New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-09-18
o4,fpA1e1 ANp INSURANCE FUNDS.


>--,,.- Who remembers the first MchIhie!
o,,,,,oiqn will find it difficult 10 ul"e - An
,,nin+ NJ view of the insurance oInCelo -
hot wear made the political contrlou'i0A1 los
fed 70 before the Armstrong coinlli io,i+1
then perfectly well known 'hdl " nronartv
50 +boeo charged with safeguarding PioP 80:
80 for the election of Mckinney, anu ~ NC.
itovos+ vros nonularly applauded as an eALio-
+;or of na+riotism rising above pohucS' -
oa, r,,is+aken NAV have been their course .nIlo
;s no reason to doubt that the oih0ei0 - 80
NewYOrk Life honestly felt thaI nc -,
e,or5;n, the interests of their pollcyholuerS'
ond wore as much justified in spehulns a.
m nrevent financial disaster ana hation"-
honor as in spending money on vaults ~ ~
oo1ri+v of their assets. If their rlghC lliuS ~
81 go :; e,,cb crisis be conceded. the prlh-
,,o f s,,beaouant contributions cannot wei o0
oa~+ionod for the Importance of an elecuon "
nroe7,ari+v and sta bity is a matter OF jug -
G. lone az the Judgment is honestly IofHleu' -
NOV he said. and contributions are nlau0 -
a.ood foi+b IN serve the policyholders, anu No'
70 further the personal ambitions OIL ln'u I 60
officers or their friends and relauNes' inc -
action is not fairly to be CONSIDERED aS Ol1-
of trust. but if condemned, Is 10 De
as a mistaken exercise or zeal ,,,ob
Rn+ there is another point of view "nicn
doroonds consideration. and it is this: Inc es-
senca of democracy is the right OF each clu|en
n q free voice in public affairs Each Vo'er Is
entitled TO exercise his own nnuence' u 0A
else If himself. and to throw 1t IN dleNel u
ran+ion he will He may make MISTAKES hho
may foolishly throw his weight against his own
interests Wiser decisions might perhaps oe
roecbed for him by a guardian in the form either
of a king or a life insurance president puI lie -
entitled to rule himself, and the benevolent
dasno+ who attempts to use his vote or MS prop
or+1- without his consent as a makeWelght III
nolitice is whatever his intent, usurper ana
doy,oar IN renublicanism. Doubtless CONSIDER
able minority of the policyholders OF the New
Wi 7 ifa were supporters of Mr.. Bryan They
were blind 10 their own and the counuEs wei
fare hut it was their right to cast their influence
as they chose. When the administrator of their
trust funds gave money TO help de1eat lheH
chosen nolicy he virtually took their votes from
their hands Without permission he undertook
TO nerforn their political duties for them he
decided that they ought to contribute to the
sound money cause, so he would do II TOT tnen.
Tins their trustee used their money TO offset
their votes.
Now there is answer TO TINS argument
namely that the very existence OF NE lhsuF-
ance company is an acknowledgment that us
noIicvbolders considering it better able to take
care of all or part of their savings than they are
themselves consent that its officers and trustees
shall exercise their own best judgment in the
performance of that function, and consequently
those officers and trustees are not merely au-
thorized but bound to contribute to the success
of a PARTY when they honestly believe its sue
cess to be of vital Importance to the interests of
| the insured But it cannot but be plain that
such use Of insurance funds even at its best,
| is extremely dangerous. It may not be quite so
apparent but it is not the less true, that all
| corporate contributions are similarly affected.
From one point of view there is a distinction
between the use of the property of the insured
to promote political policies which many of
/ them oppose and the voting by the stockholders
of an ordinary corporation of some of their
/ funds to a common political purpose AS mat
/ ter of fact. however such contributions are
! generally made by officers or directors, as of
/ railroad without any regard to the political
! views of the stockholders. From the point of
! view Of public policy, must regard all such
contributions. in the long run, as vicious In the
! United States the government is intended TO be
! a government of men, corporation is not
! citizen with right to vote or take a hand
otherwise in politics. 1t is an artificial creation
! brought into existence by favor of the state
| solely TO perform the functions allowed by its
| charter. Interference by it with the state and
attempts by it to exercise rights Of citizenship
! are fundamentally a perversion Of its power Its
! stockholders, no matter how wise or how rich.
should be forced to exercise their political in
| fuence as individuals on an equality with other
men. That is the basic principle of democracy
and forgefulness of It is responsible for many
corporation abuses and for much of the popular
prejudice against Incorporated wealth.