The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-01-07

HC, lOIlOH tCUtCA luNtt0tSo
what injury to policy-holders in mutual
life-insurance companies is anticipated by
an expert as result OF unlimited issues OF
cheap silver dollars. as proposed by pend
ing legislation
OFEIcE OF TIE MUTUAL LIFE INsURANCE)
COMPANY OF NEW YORK,
January 3, 1878.
10 Members of The Committee on Finance:
Gentlemen,-In accordance with official
duty, ask your attention to the pending
action of Congress, whereby it is proposed
to make silver coin q legal tender for the
payment OF all debt, and also fixing upon
an arbitrary basis its legal value consider
ably beyond its real OF its commercial value.
This company holds securities amounting
to SS5, 5,0OO, 900, which at the present value
OF legal-tender notes are worth within three
per cent. Of that sum in gold. On thecon-
templated resumption Of specie-payments,
fixed by law at year hence they would be
worth par in gold. At that period QS79) its
assets should be about S99,000.060 at gold
value.
Should the present bill become a law, and
the public be obliged to receive coin con-
taining but 4l2s grains Of silver for dollar,
it would reduce the value Of our securities,
now worth ninety-seven per cent. and over In
gold, to nMety-tWo per cent, striking OH at
blow about 81, 200, 900 from our, property,
and when resumption takes place about
81, ,20O, 900. provided the present price OF
silver is maintained. ~ ss -.
AS silver among most commercial nations
is merchantable commodity and not coin
to any considerable extent, and as its value,
like other such. common editteS depends upon
supply. demand, and the general laws on
trade, its fluctuations will undoubtedly be;
as in the past frequent Gsn b Targng tr9md d
value, Il is notJa violent supposlhon, In
view Of the already enormous annual pro-
duct from our own mines andthose Of other
countries, that it may from time TO- time
reach the low relative value last mentioned.
Should that be the case, and the company
be obliged to take silver for its bonds and
mortgages and stocks, it would reduce its
assets to the extent OF 100000 900 and more.
AS the strength OF a chain is its weakest
link, so the value Of dual currency OF gold
and silver is practically that OF the least
valuable medium. The public will pay their
debts with that which is Of the least value.
This company is not owned by erich stock
holders y or :. bIoated bondholders." u has
no capital stock, it issues no bonds, and
those to be affected by the proposed iegtsla-
ton are persons scattered over the WS0le
country, who hold policies aggregating
$500, 100000, in sums on an average OF not
over $4,000 each, payable at the death OF the
insured.
The millions of which it will be stripped
il the legal-ender bill passes in the present
shape, will be mostly taken from the pit
tances OF future widows and orphans, Nho
Will hold its policies when they mature.
30 al. Sc, IN,
furious and annoying in all well-condueted
business enterprises, it is far more so in
ours, the basis and principles OF which are
fixed beyond our control, and as some Of
our contracts may remain in force for fifty
years and more.
f. S. WINSTON, President.
rive omit what Mr.. Winston says as to
the future course Of his company.]