The Washington times., 1894-09-06

of an insurance company, but he has never
allowed one word TO be uttered TO the detri-
ment OF the assessment plan, or in favor OF
any Insurance. company. And the argument
advanced by Mr.. Gardner and by the officers
OF the New York Company have been made
Tor the purpose of influencing public opinion,
and creating suspicion as TO the integrity
and character of this committee. There is
not a member of the committee that has en-
tertained any malice or yindictlve feeling
against Mr. Gardner.
NOT TO SHIELD ANY ONE
''We entered into. the investigation Of this
whole matter as policy-holders with desire,
not TO iniure, but also not to shield any one,
trusting that If any errors had been COM
mitted, they were those of judgment and not
OF intent. But We regret to say that the de-
velopments and the various statements made
by Mr.. Gardner do not bear out the hope en-
tertained by friends of his on the committee,
and that the transaction from the start up 10
the present moment does not vindicate Mr.
Gardner's judgment, ana certainly does not
deserve the encomiums Orrespect ofthe policy
holders, either individually or collectively.
Every member OF this committee WIS, no
doubt, inspired by the same motive that in
spired ali of tbs poiicy-holders to insure in
the Washington Beneficial Endowment Asso-
citation, being local organization, officered
by men KNOWN 10 iii OF US anu IN WuOIn the
insured had confidence, there was no reason
in the world why they should not support and
further the interests OF an organization such
as the Washington Endowment was. 1t was
not question between an assessment com
pany and regular life insurance company
1t was purely matter OF confidence, and for
seventeen years, during which time said a5so-
citation, We believe, paid its obligations in full
and discharged the duties incumbent thereon,
there was no reason TO doubt the integrity OF
the one or TO cast reflections iDimical on the
plan. Therefore it was the more surprising
that the policy holders were not taken into
the confidence OF those who had been i'm
plicitly trusted. and in whom the most IN
bounded confidence had been reposed.
If a condition of things had arisen which
proved the assertions of regular life insur-
ance companies, there was every reason in
the world why the policy holders should
have been convened aud made aware Of the
actual condition Of things; that the COM
pany was bound 10 succumb TO the Tavages
of time, unless new blood was infused into
IL. and thatthose who were insured lad either
TO scale their insurance or advance the
amount they had heretofore paid, so as 20
bring into the reserve fund under all circum-
stances, sufficient money to meet the iiabili-
ties arising from increased death losses. but
instead OF doing this, Mr.. Gardnet nursed
Tor year or more, as per his own statement,
thlc 44fsA4tOAL Afs1 NAAAiA - tAA+4-D'A
caused the complete prostratiOn OF his health,
and finally. when he saw no other means Of
saving the poor pOlicy-hOlders. he transferred
them without consultation, without Intima-
ton, 10 a company doing business in New
York, with no better standing or outlook
than the one over which he presided. asking
the pOicy-holders 10 pay for this glorious
privilege. twice. or. in many instances. three
times as much as the victims OF misplaced
confidence had heretofore paid.
WHY DID HE NOT Do IT?
"Now, any reasonable person. even the most
intimate and loyal friend of Mr.. Gardner, is
compelled 10 ask this question: II Mr.. Gard
ner really cared for the interest OF those who
had known him and whom he had known for
a lifetime why did he not consult themg Why
did ne not ask for a conference Of the policy
holders. submit the condition OF things and
arrive ~ satisfactory conclusion: Was i
not Just a. easy TO do this rs TO 90 outside OF
the city and traffic with a stranger who had
no earthly interest In our welfare or our
future happiness, whose only ambition il was
10 make money AMI strengthen their own de-
pleted Golfers and their reputatlOnf Was
there any reason in this world why Mr. Gard
ner could not have said: Gentlemen, this
matter has given me serious concern. l have
laid awake night after night in Your interest
unless something radical Is done. have other
business TO attend TO and l am tired Of this. as
| have sacrificed myself trying 10 do the best.
| desire to be released from this trust and re-
sponsiUi!itv. The stock that | hold / am
willing 10 sell at cost nay more. II necessary.
| am willing 10 sacrifice 1t TO show my sin
cerity and business integrity. STE if you can
not take this load OF responsibility of my
shoulders -reorganize the company. Either
scale the insurance that you have or increase
the rates So aS 10 guarantee beyond question
that the amount of insurance carried will
eventually be paid. You can very easily
keep up the association il you wish TO pay
approximately lite insurance rates. Does
any sane person suppose Tor a moment
that the pollcy-EOlders under such cOndi-
uons would not have cheerfuliy compiled
with any reasonable request so fairly stated
and so disinterestedly made?
HE SELLS To A FOREIGN COMPANY.
son the other hand, whore does the disin-
terestedness of Mr.. Gardner come in, when,
instead of doing this. he sells 10 foreign
company after having purchased the stock
of others at cost-all the right, title. and in
terest of the Washington Beneficial Endow-
ment Association, including their real estate.
for sum that is entirely unknown 10 the
public-a matter Of private speculation be-
tween himself and those TO whom he trans
ferred the property Mr.. Gardner states that
this is not mutual concern. True; il was
started upon the idea that it was an assess
ment company; that no more than as certain
number OF assess ments were to be levied each
year; and yet Mr.. Gardner knows that during
the last year or more, double the number of
assessments promised at the inception have
| been levied without complaint and without
any question being asked by the present pol
| icy-holders. and Notwithstanding his first
circular TO the members after weeks of labor
he now states that it was A stock company
thus destroying the allusion that it was even
an assessment company. And. having ac
knowledged that It WAS stock company,
where does the equity and fair dealing come
in on the part Of himself TO those most inter-
ested in abandoning the pOlicy-holders to the
mercies of an unknown sea, wrecking and
| looting the ship. when common honesty
| would have dictated that the least he could
| do was to sacrifice his holding, coupled with
a regret that he was incapable OF carrying
out in good faith the aims and objects Of the
association?
'None of these things have been done. and
ali the explanations do not explain and the
high-sounding phrases INDUCED in are as
| idle chaff, sOwn broadcast TO catch the
| gullibe, and cannot affect in the slightest
! degree the minds Of any one unbiased, for the
| simple reason that he who wishes TO do right
| needs but state facts and let them speak
! Mr.. Gardner in his late statement saws the
| Washington Beneficial Endowment Associa-
| tion still exists. How can he reconcile this
statement with his acts? II it exists, then
| there has been no sale, but he says there has
| heen n sale A sale of what9 The assets h.