The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1870-01-22
: Life and SAVINGS Insurance Company, re-

To the officers anu members OF she brsckiavers
National Union
GKSrLExxs,-Yourc ommistee, appointed to
confer with Mr.. Rosenstock on his plan adopted
BY the Tontine Life and Savings Insurance Com
pany, of New York city, respectfully reports "a
follows, to-wit:
l. That the company il organized under the
snsursnc: laws Of New York. who have with
the Insurance Department deposit OF elOl 200
for the security Of It's p1licy- holders, and be-
sides, have abundant capital, securely invested.
e. That the proposed plan will furni b to our
families OIL 900, in case Of our death, upon the
small payment Of SOC weekly.
8. That at the end Of each year 81 insured
we are returned, with interest, IT in cash.
f. That at the end of two years insured, it
will be at the option Of the member either to
claim paid-up policy or its surrender value in
cash.
enable an organization of 100 men to boast of
a relief fund sufficient 10 draw upOn in case Ct
sickness among It's members.
6. That if the masses determine to establish
their own insurance comptny, savings bank,
building associations, or for cooperative pur-
poses among the various callings, It's reserve
fund Of II, 900, amounting TO nearly $5OO.OOO
within two years, will accomplish that end
Now, therefore, your committee, in vier OF
these facts, and having ascertained thai this
project has been recommended and fully en-
dorsed by the officers Of the National Labor
Union and leading Trades uniOnists east, and
feeling assured that the adoption Of this move
by the masses will create the greatest good to
the greatest number, be it
Resolve That ws, the delegates Of the
brieklayera OF the United States, now assem-
bled 10 convention, hereby endorse and recon-
mend % the laboring masses OF this country
to avail themselves Of the opportunity now
offered TO defeat and dethrOne all financial,
commercial and Political measures tending to
to crush the just demands Of the toilers; and
be il further
Resolved, That N. Rosens ock, who 10 fight
ing our battles, be granted the floor. TO further
explain his great scheme for the elevation Of
the working and producing people.
| All Of which Is respectfully submitted by
| JOSEPH G. HACKNEY,
CHARLES KELLEY,
! HENRY RIKDKL,
/ Committee.
| Mr.. O'Connell, Of No. 2, Illir DIS, moved
that as Mr.. Rosenstock was present, be be
invited to explain the plan of the American
Tontine Life and Savings Insurance Com
pany.
Mr.. Rosenstock addressed the Convention
as follows:
Mr.. CHAIRMAN AND GENTLEMEN
Accept my sincere thanks for the priv
lege you have granted to me, and
knowing that you have but little time
to spare, 1 shall not detain you long, and
state in brief the benefits and details o.
the system which your committee have
already 50 ably explained.
The plan presented by ME to the
workingmen Of this country, who
hold are the aristocracy of this coun
try, is one which will tend to unite the
now awakening masses, produce conf
dence among them, and secure a better
time to the coming generation. 1t is
the paramount duty Of every father and
husband to provide for the future wei
fare of his family, secure to them an
independence, and shield them against
the oppression of capital.
Through the medium Of my plan
you will perceive that it will require
but soc a week, or &c per day, to Sc
cure to our wives, the mothers of our
little ones, for whom we toll daily, the
sum Of $1,000, and whilst we are so
doing, we enable ourselves to create a
large fund, from which we can draw
in case of sickness, or in case of any
other treble among us. Now, let us
not take this fund in consideration at
all, and simply consider that 1000 per-
sons, at the average age of IS years,
will die out in thirty years, and what
then? Then say, if those persons
have been insured un1e my plan al
that period of death, one million OF
dollars will have been set aside for theil
wives, sons and daughters, which other
wise would have been spent, finding it,
way into the pockets Of capital, and
leaving their families to be taken care
Of by the cold charity Of the world.
Another question which should strike
our attention most forcibly is, why the
capitalist, the banker, the merchant
and the well-to-do insure and invest
hundreds Of millions in life insurance
companies ? Because they know that
their investment is safe and profitable
one; and why should the laboring man
not insure? | see no reason why he
shouldn't, and less so, as my system, on
the principle of cooperation, Invested
of all the faults heretofore existing in
life insurance, gives him chance at
the trifling cost of soc per week. Now,
then, that 10000 avail themselves of
the benefits of this cooperative princi-
pie and continue to do so for two years,
what then? Then / say, under the
guarantee given by the American Ton
tine Life and Savings Insurance Com
pany, we will be entitled TO $500, 900,
and each of the insured, under this
plan, becomes a shareholder to the
extent of $50.
With these 100000 / then propose
an organization of a Workingmen's
Loan, Savings and Insurance Bank,
and out of the 100000 the Insurance
Department requires but $1,000 as a
deposit, for the purpose Of furnishing
to ourselves,upon a sound basis, our own
insurance, and invite the masses to
participate on the broad principle Of
cooperation. The residue of $4OO, 900
will be amply sufficient to have our own
loan, trust and savings branch, where
we safely deposit our hard earnings,
call for loan to build our own cot
tages, secure to our families wholesome
quarters, and be not compelled to sub
iect our families to the dark, dirty and
disease-infested tenement houses and
furthermore, when we have thus accu-
mulated such fund and organized a
Workingmen's Loan, Savings and In
surance Bank. with branches all over
the country, cannot the bricklayers
join hands with the masons, the car
penters, the stairbuilders, the painters,
etc, and apply to our institution for
the necessary means to practically test
cooperation, build villages and whole
some quarters for the masses, be their