Year: 1868

this fuuu. In the hign06C sense 1t Is re-
sponsible for Its preservation, and under
the immediate control of the State 1t
should be placed.


To this end would recommend the
passage of an act to seCare its return to
the State Treasury, and Its subsequent
investment in the registered bonds Of
the State, bearing 10 per cent interest,
thus establishing its safsty upon basis
as certain as the credit OF iowa.


INSURANCE..


+ The inadequacy Of our present insur-
ance law to secure the essential condi-
tions Of safety and protection to the
insured, has become subject of merited
discussion. The State IL bound to frame
its legislation for the control Of these
corporations in such way as to exclude
from our midst, as far ,ss possible, every
company which has not the capital and
honest efficient management emitting
them to the confidence and patronage of
the public. The apprehension that
such companies do exist, forms sufficient
grounds for legislation upon the ques-
ton.


While our law demands satisfactory
guarantees from foreign corporations,
doing business in the State, it contains
very inadequate provisions for for secur-
ing the solvency and reliability Of do
mestic companies. The inevitable con-
sequence of this is distrust of such
companies and diversion of capital
from our State as estimated by the Au-
ditor, to the annual amount Of half a
million Of dollars, which might and
ought to be retained at home and made
to contribute to the upbuilding of our
commonwealth. That we have reliable
whose insurance affords
security to the property of the people, is
the result of individual honesty, rather
than the wisdom of the law. But even
these fail to receive the patronage pro-
portionate to their merits, because the
public has no means of assuring itself of
their reliability. Subjected to suspicion
by the known incompetency of other
doing business by their side,
which are clothed with equal authority
from the State, they are totally unable
to compete with the corporations of
other States which are allowed to do
business within our limits, only upon
with stringent conditions.


/ would, therefore, recommend the
Of Il law requiring that every
insurance company organized in the
State shall possess 4 certain bona .ft,c
capital, at least one-fourth of which
shall be invested in State or Government
bonds and deposited with tho State
Treasurer. AS still further guarantee
If their reliability, would recommend
hat it be provided that insurance COM
nissioners be appointed or elected at
each session of the Assembly, who shall
be required to make an annual examin-
alton of the financial condition Of every
company in the State, and report the re-
suit of their examination. In like man
ner as banks under our general law and
insurance companies in many other
States, they should be required to pub
ish periodical exhibit of their transac-
ions. Provision should also be made
for the abatement by summary process,
'f every company failing to comply with
of the law.


In my opinion statute cmbodying
these features, would not
only tend to retain within the State
arge sums which go to swell the accu-
of foreign corporations, but
would create home institutions worthy
,f confidence and promote the interests
Doth Of insurer aud insured.


CLAIMS OF IOWA SOLDIERS.


1t is well known that there is mach
of the delays in the depart
nents at Washington, in the settlement
,f claims for amounts due our soldiers
Dur people should remember, however,
hat delays are inevitable, when we con-
slider not only the vast amount of claims
out also the necessity for examining a
arge mass of papers which had accumu-
ated during the war. If in your opin-
on, after a consideration of the subeot,
here should be any necessity fn the
of an agent resident at
Washington. l shall be happy to approve
your action.
RIGHTS OF FOREIGN BORN AMERICAN


CITIZENS.


The rights of American citizens of for
,ign birth are awakening the deep in
crest of Congress and the country. It
s unfortunate that international law
las never conclusively settled the ques-
ION Of expatriation and placed it within
he jurisdiction of established rules
The policy of our Government, however.
las been uniform in recognizing the
light of the citizen to transfer his allepi-
nee. The logical consequence of this
heory is the protection of every man
Who has sought home among us and
'een invested with the prerogatives of
American citizenship.


Our population has large element of
oreigr nativity. among our best and
yorthiest citizens are to be classed those
whose presence has been secured tn re