The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-07-30
LIFE INSURANCE AND SILVER.

A week or ten days ago Colonel
Greene of the Connecticut Mutual Life
Insurance company sent a circular to
it's policy holders setting forth the
evils that would befall them in the
event of the adoption of a free silver
policy. The burden of the wall was
solicitude for the policy holders lest
they should have to take f1fty-three-
cent dollars in place of one hundred
cent dollars. Now comes John A. Nc
Call, president of the New York Life
Insurance company, with a similar
circular to the policy holders of his
company. After showing that the
companies of New York state by their
last reports have outstanding more
than 100000 policies, affecting at
least 25,000,000 persons and the distri-
button Of insurance amounting to &c.
6S1, 497, AT, he says:
How shall it be paid? In what kind
Of dollars-dollars in gold worth 100
cents. or dollars in silver worth 90
cents or less? The insurance policy
itself is an agreement to pay in lawful
money, and the main issue involved
in the forthcoming election brings
home to every policy holder this ques-
ton: In what commodity shall the
payment be made? With silver dol
lars and gold dollars at parity, the
question answers itself, but with dol
lars worth only So cents, what may
be the effect on the wife and children
for whom the policy holder hoped to
provide in the event of his death, or
on his business, which he expects to
straighten out with the proceeds of his
policy? What may be the effect on
the competency for his old age which
he expected to derive from honest dol
lars, and which may be payable in
doubtful dollars, if the free coinage of
silver is adopted?
The premiums have been paid in gold
or its equivalent, and to compel the
policy holder or his family TO accept
one-half the value that he has paid for
at the maturity of his claim would be
as iniquitous and indefensible as
though he had been robbed on the
highway.
If the views of the Chicago candidate
prevail, the companies could not. even
if they are willing, provide for the
payment of their claims in gold dol
lars. The platform on which he stands
reads in part as follows: I'VE demand
that the standard silver dollar
shall be full legal tender,
equally with gold, for all debts,
public or private, and we favor
such legislation as will prevent for the
future the characterization of any kind
of legal tender money by private con-
tract
The record of the debauched-cur-
rency period of 1S70-73, when thirty
life insurance companies retired from
business, is too recent an object lesson
to be forgotten, and its results were
too deplorable to permit the custodians
of life insurance funds. to be indiffer-
ent to the great. danger that threatens
the policy holders and those depending
on them.
Surely it is not a political question
that confronts US. and even if it is, on
the vital point at issue-sound money
which involves the honor of the people
and the prosperity of the country
the Chicago candidate and platform
are antagonistic, and we may we'll
subordinate our non-essential convic-
tions to the essential one for patriotic
reasons. if no other. Their chosen Of
1ficers may officially appeal to insured
and beneficiary for. common and united
action against those who would great
ly impair. if not destroy. the protec-