The Waxahachie daily light. [volume] (Waxahachie, Tex.) 1894-current, 1916-06-27
NEWT WILLIAMS TALKS
ON ROBERTSON LAW
WACO LEGISLATOR DECLARES
PRESENT INSURANCE STAT
tTE ALL RIGHT.
forign Companies Hack Of Gibson
Biii j. Galmed---I,oan Money
In Texas.

delivered Saturday at the meeting
OF the Lawyers Luncheon club at
the Raleigh hotel by Hon. Newt. j..
Williams on the Robertson Insur-
ance law. and the address vas
warmly commended by those who
took the same view as Mr.. Williams.
and was admitted by those who did
not agree With him altogether TO
have been very searching presen-
tation OF his side of the case.
The address was too lengthy to
present in detail, but in opening his
remarks Mr.. Williams said. dealing
with the Robertson insurance law
and the Gibson bill:
81 have selected for my subject
the Robertson insurance law VS.. the
Gibson bill, for several reasons
II. Because II affords an oppor-
tunity for me. to report 70 repre-
sentative body OF this county my
reasons for so strenuousiy opposing
the repeal Of the Robertson law as
your representative.
-. Because You are going to be
called upon as voters OF this coun-
ty and as lawyers In this county to
help determine in the July prima-
ries whether that law shall remain
on the statute books
80. Because believe that 1t is
the best piece OF insurance legisia-i
ton and of more beneft to the peo-
pie OF Texas than any one act of
the legislature OF the last twenty
five years, and | further believe it
would be an absolute crime against
the best interests of the people OF
this state to repeal the law.
"The law was prepared and I'M
PRODUCED In the legislature by James
II. Robertson of Austin. in 1907.
The principal feature OF the law is
q requirement that foreign insur-
ance companies writing insurance In
Texas shall invest rs per cent Of the
Texas reserve In Texas securities.
The reserve OF Texas policies
amounts to about 40 per cent of the
premiums paid ON Texas policies.
Here the law requires that about
$40 out OF every 500 that Texas
people pay for life protection is re-
quired to be invested in Texas Sc
curities subject to the laws of this
state and within the reach of the
OF the state.
when the law was enacted TWEEN
ty-one foreign insurance companies
thep writing business in Texas left
the state; since that time two havt
returned. The insurance companies
when they left the state said they
would have Texas on her knees beg
ging them to return within twol
years. They thought they we're big
enough and strong enough to so en-
harrass the financial institutions OF
Texas and that we would have toll
repeal the law. BY their action they
did force stringency in the money
OF this state and caused us to pass
through financial crisis. Bit Tex
as was stronger than they figured,
aud she has overcome the stringency
and more than proven that the law
Was beneficial and wholesome for
the people OF this state. These in
suranee companies sought to give us
the death blow. but they now see
thai We have sown the seed that is
iikely to bring the money trust IN
New York the death blow. and there
fore they are knocking at the doors
of Texas and asking at every con
ceivable way 10 get Texas TO scsSeal
the law which bids fair 10 be so
TO their high finances in
New Yo-k They say they want 10
come haca. but they cannot come
back under the Robertson law. We
say that We ara willing for thcm TO
come back. but We want them 20
come hack on equal terms with those
companies who have remained here
aud paid the taxes and complied
with the laws Of this state. We want
them 10 come back ON an equal ha-
SIS NitA the Insurance companies 90
Texas Who have been huildad up and
bsoemo giant corporations and com
piled With Texas laws since these
ssshsr companies LEFT.
There IS Ms reason Wis theS can
cot eame back noe. and the arsus
AsAi taag thes cannot IS false aut
falasious The Robertson iaN
specifically pFps.ass that am foreian
Insurance eemlany rog sritaps 81.
saFAnse Texas ean keep assent 'n
fesaa Tor the pu~n'sse - ,olie aaue
fnssr w~aisms au5 nassur tavsxi