The record-union., 1897-07-09

But. speaking of the annuitant, L am
reminded of one of the arguments used
in the last campaign. The great lnSur-
ance companies-sOme of them at least
sent out letters to all who held policies
and warned them against the effect OF
free coinage: held out before them the
possibility of the dollars falling in pur-
chasing power-the possibility of loss to
the policy holders. My friends, was
quite amused at the solicitude of those
insurance companies. They pretended
to have no interest in the matter them
selves-simply concern about their pol
icy holders.
But when you remember that the in
surance companies-that is, the OLD
line companieS-receiVe in premiums
every year much larger sum than they
pay for losses each year, you find that
when the dollar rises they make more
than they lose, and that, therefore, their
soIicitude was for themselves and for
the officers who consume 50 much of
the earnings in large salaries, and not
for the people who hold the policies, and
for whom they shed so many tears dur
ing the campaign. (Applause)
And then, another matter l confess
I have always been somewhat touched
by the argument addressed to the policy
holder I can understand how a wife
who holds an insurance policy on her
husbands life, when the husband is out
of work. and has no chance under
gold standard to get work-when her
only hope is in the insurance policy after
he dies-I can understand how the argu-
ment of the gold bug might appeal to
her if it was a mere matter OF dollars
and cents. But we want an insurance
policy that will give the wife some hope
while the husband lives and not make
her happiness dependent upon her hus-
bands death and the policy which he
leaves, payable in gold. (Cheers.) And
under hard times and grinding condi-
tiOns, many and many man has been
compelled to allow his policy to lapse
and give the insurance company the
benefit of all the profits accrued when
he himself is not able to reinsure and
give protection to his family.
But 1 must not dwell on Sherman's
testimony. l want to call another wit
ness. I called for the testimony of the
present Secretary of State; | now call as
a witness a man who was Secretary of
State and who was a candidate for the
Presidency of the United States. Mr..
Blaine spoke on this subject in 1878 and
he gave his opinion as to the effect of
the gold standard. He said that the
destruction Of silver as money and the
establishing of gold as the sole unit OF
value would have ruinous effect upon
all forms of property, except those in
vestments which yield a fixed return in
money.
These, he said. would be enormously
enhanced in value. anad would sain an
unfair and disproportionate advantage
over all other forms of property. That
is the language of Mr.. Biaine-that the
destruction of silver as money, and the
establishing of gold as the sole unit of
value, would be benefit to the hold
ers Of fixed investments, but detri-
ment to all other kinds of property.
He made the same division that MIR.
of the capitalist out of debt Mr.. Blaine
speaks of the holder of fixed invest
ments. Mr.. Blaine puts all the rest
of the people on the other side.
Why is it that the holder of fixed
investments will not admit the advan-
tage which the gold standard brings
him? Why is it that the holder OF
fixed investments, the owner of money,
and the man who trades in money, al
ways denies that he gets any benefit
from the rise in the value of the dol