Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1918-02-07
DELEGATES Reject
DAVIS RESOLUTION
Continued From FRS, paEc1

SFodc, Thornton. Trinkle, Walker and
West Members voting against the bill
were Senator's Alien. Davis, Goodloc.
HcninE. JeTreys, Jordan. Robertson
and Webb.
b. a vote OF 10 20 l3. a resolution in
troduced BY Senator STROBE TO petition
the Virginia delegation in the United
States Congress 10 seek the passage OF
\ bill In Congress making the Federal
government a guarantor OF bonds is
sued b. farm loan banks. was passed
by.
ONE PoLICYHOLDER
MAY ASK FOR RECEIVER
Senator f.. Lee TrinEle. speaking In
defence OF Senate bill! requiring an
investigation OF the conditions OF an
insurance company BY the Insurance
Commissioner ana a member OF the
State Corporation Con- mission and q
report OF their finding 10 tho Circui,
Court as a preliminary proceeding TO
filing in tha court petition to place
the company in the hands OF q re-
cei"er. maintained with visible cftect
tina, the object OF the bill was the
protection OF the polcyho ldcrs as we'll
as the company. lie answered the con-
tention that the bill made favorite
OF insurance corporations by showing
that they establish and maintain their
business primarily on public confidence.
He said that Il was a practical i'm
possibility for a life insurance com
pany doing business under the laws OF
this State 10 fail: that not policy
could be issued without the consent o,
the Insurance Commissioner. THE COM
pany can only breathe and move and
have Its being through the absolute
dictation OF the commissioner. who sees
that so many OF every 800 received
is put In reserve for the protection of
the policyholdcrs." He then asked If
n II were not better and safer and
wiser to safeguard the companies In
the State in this way than It is u
turn one dissruntled policyholder loose
among thousands TO rush into court
= and hle petition to appoint a re-
ceiver fer the company and have /,
published broadcast that The perfectly
solvent company is bankrupt, a repu-
tation tt may not survive.
HAVE INQUIRY FIRST
TO INSURANCE COMMISSIONER
Senator TrinIlc said it was not un-
reasonable To have the inquiry first
directed TO the Insurance Commission
CT. who is in possession OF the facts
that VIII aid the court in acting intel
ligently on the question OF solvency
of the corporations that safeguard the
:. funds Of family protection and keen
Virginia dollars at home. lie remind
ed the Senate that It had only lately
passed a bill to prevent the Immediate
dissolution of public service coruora
tons on the grounds OF justice to the
people. and said that the very life Of
insurance companies. in which pre-
miums may lie fer half a century, is
based on the money Of the people. He
reminded the Senate that Judgment
creditors were excepted.
Senator West Endorsed the remarks
OF Senator Trinkle In a speech of
some length. He said that he would
have to continue in the Senate over a
hundred years to persuade that BODY
to pass some constructive insurance
laws. sucn as prevail in New York
and Massachusetts. Senator Andrews.
the patron OF the bill, was arden. I'm
its defense.
In opposition were Senators Cool
rick and Mathews. who saw in the hill
discrimination and the Unnecessary
usurpation Of tho jurisdiction of the
courts, which they regarded as com
petent 10 settle inc question without
the assistance OF tho proposed board.
Senator Addison also asked for the
reason of special protection of this sort
Of insurance companies.
WANTS FEDERAL GUARANTEE
For FARM LOAN HONDs
Speaking In defense OF tho rcsoIu
ticn pctitioning the Federal govern
ment to guarantee farm loan bonds.
Senator Strobe explained that the
bonds. issued on tho security Of the
farms at half value, were sold in the
public market to secure more money
to mako moro loans and bore S per
cent interest; and that tho Federal