The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1893-04-07
FREE SILVER AND LIFE INSUR-
ANCE,

LII 1901, Uu0Tc WdS III lOICc III UllS
state 1892 policies of life insurance,
according to the report of the state
auditor, and they covered a total of
$40, 220,831. These are the totals of
the figures which were furnished by 33
companies which were doing business
ia the state and did not include the
sums invested in industrial organiZa-
tions. On this same basis the Specta-
tor LndeG, an insurance journal esti-
mates the total number of insurance
policies in force in the United States
at the close of 1891 at 1850, 900. repre-
senting an aggregate of nearly $4,000,
100000. This is an immense sum, be-
ing more than two and third times
the circulation of the United States
according to the official report.
The purpose for which this vast sum
is secured is one which gives to the
holders of the the policies vital in
terest in the financial policy of the
nation, as to whether it will be sound
or unsound. The Minneapolis Times
has been looking the matter up lit
tie, as to the effect the free coinage of
silver would have upon this vast
amount of insurance aud makes the
following sound comments in relation
therefor
In case the free coinage of silver
were adopted in the United States the
silver dollar would have a purchasing
power equal to the bullion contained
IN it, no more and no less. The value
at the present Jlme is something less
Than IS cents, and probably would be
considerable lower but for the pur-
chase OF 4, 500, 900 ounces per month by
the treasury which would cease with
the adoption of free coinage. Then
every credit in the country would be
reduced by about IS cents on each dol
lar. The men who owe debts on their
farms would be privileged 10 pay
them off in IS cent dollars, and all The
policies on insurance DIS they fell due
would be paid in the same depreciat-
ed money
Some of the people who listen to the
voice OF the silver siren should take
moment u think or these facts, and
especially the last mentioned Work
ing men particularly should reflect
uWon them. Ii they will do SO il will
not take them long 10 discover that
their worst enemies are The advocates
or free silver coinage, who propose
that at one fell SWoOp to reduce by
more IMAM one-thlrd the value of the
insura nee which thousands OF work..
ingmen have taken out for protection
Of their wives and little ones. 1t is
impossible 10 form an accurate eStl-
mate OF The proportion OF life lnSur
ance taken out by the WOrk1ngmen OF
the land, out il must be large per-
centage of the whole. AS rule each
only lnSureS for small amount
| from one to five thousand dollars
| but many of such policies are taken
| out for every one that is issued TO
rich man whose names are on it for
scores of thousands OF dollars. 1t Is
estimated that the aggregate OF in
| SuranceS of all those VINO i'll some Way
or another work for living at stat
ed compensation Of SO much per day,
or week, or month, considerably eX-
ceeds 30 per cent. To be on the safe
| side we may say that the amount OF
| insurance on the lives Of workers is at
| least equal to all the money in the
country, including that locked up in
the national Treasury and private
strong boxes. But 1T is notorious that
they are far from possessing all the
Lnoney, SO that they or their families
would be losers by the change to an
extent greatly above that to which
they could by any possibility be bene-
flied by free coinage. even admitting
that all the promises of the free silver
men were realized, which cannot be
the case.
The loss would come in the worst
conceivable form The one great ar
gument in favor of life insurance is
that it forms provision for the loved
ones when the head of the family is
taken away, and that the full amount
contracted for by the company is paid
over to the persons entitled to receive
it. If the United States should de-
clare in effect that Is cents is a legal
tender for every dollar of outstanding
obligation the insurance companies
could legally pay in these deprecated
dollars and no doubt would do so. The
step would thus take away nearly one
third of the insurance provisions
made for their families by The more
prudent among the working class and
for what? 1t would also take away
more than one-third of the present
value of the millions of deposits OF
workingmen in the savings bankssand
other repositories Of their savings, and
for what? Simply to crafty mis-
taken greed on the part of a few silver
mine owners and cater to the dishon-
esty of those who wish to get out OF
paying their Just debts.