, 1879-05-10

arcc vnlue " than you would he willing tn xlVo
IN getting now one, an.l Charge enough iMi9hcr,
mornberA MS BY taking them IN. II Is l'nrd TO SEQ
how company is going to be "cripu!cd 10y
such q process, however compulsory. THIS
hetcr iives tan tic W ayernre. bill such ts rot
tounti to bo the fact, or rather It ts found thAt
tho residual lives ARC alwass as good "a they
need be, AMI cali always he snfely carried through
BY tllcir 0wn reserves mud provisions. -.
Tie facts tt,at IL company haytng. profes:ed-
lr nvcr $50 200 tAl Of rcsrsve, nnd from, wl,fei,
not lcss than Aeyrt Or eight Thousand members
retire every year o!crwse, than BY dcntl, or *
gatlnh las recommended TINT rule oE sur.
render value should tn fixed, ana the Board has
unanimously approved tue recommendation.
nml t'lnt the PrrsIllcnt md Senior Actuary now
declare tat s,telI thing cannot 10 lona with.
out criupltng. s1ic .co1npnny. mako The rcasons
they Eiye tnntter Of profound Interest.
Alr. Wtistnt'A rchsnns, With ono exccntlotl,
Que reason oniy ho permits 10 pfS1fruis little.
lie represents It as absurd "tlat contracts Tor
fusnEnnce made. anu consutnfnatcl when sho
currency received a. premium was worth nut
aSe as,aa af %Sas Fs'a.vs @ voas soad
llayo surrender value which should cont'nls9n
tic satnu while the currency In which II is paid
ADVANCED from 10 ugr cent to ln' ner ceht ~
aanle proportion" Tbts Is mn argument which. II
IT prosrs anythng, nfnres too m.tch. It an-
piles IT, death claims With ic same f0ree as to
snrren!crs. Il u n'nkes liked surrender vnlie n
either impossible or incqlta''lc, Il makes the
Whole business OF fc-insnrancc, so far ua there
Is tixeucss IN tie terms Ut thu contract, in,pns-
stble or inequltablc, unless ail ie accounts aro
Kept IL r9lI. II Is r'ty Mr Minst9I ~ h,s nut
10 shstnk nu.l huttnatc. AMI lortfy nRa!nst ~
effects aa tar as tho chartered powers Of tis
/ cn,I,tnnv woul,, nl!ow. II he has kept the mar.
gius Il! ills loans through all this depression OF
ltn tr n fnI5tn
scryc required hy tllt: lrgal standard as good ns
gold nt the present ttsnc there Ia 10 moro d'tli-
Guilty IN liking te surrender value for the ~.
turu than II no depression had happened, II
another depression shnnld take place, It's bad
cifccta can bu prevented hy making premiums
poynblo in gold or It's equivalent value, sucl,
contracts being legally authorized.
t Prof. Bartctt's reasons. like those OF MI.
| Winston, arc as strong against fixing anything
| In tho cnttre business as agatnst liking eurrGn-
der values. Ile says there nre numerous cle"
incnts OF which mathematics cas, tukc no hold.
Tint ne know without oil Actuary. nnt IT docs
| not fOltDw TINT mathematics cannot x terms
on which. IL Is psultabe to take in members.
And II that Is possible, II remains for Pr0t.
Bartlett to show "hy mathematics cannot as
smelly hz terms on wl,'cl, a'mcfnbcr fnay retire,
without damage to the Conpany, whsnevcr ho
plcascs 1t rGlnalns for hin to demonstrate tho
inllacy Of his own rule, antl, furthermore, the
ialacy Of oVcry othcr rule tllAt hus ever bcel1
Tie English authorities Which l1c cites do not
meet the point Mt all. They 60 nsa!nat nay
| iny tllo full reserve US surrender value: NO
body asks TINT. Nj. epragut, wtionl ho cites, 10
decidedly in fayor OF liking n casl, surrender
| yailc mid putting 1t into tho contrnct, though
le Is opposed, rs well lie mar bc, to nlaktnE 1t
.'te whole reserve less 10 per cent OF the
sa.re." .......,.,
There never was, since the world was created,
| more lnrnc, tmpotent, or pittablc conclusion
than this letter ol prui. Bartlott to F. $: Wins.
ton, Esq. II the $4,000 members Of the Mutual