: ,4 - :,.~‘.-..- ..“.‘§\:AI~“.' " “ Great German - American The Statesman Speaks For Sound Money at Chicago. Facts, Arguments, Logic, Wit and Sarcasm Presented in a Masterly Way. Vs'hy Prices Have Declined—The Alleged . “Crime of 1873" Has Not Made Goods Cheaper—The Consequences of a Free Silver Victory In November \Vould Be Panic, Bankruptcy and Universal Dis- tress and Poverty—Free Coinage at Six- teeh to One Means Silver Monometal- lism—IVages W'ill Be Cut Down and Half of the People’s Savings \Vill Be Lost—Appeals to Prejudice In Summit of chudiation Policies Are Immoral and Bound to Fail. Hon. Carl Schurz, ex-secretary of the in- terior. delivered an address on September I’vth, in Central Music hall, Chicago, _on the is- sues of the campaign, under the auspices of the American Honest Money league. Every seat in the 'hall was filled, many persons who de- lired admission being turned away for lack of room. The address in part was as follows:~ FELLOW CITIZENS—I have come from the cast to the west to speak to you for honest money. I do not imagine myself to be in an “enemy's country.” There is to me no ene- my’s country within the boundaries of this re- public. Wherever I am among Americans I am among fellow citizens and friends bound together by common interests and a common patriotism. In this spirit I shall discuss the question of the day. I shall not deal in finan- cial philosophy, but in hard and dry facts. There are sporadic discontents in the coun- try, partly genuine, partly produced by arti- ficial agitation. They may be specified thus: There are farmers who complain of the low prices of agricultural products; laboring men complaining of a lack of remunerative em- ployment; men in all sorts of pursuits com‘ l I‘E‘V‘bm , . I.«\\\ 74%5531649 5" i u it,” I- a . 0' 4- 3/2,." . ’ “5‘ .1} A / ’ , at 5 (-4 a: ’é plaining of , a general business stagnation and of a. scarcity of money. In some parts of the country, especially the south and west, there are many people complaining of a want of capital and a too high rate of interest. The cry for more money is the favorite cry. These are the principal and the most definite com- plaints. Beyond them, however, an impres- sion has been spread by agitators that an or- ganized conspiracy of moneyed men, mainly great bankers, in America and in Europe, backed by the monarchs and aristocracies of the old world, is seeking the general establish- ment of the goldstandard of value to monopo- lize or corner the world’s money to the gen‘ eral detriment. All this has found definite expression in the following declaration of the Chicago platform: “We declare that the act of 1873 demonetizing silver without the. knowledge or approval of theAmerican people has resulted in the ap- preciation of gold and a. corresponding fall in the prices of commodities produced by the people; a heavy increase in the burden of taxation and of all debts, public and private; the enrichment of the money lending class at home and abroad, prostration of industry and impoverishment of the people. " Mark well that all these evil consequences are ascribed to the demonetiZation of silver in the United States alone—not to its den} onetization any where else. This is to justinythe presenta- tionous a sufficient remedy of the free coinage of silver in the United States‘ alone, “without waiting for the aid or consent of any other nation.” This platform is amplified by free coinage orators, who tell us that the act of 1878, called “the crime of 1873, ” has surreptitiously “wip- ed out” one-half of the people’s money—name- ly, silver; that in consequence the remaining half of our metallic moneyv—namely, gold—as a basis of the whole financial structure, has to do the same business that formerly was done by gold and silver together; that thereby gold has risen to about double its former purchas- ' ing pOWer, the gold dollar being virtually a. 200 cent dollar: that the man who produces things for sale is thus being robbed 0 half the price, while debts payable on the gold basis have be- come twice as heavy, and that this fall of prices and increase of burdens is enriching the money changers and oppressing the people. What Are the Facts? Are these complaints-Troll founded? Look at facts which nobody disputes. That there has been a considerable fall in the prices of many articles since 1873 is certainly true. But was this fall caused by the so called demone- tization of silver through the act of 1873? N ow. not to speak of other periods of our history. such as the period from 1846 to 1851, everybody ‘knows that there was a considerable fall of prices. not only as to agricultural products—— cotton, for instance, dropped from $1 a pound in 1864 to 17 cents in 1871—but in many kinds of industrial products before 1873. What hap- .pened before 1873 cannot have been caused by what happened in 1873. This is clear. The shrinkage after 1873 may, therefore, have been caused by something else. Another thing is equally clear. Whenever a change in the prices of commodities is caused by a change in supply or demand, or both, then it may affect different articles different ly. Thus wheat may rise in price. the supply being proportionately short, while at the same time cotton may decline in price, the supply being proportionately abundant. But when a change of prices takes place in consequence of a great change in the purchasing power of the money of the country, especially when that change is sudden, then the effect must be equal, or at least approximately so, as to all articles that are bought or sold with that money. If by the so called demonetization of silver in 1873 the gold dollar or the dollar on the gold basis became a 200 cent dollar at all, then it became a 200 cent dollar at once and for everything. It could not ossibly be at the same time a 200 cent dollar or wheat, and a 120 cent dollar for coal, and a 150 cent dollar ‘for cotton, and a 100 cent dollar for corn or ‘for shovels. I challenge any one to gainsay this. Prices and the Act of 1873. Now for the facts. The act of 1873 in ques- tion became a law on the 12th of February. .What was. the effect? Wheat. rye. oats and corn rose above the price of 1872, while cotton declined. In 1874 wheat dropped a. little: corn made a jump upward: cotton declined: oats and rye rose. 112 1875 there was a general de- ‘cline. In 1878 there Ma"; 3 rise in wheat and a W :there was another rise in‘whea-t. carrying the price above that of 1870 and up ‘to that of 1871, years preceding the act of 1873. Evidentlyso far the 200 cent dollar had not made its mark at all. But I will admit the possible plea that; as they say, the act of, 1873 having been passed in secret, people did not know anything about it, and prices remained measurably steady, in ignorance of what dreadful :things had hap- pened. If S0,.then it would appear that, if the knowing ones had only kept still about it, the gold dollar would have modestly remained a .100 cent dollar and nobody would have been hurt. But, seriously speaking, it may be said still using exclusively paper money, that nei- ther gold nor silver was in circulation, and that therefore the demonetization would not be felt. Very well. But, then, in 1879 specie payments were resumed. Metallic money cir- culated again. And more than that, the cry about “the crime of 1873” resounded in con- gress and in the country. Then at last the 200 cent gold dollar had its opportunity. Prices could no longer plead ignorance. What hap- pened? In 1880 wheat rose above the price of 1879. likewise corn, cotton and oats. .In 1881 wheat rose again; also corn. oats .and cotton. In 1882 wheat and cotton declined, while corn and oats rose. The reports here given are those of the New York market. They may vary somewhat from report of farm prices, but they present the rise and decline of prices with substantial correctness. If, however, there be somebody believing that, in spite of these facts, the demonetization of silver by the act of 1873 must in some mys- terious way have done something to depress prices, I meet him with the affirmation that the silver dollar was practically demonetized long before 1873. To judge from the speeches of our free coinage orators, the American peo- ple must before 1873 have fairly wallowe‘d in silver dollars. What is the fact? President Jefferson stopped the coinage of silver dollars in 1806. From 1783 to 1878, aside from fraction- al currency—which since 1853 was only limited legal tender—only about 8,000,000 of silver dol- lars were coined. They were so scarce that you would hardly ever see one except in a curiosity shop as a rare coin. There was constant trouble with the legal ratio between gold and silver, which could not be so fixed as to keep the two metals to- gether in circulation. Once one of them would be driven out of the country and then the other. Meanwhile over $1,000,000,000 of gold coin was coined, and since 1853 gold was sub- stantially the only full legal tender money in actual circulation. And those were excep- tionally prosperous times. Then the civil war came and swept all our metallic money out of sight. Paper money took its place, and in that condition we were in 1873, when the famous act of 1873, was passed. What, then, was in reality that law that has since been so fierce- ly denounced as “the crime of 1873?” Why, it was simply an act revising our coinage laws and providing among other things that certain silver coins should be struck to be legal tender in the payment of debts only to a small amount. The standard silver dollar, that had practical- ly been out of use since President Jeffer- son in 1806 had stopped its coinage, was simply not mentioned in the enumeration. That is all. The act of 1873 therefore did not create a new state of things, but simply recognized a state of things which had existed for many and many years. It did thereby not only not destroy half the money of the country, but not a single dollar of it. thy Prices Have Declined. But what is it, then. that has caused the de- cline of prices? I appeal to your common sense. Do you think that when one man, aid- ed by machinery, does as much productive work as formerly ten or more did. and when our modern means of transportation carry the product from the producer to the consumer with five times the speed at one-fifth the cost, and when in the transmission of intelligence time is quite and cost almost annihilated, do you think that then the product of human labor should not in due proportion become cheaper? If it did not, then modern civiliza- tion would in one of its most important and beneficent functions be a flat failure. For what is the inventive genius of the age that devotes itself to practical objects engaged in -what else than in devising and developing means and methods by which the things re- quired by mankind for the sustenance and comfort of life be made better and more easily attainable—that is, cheaper? The farmer in the United States welcomed the agricultural machinery which helps him in planting, raising and harvesting his crop. He Welcomed the railroad, the steamboat. the low freights, the telegraph. which shortened the distance between his farm and the market. and the banking arrangements required for moving and selling his product. But as near- ly all our farmers had the same encourage- ment, so it followed quite naturally that the wheat crop of this country increased from an annual average of 312,000,000 bushels between 1870 and 1880 to an annual average of 475,000,- 000 bushels between 1890 and 1895. But also foreign countries had the encouraging benefit; new wheatfields were opened in Russia and the Argentine Republic and elsewhere. and. according to Bradstreet’s, a very competent authority, the wheat product of the world grew from 1880 to 1804 no less than 429,000,000 bushels, while the world’s consumption is es- timated to increase only 12,000,000 to 16,000,000 bushels annually. When the increase of the world’s supply thus gains upon the increase of the world’s demand, is it a wonder that in the world’s market, which rules the price for all exporting countries, that price should have declined? 15 not this an infinitely more ra- tional explanation of the decline in prices than to ascribe that decline to the so called de~ monetization law of 1873, whi h practically de- monetized nothing, but was actually followed by an increase of our currency. nearly trebling its volume and making the per capita far. far higher than it ever had been before. and high- er than it is in any other country except one? You might as well ascribe our civil war to the great comet of 1811. Our Recent Silver Laws. Cowed by the uproarious outcry which was started by the silver minors and taken up by the “cheap money” men, congress passed two laws. one in 1878, the other in 1890, in pursu- ance of which over 429,000,000 of silver dollars were added to our currency, more than 50 times as many dollars as had ever been coined before, besides a large addition to our sub- sidiary silver coins. Our paper money was largely increased, so that while in 1873, the year in which the American people were said to have been robbed of half their money—while in 1873,'I say, we had $774,000,000 of money in the United States, we had 82. 217,000,000 in 1895, nearly three, times as much, and while in 1873 the circulation was $18.04 per capita, it was $22.96 per capita in 1895—fift-y times as many silver dollars and many times more money of all kinds than this country had ever had in its most prosperous days—and yet the price of silver in the market kept on falling, and the prices of many commodities, agricul- tural staples included, continued in their de- clining tendency. Now analyze this case. Upon what ground do the silver advocates as- sert that the so called demonetization of silver depressed prices? According to their own reasoning, because there has not been sufficient Those prevailing before 1873. But there is now three times as much money as there was in 1873 and a much higher per capita circula~ tion. Well, what becomes of their argument? Some of the silver philosophers have invented a more mysterious phrasewthat prices have gone down because by the act of 1873 the “mon- ey of ultimate redemption" had been curtail- ed, only gold being available for this purpose. But, according to the treasury statistics, we had in 1873 only $25,000,000 of coin, including subsidiary silver, in the country, and now we have much over $600,000,000 of gold alone. or more than 24 times as mu‘ch money of “ultimate redemption” as in 1873. And yet prices'are low. The man whom such facts do not con- vince that the decline of prices cannot have been caused by any effect produced upon our currency by the act of 1873 must have a skull so thick that a trip hammer would not drive a sound conclusion through it. How the Act Was Passed. But I hear myself asked, If this is so. why was this act of 1878 passed secretly, surrep- titiously. stealthily? For silver orators have been persistently dinning into the popular ear for many years, until millions believed it, the story that the silver dollar was “assassinated" through the law of 1878 by some dark, corrupt plot. This table has been So often and so an- thoritatively disproved that I am unwilling to take. it up again in detail: Senator Sherman EE K LY" ' - ' fieclineiinlconn, oats, .rye andeoottonthIi—lm y that when the act of 1873 was passed we were money to sustain prices. Sustain what prices? . i did that recently in a most concluSivé manner. I will only add that I was a member of the :senate at the time and knowwvhereof I affirm. and I emphatically pronounce all the stories about the actiof 1873 being passed surreptitious- ly; about Senators and members being some- how hypnotized. so that they did not know what they were doing; about some English- man being on .the ground withmuch money to promote the .demonetization of silver, and so .on, as wholly and unqualifiedly faISe. I wish to be scrupulously courteous to my opponents. But as a conscientious student of contempora- neous history-Lam bound to say that in the 40 years during which I have been an attentive observer of public affairs I have never wit- nessed nor heard of such unscrupulous. shame- less, persistent, audacious, cumulative, gigan- tic lying as has been and Is now done With re- ;gard to the act of 1873, its origin, its nature .and its consequences. 7Wha.t Would Follow Bryan's Election. Consider now :what the immediate conse- quences would be if Mr. Bryan were elected president with a congress to match. Mr. Bryan would of course be anxious to have his free coinage law enacted, but that could not be, even if called an extra session of congress, until Ame time in April or May. five or six months after the day of election. But as soon on the 4th of November as the re- sult of the election was announced everybody would know that the parity of gold and silver would not be maintained. It having been made certain by Mr. Bryan’s election that the parity of gold. and silver Would'not be maintainednthere would bea rush upon the treasury .for the gold in it by persons holding greenha’cks entitled to re- demption, and the gold reserve would be ex- hausted in a twinkling. Gold will instantly disappear from 'circulation to be boarded or exported. Why will it disappear? Because every sensible person when making a payment will prefer to make it in the less valuable dol- lar and hold the more valuable gold dollar back for more profitable use. Gold will there- fore quickly risa to a premium. and we shall be on the silver basis long before a. free coin- 'age law can be enacted. What does it mean to be on the silver basis? The word “coin, ” wher- ever it appears in the law, will no longer mean gold, as it was so far understood. but silver alone. The greenback or treasury note re- deemble in “coin” will no longer be redeemed in gold, as heretofore, but only in silver. The United States bond payable in coin, no matter whether gold was paid for it or whether it had been sold for the very purpose of buying gold for the treasury, will be paid, principal and interest, in silver—jrepudiat‘ion as flagrant as the world ever witnessed. Our daily trans- actions in buying and selling, in paying and receiving wages, will no longer be carried on upon the basis of the gold dollar worth 100 cents, but of the silver dollar worth 50 cents or thereabout, for the government will no longer hold up the silver dollar to the value of the gold dollar. That is what the silver basis means. You can study in Mexico how it works. The quantity of gold vanishing from circula- tion will amount to about $600,000,000, the dis- appearance of which will make a tremendous hole in the volume of our currency. Nearly one-third of it will be gone, and‘what remains will be reduced nearly one-half in purchasing power. But, says the silver man, there will be free silver coinage to fill the gap promptly with coined silver or silver certificates. Oh, no. my fellow suflerera. The disappearance of gold will happen pra .ptly after the election of Mr. Bryan, and 1.; we will not possibly be any free coinage of silver for at least six months, and it Will require a great many more months to fill a gap of $600,000,000. The Free Coinage Panic. , What will happen meanwhile? The St. Louis Globe-Democrat reports Mr. Bryan to have said some time ago: “I think it,” meaning the victory of the free coinage movement, “will cause a panic. But the country is in a deplor- able «'ondition, and it will take extreme meas- ures -' ) rest-ore it too condition of prosperty.” Wh ' noon the St. Louis paper pointedly re- mat .. <. “Evidently Mr. Bryan has heard of the doc! 21' who always threw his patient into fits bei‘a. - administering any curative medicine.” Just .~. .. How, then, would Mr. Bryan’s “fit” work? The sudden disappearance of our gold from circulation would produce the most stringent contraction of the currency on record. Busi- ness men who owe money and at the same time have money due them will be forced to collect that money by every means at their disposal. Nobody will be inclined to lend out any money except upon extraordinary secu- rity. The banks will naturally consider it their duty to keep themselves strong, and there‘ fore to call in loans and to restrict their dis- counts and advances to business men with the utmost caution. Business establishments. manufacturies, mercantile houses. unable to get the money for meeting their obligations, will by the hundreds succumb to their embar- rassments and tumble down like a row of bricks. Others will cautiously restrict their operations to the narrowest possible limit, and wage earners by the thousands will lose their employment and be turned into the street. No class of society will be spared the de- structive consequences. Every frightened creditor, pressed by his own creditors and ap‘ prehensive of a. growing loss by every day’s delay, will eagerly pounce upon his debtors. The prompt settlement of every account will be percmptorily demanded. Our farmers who have mortgages on their property and who have been told that free coinage will make things exceedingly easy for them will have some unexpected experiences. Every mortgage debt that is due will be quickly called in. The mortgageor who tries to have his bondextend- ed will find an unwilling car. He who seeks to borrow money in order to replace the Old mortgage with a new one will be told that this is no time for loans, except, perhaps, upon ex- orbitant conditions. The mortgageor may find, too, that his bond is payable in gold coin. and he will have to buy the gold at the premium then ruling. Foreclosures will he the order of the day. The mortgageor who seeks shelter un- der the law’s delay will at any rate further burden his roperty with the cost of legal pro- ceedings. ‘verywhcre anxiety, embarrass- ment, sacrifice. loss and distress, oven before Mr. Bryan could ascend the presidential chair. Bryan's Bimetallism. After five or six months of such a deadly crisis, Mr. Bryan's extra session of congress would begin and give us free coinage. Then, as Mr. Bryan solemnly promised us in his great New York oration, free coinage will give us bimetallism, bimetallism will give us an abundance of money, and all will be right. Bimetallism? What is bimetallism? It is a monetary system in which the two metals cir- - culate together for all the purposes of money on a parity with each other upon a fixed legal ratio, which in our case is 16 to 1. Evidently to have bimetallism gold must be on hand as well as silver. How will Mr. Bryan get the gold back from the ' money power? Evidently he must ofier an inducement? What inducement? To be sure, the mints will be open to gold as well as silver; But who will offer gold bullion to have it coined into dollars for circulation when he can have' silver dollars with the same legal tender power at half the price? Only an idiot would do that. Of course, gold will be ofiered only when the silver dollar is up again to the gold standard. There is the rub. But here Mr. Bryan steps in with a theory which is a curiosity in statesmanship. He said in his New ,York speech: “Any purchaser who stands ready to take the entire supply of any article at a certain price can prevent that article from falling below that price. So the government can fix a price for gold and silver by creating a demand greater than the supply." And again. “When a,mint price is thus established. it regulates the‘bullion price, because any per- son 8811'ng coin may have the bullion con- verted int-o coin at that price, and any person desiripg bullion can secure it by melting that com. “’ould Be Silver Monometallism. What? Is this to mean that under free coin- age the government will purchase silver bul- lion and pay a certain fixed price for it? If so, then Mr. Bryan, the great free coinage apostle, doe not know what free coinage is. Let us remind him. It ”means that the owner of silver bullion may take it to the mint and have it coined and returned to him in coined pieces, so many dollars for so much weight of pure silver. It does not mean that the govern- ment “stands ready to purchase the entire supply of silver at a certain price.” The gov- ernment does not purchase a single ounCe of it.’ It merely receives the bullion, stamps 'it and returns it. - And as to fixing a price.ns g soon as the government stops holding up the 1‘ silver dollar to 1119,3012, standaldLas it would fwd-v _.. __.__.___, so R,W’A'LIK'FGAVZ'ETTE.i .1, I, . V P ISAAC F. LLOYD, 2d Vice-President. .7' ~ , . i .' ( \ . on. LIFE INSURANCE to. ¢ THE u ' RICHARD A. MccURDY, President. , Statement for the lost Entire lecamher 3ISI, I89. According to the Standard of the Insurance Department of the State of New York.‘ INCOME, ' s 39,93,4I4 zo I0,l09,28l 01 3 49,102,695 21 Received for Premiums — - — - . - From all litter Sources - - - - _ _ DISBURSEM EN T8, In Policyuholders for claims by lieth 1 s |2,595,| I3 39 To Policy-holders for Endowments, Dividends, etc. - - - l2,842,456 5| l0,18|,005 64 . $35,213,515 M For all Ether Accounts - - ASSETS. tilled Slates Bonds and other Securities - . - ‘- Flrst Iienloans on Bond and Mortgage. '- - - ' - Loans on Stocks and .Bonds - — - - . Real Estate - - ‘ Gash in Banks and Trust companies - -. - - . ”4530.390 00 Accrued Interest, Ilei Deferred Premiums, elc- -_ - - ' 6,535,555 06 \ ‘ 3 23mm Reserve for Policies and ether Liabilities - - - - - .205,0l0,633 .12 Surplus - - - - . - - - - - 8 533831770 Insurance and Annuities in force - . - - - s I I 0,|25,082 l5 1|,54‘3,929 6 Il,09l,525 00 22,161,666 65 -—-._____——. — S 9l8,598,338 45 I have carefufly examined the foregoing Statement and find the same to be correct liabilities calculated by the Insurance Department CHARLES A. PRELLER, Auditor. Fr: In the Surplus a dividend will be appo' tioned as usual Report of the Examining Committee. Office of the Mutual Life Insurance Company of New York '10 THE HONORABLE, THE BOARD OF TRUSTEES or 4 ’THE MUTUAL LIFE IIISUIIAIIGE COMPANY 0F NEW YOIIK The undersigned, a Committee apppointed by your honorable body on the twenty- third day of December, l896, to examinethe Annual Statement of the Company, and to verify the same, .espectfully REPORT- ant to the ower and authority thereby conferred, the Committee have at various dates between the date of th said Effzi'biligésgna the datepcf this Report attendr d at the office of the Company._ and have been waited on by the Treasurer? the Comptroller, the Auditor and and the Cashier, together With the the respective assmtants of such officers, and have care- fullv gone over all the items contained ill the said Statement. and have found the same to be correct. They have examined and'counted every certificate of stock, bond and other obligation held by the Company, and compared the price. at which the same are carried in said Statement with the market. quotations and find the same not exceeding such quOtatlons—in fa ct, in manv cases bcl \v them. They have examined and counted the bonds and mortgages on real property held by the Company, and find the Ssh-Ac to be as stated. They have also verified the valuations of the Company’s holdings of real e State and have verified the deposits of money in the various banks and trust companies, and have counted the cash on hand held by the Cashggrd the Committee certify that all the books, papers. documents and evidences of title of every description necessary in such examination have been freely submitted to the Committee by the said officers and their assistants, and that the same are accurate, in good order and well kept. ' . And the Committee further certify that the investments of the Company are of a h1gh order, and that the SySlem and methods adopted by the Company In recording its transactions and caring for the assets are entitled to commendation . . _ ,f 11 S.bm..ted ROBERI‘ OLYPFIANT J. HOBART HERRI All of which Is respcc u y 1 JAMES N. JARVIE CHARLES D. DICKCJJEIE’, J31 Ntw YORK JANUARY 25, 1897. JAMES 0- HOLDEN CHARLES R. HENDERSON The company has, issued an order whereby women can be insured without the extra charge heretofore required. More definite information on the subject will be furnished by the local agent, Mr. A H. Camp. Board. of Trustees . GEORGEG. HAvEN ADRIAN ISELIN JR. GEORGE S. BOWDoIN ' THEO. A. HAvEMEYER WILLIAM C. WHITNEY WILLIAM’ROCKEFELLER JAMES N. JARyIE CHAS D. DICKEY JR. EIBRIDGE T. GERRY HENRY H. ROGERS JNo. W AUCHINCLOSS THEODORE MORFORD WILLIAM BABCOCK STUYvESANT FISH AUGUSTUS D. J UILLIARD CHARLES E. MILLER WALTER R GILLETTE H. V\ ALTER WEBB ‘ FREDEBIC CROMWELL J ULIEN '1‘. DAVIES ROBERT SEWELL S, V. ti. CRUGER CHARLES R. HENDERSON RUFUS W. PECKHAM J. HOBART HERRICK WM P DIXON ROBERT A. GRANNIss ROBERT A GRANNIss Vice-President. WALTER R. GILLETTE, General. Manager. HENRY E. DUNCAN, JR. Corresponding Secretary ALBERT KLAMROTH, AssiStant Secretary. FREDE RIC CROMVV ELL. Treasurer. JOHN A. FONDA, Assistant Treasurer JAMES TIMPSON. 2d Assistant Treasurer. WILLIAM F, SANDS, Cashier. EDWARD P. HOLDEN, Assistant (.ashier. ‘ ‘ EMORY M cCLlNTOCK, Actuary. , JOHN TATLOCK, JR , Assistant Actuary. CHARLES A, PRELLER, Auditor. WILLIAM -W. RICHARDS, Compiroller."“ C. CLIFFORD GRETSINGER, ASsistant Auditor. HENRY S. BROWN, Assistant Comptroller. ' JOHN C. ELLIOT, Superintendent of Domestic Agencies. EDWARD LYMAN SHORT, General Solicitor. MEDICAL DIRECTORS: GRANVILLE M. ‘VHITE, M. D SAMUEL D. BABCOCK RICHARD A. MCCURDY JAMES C. HOLDEN HERMANN C. VON POST LEWIS MAY OLIVER HARRIMAN ROBERT OLYPHANT GEORGE F. BAKER DUDLEY OLCOTT WILLIAM J. EASTON, Secretary. GUSTAVUS S. WINSTON, M. D. ELIAS J. MARSH, M. D- Jot-IN w. NICHOLS . . 4 A. HQGAMP, . LocaIgAgenI.
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