New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-07-14
SAVINGS INSURANCE.
Nc5c Plan of Industrial Policies in
massachusetts, litter NoCfmber.

Boston. July l3-With the design os bensarirs
wage earners Governor Guild OF Massachusetts
has affixed his signature 10 an ac- which IS b.
lieved by many ~ its advocates 20 be the NOS,
important single measure passed by any American
legislature In the session Of 1917 There is. o.
course The public utilities bill I'm New York but
this after all. was simply the application in the
Empire State 81 principles of public control tha,
have before now been recognized IN other 4nreri-
can commemorative There have been bills in
many state legislatures reguatinE freight and pas
S"uSer charges ON railroads. "It these have n
VOWED no especial departure from the policy O.
recent wears everybody. nearly. has long believed
iu some form II railroad regulation. and Uncle
sam has already authorized himself 70 tackle This
problem. But Massachusetts has done novel
thing. 50 far al least the Western World IS con-
Cern~d. In permitting the establishment of new
type OF life Insurance
on and after November Z. la- IL advantage is
taken ~ privileges now granted hy Massachusetts,
the Paw State wage Garner who wants protection
Tor his family through one ~ the policies Of the
type known industrial is. whose pre-
WiumS are payable AT frequent iDtervals-vlA o.
he competition between two different Ike nsuF
ance systems The wQrkiugman may. on The onA
hand. Weld - urGinEs 20 take CUt q policy VIA
one ~ the insurance companies which 90 an ndIS
trial business and which VIII Keep collector per
petuauy his heels 10 gather the premiums as
they tall due lie may. on the other hand. 90 70 a
savings and insurance bank "a new ytle unds-
the Massachusetts lav-aUd arrange O. take OK
life insurance not exceeding 500. with the UNDER
miums once month without being -eaSei by coz
lector He may also buy there au annuity o. q
value not to exceed Sel II hv has an account "
the savings department of the hank A7 may a.
range To have his premiums paid from that auto
mIticaIly. "a they fall due
one Of the greatest advantages claimed for N
new system Of savings Insurance Is IF course y
greater CheaprNss- The expense ~ teasing peels
into insuriuS their lives and ~ c1i'ectins 'hel
premiums from house 60 house causes t-lS ioTi" y
protection To- the wHEe-e1ruer to cost from tNv 3
i h
10 nav Tor ordinary life Insurance. There =
BE- sure, familiar argument On the eHecl -
the average individual won't buy an insurance PEI
icv unless he Is talked into 10 by au agent ~
people. however. believe that large enough pr
portion of American lahoTiuE mon are Industries :.
thrifty and far-SeejuS 70 do the thing they eos.
To- do without being cternaliv uasEed abeW =.
there are sober mechanics who do not allow '-
contents Of the pay envelope week after wees "
h' wholly absorbed bv the butcher ard lhe -
Keep
These folk think that Massachusetts is par
ucuarly CoCd state IN which % test od' -
ideas The savings bank which Is naturally a'''
ed To handling life inSurarcN-slrcS INSURANCE, -,
only specialized form of savings has Such pl'
confidence that il IS, thew hold. the ideal ms.,-
tion from which L. offer policies over 'Ns 80
ter The first savings hank IN the jnited So
was opened I'm the city ~ Boston ninety wears 'e
Massachusetts has long had thu best saving ev.
munittes, proportionateN to population 81 Ne
American state The total of deposits % "a
credit Of wage carriers ON October 81 IS '@,,rsst
$9tCSl,lH IS. "a sum nearly equal to the h'e -
bearing debt NJ tn" United states, anu -
the total assessed valuation OF NaTYE'Hd' -
lucky or Connecticut The savings hunks havs
for many years been conducted without Scanu"' .ss
reproaCh and they necessarily stand hlS' 81
esteem of the population supporting them ~
Part Of the original scheme 20 the SAVINGS ,,ri
this devised I'm England was that u So -
contain departments for ISSUING life tnSuFa' {,
Ctes and annuity contracts. The SAVINGS 'HS,,sh
this country have up - this time had % eS.f,l
their position as a necessary part vi the nna" ~
world. and as civic centres COuluarahie W. ,hs
school and the church IN the tncUcatlo' - =,
standard virtues. Now, however. u Is piup -, In
see IL the original idea Of the founders 81 ue n
Stitutton cannot be successfully eNccuttu' '
Massachusetts and afterward elsewhere. ,,,-,
10 Is understood that number "f bdS ~
savings banks already preparing 70 take a''~
tAEe OF The