The Providence news. (Providence [R.I.]) 1891-1906, 1896-08-07
LIFE INSURANCE.
DO You Want 1t In 100 Cent Dollars or
In Half Value Money?

A circular sent out by President John
A. Mccall of the New York Life Insur-
nnce company to the policy holders gives
ness in New York:
Number Of policy holders IN COM
panies operating IN this gtate.... i0.s0,e75
Estimated number OF fbeno1ciaries.. 25,0O0000
Paid TO policy holders and beno-
nciaries lS9J.. 9J.............,........ sl65. lo3GlO
Paid In tho past flvo years........ 100000
Total outstanding insurance con,
tracted 20 DO paid. ,GSl, 497, AL
The circular says:
'This sum (nearly $40, 900, 600, 000)
must be paid at some time or other, for
death is certain. How shall it be paid?
In what kind of dollars-dollars in gold
worth 100 cents or dollars in silver
worth 53 cents or less? The insurance
policy itself is an agreement to pay in
lawful money, and the main issue in
volved in tho forthcoming election
brings home to every policy holder this
question: In what commodity shall the
payment be made? With silver dollars
and gold dollars at parity the ques-
tion answers itself, but with dollars
worth only 90 cents what may be the
effect on the wife and children for
whom the policy holder hoped to pro-
vide 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 compe-
tency for his old age which he expected
to derive from honest dollars. and
which may be payable in doubtful dol
lars if the free coinage Of silver is
adopted? The premiums have been paid
in gold or its equivaleunt, and to COM
pei the policy holder or his family to
accept one-half the value that he has
paid for it at the maturity Of the 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 were willing, provide
for the payment of their claims in gold
dollars. Tho platform on which he
stands reads in part as follows:
"We demand that the standard sill
yer dollar shall be full legal tender,
equally with gold, for all debts, public
ton as will prevent for the future the
demonetization Of any kind of legal
tender money by private contract
"The record of the debauched curren-
cy period of 1903, when 30 life insur-
ance companies retired from business,
is too recent an object lesson to be for
gotten and its results too deplorable TO
permit the custodians of life insurance
funds to be Indifferent to the great dam
ger that threatens policy holders and
those depending ON them. Surely it is
not q political question that confronts
us, and even if ii is, on the vital point
at issue-sound money-which involves
the honor of the people and the pros
perity Of tho country, the Chicago can
didate and platform are antagonistic,
and we may well subordinate our non
essential convictions othe essential ono
for patriotic reasons, if no other. Their
chosen officers may officially appeal TO
insured and beneficiary for common and
united action against those who would
greatly impair, if not destroy, the pro-
lection that has been secured by much
self denial No one responsible for the
management of these sacred trusts
should fail TO dcnounce the financial
heresies of the Chicago platform or re-
fuse to join in bringing about the de-
feat Of their advocate.
MIR. Bryan wants free trade, which wouI,
compel MS To buy abroad much that is now
made at home. and free coinage, whici,
would make IL impossible To go to foreign
markets for our supplies unless we paid
In our deprecated silver currency double
their value.