The Neihart herald. [volume] (Neihart, Mont.) 1890-1901, 1896-09-12
INSURANCE AND SILVER.
What Is There In the Solicitude of the
Managers For Their Policy Holders?

What Is There In the solicitude of the
Managers For Their Policy Holders?
The champions of the gold standard
are now very much exercised at the
thought of having insurance policies
paid i'll cheaper money. 1t is a singular
circumstance that almost every argu-
ment (?) in favor of maintaining the
present monetary standard has in view
the interests of those classes which are
IN the enjoyment of exceptional advan-
tages. The owners of fixed incomes, de-
positors i'll banks. creditors generally
and holders of insurance policies are OBJ
jects of especial solicitude with those
who oppose the free coinage of silver.
Life insurance is usually payable to per-
sons other than the insured. However
good and meritorious these people may
be, there is no equity whatever in their
behalf which entities them to be paid
in appreciated dollars. In many cases
the policy comes to the payee as a mere
bonus for which he Or she has given alb
solutely nothing. 1t Is very true that
the beneficiaries of such policies should
be fairly treated and not be defrauded
with cheap money. But it is not pro-
posed to defraud them with 'cheap"
money. The hub of the whole question
is that under present conditions, with
money constantly approaching, insur-
ance policies are now being paid with
money more valuable than the money in
circulation at the time the policy was
issued and more valuable than that in
which the premiums have been paid.
If this concerned nobody but the pol
icy holder and the insurance
the silver men would give themselves
no trouble about it, but in fact a rising
measure of value concerns everybody,
just as enlarglng measures of weight,
length and bulk would. While the
payee OF an insurance policy is benefited
by receiving money of augmented value,
other classes are ruined by being obliged
to meet their obligations in such money.
The latter are entitled to much more
consideration han the former, first, be-
cause their necessities and sufferings are
greater; secondly, because they are much
o numerous, and, thirdly, because
they are the victims of the first wrong.
This was the change of the standard
from that of gold and silver together to
that of gold alone. If this primary
wrong canno be righted because a few
innocent persons might lose something,
then it would be impossible to ever
change any vicious monetary law, how
ever destructive to the best interests of
the country, for all such changes injure
somebody.
In considering policies of insurance
there is another point that must not be
overlooked. While it is a very nice
thing for the beneficiary to get ''big
dollars'-dollars Of high value-this
same appreciation Of money makes it
harder for the insured to pay the pre-
MUM and thus keep the policy alive.
1t is matter Of common knowledge that
in seasons of monetary stringency hun
dreds and thousands Of persons are un.
able to pay the premiums and are
obliged to allow their policies to lapse.
They either lose the entire mount paid
in premiums or are driven to the neces-
sity of surrendering the original policy
and taking a "paid up one for a mere
fraction Of the sum actually paid in.
Such cases are not isolated and occa-
sional, but N the contrary they make
up a very considerable fraction of the
total number of insurance policies taken
out. Every case of the kind involves a
hardship and a wrong, which find no
compensation or offset in the fact that
some widow or orphan receives payment
in appreciated II National BIZ
metallist.