The Marietta journal and courier. (Marietta, Ga.) 1909-1918, 1915-04-30
WASHINGTON LETTER.
Washington City,

April &c, 1915.
In statement given out today by
Senator Hoke Smith it will be seen
that the Democratic party true to
its grand traditions and faithful u
its present pledges to the people
is zealously guarding their interest:
1t will be observed by perusal of
the statement that the administra-
tion is adhering to the we'll known
Democratic doctrine of equal rights
to all and special privileges to none.
The spirit of the war insurance
shark was so skyward in its tendency
that it almost amounted to a prohi-
bition of trans-oceanic shipments of
cotton, but the administration met
the situation promptly by legislation
that effectively fixed a rate of inter
est
Below is Senator Smiths state
ment in full:
Among the many things accom-
plished by the Democratic admins
tration in behalf of the people since
the European war began, was the
creation Of the war insurance bu-
reau in the Treasury Department.
The bill providing for this bu-
reau was passed in August, and was
in operation abOnt the first of Octo-
Der. An appropriation of five mil
lions of dollars was made to this
bureau as working capital with
which to begin business. At the
time it was created insurance rates
were so high that they contributed
largely to prevent the shipment of
cotton to European countries. They
ranged from twenty to thirty per
cent of the value of cargoes BY the
middle of November the insurance
bureau was carrying war risks on
cotton at from two to three per cent
The Bureau has done more business
in connection with the shipments of
cotton abroad than anything else.
They have insured the cargoes on
over a thousand vessels. This bu-
reau has not only served the people
of the South by making it practical
to ship cotton abroad. but it has
done so at a profit instead of at a
loss. The bureau had collected up
to the close of the second week in
1f
iums. They had losses on four vessels,
the Evelyn, the Carib, the VIM. F.
Frye, and the Greenbrier. If the
Government has to pay all the losses
on the vessels, it would amount to
100000. But it is believed that a
considerable portion of these losses
will be saved in what is termed sal
wage" i. e., portions of the vessels
and cargo saved after they are sunk,
and the payment by the German Gov
eminent for the loss of the VIM. P.
Frye. Even with these losses paid
in full, the insurance bureau has a
profit of S750,000 of earned prem
iums in excess of its losses. In spite
of the European war, over 6,S00,0O0
bales of cotton have been shipped
abroad. The Democratic Admins
tration has been criticised in some
papers because it had the losses TO
pay for the cargo of the ship Evelyn.
This ship carried cotton, and our
Government had insured this cotton
against war risks. The owners Of
the cotton paid only three per cent
of the value of the cotton for Insult
ance, and they collected about $780,
600 for their loss. II has been
thought by some people that this was
practically a gift by the Government
20 the owners Of this cargo. Any
one who will think a few minutes on
the subject will See how unfonEded
IL such a criticism. The war bu-
Fssu insured the eargOes Of over a
thousand vessels. II charged each OF
these vessels Owners from two 20
three per eenf n the value Of their
esFgOes. Three per cent " IL was
going ~ Bremen. anf two per cent
" u Was going 70 English or French
Bcft Wben = iDas took place the
s@sg pad ~ shs Government vas
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ffes fse gwHsf ~ ihs Gotten. pet
esi ~ eesf ib0aaana Fs6aeis ear
rg3eK fsfNess ihsl hsYe soss across
fke SISTERS oslg l0ur haFe bses Lost
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