The Yale expositor., 1896-08-14

insurance pOllcleS TO De on the sue VI
sound money:
Number of policy holders
in companies operating
in this state. ........... 1O,4O7 SIS
Estimated number of bene-
fciaries ................ 25,OOO,O OO
Paid to policy holders and
benefic!aries, 1895. ......S 1G5 100000
Paid in the last five years. 730,000,0Oo
Total outstanding insur-
ance contracted to be
palu ................... 9,OSl ,4J( % 20
The circular gees on to say 3.
This sum (nearly ten billions Of
dollars) must be paid at some time or
other for death is certain. How shall
it be paid? In what kind of dollars
dollars in gold worth 100 cents, or dol
lars in silver worth SO cents or less?
The insurance policy itself is an agree
ment to pay in lawful money, ana the
main issue involved in the forthcom-
ing election brings home to every
policy-holder this question:: In what
commodity shall the payment be made?
With silver dollars and gold dollars at
a parity, the question answers itself,
but with dollars worth only SO cents,
what may be the effect on the wife and
children for whom the policyhoL1er
hoped TO provide in the event OF his
death, or on his business, which he eX
poets to straighten out with the pro-
ceeds CT his policy? What may be the
effect on the competency for his old
age which he expected to derive from
honest dollars, and which may be pay
able in doubtful dollars If the free coin
age OF silver is adopted? The premi
ums have been paid in gold or its
equivalent. and to compel the policy
holder or his family to accept one-half
the value that he has paid for it at the
maturity of the claim would be as in
iquitous and indefensible as though he
had been robbed on the highway. If
the views of the Chicago candidate pre-
vail, the companies could not, even IL
they were willing, provide for the pay
ment Of their claims in gold dollars.
The platform on which he stands reads,
in part, as follows:
1--WE demand that the standard sill
yer dollar shall be full legal tender,
equally with gold for all debts, pub
lie or private, and we favor such leg
islation as will prevent for the future
the demonstration Of any kind CT
legal tender money by private con-
tract
"The record of the debauched cur
rency period Of 1S71'73, when thirty
life insurance companies retired from
business, is too recent an object lesson
to be forgotten and its results too de-
plorable to permit the custodians Of life
insurance funds to be Indifferent to the
great danger that threatens policy hold
ers and those depending on them. Sure
ly it is not a political question that
confronts us, and even if it is. on the
vital point at issue-sound money
which involves the honor of the people
and the prosperity Of the country, the
Chicago candidate and platform are or
tagonistic, and we may we'll subordin-
ate our non-essential convictions to the
essential one for patriotic reasons, if no
other. Their chosen officers may off,
cially appeal to the insured and bene-
ficiary for common and united action
against those who would greatly i'm
pair, If not destroy, the protection that
has been secured by much self-deniaI
No one responsible for the management
Of these sacred trusts should fail to de-
nounce the financial heresies of the
Chicago platform or refuse to Join in
bringing about the defeat of their adj
vocate"