New-York tribune., 1872-12-06
LIFE INSURANCE.
IN DEFENSE OF THE MUTUAL LIFE"
Frou Ta1 CArOafcls Dec s, ls'2

a adVeTTlsomrnI
the business OF the Mutual Life ms Co.. OF this city, from
m orauizaion In 1st2 to October 1871 compiled by Its
Actuary Prof william II. C. Bartlett, certified by its
trustees fortified by the report Of special Examining
Committee appointed in Boston, May 10, 1870 and issued
aver tho signatures Of the President Vice-Presden
secretary and Assistant Secretary Actuary and Assist
ant Aetuary Counsel Medical Examiners, and Cashier
Of the Company.
In commenting edtOrially, upon that statement we
used the following language:
BY so much as men stimulated to save wife and chill
den from heggary are better than men Sy
the inevitable doom which awaits the families of the
poor; by much as children retained at home under
the sweet influence OF mothers care are better than
children made homeless and driven into the street 70
life insurance to be desired by all good men,
Ts heIng al good men must rejoice at the success
OF the Mutual Life Insurance Company for no company
tu tue world has contributed to make life nsur-
anoe popular, safe, and successful.
assault upon the whole system OF life insurance us
record stands In the solemn spendor OF absolute trut
an inseparabe part OF the history OF life insurance IL
Is part OF the Legacy OF every company IL emphasizes
every eompany's plea for public confidence.
What we then sand then believed and do not now
purpose, still believing 1t, TO retTaet.
Among the things 10 which the Mutual Life Insurance
Company was soemnly committed by the subscription
10 the statement above mentioned Of so many dis
tincushed names the following, which we quote
from that report:
The Company win continue guide its business in the
future by the same prinoDes and rules which long ex-
pcrenoe has shown 70 be most conducive 10 the safety
aud best interests OF its policy yhOders. IL viii issue
policies Of all approved descriptions ana at It's usual
table rates
Reference to the circular issued by the Mutual on
the 3oth ult published in another column, will show
that company has within month after the above
profession abandoned the position then taken and now
proposes issue Its policies at reduction from its
usual table rates OF about % per cent upon life poll
ces and per cent upon endowment assurances. The
this extraordinary so far as rea
sons have been given are forth in the letter OF Prof
Bartlett which is Incorporated into the circular They
are briefly follows that the Mutual" having "now
been 10 operation well nigh the period allotted TO hui
man generation" its experience not only iusthes this
reduction as a prudential measure, but imposes 1t as
duty upon the company. This conclusion We are told
by Prof Bartlett has suddenly reached but is
the result OF long and careful deberaton. II so, it
seems not n little strange that the purpose OF the
company Ito continue business ." at ITS usual
rates." ana 10 iide that business by the same prncl
pies and rules which long experience has shown 10 be
most conducive the safety and best interests of It's
pohcy-holders announced only one short month
ago
II the present action has been long pondered, this
graNitous announcement should have been withheld.
The principles and guidance of which has
been the proud profession Of the Mutual Life for
these many years. and proof OF the soUndness Of which
its long experience" has been called witness in
season and out of season. what 1t needs no
luminous citations from the publications OF the Company
10 show that t has distncvey andably the cham
piOn OF the mutual system and OF rates cOnessedy
than sufficient and master all the probable con-
tingences Of the future. The one most conspicuous
"prncpe and rule OF long and honorable existence
has been the necessity for absolute safety sake Of
charging FOR its policies much more than enough 70 pro-
vide for the ordinary hazasd against which It's policies
insure. OF this every page of its literature, and every
year Of it's history. bear rreiuta0le witness.
It's abandonment of these principles and rules" is
either confession Of Judgment that all rs past has been
long mistake, wliul betrayal Of trust In either
ease, It's destruction os confidence iu the company
which, when such destruction attempted from with
out, called IN language which We have no cause TO
retoot, "an assault upon tHe whole system OK life III
suranCo."
When that assault comes as now 10 seems TO Ms TO
come from within the company Oyittiugy or unwit-
tnCly matters nOt it'll the duty OF every journalist
who loves life insurance, and believes IN 1t as the only
salvation Of hundreds OF thousands Of homes, 20 come to
the defense OF the Mutual Life ms Coz for the Mutual
IAe"-ts splendid record, its magnificent present the
glorious promise which has heretofore lheld out
belongs 70 life insurance IL is the property OF no man
or set OF 1t has passed out OF the domain OF where
t.le deeds and copyrights. anc the prOprietorsps OF
sedshne>s pride, hold good II belongs 70 humanity
Itsa part OF mat broad realm OF benedcence where
patents are issued and estates not parceled out
lis reputation . success good has done and the
unmcasured good which il yet do-these belong TO
Gu
In narrower sense, but int a which the law viii
recognize and Dy a title which courts OF law Will main
tain the Mutual Life Insurance Company belongs TO its
1900 pocy-hoders. their heirs and assigns. They own
the company Wbenswe say, therefore, in defense OF
the Mutual Iife'" mean in defense Of the e0,0O
families who own 10 and depending on II Tor their
sustenance in the hour OF need.
We come 20 the defense OF tie Mutual Life, there
FORE because believe that the interests of the 1900
poey-holders assaied by this action of its officers
and trustees The Mutual Life" it is true has been
in operation wei nigh the period allotted human
generation" but il has not the experience" Of human
generation By the greater part Of its policies have
been issued within the past years and beside this no
company has what might honestly termed an expe-
rence" for ages beyond CO. Neither does the pub
shed statement of the company demonstrate its ability
20 reduce its proposed That statement demon
strates its ability achieve unparalleled success By
adnering the "prneples and rules" which have here
tofore guided it; and, in demonstrating this. demon
strates also the danger abandoning those said "prn
ciples ana rules"
II the theory upon which the Mutual Life Insurance
Company has hitherto conducted business not false;
if any man who trusts a life insurance company for
more than limited term Of years is not fool; the
whole doctrine reserves and the rules under which
the liabilities OF life insurance companies have hereto
fore been computed not deuson and snare, they
who lay their hands upon the reservethe fund sacredy
appropriated and preserved 70 meet claims TO
ture in the future-punge the hands feoniOusly
into the patrimony OF the widows and orphans of en
twenty, thirty, fifty years TO come.
But this is what is proposed scheme Of the
Mutual" The circular states:
That existing policy holders may have the option either
20 leave their policies undistIrbed and pay their old
rates. receiving Of their proportional dividends
with their existing credits added and pay the rates
corresponding their then present age provided they
subject themselves 70 new medical examination, ana
are pronounced assurabie.
The Company wll, by TINS most desirable plan, nave