The evening times., 1896-07-27
COULD NOT PAY N COLD
Insurance Companies Show the
Evil of Free Coinage.
PATRONS WOULD SUFFER
Widows and Orphans VIII Be Paid In
Debased Currency II the Chicago
Platform mIsAdopted-Str0n Is Letters
Sent Out by the compa anies-wi he
Used as Campaign Documents.

O0Co an NALnPui6A A$oCoAACHt6.
The officials OF the Republican Congress
sonal Campaign Comn.ittee have no pres
ent intention Of compiling document from
the letters being sent out by The various
insurance companies imploring their pol
icy holders TO combat the financial heresies
OF the Chicago platform, but think the ma
honal Committee may Possibly embody
them In form for extensive distribution, as
they constitute one OF the most formidable
arguments yet made against free Coinage.
The policy holders of the New York Life
Insurance Company in this city. are today
receiving copies or a letter issued by John A.
Mccall, the president of the Company, un-
equiyocaliy denouncing the Democratic
platform and intiuIating that il the princi-
pies of the monetary plank were carried
into effect the insurance Companies would
be compelled TO Fay their death claims in
debased currency for the reason that they
would be absolutely unabieto obtain gold.
The New York Life has in Washingtonful-
ly as many, if not more policy holders than
any other similar company. Its total num-
Der in the United States is 2S7 10000. The
letter, as received here, is, in part, as fol-
lows:
MILLIONS OF POLICY HOLDERS.
The life insurance companies and asso-
Cations OF this country operating in the
State of New York number more than Io,-
o0u,000 of policy holders. II to this is
added the beneficiaries of the insured, ths.r
wives and children, except Industrial policy
ha a at tiaaS 81 nr,Sr 0,1s
interested in the pa yment of claims by these
companies and associations. During the
year 1895 these several organizations paid
to policy holders and their beneficiaries
$I65, 1o3,6l0. Similar payments for tue
last five years exceed S730, 100000.
1T is within reason to assume that the
payments to insured persons and the widows
and orphans OF such persons for the nextrive
years will equal this aforementioned sum.
| The total outstanding insurance contracted
TO be paid is SS.6s1.4 .49T All.
This sum must be paid at some time or
| other, for death is certain. How shall il be
| paid? In what kind OF do,lafs-dollars i.
| gold, worth 100 ceEts, or dollars in silver,
| worth 53 Gel cts orless? The einsurance policy
itself isan agreement topa y in nlawfulmoney
| and the main issue inroivedin the forthcoID-
| Dseiecuon brings home to eyerypolicyhold-
| er this question. In what commodity shall
payment be made?
with silver dollars and gold dollars at
| a parity, the question answers itself, but
with dollars worth only fifty-threc cents,
| what may be the effect Oh the wife and
| childreo for whom the policy holder hoped
| to provide in tie event OF his death, or on
| his business, which he expects to straighter,
| out with the proceeds Of his policy? What
may be the effect on the competency of his
old age, which he expected TO derive from
! honest dollars, and which may be ayable
| in doubtful dollars if the free coinage Of
| silver is adopted?
COULD NOT PAY IN GOLD.
| "The premiums have been paid in gold or
| its equivalent, and to compel the policy
| holder or his family to accept one-haif the
value that he has paid for at the maturity
1 of the claim would be as iDiGuitous and in
| defensible as though he had been robbed on
| the highway.
'.If the views of the Chicago candidate pre-
vail, the companies could not, even if they
are wiling, provide for the pa yment Of their
| claims in gold dollars. The platform on
| which he stands reads in part as follows:
.wedemaDd that atthestandard silverdol-
lar shall be full legal tender, eeuaily
| with gold, for all debts, public or pri
yate, and we favor such legislation as
| will prevent for the future the demonetiza-
| ton of any kind of legal tender money by
\ private Contracts
| THE record of the de5auched currency
period OF 1S1O-73, when thirty life insur
ance companies retired from business, /;
too recent an object lesson to be forgotten
Its results too deplorable to permit the
custodians OF life insurance funds to b
indifferent to the great danger that threat
ems policy holders and those depending oil
them.
Surely 1t is not a political question
that confronts US; aud even IL it is. on tn,
vital point at issue-sound money-whic,
involves the honor OF the people and tn,
prosperity OF the country, the Chicago can
Gidatc and platform are antagonistic, ant
we may well subordinate our nou-cssentia
convictions to the essential one for pa
triotic reasons if no other.
"The chosen officers may officially ap
peal TO insured and beneficiary for conmol
and united action against those whit
would greatly impair, If not destroy, tn
protection that has been secured by mucl
self-denial No one responsible for tn
management OF those sacred trusts sboui'
fail 10 denounce the financial heresies O
the Chicago platform or refuse to join il
bringing about the defeat of their ad
vocate.''
Policy holders in the Connecticut MI
tual Life Insurance Company are receiving
similar letter, sent out by Jacob [
Greene, its president, and other institu
lions viii follow the same course. A CO
lection of these letters and argument
would make formidable campaign docu