Savannah morning news. [volume] (Savannah) 1868-1887, 1881-05-06
rambling in Human Life.

Gambling In Human Lille.
The craze for speculation in life in
surance policies which has seized upon
the people Of Pennsylvania Is certainly
most singular mania, and is growing to
SO tremendous and alarming extent that
the grand jury of one county Dauphin)
has had its attention called to the sub
ject. while the State Legislature has
under consideration measure looking
to its suppression
The manner in which this speculation
is carried on is one of the most remark
able features connected with it 1t is
done BY means of Mutual Aid Compa-
MES" which. under the offer of cheap in
surance, have made themselves popular,
and the strange part of all is that the
more rapidly the insured die off, the
more profitable it is for the companies.
This most ingenious paradox" is thus
explained. The extremely sick and
aged are paid a small consideration
to induce them 10 take out a policy, and
assign it in blank, This policy is then
sold to the highest bidder, who buys it
on speculation. When a death occurs,
al those holding policies, whether by
purchase or otherwise, in the '.co opera
tive companies are assessed to make up
the sum due. which sum is divided be-
tween the fortunate purchaser of the
'1ucky" policy and the managers Of the
company, the latter retaining from %
to 80 per c, t. Of the amount as charges
for their services. The policy holders
who pay Tie assessments are the losers,
but as each one expects, sooner or later,
70 profit by the death OF the party upon
whose life he or she holds his or her
policy, the assessments are always paid
promptly. OF course the unluckf specu-
latOr in this transaction is the man whose
Subject" lives longer than it was calcu-
lated when the policy was purchased.
We see it stated by Philadelphia
paper, the Press, that the amount of funds
squandered in this way is incalculable.
The scheme appeals strongly to the GU
pidIty of the more ignorant, who sec
in it a splendid chance of making
a fortune at little risk. They there
fore take policies right and left, and
are impoverished in few months by
their efforts to meet the assessments,
which come in on them at rate they
had never been led to expect. Large
sums of money have thus been paid by
men which were sorely needed to feed
and clothe their families. In this way
this cooperative insurance business car
ries with it all the evils of speculation
and of gambling, with others peculiar 10
itself.
1t is impossible to conceive of any
more degrading depth to which the love
of money, or the mania to get rich with
out labor, can lead man. Yet it is
stated that in Pennsylvania, where this
traffic in blood is being carried on, all
classes of the people are not only coun-
tenancing, but actively entering into the
speculations, while the policies are open
ly and shamelessly sold at public cutlery
and on the streets, not of interior
towns alone, but even upon those Of
Philadelphia We read that even the
Executive Chair is paralyzed by the Sc
ductive attractions of these investments,
and the law-making power is really part
and parcel of the evil itself. In conse-
quence, the legitimate effects of the
practice are already manifesting them
selves, for, from the same pape,
from which we make the above extract,
we see that among the interesting Incl
dents which the investigation of this
business has developed is that of doctor
insuring a patient under his charge, and
an undertaken a man for whom he has
been called to measure for a coffin. A son
in one instance insured his dead father,
and six cases have been brought to light
where the insured have been murdered
by those holding assignments of their
policies. Some of these offenders have
been brought to justice, but the sO-caIled
insurance companies are not interested
in prosecuting them, though called to
pay the policies which have been dyed
deep with fraud and crime.
The ''barbarous and poverty stricken
South" has great cause to congratulate
herself that this infamous practice does
not exist within her borders, but is con-
fined to the enlightened and wealthy
North. Barbarous she may DE, but may
theAlmighty ever protect her from becom-
ing civilized % in this way, and may
she continue poverty stricken to all eter-
nifty ere she consents to gain riches by
shameless speculations upon the lives OF
the aged. infrm and unfortunate.