Marble Hill press., 1896-09-03
THAT INSURANCE GAG
GREENE'S LETTER TO POLICY
HOLDERS ANSWERED.
If Some Insurance Companies Could
Pay Per Cent to Holders They
Would Do 1t - Colonel Roberts Calls
Attention TO Some Cold Facts.

Greene, president of the company, call
ing their attention to the probable ef-
feet the victory of free silver would
have upon life insurance policy hold
ers.
The letter begins with the assertion
that it never was thought necessary to
provide that either premiums or poll
cies should be paid in any particular
kind or quality of dollars, it being as
sumed that the American people were
sufficiently honest to keep their dollars
worth their face value. But now, Col.
Greene says, comes political party
avowing its purpose to make dollar
mean three distinct and different
things-to wit; A gold dollar, worth as
bullion 100 cents; a silver dollar, now
worth as bullion only 81 cents; a pa
per promise of a dollar to be issued
hereafter by the government, redeem
able in 100-cent gold dollars, 52-cent
(or less) silver dollars or in new PROM
ises to pay, at the option OF the debtor
or redeemer. The least valuable OF
these dollars would remain in use. We
should be on the single 52-cent dollar
basis, and then the purchasing power
of policies would be cut in two.
"The change to a silver basis" the
letter continues, would stimulate the
production of silver. The ores now
are easily accessible in such vast guam
titles that under such changed condi-
tions the price woud steadily decline.
On a silver basis your policies would
for the present be paid in dollars
worth only about so cents, and the bulk
of them probably would be paid in dol
lars worth from % to 33 cents. We
therefore warn you that as it is your
duty to make this provision for your
families so it is your present duty to see
that no part of that provision is lost
]. C. Roberts of Chicago recently
mailed the following reply to Col.
Greene:
Jacob L. Greene, Hartford, Conn.,:
Dear Sir-A copy OF your circular
to your policy holders has been handed
to me and / have examined it careful
ly, and in my opinion you are treading
upon dangerous ground. There is
an old adage which runs something
like this: Folks that live in glass
houses should not throw stones. How
ever you have thrown down the gaunt-
let, and as an advocate of free silver L
accept the gauge of battle.
II have had some experience with
life insurance companies, both as VIC
tim and as an attorney. l have been
called upon five times to defend the
widow and orphan against the scoun-
drelism of life insurance companies,
and have won my suit in each case, l
have ever found that the weaker and
more defenceless the beneficiary the
more arrogant and unscrupulous was
the insurance company, and from my
knowledge of the companies generally
doubt If there is an insurance presl-
dent alive that would not sit UP nights
from now until the November election
to study out some scheme to beat the
policy holders out of ten cents on the
dollar.
''As a business proposition your cir
eular is failure, for if there is any
thing the American people never VIII
submit to it is coercion, especially upon
their right to exercise their own judg-
nrent in voting. AS political propo-
sition YOU have done more TO help the
cause Of free silver than any other rlcn
man in America.
Life insurance is something that the
public knows but little about. These
institutions have posed as eleemosy-
nary concerns. when as matter OF
fact they rank but little If any above
the old Louisiana lottery;
"But you have declared war, and to
the utmost extent of my power the
public shall be fully informed upon the
methods and schemes Of your class.
shall make $50 speeches upon the
stump between now and election, in all
of which shall advertise the life in
surance business, and your company III
particular. The war will not end with
election. / shall carry the fight to the
state legislature of Illinois and to the
congress Of the United States, and en-
deavor to secure the passage OF laws to
restrain the present companies from
further power to continue their Illicit
gains.
"I am we'll versed in the statistics Of
life insurance, but shall leave no stone
unturned nor spare any expense to Sc
cure all the evidence necessary to show
that your interest Is not in your policy
holders, but that as the largest money
lenders In the world, you want to make
money out OF its scarcity.
II will show that 1t does not cost 10
per cent of the money filched from the
people to pay the death losses; 81 per
...A - al tma x,olleiaQ Ianra 0f the