The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-07-30
POLICY HOLDERS WARNED
President OF n Life Insurance Picture Issues
Startling Letter.

New York, July 29.-John A. Mccall,
president of the New York Life insur-
ance company, has issued a letter call
ing attention to the effect on life inSur-
ence policy-holders of the success of
the silver ticket, in which he says, af-
ter showing that the companies of this
state by their last reports have out
standing more than 10000. 600 policies,
affecting at least 10000, 900 persons, and
the distribution of insurance amount
ing to SS.6s1. 497, AL:
How shall il be paid? In what kind
Of dollars-dollars in gold worth 100
cents, or dollars in silver worth 80 cents
or less? The insurance policy itself is
an agreement 10 pay in lawful money,
and the main issue involved in the forth
coming election brings home to every
policy-holder this question: In what
commodity shall the payments be
made? With silver dollars and gold
dollars at a parity, the question ans
Ners itself. but with dollars worth only
5S cents. what may be the effect on the
wife and children for whom the policy
holder hoped 10 provide in the event of
his death, or on his business. which he
expects TO straighten out with the pro-
ceeds of his policy? What may he the
effect on the competency for his old age
which he expected to derive from honest
dollars, and which may be payable in
doubtful dollars If the free coinage of
of silver is adopted?
The premiums have been paid in gold
or its equivalent, and to compel the
policy-holder or his family 10 accept
one-half the value that he has paid for
at the maturity of his claim would be Is
ubiquitous 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 are willing, provide for the pay
ment OF their claims in gold dollars.
The platform on which ne stands reads
in part as follows:
1--WE demand that the standard sill
yer dollar shall be a full legal tender
equally with gold. for all debts, public
or private. and We favor such legisla-
ton as will prevent for the future the
characterization OF any kind OF legal
tender money by private contract
The record of the debauched cur
rency period of 1S10-75. when thirty life
insurance companies retired from bust
ness. is TOO recent an object lesson 10
be forgotten, and fits results were too
deplorSble 10 permit the custodians OF
ne insurance tun1S 10 De indifferent 20
the great danger that threatens the
policy-holders and those depending on
them.
Surely it IS not a political question
that confronts Us. and even II il is. on
the vital point al issue-sound money.
which involves the honor OF the people
and the prosperity OF the country-the
Chicago candidate and platform the
antagonistic, and we may well subor-
dinete our non-essential convictions 10
the essential one for patriotic reasons
if no other. Their chosen officers may
officially appeal 10 insured and beae-
iciary for common and united action
against those who would greatly i'm
pair, IL not destroy. the protection tina:
has been secured by much self-6snial
No one responsible Cor the management.
OF these sacred trusts should fail 10 de-
nounce the financial heres.es OF the Chi
cago platform. or refuse TO JOIN in bring
ing about the defeat Of their advocate. "
The Connecticut Mutual Life Insur-
ance company has sent out similar
statement 10 its policy-ho.ders-