Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-05-10
New Insurance
Heads Statement

il'ii. W iIDuT -. spencer or BofWlck,
a former member of the Senate,
tuesday issued a statement in which
he says that in undertaking the du-
! tles and attendant responsibilities of
insurance commissioner for Maine, he
wishes to impress upon the minds of
all persons within the State. the i'm
portancc of taking every precaution
to prevent losses under every legiti-
| mate contract of insurance.
/ The vital question for everyone is
What can l do. or cause to be done.
to reduce to some extent the needless
I obstruction or impairment of the
+ States resources says Commits
/ sioner Spencer in his statement.
without relieving the parents Of
any natural obligation to do so, it
might be possible through the agency
| of the public school to instruct the
! younger generations-at a receptive
age-in some definite policy of econ
omy. Such course would. perhaps,
! result in substantial reduction of all
KINDS of waste as well as casualties
in insurance.
dollar earned, still clings to us, al
though in no mercenary sense. and
the belief is still prevalent. although
unpopular in certain quarters. that
the less we have to do that is unnec-
essary the more time we will have
for self development.
An inquiry into the uhject of con-
servation of the States resources
must include the protection of life
health and industrial energy, the pro-
motion of domestic and mercantile
prosperity. and the encouragem of
all humane and commercial relation
ships and liabilities of the better
kinds. And the Importance of such
ar inquiry is apparent from the fact
that upon the maintenance of indus
trial energy and efficiency depends
the life of the race.
Not money, but production adds
tc the national credit and security in
times of peace as well as in times of
war. The modern idea, which has
already gained too much ground that
! curtailment Of production will bene-
fit anybody, is unnatural, and will be
productive of suffering and dscon-
tent. If carried to an extreme. The
| tendency itself represents a reaction
| from the great industrial momentum
Of the last century and the decided
| changes in our present modes of liv-
| ing.
To-day, the territorial domain of
our great republic has been so far cx-
| tended, and includes so many new
sovereignties under the same flag that
there already exists friendly but
selfish competition among them.
Il have. at this time, no occasion to
criticise the conduct Of the insurance
organizations engaged in business in
Maine or elsewhere, for an experience
of many years compels admiration for
"a oeyfn I'll x,,f,;~ l.
proven themselves equal to the laud-
able service Of alternating misfortune
and restoring everything but life it
self.
"A true solution Of the fundamental
problem of indemnity is the success
full adaptation of the law of average
to the unfortunate minority, so as to
produce the least possible interfer-
ence with the social and industrial
progress Of the masses. The fewer
the losses the lighter the burden upon
industry and the more rapid and less
onerous the processes OF recovery.
"A solemn contemplation Of the
present complicated conditions of
human effort leads to but one con-
clusion: What would be the situa-
ton today without the present facil-
tics for insurance.?
lew OF the results are already
stamped indelibly upon human ex-
perience. Thousands of unfortunates
would become dependent upon pri-
vate charity or the State itself, homes
might never be rebuilt, families would
be separated, industrial concerns
might never resume and employees
and stockholders might be involved
To an alarming extent. Few. compar-
atiVely would retain the incentive to
attempt to recover from disasters so
reaching.
"The attention Of the assured is
directed to the obvious fact that the
cost of insurance is based directly
upon the number and magnitude of
losses; that losses are ever depend
cnt upon the expenses of adjustment
and replacement; that replacement is
widely affected by the variable fac
tors Of supply and demand. Reduce