The record-union., 1896-10-26
LIFE INSURANCE AND BRYANIsM.

JOIN "A. hCSEIIp 1TSSlOe1C OI tae NEW
York Life Insurance Company pricl1s
a Bryan bubble. He shows In an essay
IN the Forum" that Mr.. Bryan Is alb
surd and ridiculous when he assumes,
as he did In his speech OF acceptance,
that Life insurance is conducted for the
profit of stockholders rather than for
the people insured.
He points out that with very few ex-
ceptions. which he Indicates. the life
insurance organizations belong to the
people insured. as the membership con-
sdtutes the company and that there is
no division Of interest or conflict be-
tween the company and the policy hold
ar, since an Individual cannot be at
outs with himself.
IA most eases the States step In and
appoint guardians to sea to It that this
system Is not infrtnged, ana that the
interests Of tho policy holders ara pre-
sewed- He alleges that there Is neither
profit In ROT limitation to the benefac-
tscns OF the LIE Insurance. companies,
for life insurance is q sort Of oommur-
ism that allows unrsstraiped tndivid-
,1aitsm without tina penalty Of beggary
entatied upon descendants or depend
ents.
There are 170 Of these organizations
in New York alone, 160 Of these have
no capital stock and the remaining 10
ara mutual coponapioS ur;fb n oopf+o,
stock that is deposited with the Insu1-
ance Superintendent
So, then, Mr.. Bryan's ignorance Of
business has once more been exposed.
as for instance when he said: "As the
total premiums received exceed tho to-
tai losses paid. a rising standard must
be OF more benefit to the companies
than to the policy holders"
But how would a free coinage law at
10 TO 1 prove Injurious to policy hold
ers2 Mr.. Mccall takes the official re-
ports of companies in New York and
finds that 30 having foreign as well as
home business, have assets amounting
to $1,142. .419,926. a sum sixteen mil
lions greater than the national debt In
1890. OF these assets nearly S47, 7,OOO. 900
were awaiting investment, and Of the
balance s123.336.16S are In real estate,
02.3O1, 939 in bonds and MORTGAGES
and $16,221 .442 In United States bondsi
in other bonds and stocks S456. 968. O91.
loans to policy holders and on collater-
ais sos. 7.o73. premium obligations
S21 ,275. .149. other investments s12.3o9.-
no.
All these sums are held In trust for
1852, ,440 living policy holders. with de-
pendents and benehciaries numbering
Zo,00o,0OO people. The reserve required
for their protection by the law is $685.
0fo.o17. Assessment and fraternal In
surance is wholly excluded from the
foregoing figures. the membership Of
which numbers 1855, ,435. making a
total Of 10,407.S75 insured persons.
The payments of the policy holders OF
all kinds amounted in 1895 to S165. 1O3 :
62l. OF ell these, 90 per cent. Of tho
policies have been paid for since the re-
sumption OF specie payment IN 1879 in
dollars worth 100 cents each All the
investments have been made In the
same kind OF dollars. All the obliga-
tons are stipulated to be paid to the
policy-holders in lawful money OF the
United States." while those payable In
foreign countries are payable tn gold
only, and Canada requires all payments
to her people to be made Ia the eouiva-
lent Of Canadian money. There are
212.957 foreign policies calling for
S679, ,972. .314, with a premium income Of
So, ,346. $50 In 1895
II the payments to those outside and
those inside the United States are not
In money Of equal value, how unfair It
win be to those In the United States. II
policy holders In the United States may
receive their money in dollars worth
half a hundred cents having but half
the purchasing power OF the dollar
paid in as premiums, what does free
coinage Of silver at 16 to mean to all
such2
II the investments OF the companies
are to be paid back In deprecated
money. then the claims against the
companies must, perforce. be paid IN
The same kind OF money. as the compa-
MES are no more than tina agents e the