The potters herald. [volume] (East Liverpool, Ohio) 1899-1982, 1941-01-09
The Cherry Tree
Where We Hutchet Out
The Truth
. INSURANCE COMPANIES
BEING PAID BY
GOVERNMENT
FOR POOR CROPS
ON LARGE FARM HOLDINGS

/
Perhaps as part of our New
Year cheer come stories of the vast
amounts being collected by the big
insurance companies by way of Fed
eral payments to farms for crop linn
itation.
Big insurance companies are heav-
lily involved in land ownership, largely
gained via the mortgage route.
Such ownership would have been
far bigger had it not been for steps
taken by the government to rescue
actual farmers from mortgage hold
ers in the dark days.
The current bit of news moves one
to wonder whatever happened to the
projected Congressional investigation
of big insurance companies and what
they do with the money paid to them
by policy holders in this greatest in
surance nation in the world.
There are many things about which
a person bent in wondering might
wonder as we move deeper into the
days of sacrifice for defense. This is
one of them.
X X X
Enormous amounts of insurance
company money moved into the con-
struction field.
Perhaps some of these enormous
sums move into construction as way
of keeping income out of the highest
tax brackets.
There is report that such money
is being used to construct great ho-
tells in one near-boom area, there be-
ing an almost sure knowledge that
these structures must some day not
too far hence go Through the wiring
er," with heavy losses. BUT, the idea
is that even counting these losses in
advance, there is still tax saving,
by reason of keeping out of those
highest brackets.
Nice going, and perhaps all o. K,
but why not let the people know
about it?
Actually we know very little
about our great insurance COM
panies and what they do with
their revenues-and why.
And several other things, as well.
Why shouldn't we know?
x X X
The whole main idea about moving
INTO our defense program is that we
must "keep it clean." This looks like
a spot to be sure about. But are we?
The short and simple answer is
that we are not.
Example is in the farm benefit pro-
gram, about which we have one main
fact. A half dozen big insurance
companies collected $1,6O2,18S in
farm payments. The people pay the
bill.
Maybe you don't see it, but YOU
help pay, through direct and indirect
taxes.
And the law was intended to save
poor farmers. 1t does that, too, but
it also helps rich and powerful in
surance companies.
All of this may be all right. Per-
haps it is. Quite possibly it is un-
avoidable.
But at least, the people ought to
be able to KNOW for sure. And ALL
of the facts, not just some of them,
wrapped up in colored paper in abb
struse annual reports.
x X X
The business of national defense is
grave business. 1t is going to take
from every American rightly, 1t
ought to take IN PROPORTION to
ability, without any loop holes or side
roads.
All insurance company money
comes from policy holders who pay
rates about which they know little
and through which fabulous reserves
are built.
This is no business of carping
against insurance companies. 1t is
simple statement that the people have
a right to know whether all is right
and proper or whether laws made to
help the poor are being used to fatten
those who have no business getting
any fatter than they are.
All kinds Of people get together
in organizations through which they
pay secretary to urge other people
to write your Congressman"
Here's one little item about which
it's fair to write your Congressman"
without being urged to by any prop
agandist.
What happened to make insurance
companies such big farmers ?-CMW.