Papers Of Abraham Lincoln

THIRTIETH CONGRESS—FIRST SESSION.
H. R. 334.
(No Report.)
IN THE HOUSE OF REPRESENTATIVES.
March 14, 1848.
Read twice, and committed to a Committee of the Whole House on the
state of the Union.
Mr. Simms, from the Committee for the District of Columbia,
reported the following bill:
A BILL
To incorporate the Washington Mutual Insurance Company
and Savings Institution.

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11 Be it enacted by the Senate and House of Repre-
sentatives of the United States of America in Congress
assembled, That Benjamin B. French, N. C. Fowle, John
F. Callan, Thomas Blagden, Stephen P. Franklin, David
A. Hall, Ulysses Ward, Theodore Wheeler, E. H. Metcalf,
Henry A. Burr, and William H. Gunnell, and their asso-
ciates, successors, and assigns, are hereby constituted a
body corporate and politic, by the name of the “Washing-
ton Mutual Insurance Company and Savings Institution,”
with powers and privileges incident to such corporations,
for the term of twenty-one years.

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8 Sec. 2. And be it further enacted, That, when the
sum subscribed to be insured shall amount to one hundred
thousand dollars, said corporation may insure, for the term
of from one to seven years, any buildings, goods, or fur-
niture in the city of Washington, or elsewhere, to any
amount not exceeding three-quarters of the value of the
property insured.
Sec. 3. And be it further enacted, That said corpo-
ration shall choose a board of directors, no more than
nine, nor less than five, and shall establish such by-laws as
the may deem necessary, not repugnant to the constitu-
tion and laws of the United States; and each one thousand
dollars worth of property insured under one policy shall
entitle the holder to one vote, and to an additional vote for
each one thousand dollars insured: Provided, however,
That no member, either by proxy or otherwise, shall cast
more than ten votes.
Sec. 4. And be it further enacted, That the funds
of said corporation shall be vested in stocks, or loaned in
such manner and on such security as the directors may
order, and shall be appropriated, first, to pay the expenses
of said corporation; and, next, to pay the damages which
any member may be entitled to recover on his policy. In
case any member shall have a just claim upon the corpo-
ration exceeding the amount of their then existing funds,

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4 the directors shall, without delay, assess such sum as may
be necessary on the members, in proportion to the amount
of their premiums and deposites for seven years, but not
to exceed double the amount of such premiums and de-
posites.
Sec. 5. And be it further enacted, That whenever
any member shall recover judgment against said corpora-
tion, he may levy his execution on their estate or funds;
but if sufficient estate or funds cannot be found, he may
levy the same on the private property of any one of the
directors: Provided, They first refuse or neglect, for the
space of sixty days, to satisfy the execution after formal
demand made on them for that purpose; and any director
whose property may be thus taken, may sustain an action of
the case against the corporation, to recover full and ade-
quate damages therefor.
Sec. 6. And be it further enacted, That each
policy of insurance shall, of itself, without any other ceremo-
ny, create a lien on any buildings insured, and on the land
under the same; and this provision shall not prevent the
taking of other collateral security.
Sec. 7. And be it further enacted, That in case it
should become necessary to resort to the lien on the prop-
erty insured, the treasurer shall demand payment of the
insured, or his legal representative, and likewise of the

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10 tenant in possession; and in case of non-payment, the
corporation may sustain an action for the sum due, either
on deposite, note, or by assessment; and their execution
may be levied on the insured premises; and the officers
making the levy may sell the whole or part of the estate
at auction, giving notice and proceeding in the same man-
ner as is required in the sale of equities of redemption of
execution, and the owner shall have a right to redeem the
estate by paying the costs of the sale, the amount of the
execution, and fifteen per centum interest thereon, within
one year from said sale.
Sec. 8. And be it further enacted, That the said cor-
poration shall be authorized to take and receive on deposite
any sum or sums of money that may be offered for that
purpose, and to allow interest thereon, not exceeding the
rate of six per centum per annum, and may issue its cer-
tificates of deposite or notes therefor, in the name of said
corporation, which said certificates or notes shall be legal
evidences of debt against said corporation agreeably to the
terms therein expressed, and recoverable in the usual man-
ner in any court having competent jurisdiction.

1 2 3 4 5 6 7 8 9 10 11	Be it enacted by the Senate and House of Repre- sentatives of the United States of America in Congress assembled, That Benjamin B. French, N. C. Fowle, John F. Callan, Thomas Blagden, Stephen P. Franklin, David A. Hall, Ulysses Ward, Theodore Wheeler, E. H. Metcalf, Henry A. Burr, and William H. Gunnell, and their asso- ciates, successors, and assigns, are hereby constituted a body corporate and politic, by the name of the “Washing- ton Mutual Insurance Company and Savings Institution,” with powers and privileges incident to such corporations, for the term of twenty-one years.
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1 2 3 4 5 6 7 1 2 3 4 5 6 7 8 9 10 1 2 3 4 5 6 7 8	Sec. 2. And be it further enacted, That, when the sum subscribed to be insured shall amount to one hundred thousand dollars, said corporation may insure, for the term of from one to seven years, any buildings, goods, or fur- niture in the city of Washington, or elsewhere, to any amount not exceeding three-quarters of the value of the property insured. Sec. 3. And be it further enacted, That said corpo- ration shall choose a board of directors, no more than nine, nor less than five, and shall establish such by-laws as the may deem necessary, not repugnant to the constitu- tion and laws of the United States; and each one thousand dollars worth of property insured under one policy shall entitle the holder to one vote, and to an additional vote for each one thousand dollars insured: Provided, however, That no member, either by proxy or otherwise, shall cast more than ten votes. Sec. 4. And be it further enacted, That the funds of said corporation shall be vested in stocks, or loaned in such manner and on such security as the directors may order, and shall be appropriated, first, to pay the expenses of said corporation; and, next, to pay the damages which any member may be entitled to recover on his policy. In case any member shall have a just claim upon the corpo- ration exceeding the amount of their then existing funds,
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9 10 11 12 13 1 2 3 4 5 6 7 8 9 10 11 1 2 3 4 5 1 2 3 4	the directors shall, without delay, assess such sum as may be necessary on the members, in proportion to the amount of their premiums and deposites for seven years, but not to exceed double the amount of such premiums and de- posites. Sec. 5. And be it further enacted, That whenever any member shall recover judgment against said corpora- tion, he may levy his execution on their estate or funds; but if sufficient estate or funds cannot be found, he may levy the same on the private property of any one of the directors: Provided, They first refuse or neglect, for the space of sixty days, to satisfy the execution after formal demand made on them for that purpose; and any director whose property may be thus taken, may sustain an action of the case against the corporation, to recover full and ade- quate damages therefor. Sec. 6. And be it further enacted, That each policy of insurance shall, of itself, without any other ceremo- ny, create a lien on any buildings insured, and on the land under the same; and this provision shall not prevent the taking of other collateral security. Sec. 7. And be it further enacted, That in case it should become necessary to resort to the lien on the prop- erty insured, the treasurer shall demand payment of the insured, or his legal representative, and likewise of the
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5 6 7 8 9 10 11 12 13 14 15 1 2 3 4 5 6 7 8 9 10	tenant in possession; and in case of non-payment, the corporation may sustain an action for the sum due, either on deposite, note, or by assessment; and their execution may be levied on the insured premises; and the officers making the levy may sell the whole or part of the estate at auction, giving notice and proceeding in the same man- ner as is required in the sale of equities of redemption of execution, and the owner shall have a right to redeem the estate by paying the costs of the sale, the amount of the execution, and fifteen per centum interest thereon, within one year from said sale. Sec. 8. And be it further enacted, That the said cor- poration shall be authorized to take and receive on deposite any sum or sums of money that may be offered for that purpose, and to allow interest thereon, not exceeding the rate of six per centum per annum, and may issue its cer- tificates of deposite or notes therefor, in the name of said corporation, which said certificates or notes shall be legal evidences of debt against said corporation agreeably to the terms therein expressed, and recoverable in the usual man- ner in any court having competent jurisdiction.