The herald and news. [volume] (Newberry S.C.) 1903-1937, 1916-04-14

nave SdllSIIcu oCGletdN IuS SCI upIeS oH
te question CT "eQuivocation. What
said was that the d formlt:on" OF
Secretarius in the particular which
quoted from his article. was "abso,
lutely untrue Nor was my state
ment made on information. ] must
confess that l am unable to make il
any plaiaer.
was wondering how Secretarius
found time, in the midst Of his multi
farious duties, to en!ightea the peo-
pie of the State upoar this insurance
muddle.' but in thinking seriously
over the matter haze arrived al
what I believe is the correct conclu-
son. AS have stated, Secretarius is
a literary person, and his mind runs
towards the classics. | have 80 doubt
that he has also closely studied, for
the purity of their diction, several
acts of the general assembly of this
State, beginning with the act Of March
12,1S78. entitled, "An Act to authorize
and empower the appointment Of a
commission to control and direct the
development and disposal of the prop
erty of the State, known as the Co
lumbia caral and its appurtenances,
on down through several acts Of kim
dred nature, to the act Of December
q, 1890, and a certain deed executed
under authority OF this act, to the Co
lumbia Water Power, its successors
and assigns. have no doubt also
that he closely scrutinizeG, for its
literary merit the report Of the At
torney General of this State, upon
the question of payment for water
and lights for the public stitutions
in Columbia. and the conclusion reach
ed hy the attorney general in this
s8ecial report. which was submitted
f. the general assembly on February
20, 1913. There was considerable in
terest in this canal question at that
time. and this interest continues. Some
South Caro'inians have even been un-
generous e.>ough to speak Of the whole
canal transaction as the canal steal.
Pn that as # NAV. reading all this
classical literature naturally set Sec
retarius to thinking upo2 canals. and
in rea iewing Adam Smiths Wealth CT
Nations' for light upon the subject
of canals. he read that when a Layl-
gable cut or canal has been once made
the management of it becomes quite
simple and easy, acd is reducibIe TO
strict rule ad method Sucn
undertakings, therefore. may be. and
accordingly frequently are, very sue
cessfully managed by joint stock COM
panies without any exclusive prN7-
lege."
Secretarius did not agree with Adam
Smith, probably, his experience and
observation having been to the con-
trary and 20 doubt he was on the
point of taking pen in hand and show
ing up Smith i1 his true light, when
MS eye happened to fall on the pre-
ceding paragraph, in which this same
Smith had said: The value OF the
risk, either from fire, or from loss
by sea, or by capture, though 1t can
not, perhaps, be calculated very ex-
actly, admits, however, OF such a gross
estimation as reders it, in some de-
gree. reducible to strict rule and meth
cd. THE trade of insurance, therefore,
NAV be carried on successfully by
Joint stock company, without any ex-
elusive privilege
AID here was the opportunity. IN
the midst of this insurance muGdIe.
why not enlighten the people upon
insurance? Let the canal question
rest until the next session OF the Gen
eral Assembly. On with the insur-
a ce fight. And thus is South Caro-
lima indebted to Adam Smith for this
shining insurance light.
If it were not for the tact that alb
hor impoliteness, l would say that
secretarius' reply to my statement IS
"quibble and equivocation." Under
no circumstances, however. would /
60 so far as to use the word 'pitiful,
because l would not want to wound
j the literary ser sibiIities of Secretar:us.
That is why I did not deal in harsh
language IL my statement. 1 content
I ed myself with the simple, unassumiIg
assertion that Secretarius information
I was absolutely untrue