The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1916-04-01

THE INSURANCE PROBLEM.

CdltOr Daliy Item: .t-.-
l have just read long editorial of
the News and Courier on the insur-
ance situation. 1t quotes a bank in
Charleston as saying that merchants
can not get credit unless the State
lets the insurance people come back
on their own terms. If l am not mis-.
taken this is the same bank that re-
fused to loan $50 per bale on staple
cotton about 1908 and the shipper
had his cotton reshipped to Sumter.
This and other transactions like ii
lost to the State the distinguished SER
vice of Mr.. Rhett in the United States
senate. The News and Courier need
not worry about merchants buying
goods, unless it is worrying for the
sake of the wholesaler or jobber. The
retail merchants can and will, and do
puy more goods than is best for the
county to be sold on credit, and I for
one welcome any kind of q buga-
boo that will be a kind of restraint of
this kind Of trade.
have made the assertion over
and over again that for every dollar
paid to policy holders of South Caro-
lima for fire and death losses since
1865, one hundred dollars left the
State. No insurance advocate has
ever produced the figures to disprove
this assertion. If it is not SO, where
ala the money come from for the in
surance companies to accumulate
their vast surplnsses? to pay their
pricely salaries and build their i'm
mense office structures?
The best thing Gov. Manning has
said since he became governor was
that he will not call an extra session
OF the legislature. Outside of Char
lesion, and perhaps one or two other
counties dominated by their county
towns. the candidates who advocate
begging the insurance companies to
| come back to South Carolina will be
50 badly beaten that they will not
know what hit them.
| - Let all the counties do what has
been done in several counties, and
what we are doing in Sumter county
organize Farmers Protective Insur-
ance Associations. The News and Cou-
rier says such associations cannot pro-
tect the people. ] say they can give the
people all the legitimate protection
they need. Any other assertion is to
proclaim that the people expect to
get something for nothing. You know
and I know and everybody knows
/ that will give any thought to the
subject. that insurance companies do
business for profit, and not to help the
people whom they insure. s
The people in the towns and cities
can in like manner secure all the pro-
lection they ought to have. They GER
i tainiy can do SO, IL they will rein.
sure one another's risks so as to more
widely distribute the losses, but when
that Is done they widen the risk. You
know and We all know that II all in.
surance was mutual, there would be
more care and less fire loss. Neigh
bors would refuse to value too high
fthey would refuse to insure the care
less and the criminally Inclined.
For several years have been In
touch with Commissioner McMaster
and believe he has saved to our. peo-'
pie millions of money. believe that
the best work Warehouse Commis.
sioner McLaurin has done has been in
reducing the insurance rate on cot
ton. II his efforts brought on this
nght: and If the insurance compa-
nies have a fight on Commissioner
McMaster. then say we will support
them to the bitter end. $50
For several years tried to get the
Farmers Union to organize mutual
nre insurance. We We're always too
busy financing cotton. It took a war
in Europe to bring about sane
warehouse system. 1t takes an insur.
ance war to make our people see how
they can insure themselves. II have
told our people time and again that in
the big reserves on our insurance car
1 ried in New York we were furnishing
the money for the gamblers to break
cotton prices and that If We had that
money here we would not have to ask
any help from the outside to finance
our cotton when We wanted to hold
for a living price.
| do not care who gets the glory Of
organizing our people, just so they
organize. Every withdrawal and the
calling OF every loan but puts our
people on a sounder financial basis.
We have been exploited long, enough
by foreign money, and the easy living
OF our own people who sold it to us.
/ can not for the life of me see why
insurance like any other public SER
vice corporation should not be regu-
lated by law. People who object TO
regulation by law forget how these
public service corporations with their
compact organization prey upon the
unorganized people until the people
rise in self defence, and try to regu-
late them. Then the cry from cap
ital and it's beneficiaries is that the
people would drive out capital, when
the people are only protecting them
selves from the inordinate greed of
capital. If there is too much legis-
lative regulation the corporations, and
| not the people are responsible want
to commend The Item, The State, end
several other papers for the sensible
stand they have taken that the peo-
pie can protect themselves. Will they
DO SO. Last Saturdays meeting looks
like they will. E. w. Dabbs.