g our manufacturing and re-
ssrding our material development
Every new enterprise has been forced
to 20 East for funds to finance the
undertaking, and thus our people,
aftsr sendiag away from their own
iazd their own good money, are forced
to the hunihsting spectacle Of boT-
rowing back that same money and
payisg g handsome tribute therssor.
Ehis ruinous method, but FOR our won-
6erful energies ana natural resources,
would bankrupt our people and dis
spirit their aspirations.
But q new light has been seen. Cur
people are coming to themselves. We
are gradually reslizing the necessity
for radical change il the ancient be-
lief that only by and through Northern
enterprise and Northern capital and
Northern brains can Industries Of any
kind-fpancial undertakings Of what
eTsr proportions and Developments OF
whatever characterize successfully
conducted. New insurance companies
in the Southern field covering every
branch are being organized all over
the South by our own people, and
wholesome revival Of patriotic sent-
,,o,+ !, ]ovo-- ~ homo apterurisaS is