The Wellington enterprise. [volume] (Wellington, Ohio) 1867-188?, 1879-12-11
Humbugs and Counterfeits.


Humbugs and Counterfeits.
That every genuine article or benefcent
Institution has, in due time, q multitude of
counterfeits, is Q fact revealed by history
and verified by experience. The counter
feits are made to SO shine that their spark
ling imperfections dazzle the eyes, and mis-
lead the minds of the more grasping, as
well as the more innocent and unsuspecting.
Forgetting in their greed or innocence,
"sll is not gold that glitters," We find them
clutching after the counterfeit instead Of
reaching for the genuine. There are SO
many who seem anxious to be humbugged.
To them, plain, honest, genuine articles or
Institutions promising nothing they cannot
fulfill, seem 'stale, nat aud improbable"
They seek Institutions promising, Three,
Four, and Five Thousand Dollars for moth
ing Institutions promising to "pay back
all its members pay" and fabulous sums be-
sides, and the more mysterious the promise
and the more impossible its fulillment, the
more eager are they to grasp the shadow,
whose substantial proportions" vanish into
thin air, at breath Of cold reality. Just so
long as people demand to be humbugged,
just so long will there be humbugs to meet
the demand. None understand this peculiar
trait Of human nature better than
the incorporators OF what is known
as Endowment Associations" They must
know that associations using the SO called
Endowment plan" are short lived. Indeed,
many Of the corporations admit 1t, but they
know the mystery thrown about 1t, and the
promise to return the indemnity after q
term Of years, and all payments, etc, made
thereon, have q charm that wins many at
first sight to invest 5000 In q membership
(sure to perish) rather than invest in an asso-
citation free from this suicidal Endowment
We fear the estimable Relief Associations OF
Ohio, that have already wrought complete
reformation In Life Insurance, by giving
safe indemnity at reduced cost, are liable to
be injured and their good works tarnished
by being classed with these Endowment"
humbugs, that are short lived and only in
tended to enrich the pocket of their corpor-
ators, instead Of benehtting the members.
We regret that so many OF these EN-
dowment' Associations have been formed,
for they will not only deceive and mislesd
many to squander for q time their hard
earned savings that might have been in
vested in securing q safe indemnity in some
strictly "Relief Association, but their fail
ures also, will have q tendency to weaken
the confidence now justly imposed in many
Relief Associations of this State, that are
free from all the trappings and trammels 'of
"Tontines" and "Endowments" and are as
stable as the "everlasting hills"
The questions that naturally arise to the
more thoughtful are, why do so many
associations incorporate this ruinous prin-
ciple: How can they afford to be so mag
nanimous (r) as to have mo annual dues >
pay back all assessments paid and beside,
after STERN of years" pay to the living
the full value OF their certihcatess' Amez
ing generosity!
They incorporate this "Endoxmsnt" fea-
ture and hold forth these vapid promises,
simply to bait and wheedle into their ranks
those who never stop to investigate the rot
teuness Of the plan. nor to estimate the ex-
pense of same.
| Members Of these Endowment" hum
bugs are too often led to believe In the old
lottery ''catch" Of getting "something fol
nothing" They forget that what is prom
ised to each Of the members must frs,
Ego in" before 1t can 'come out" 1t is q
| GLORIOUS cheat" and the "Eudowmen
Day" so anxiously looked forward to, viii
| not last long II II ever comes. But even Il
such associations should live until the frs
batch Of cid members matu res. It has beer
pertinently asked, "Who will Join an asso
citation ladened with old members who's.
certificates are maturing on the endowmen
plan at the rate Of from SO to 80 per month
to be assessed to pay these maturing Ger
tificates Of living members, and the dcati
assessments besides"
The younger members, between the age
of is and 4s, must pay assessments on tn,
maturing risks (say nothing Of assessment
for death losses) Of those between ~ and @
years Of age for the period of from % to 8
years, before they can ever realize on tn
Endowment" while the older member,
between 49 and 90 years Of age are to b'
"psid of" and "set up" In business by tn
| younger members, in the short period oi
from 12 to Is years We have In mind au
association doing business on the "Eadow
meut" plan, and claiming membership to
day of over 5000. Fully one-half of thei
members 5000 are between the ages of A
and 80, their plan being more favorable I,
to the old thsn the young, since the old re
alize on endowment earlier than the latter
/
members than they have young; then one
third of their entire numbers q, 900 mem
bers) will mature on the 18th year from thii
date, by their own tables. Grant that one
before the 18th or 18th year comes, ther,
will remain l 900 old members, all OF whose
certificates will mature during that year
and each member must be assessed on AT
average $So. 90 per month to meet theii
maturing certificates.
The members of this association are alss
assessed 81 on each death, Taking thu
mortality to be per thousand and th'
membership 1000, and each member Of thii
detestable swindle will be obliged to pay tn
sum of $500 per annum in addition to the
5000 per month paid when the certidcate
commence maturing. This same swindling
association proclaims its "cheapness" oI
the ground OF charging mo annual Dues
Let US see IL its members are not payin,
large dues per month. For every dolls
they assess, this association keeps one
mortality he 8 per thousand, and their mem
bership 8. 700, as now claimed, each member
would paw $4S per annum, outside of tn,
$50 per month on endowments, one-fourtl
(sl2) of which Is the amount retained b
this ma unanimous 90 mo annual due
concern, I'm lieu of annual dues. The.
make their money by having death los sei
, and 1t has Justly been stated:
: 1t is for the interest Of the members t
have few death losses. Not so for this asso
. citation that charges mo annual dues
Their cry 10 the more deaths the merrier
''the more poor risks we have the NOR
! deaths, hence the more money. Wrlcon
the dying to membership, for they never pa
any annual dues, but do give US an opportu
nifty for assessments" 1t is absolutel
; shocking to contemplate the disparsgemen
of interest between the remaining SO calle,
stockholders" OF this corrupt institutio
| aud the deceived members thereof.
/, Many of these Endowment Associations
. have the audacity to assert that maturinl
, claims will be paid from surplis." whs
surplus, we ask Whence this surplus
they answer "by placing one fourth OF tn
assessment at interest, after We bave use
what we need to meet running expenses
etc will give us a surplus sufficient
. IL be true then that these endowments ca
be paid from such an imaginative surplus
does not this surplus come from assessment
|, all the same. What amount of surplu
| will be necessary to meet the first year