Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1885-05-28
Economy is Wealth.


rival insurance companies is giving the
public an insight into business whose
profits are shown to be far in excess of
almost any Legitimate enterprise; and,
this being the case, the logical conclu-
sion is that the people have been paying
far more for this valuable article Qife
insurance) than it is really worth. Ev-
cry intelligent person readily admits
that life Insurance is an excellent thing.
like flour, pork, the services of q ply
sicIan, or any other marketable article,
but it does not follow that because it is
an excellent thing it should cost three
or four times what it is actually worth.
At one time. when the art of dentistry
was new and shroudod in sort of mys-
ticism, as high as 500 were charged
and readily paid by those who could
afford it, for set of very imperfect
false teeth; now far better set are to
be had ut 81 or 50 The early dentists
became suddenly rich. but now they
are, ike the other older professions. OBJ
tanning only fair profit on their work.
Ia the same way, life insurance com
panies have, up TO the present time,
amassed colossal wealth. The North
western Mutual, Of Milwaukee. besides
owning millions Of dollars worth of the
finest property in Wisconsin (bidden in
under foreclosure has mortgages out to
the amount Of millions more. Its
wealth and income is so great that il is
actually bothered 10 find investment for
It's vast surplus rhe other life com
paHies. Of standing and reliability, have
grown similarly rich all going to show
that the people have been paying far
more for the article than it is worth in
fact, and all because vast wealth is first
required TO establish proper company,
and. second. because Of the glamour Of
mystery surrounding the facts as to
what the average gain and loss really
is. The falling out Of The companies
like the falling out Of rogues, when hon.
est men are said 10 get their dues-is a
hopeful phase Of The matter, and leads
to supposition that the field of opera
tons is becoming restricted; that tile
companies are 10 longer governed by a
policy Of community of interest, but are
becoming competitive; and that being
the case, a sudden drop in rates of life
Insurance may be looked form the near
future.
For years, however, the West has
been paying tribute to the East, and the
country people have been contributing
bliudly to tho wealthy concerns of the
large cities. Tho Eastern pill-makers
Aver, Hostetter and the like--have
grown fabalously wealthy from the
ague-shakiug West, and this is true of
life insurance and many of the COM
monest manufactures Wealthy men
some time ago saw clearly the enormous
profits accruing to fire insurance COM
panies (whose risks are far greater and
whose rates are far less than life com
panies) and began to insure their own
Buildings and vessels. They argued,
and wisely too, that if there was profit
in the business foi the companies, there
was profit in it for themselves. With
these facts in view, country people
should endeavor to arrest the constant
flow of percentages, and, so far rs pos
siblc, retain that wealth within their
own communities; and this can be ac-
complished by combining, mutually, TO
effect their own insurance, both fire and
life, and TO encourage and patronize
most literally those manufactures near
est their own locality. For example: If
the people of Grant county, by encour-
aging with their patronage the manu-
features OF Lancaster, can double the
population Of the place within certain
time, then Lancaster becomes place
of twice its former Importance, and the
effect is carried back again TO the farm
ors, rs farm property in the vicinity OF
large towns is immensely more valuable
than in the vicinity of small towns. Up
on this plain and logical basis. a dollar
spent at home is not spent, but saved
while a dollar spent away from home in
some large city, though adding that
much to the wealth OF the already
wealthy, takes as much from the com
munity from whence it comes.