Milford chronicle., 1949-08-26
70 Million Voices

7D Million Voices
THERE are rs million life insur-
= ance policy holders in the
United States. and the vast ma
jority Of them are voters. That
represents a lot of votes, more
votes than were cast for all par
ties in the last presidential elec-
tion, far more votes than could
possibly be controlled by any one,
or all, of the minorities.
Those rs million life insur-
ance policy holders have a def
mite financial personal interest
involved In the trends and ac-
tlOns Of all g0vernment spend
ing bodies, local, state and ma
tiOnai. They represent 78 mill
lion Americans who have
thrifty saved that they and
their families might be pro-
vided for when the rainy days
of advancing years, or disaster
to the bread winner, might
create a need. The policies
they have so thrifty been pay
ing for represent old age dis
aster support.
In 1888 those policies represented
a purchasing value of 100 cents on
each dollar their policies called
for. Those with a $1,000 policy,
when the time arrived, would re-
ceive $1,000, each dollar with a
purchasing value equal to each
dollar paid to the insurance COM
pany. 1t was $1,000 the holder had
thrifty saved for the protection Of
himself and his family.
In 1888 the purchasing value
started downward because of ac-
tions by the federal government. |
BY 1886 each one Of those 5000
would not buy 100 cents worth Of
commodities, but only 80 cents
worth. BY 1910 the purchasing
value Of each dollar was down to 65i i
cents; by 1946 it had dropped to so
cents, and in 1948 each of those dol
lars represented a purchasing
value Of but S8 cents.
That startling depreciation was
not because the dollars were in
vested in life insurance. The re.
suit was the same when the money
was invested in government bonds, |
or had it been kept in cash. The
purchasing value of every dollar
went down, none Of them would
buy what it had bought in 1898. In
1948 the $4,000 of 1888 would buy
only bit over $1,100.
Why such rapid and radical de-
probation? The major causes: ID
the needless, reckless, unnecessary
spending all along the government
line, from the national down to the
state, the county and the munich
palities; (2) high taxes on busi-
ness and the individual, that ac-
companies such spending; (3) def
icit financing that has piled UP our
national debt to top of more than
$50 billion dollars; "a and an ever
increasing amount Of printing
press money. There may be others,
but these are the major causes.
Where lies the remedy?
What do we propose to do
about it all? That is where the
Life Insurance Policy Holders
Protective association, repre-
senting those IS million policy
holders, enters the picture.
Organized in 1910, with head.
quarters at 116 Nassau street,
New York City, it is a non
profit, nOn-partisan Organiza-
tiOn. 1t is armed with the pow
erfuI weapon Of millions Of
votes, those of its IS million Of
members.
That association is telling the
policy holders just what the spend
ers and takers have done, and are
doing, to their thriftily saved dol
lars. It is urging votes against all
Of those, who by their actions, re-
gardless of party, are responsible
for the depreciation those policy
holders have suffered in their care
fully saved dollars.
That it will muster all votes of
those policy holders is not to be ex-
pected, but the facts and figures
that association is presenting will
result in millions of votes against
those in government whose record
in voting needless appropriations is
bad. is to be expected.
Such a campaign as the associa.
ton is conducting can, and prob
ably will, make a vast difference
in the results of the next election.
1t can drop off at the home stations,
for permanent stay, a consider
able number ef those public off,
cials whose actions have been re-
sponsible for our sadly deprecated
dollars, the wrecking of millions
of cherished hopes Of security.
That association may not have the
war chest of the CIo. but it has a
direct financial, a dollars and
cents, interest on which to make its
appeal
I England, quite essentially during
] the war. and unnecessarily since
the war, has practiced deficit fl.
+ nancing. and now Winston Church.
+. i'll says the nation has about