New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-04-05
THE ToNTINE SYSTEM.
I, 70 TT SPECULATION IN FoRFEITUREs'

-, y.rKrrR SAYS IT rs THE REVERSE OF LIFE
MISUNDERSTANDING DOCUMENTS.
rontine appears to act a tonic on the Assembly
Committee which is investigating this plan of insur-
s,ce for after sitting from IL a. IN. to q p m. on
Friday the five Assemblymen began work again yes.
,srdav at IL a. m, while Chairman Williams ana
Assemblymen Raiues and Greene were IN waiting nan
an hour earlier, according to adjournment Acoaary
F'ackler went on with his testimony, ana heio an All
sav session with Lawyer Beaman, who overwhsimeu
t,m with AN avalanche of Tontine. Mr.. faekier was
nosive that the grouping Of all Tontne funds Tor the
ENC term Of years-ten fifteen twenty-in one con-
,ops class was not IN accord with the terms OF the
nocy known as the Tontine Savings Fund policy. or
according to the prospectus of the Equitable Society
He thought it unwlse for man with a family 70 run
The risk of losing all his payments through tne Ior
ieitne feature 1t was 100 mueh harmony wn
Insurance could hardly wear the gu1se OF
irstituon Lawyer Beaman asserted that the charita-
Bile relations Of insurance companies were not on .S
these corporations he said did not pose as charitable
Institutions their function to make honest con
tracts and 10 them IN accordance with the laws
Of the State. , -, -.
of expression in circles and desired TO Know
II the soealed Tontne plan would not Pr0PSa er
answered yes as quickly as possible linen MI;
Raues took up the moral view of Tontine and appned
this ethical test to it, In the form OF auessoh
not the ontine plan speculation In forfeitures,
n, which each policy holder stakes all his ymenIs on
RI ability tn continue them so that his life will end
as it is said to have begun, in gambling y eur
Mr. Fackler-Yes sir it IL just the reverse OF ne
insurance because 1T is combination OF men VINO con-
tr;hute TO general fund which is to be enjoyed only
ly the survivors.
Jawver MeAdam in behalf of the committee, next
road n circular of the New-York Life Insurance Com
many setting forth the advantages OF Ionne ID whch
The SURVIVORS shared the surplus. Another advantage
Of the panwas that the survivor escaped death Tor the
term m which he was classified Mr. McAdam wished
10 know if the business of the New-fork company, IN
the view of the witness, was conducted ACCORDING "
the circular . L. =, =.
Mr. HoYnblower made energetic objection TO the
question saving that the courts had already decided
that the business carried ON IN accordance Miy .e
terms set forth in the circular Chairman Williams
thonqht that Mr. McAdam should have the latitude he
desired Then Mr.. Beaman made a formal op]ectlon
and waived it, in order that Tontine might have as
much daylight as possible turned upon IT, MI raeheI
answered. the question, whose meaning became clear
when Lewycr McAdam had interpreted IT. 1t was III
effect that there was discrepancy IN the method
denounced in the circular and in the plan OF comput.
ing the dividend and surplus OF the Iontme period
Tontine had been smulant in the morning session. IL
had soporifc effect in the afternoon Wagers pc
frequent as to who would survive the rest OF the
Observation-Disclosures it would be the committee tne
LAWYERS or the reporters. The betting was largely IN
Their surplus in fees Lawyer McAdam passed an hour
in reading the circulars which First Vice. PRESIDENT
Alexander had furnished part OF " week s read
inc matter" Mr.. Alexander, the artist OF the
Assembly, passed around graphic sketches OF Lawyer
MeAda reading Father Time to DEATH the maj scene
representing all entering lunatlc asyiun' 'he lawyers
last .
The LAWYERS became temporarily exhausted at P
m and the hearing adjourned subject to the cal
of Chairman Williams.