Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1878-01-07
TELE
Insurance Companies op-
posed to Unlimited
Silver.
A CLAIM THAT THE BLAND BILL
WILL ihiuRE the POOR.
tsPrcilL Dr,rArcHrs TO THE ooLD HILL
DAILY Naval
rhs silver ssHa.

The silver Probieun.
NEW YoRx. January 6.-The acknowl'
edged chief among American Life Insu'
rance experts points out In the following
Official letter the serious damage that must
result 10 future widows and orphans
through the success Of BANDS bill for tho
unlimited issue Of cheap silver dollars
"Ofice Of the Mutual Life Insurance.
Company Of New York. January 5. 1878.
To the Members Of Committee on Finance
-Gentiemen In accordance with my
Official duty I ask your attention TO the
pending action Of Congress. whereby IL 10
proposed to make silver coin . legal ten
der for the payment Of all debts. and also
fixing upon an arbitrary basis for lie legal
value considerably beyond its real or COM
merciai value. This company holds 20.
curities amounting to sSs, zoo, 900. which
at tho present value Of legal tender notes
are worth within three per cent. Of that
sum In gold. On the contemplated re-
sumption Of specie payments fxsd BY law
1t . year hence, they would be worth par
In gold. Al that period the year
lS7g-its assets should DO about
SOC, 00O, 900 ct gold value. Should the
present bill become . law. and the public
be Obliged 10 receive . coin containing but
4l2k grains Of silver for o dollar. IL
would reduce tho value Of securities.
now worth o. per cent. and over In gold,
TO o. per cent, striking OF ats blow about
8 1900. 900 from our property, and when
--..-.I.. ..La. oi.~o shout Al ON mn
provided the present price OF silver 10
maintained. Al silver, among most com.
mercial nations. Ia . mcrchsntable com.
modify and not . colin 70 any considerable
extent, and its vAlue. like other such com.
moditics. depends upon supply and dsmand
and the general laws Of trade. its fiuctua-
lions will undoubtedly DO. % In tho past,
frequent and varying from ! 10 ~ per
cent. from . gold value. II 10
not . violent superstition. In view
Of tho already enormous annual pro-
duct from q mines and those OF other
countries, that Il may from time 10 time
reach the low relative vsluo last mention.
cd. Should that DO the case and the com.
pany be obliged ~ take silv.r for its bonds
and mortgages and stocks, IL would reduce
its assets 10 the extent OF $40, 900 900 and
more. As tho strength Of . chain Ia is
weakest link, 30 the value OF q dual cur.
rency Of gold and silver 10 practically that
of the least valuable medium. Tho public
will pay their debts with that which IL OF
the least value. This company 10 not
owned by I" rich stockholders' or "bloatsd
bondholders." II has no capital stock ; II
issues no bonds I; and those TO be affected
by the proposed legislation arc persons
scattered over the whole country. who hold
policies ~aggrsgating $780, OO. 900, In sum
ON an average Of not over $5,O0O EACH
payable at the death OF the Insured.
The millions Of which IL will DO
stripped II tho legal tender bill
passes In the present shape. will DO mostly
taken from the pittances OF future widows
and orphans, who will hold its policies
when they mature. While . currency OF
shifting value Is injurious and annoying
In all well.conductsd business enterprises.
Ii IL far moro NO In ours. the basis aud
principles Of which are fixed beyond our
control, and ~ some Of q contracts may
remain In force for iifty years and more.
Under the pressure Of this apprehended
calamity, tho effect OF which upon our
present assets IL may not DO possible 70
u.lw a. h.x.on,aa nnr dutv IN arran0a
au. md torms of bn,insss for t6o
sn,rra in mel 1. manner "A 10 free M A
~ nr.c,icahi. from the v~srstious. IN
no, Ji..s,rons' cnEec,s Of a fluctuatipr cur.
rorcv .honId n Iva forced upon mr.. Az 10
trsnys io,ns and tbe renewal OF such,ss
Lava sIra.dv mstured. n a surrestcd that
III nav Ia iane iswfully by expressine
in the Contract or instrumept Of indebted.
,... .,ocrt.d On the vbstber
i.ona o. mor,c.ra ar other Agreement
,hs Lina or Ss.crintion OF currency In
,.hich m /. N Ia psid. We could not
properly mako them payable In gold now
or until a general resumption takes place,
unless vo make our loans In gold. but -
tbe premium maid for gold would be sunk
AT resumption, IL would to that extent re-
duce the rate Of Interest recsived. and
therefore IL would not DO advisable. To
nav out currency and 10 require gold
would moi be advisable under our rules,
or In accordance with the practices Of
equity, independent o. every pos,isie
ITn,,.a 49,. S.nI No. ~ v,esnb.cLs' n
10 submitted that The covenants for pay
lnent Of interest and principal 70 the com.
Pany m,sh, 10 ~ IA
IT,, .acomn.n,sd r. .tinui.,jon t5st
,ne n,S III ~ s.,a lh'Ii \. .or.i
" so'u us. usn, 20 -h., tstS.s
=. ,ho W,ns ~. p,y.r.sc,,on 70 msds.
~ uo ''uo Nno Az. .s..sor
y ~ M. o.. ~ ,sSs
OF tne LfB.siA'uIv q. uns .,S
requiring ,na, ~ n',S Se1s
pald IN ROlu kthr INC leu dhuuAfyt iofo.
~ mas o'he, Iea.ules w,n'un nouid
shnans,.. - o",sroi ~ linJ n cn,,snov
~ ~ ssad a. ~" n.vmors ~ dsb,s IN mi.
49, =. us,ah, III ha n.r,isi rsmsdv in