The Providence news. (Providence [R.I.]) 1891-1906, 1896-07-22
THE DEBTOR AND THE DOUBTFUL
DOLLAR.

the Connecticut Life Insurance Company
has issued timely letter to the policy
holders in that company. There are said
to be about $1,000 policies outstanding,
representing millions OF dollars in claims.
The company is mutual concern, with
no stock interests on which dividends
must be paid, its assets foot up some $685.
600, 600, and it is the largest moneyed in
stitution in New England.
Col. GREENR's letter has a word to
say on the silver question. That is what
he wrote for. Just now the silver
question is politics, but COL, GREENE,
except In the broadest sense and as APP
peallng 10 the interests OF the holders of
poll cies in his company, has no wish TO
dictate the politics OF the policy holders.
Col. GREENE himself was a mug
wump. This yesr, to judge from his
letter, he will natu rally vote for McKIN-
LEY and HOBART.
sour contracts with you," writes
President GREENE to the policy holders,
"agree to pay to your families so many
dollars. There has never been any doubt
what was INTENDED thereby. 1t was the
dollar which before the civil war was
worth just one hundred cents, which
during the war fuctusted In the depre-
ciatod greenback currency of the time,
going to premium OF 1S5 per cent nc one
tine--and then a green hack dollar would
buy only thirty-seven cents worth--apd
dropping back to ifs normal price after
the war closed and our commercial and
industrial development and the political
action and evident temper of the people
made 1t manifest that wo could and
should pay our debts in dollars worth ono
hundred cents"
Now, as President GREENE points
out, a political party has declared its
purpose to make the "dollsr" mean three
widely different things: First, a gold
dollar, worth as bullion 100 cents any
where In the world; second, silver
dollar, worth as bullion only 81 cent at
the present time; third, all the paper
promises of dollars to be hereafter issued
by the government only. redeemabIe in
either fO0.cent gold dollars. 52-cent Cor
less silver dollars, or in new promises TO
pay, at the option OF the debtor or re-
deerner. OF course, neither the Connec-
ticuts policyholders nor any other sane
man needs to be told that only the least
valuable of these dollars would long re-
main In use. Should the platform adopt
ed at Chicago be made government pol
icy, following the election OF BRYAN, the
government dues, instead Of icing paid,
as now, In gold at 1(0 cents, or In paper
which 1t now redeems with such gold
and never with silver, would be paid In
silver, or in paper redeemed in silver,
which silver we could use in trade at
only its bullion value OF 81 cents on the
dollar. The green backs being then re-
deemed in 52-cent dollars, the government
bonds and their interest being paid in
52-cent dollars, our national bank cur
rency, which rests on government bonds,
redeemable in 52-cent green backs. and
the gold gone from domestic circulation
into international trade, we shall be on
the single 52-cent silver dollar basis
All this President GREENE points out
and then he proceeds to show what
would become OF the policies despite all
his company could do TO protect them.
"one hundred cent gold dollars" he
writes, "do not swap oven for 52-cent
dollars OF silver, iron or copper. Fifty
two cents worth OF anything can never
buy more than 52 cents worth of any
thing else. Then the purchasing power
OF your policies will be cut in two.
Should we come upon a silver basis your
policies would for the present be paid in
dollars worth to your families only about
30 cents; and the great bulk of them
would probably be paid in dollars worth
not more than from % to 30 cents"
"Swap" is good Yankee word. And the
statement that the purchasing power OF
policies in this and every insurance COM
pany the money in the savings bank,
and the wages OF the laporing man, as
well as the coupons of the bondholder,
would be cut In two IL the money stand
ard OF the country should be Organised
is simpler to understand than .he multi
plication table.
You can't "swap even" hundred