The national Republican. [volume] (Washington City [D.C.]) 1866-1870, 1869-05-21

"Tne eramo Armys Hequest'-fihn
OF Mutusl Lifs Insurspce for Mem.
bers Of the brand Army OF the ne. |
Puslic- |aIbEs .I'.
At the recent National Rucampmeut Of the
Republic, held at Cincinnati, Mr.. L. T. NJ.
the Department Of the Potomac, and resi-.
dent Of Washington, submitted q plan Of
mutual life insurance, 70 Do organized as
cooperative association for the benefit OF the
heirs Of the deceased members Of the Army
Of the Republic.
The following are the principal features.
Members must be comrade In good stand
ing Of one Of the posts. Tho application
must be nled BY January 4, 1871, and accom-
panied by 80 Characterization fee. No re-
strictions arc made as 10 age, condition,
habits, state Of health, or anything el In
regard 70 the qualification Of an applicant.
Membership win be forfeited on nonpayment
Of dues for more than Eve consecutive cases,
aud voluntary surrender In transfer Of GER
tAcate Of membership. Each member has
o right Of holding a. many certificates OF
membership, not exceeding ten, In his own
name, as the number Of times he pays the
admission fec Of 30 cents, for each time Of
which he receives certificate Of member
chip In book form.
Each member has also the right Of acquir-
Ing certificates Of other members In legal
transaction and with the knowledge Of the
officers OF the corporation, or the right Of
transferring his own In tho same manner.
The duties OF members consist In the pay
ment OF dues, amounting to one cent for
each certificate In each case Of death Of any
member OF the corporation, until such pay
ments are discontinued. Business relating
to the Organization will be transacted with
the posts 10 which comrades are attached.
The payment Of dues will be discontinued
after the first half OF the total number Of
members have died. The amounts accrulng
from dues shall be divided as follows As
many dollars as there arc hundreds OF mcm-
bers on the flrst day Of January, 1871, shall
be paid without deduction to the heirs Of
each deceased member. The entire balance
Of dues accruing In each case OF death, shall
be invested In United States bonds and fern
q reserve fund for the payment Of the claims
Of the heirs Of such members as survive the
fret half Of the total number Of membership.
Provisions are made for the dissolution OF
the corporation.
On the nrst day of March, 1869, the OH.
clal returns Of the @. A. r. showed thirty
seven departments, with an aggregate OF
has already and will DO before January /,
1871, much increased by accession Of new
members, as well as by taking out Of more
than ono certificate Of membership by lndi.
vidual members. Taking, however, the
basis Of only 200, 900 members for calcula'
ton, we find that the admission fee for this
number will amount to 100000.
For one cent on each death, or an average
: annual payment Of s25, they secure at least
81 900 10 their heirs. For two cents, or csc
: per year, $4,000. For Ave cents, or sl2'
: per annum, $1,000.
T As the Grand Army consists only Of CO m
! rades who have served during the late war
; It Ia evident that nearly all Of them are o
Y an age between twenty-five and sixty years
: and, although In some cases inyalids ant
= cripples, the large majority Of them ar
: what Insurance men would call "goo'
risks"
{ Taking, then, from the average mortalit,
tables, the very highest figure Of 1875 death
: 10 l 900 per annum, the nrst year Of the cor
{ poratIon's operations, y cent dues only ,woul
= call for $500 deaths, and wdtld account 70
Q a receipt Of dues Of o., 800, 900 less an outfal
!. of $32, 250, which Is taken In consideration II
0 the subsequent calculation. One million tw
, hundred and flfty thousand dollars would b
9 paid to the heirs, and the balance would 10,
| In the reserve fund.
8 We now assume forty years as the tim
: necessary or probable for the mortality o
0 1901 900 members, and find that not eve
, counting the considerable amounts accruin
G from immediate investment Of payment dur
0 ing fractions Of the year, the reserve fun,
: will amount to at least tl93, AS, 457. Allow
Ing now the large amount Of $4,000 pc
annum for expenditures, and calculating
with compound In crest for forty years ,whicl
amounts to s8,964, 28S.47; add to this tn
, amount accruing In the fall-out In dues
$50, 005, 900, we have t56, 1858, 2ss.47, aud re
! serve for the heirs OF the survivors 800,
.. 000, 900, and deduct this total of sl50, 1863,
288.47, and we find still a surplus Of $3.50
4S3, 189.53 In the reserve fund; but thi
amount will be much higher In reality, a
!, we have for the safety OF the calculation
= made great allowances.
Such result speaks for itself; not onl
a that the heirs Of all the members would b
provided for as handsomely as the decease
member had desired, but the corporation
: after Its termination, would leave to the ma
d ton tho respectable amount Of not less tina
{ fifty millions Of dollars.
8 These glorious results Of the scheme bcln
t shown, there need be little said as to its ~
: yantages. The corporation, II the trustee
s do their duty, cannot but be in the me-
prosperous condition during Its existenc,
l. and losses are an impossibllity under propS
i management.
Il The plan was referred to the folowin
/ committee; Col. Z. Y. M. Faehtz, OF wasl
o ington, d. c., chairman; Col. @. Y. Pottc
Elmira, N. Y; Col. o. @. Bosbyshell, Unite
c States mint, Philadelphia; Gen. Jas. SHAY
y IT,, Providence, X. l., aud Col. j. Walt
y Denny, Boston; with authority to prepar
i everything necessary TO act upon In the ne,
II. | National Enaa ptnfnant