stipulated sum in case of said second party's death; but it is plainly understood between them that the annual charge exacted by the first party shall be only such an amount as will insure the carrying out of the contract, plus whatever is the legitimate expense of conducting the business connected therewith. Under no circumstances would I say aught in disparagement of such a contract, but if I did not lift my voice against such life insurance as is carried on by the Mutual, New York Life, and Equitable companies, knowing what I do know, I should be a deep-dyed scoundrel.
Life insurance as it has been conducted in the past and as it is being conducted at present by these three companies, I regard as the most damnable imposition ever practised upon the people of any nation. Under the pretence that it is necessary to enable life-insurance companies to carry out their contracts, two million policy-holders are annually tricked into contributing from their savings sums which not only insure the performance of these contracts but enable the officers and trustees—mere servants of the policy-holders—to maintain the most gigantic stock-gambling machine the world has ever known. Through its operation the companies themselves not only make and lose millions at single throws of the dice, but the bands of schemers whose services it is pretended are essential for the transaction of the life-insurance business filch for themselves huge individual fortunes. Piled on to these excessive charges are additional amounts which enable these tricksters to maintain palaces, hotels, bars, and every conceivable kind of business, to pay for armies of lackeys and employees and private servants of officers and trustees, and for debauches and banquets which vie with any given by the kings and queens of the most extravagant and profligate nations on earth; in addition, enough more to accumulate huge and unnecessary funds—which are juggled with for the enrichment of individuals. Such wicked exactions and shameful extravagances constitute an imposition of the most wanton and criminal character, and those responsible should be sent to State prison for life, as too vicious and dangerous to be allowed freedom among an honest people.