OCR Text |
Show HOVEL 1HSOBAHCE. I A com puny has been organized in Paiis which proposes to guaranteeor insure the honesty of employes of firms and corporations, and of per sons holding positions of trust. The object of the company is to take the place of ordinary bondsmen, and whilo relieving those who are required re-quired to give bond from the obligations obliga-tions that individual guarantees impose, furnish a more solid security for indemnity against losses ia all cases where such security is demanded. demand-ed. Tne plan appears to be for the organization of a com;uiy with a capital of $00,000,000, or any other adequate sum that may be agreed upon. This fund is to be held as a guarantee fund, out of which any defalcations are to be paid. The principle is the fame as in other insurance companies where the underwriters eDgage for a consideration, con-sideration, to imure the policyholder policy-holder against Joss. In the case of the Fidelity Guarantee company the party paying the premium would be the one whose honesty has to be guaranteed. The company is to be his bondsman, charging him 2 per cent, per annum, payable every six months, on the amount of his bond. Thus, if the boud given were Ijr $20,-: 000 the annual premium would he $100 which, it in argued, could bo easily afforded Jrom a salary of ?0f 000. TbiB novel insurance company com-pany may prove a success iu France where thiovos are supposed to be pun- uneu oy tne law, out a great change will have to be brought about in America, both in the morals of the average clerk, cas-hier and trustee, and tbeadministralion of the tUtules, before any such company c m thrive hem. The wealthiest company in the world would soon be bankrupt were ii to make good the theft of those who violate their trusts and rob their employers em-ployers and the public. The dderal Government could afford to pay the French association a handsome pro-mium pro-mium to insure tho honesty of officials. If John Sherman can only induce the French company lo take F. O. II. risks in the United Slates, there wilt bo no trouble about innuga. rating specie resumption on January Int. .79. |