The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1896-08-17
YELLED THREATS.
To Influence Voters In Favor
of Gold Standard
Made By the Agricultural In
surance Co.
OF NEW YORK CITY.
Plainly Intimates That Mort
cages viii Be FOreclOsed
If Free Silver Wins In This
Campaign.

WATERFOWL N. Y, Aug. 1.-THE Ag-
ricultural Insurance company has sent
out a letter to farmers which is con-
strued as an attempt to influence vo-
tiers in favor of the gold standard. 1t
intimates in very plain language that
if free silver wins mortgages are likely
to be foreclosed and disaster to farmers
will follow
The Agricultural Insurance company
is one of the most substantial companies
IN America. It was organized in 1883,
and has a capital of $500. 600. It has con-
siderable more than $1,00e,0O0 invested
in first mortgages, mostly on farm
property. Many of the mortgages were
issued years ago when farm property
in this section was easily worth twice
what it will sell for now. The company
has never asked for the principal, being
content to have the money invested as
it was so long as the interest was forth
coming.
Jean R. stebbins. the president, and
Sidney Cooper, treasurer of the COM
pany, have been life long Republicans
and prominent in party councils. Mr..
Cooper was at one time collector of the
port of Cape Vincent.
THE LETTER TO FARMERS.
The letter which is causing so much
comment among the politicians, reads
as follows:
Office of Agricultural Insurance Co,
Watertown, N. Y. 1896.
uatiOn throughout the country at this
time, and the unpleasant possibilities
of the future have led to the examina-
ton by this company of its real estate
mortgages. From this examination I
find, as to your mortgage:
FirSt-That it is past due, and the
amount of principal and interest may
be legally demanded of you at any
time.
Second-That no part of the principal
has ever been paid
Under these circumstances we are
lnlDGlIe0 to ask whether
now or in a short time conveniently
pay a portion of the principal. We do
not make this as a demand, at this
time, but rather as a suggestion, in the
interests as much of yourself as of the
company. When a storm threatens
prudence demands reasonable prepare
ton. If a financial storm, such as is
now threatened, shall come, the Agri-
cultural Insurance company may find
itself unable to promptly sell its secur-
tiles or borrow money upon them to
meet any great emergency like q large
confiagratiOn. When it cannot borrow
money upon it's mortgages it will be
forced to call them in.
In other words, if the free silver idea
shall prevail in this country, such finan-
cial panic enSue as will compel the
lenders to demand from the borrowers
all the moneys that may be due, and if
these moneys shall not be paid there
viii be nothing left for institutions like
ours but to take the mortgaged proper
ty for whatever 1t will bring. This will
sacrifice your interests to meet our de-
mands. II will then sacrifice our in
terests to meet the demands of our
creditors. and so on from one interest
to another. till, with benefit to no one
but with destruction fer everything in
its track, this senseless cyclone will
sweep away all interests and all hope
of prosperity in the immediate future.
If we are correct in this view, it has
already become important that those
who owe shall pay their debts. or such
portion of them as they reasonably can
lest the time shall come when there will
be no alternative at no matter what
havoc to values and property interests
We shall be pleased if you will write
US at your earliest convenience upon
this subject, and we shall endeavor to
meet your wishes SO far as we can
consistently do 50. If you do not fully
understand the purpose for which, and
the spirit in which, this letter is writ
ten, please call at this Office and we will
explain more fully. Very truly yours
JOHN r. STEBBINS, President
Several lawyers in the city have ex-
pressed an opinion that it is possibly
violation of the section of the penal
code relating to intimidation of voters
and that the company might be forced
to forfeit its charter
Many of the policy holders in the city
are indignant over the action of the
company, and threaten to cancel their
s-ss- NJ