San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1897-12-22
FUNDING PENSIONS
A Scheme To Relieve The
Country And Soldiers.
U. S. TO ISSUE BONDS OR PAY
IN CASH THE AMOUNT OF A
LIFETIME PENSION
The Amount That Would 90 to Each
PenSiOner Would be Determined
By the Tables of Life Ex-
pectancy as Accepted by the
Insurance Men.

New York. Dec. 22.-The Press SAYS.
w. f. Rockwell, a prominent manu-.
facturer of Meriden, Connecticut. has
in view the presentation OF bill to
Congress through the pension commit
tee, looking toward the funding of the
pension appropriation. This bill ac-
cording to Mr.. Rockwell. promises to
be of great benefit not only to the gov
eminent in the saving of many millions
of dollars, but TO the-yast army of pen
siOners also. Mr.. Rockwell has talked
about his plan to'President Mckinley,
Secretary Bliss, members of the ways
and means committee 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 approach.
ed by Mr.. Rockwell on the subject also
think well of the idea and are inclined
to view it in a favorable light. He has
consulted also numbers of bankers,
commercial men and others who APP
prove of the scheme and admit its
feasibility, believing it To be entirely
practicable.
1T has long been an idea of Con
greSS," said Mr.. Rockwell. in speaking
to n Press reporter yesterday. that
pensioners are dependent, whereas, as
Il matter of fact, the great bulk of
them are independent. Thousands OF
them are owners of farms in the west
which are mortgaged, the mortgages
bearing interest anywhere from s to
Il per cent. My idea is 60 issue ne
gotiable bonds to the pensioners, or to
pay them the cash at their option, to
cover the amount they will receive from
the government based on life insur-
ance expectancy. This would enable
them to pay off these mortgages, thus
saving to them the difference 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, in
round numbers, about $4,000 persons
on the pension rolls and TO those who
are owners of FARMS the payment of
the entire amount, which according to
my table would be due them, would en-
able many to start in business and this
in itself would put into circulation n
large amount of money that would in
ure to the benefit not only of the COM
munity in which they reside, but TO the
whole interior.
1T would be Il 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
the bonds. 1t would also do away
with pension attorneys who receive a
good share of the money paid out for
them by pensioners
Mr.. Rockwell has no intention in this
bill he says, beyond the benefit which
would accrue to the government and
pensioners by its adoption. He thinks
the pension roll is becoming a greater
incumbus upon the treasury each year
and. that sooner or later, something
must be done with ii. He believes
this idea in great measure will re-
lieye the strain. While viewing his
plan in a favorable light, Mr.. Rockwell
admits that it is open for discussion
and he desires to have brought out any
features that may be impracticable.
To that end he invites criticism. After
the holidays he will have another con-
ference with the president and Mr..
Bliss and if the result be favorable, his
bill will be introduced through the
pension committee.