The record-union., 1897-12-23
PENSION APPROPRIATIONS.
A FUNDING BILL TO BE INTRO
DUCED IN CONGRESS.
The Author Believes It Will be Of
Benefit to Pensioners as Well
as the Government.

MERIDEN (Conn.), Dec. 22.-W. F.
Rockwell, a prominent manufacturer
| of this city, has in view the preSenta-
ton of bill TO Congress, through the
Pension Committee, looking toward
the funding Of the pension approprla-
ton. This bill, according to Mr..
Rockwell promises to be Of great bene-
fit not only to the Government in the
saving of many millions of dollars, but
to the vast army of pensioners also
Mr.. Rockwell has talked about his plan
to President Mckinley, Secretary Bliss,
members of the Ways and Means Com
mittee and to pension officials, all or
whom, he says, think we'll Of 1t, but
they have not decided yet how 1t
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 numerous bankers, COM
mercial men and life insurance actu-
aries, who approve the scheme and ad-
nit its feasibility, believing it to be
entirely practicable.
1T has long been the idea of Con-
gress," said Mr. Rockwell, in speaking
of his plan to an Associated Press re-
porter to-day, that pensioners are de-
pendent, 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
mortgages bearing interest anywhere
from s to II per cent. My idea IS to
issue negotia BILE bonds to the pension
ers, or to- pay them the cash at their
option to cover the amount they would
receive from the Government, based on
life insurance expectancy. This would
enable them to pay off these mortgages,
thus saving to them the differences be-
tween the lowest rate of interest in any
State, . per cent, and the interest on
the bonds, ~ per cent. This would re-
lieve them from their present entangle-
ments. There are, in round numbers,
about 100000 persons 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 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 a 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 in the issuance
of the bonds. Il would also do away
with pension attorneys, who receive
from pensioners a good share Of the
money paid out for them
Mr.. Rockwell has no interest in this
matter beyond the benefit which would
accrue to the Government and pension
ers by its adoption. He thinks the pen
sion is becoming a greater incubus up
on the treasury each year, and that
sooner or later something must be done
with 1t. He believes this idea in
great measure will relieve the strain.
While viewing his plan in a favor
able light, Mr.. Rockwell admits that
it is open for discussion, and he de-
sires to have brought out any features
that may seem impracticabe. To that
end he invites criticism. After the hOl-
idays he 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.