The herald., 1897-12-23
To Provide for Payment Of
Pensions
OFFICIALS THINK WELL OF IT
BUT THE COUNTRY MIGHT MAKE
OBJECTION
Payment of Pensions in Lump Would
Clear UP a Lot Of Farm
Mortgages
ssociated Press Special Wire

Associated Press Special Wire
NEW YORK. Dec. 22.-The Press
says: W. F. Rockwell, prominent man.
ufacturer of Meriden, Conn.,. has in view
the presentation Of q bill in Congress
through the Pension Committee looking
towards the funding Of the pension ap.
preparation. This bill, according to Mr..
| Rockwell, promises to be of great bene-
| fit, not only to the government in saw
ing of many millions of dollars, but to
| the vast army of pensioners also. Nh
| Rockwell has talked about his plan to
President Mckinley, Secretary Bliss,
| members of the Ways and Means Com
mittee and to pension officials, all of
| whom, he says, think well of it, but they
have not decided yet how it would be
received by the country.
Pensioners who have been approached
by Mr.. Rockwell on the subject also
think well of the idea, and are inclined!
to view 1t in favorable light. He has
consulted also numerous bankers. COM
mercial men and life insurance actu-
aries, who approve the scheme and ad-
nit its feasibility, believing it to be en-
tirely practicable.
1T has long been the idea of Con-
gress," said Mr. Rockwell in speaking of
his plan to an Associated Press reporter
yesterday, that pensioners are depen-
dent whereas, as a matter of fact, the
great bulk of them are independent
Thousands of them are owners of farms
in the West which are mortgaged, the
mr. tcyao ri; i,,ta
from to ~ per cent My idea is to is
sue negotiable bonds to the pensioners.
or to pay them the cash at their option
to cover the amount they would receive
from the government based on life in
surance expectancy. This would enable
them to pay off these mortgages, thus
saving to them the differences between
the lowest rate of interest in any State.
six per cent and the interest on the
bonds, 21a per cent.
This would relieve them from their
present entanglements. There are, how
ever, in round numbers, about 95O,C50
pensioners on the pension rolls, and to
those who are not owners of farms, the
payment of the entire amount which.
according to my table, would be due
them would enable many of them to
start in business, and this in itself would
put into circulation large amount of
money that would inure to the benefit
not only of the community in which they
reside, but to the country.
1T would also be great saving to the
government in the matter of salaries
and expenses, since it would do away
with the pension office machinery while
the only expense the government would
incur would be the issuing of bonds. 1t
would also do away with pension at
torneys, who receive from pensioners p
good share of the money paid out for
them"
Mr.. Rockwell has no interest in this
scheme beyond the benefit which would
accrue to the government and pension
ers by it's adoption. He thinks the pen
sion roll is becoming a greater incubus
upon the treasury each year, and that
sooner or later something must be done
with it, He believes his idea in
great measure will relieve the strain
While viewing his plan in favora BILE
light Mr.. Rockwell admits that it is
open for discussion, and he desires to
have brought out features that may
seem impracticable. To that end he in
vites criticism. After the holidays hs
will have another conference with the
President and Mr.. Bliss, and if the result
be favorable his bill will be introduced
through the Pension Committee.