112 



Insurance of Farm Bidldings. 



Vol III. 



the eyample of Pennsylvania, New Jersey, 

 and Massachusetts in offering premiums for 

 silk, and that it will be one of the staple pro- 

 |(Juctions of this region of the United States, 

 , and be for it what cotton and sugar have been 

 for the southern agriculturi.-t. 



Accordingtomy "cyphering," the multicau- 

 ]is will probably maintain its present, if not a 

 higher value, until it is generally distributed 

 throughout the country, a perirxl somewhat 

 remote as I apprehend, notwithstanding its 

 immense capacity for increase. 



Although an ingenious and disparaging 

 comparison has been made by your correspon- 

 dent, between the desire to obtain these trees, 

 and the ruinous speculations in merino sheep, 

 in regard to which, however, I can see no 

 analogy. I still maintain, for the reasons 

 herein stated, that there will be, for some 

 years to come at least, no mistake in 



MULTICACLIS. 



Observer.— Wo. XVIfl. 



INSURANCE OF FARM BUILDINGS. 

 " Nothing extonuate nor augJit set down in malicn. " 

 The progressive development of mind, and 

 the gradual improvement of our moral code, 

 have condemned many opinions and rejected 

 many practices which were once considered 

 lawful and jnsi. Nor can it be presumed that 

 we have yet arrived at a degree of perfection 

 where further reformation is unnecessary. It 

 Avould therefore be impolitic and unwise for 

 lis to stifle investigation, or attempt to stay 

 the onward progress of social and moral im- 

 provement. Let us then examine all things 

 freely and with candor, and hold fast only 

 what is found to be good. 



I have had too much intercourse with my 

 fellow-men — I have read too many lessons of 

 experience to expect that opinions sanctified 

 by time, however erroneous — or popular and 

 lucrative institutions, whatever may be their 

 tendencies — can be attacked with impunity. 

 There are no doubt many who have given 

 insurances their tacit support, without ever 

 considering their nature and tendencies, and 

 who cannot now readily condemn their past 

 conduct, or patiently endure others to do so. 

 Another class, still deeper implicated, con- 

 ceive that the sanctuary of their private in- 

 terests is invaded by the remarks of Observer, 

 in his l.^)th number. I do not wander that 

 tiiey have caused a good deal of " flattering." 

 AW this was anticipated, as will appear from 

 the following paragrapii, which was written 

 and publicly read in connexion with those re- 

 marks during the last winter. 



" Some v/ill perhaps say that this is a rude 

 and wanton. attack upon a class of institu- 

 tions wh.ch liave long been sanctioned by the 

 wise, and approved by the good. — That it 

 easts an illiberal imputation on the character 



of many, very many, of our best and most 

 respectable citizens who would deprecate 

 even the semblance of evil. To do so is no 

 part of my object. I do not wish to impugn 

 tlie motives of any, or accuse them of inten- 

 tional wrong. I have to do with principles, 

 and not with men. The general sanction 

 which the practice has received — the approval 

 of ages and nations has placed it almost be- 

 yound the reach of suspicion, and will hardly 

 allow the imputation of a fault. Many of 

 my most particular friends and acquaint- 

 ances are among the number of insiiranco 

 speculators. Men whose integrity of purpose 

 is unimpeachable, and who would abandon it 

 at once and forever, if they could view it as 

 [ do. Entertaining as I do a thorough con- 

 viction of the correctness of my views — the 

 extent of the practice, the respectability of its 

 advocates, and the fortresses behind which it 

 is entrenched in the confidence of the peo- 

 ple, may render a higher degree of moral cou- 

 rage necessary to make the attack ; but they 

 increase in a corrosponding ratio my obliga- 

 tion to attempt an exposition of its delusive 

 and dangerous tendencies." 



It will be perceived that my remarks were 

 addressed to, and apply to the condition of 

 farmers. In country situations the misfortune 

 or the negligence of one man does not often 

 involve the loss of his neighbor's property by 

 fire. There is less danger from fire, and con- 

 sequently less security from insurance than in 

 towns. 



I had written thns far in reply to the edito- 

 rial strictures on my article, (p. 71) when the 

 last number of the Cabinet was laid on my 

 table, containing Subscriber in the true 

 " rough and tumble" attitude, and bringing 

 the horrifying intelligence that my "facts 

 upon the main point are all used up." My 

 pen fell from my fingers, and 



"Abash'd and silent I ramain'd 

 As conscious of iny tongue's offouce ; and aweJ 

 Before his presence ; though my secret soul 

 Disdain'd the imputation." 



After reading the portentous article, I again 

 took courage and ventured to proceed. I soon 

 perceived that only some of my facts had been 

 " used up," and that even these were only so 

 "used up" in his own opinion. 



Subscriber very properly asks and answers 

 the question "how are insurance companies 

 organized ? — by individuals depositing or 

 pledging (mark this) a large sum of money 

 in the form of stock to pay losses by fire." — 

 Observer knew all this. But the stock of the 

 company in most instances is only pledged — 

 as ho admits it may be — and not paid in — or, 

 if paid in it is as he says " invested in perma- 

 nent securities and receives a fiiir interest." 

 1 must, therefore, demur to the conclusion of 



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