Rensselaer Semi-Weekly Republican, Volume 19, Number 34, Rensselaer, Jasper County, 31 December 1897 — A NEW PENSION PLAN. [ARTICLE]

A NEW PENSION PLAN.

FUNDING SCHEME OF MR. ROCKWELL IS NOVEL. To Pay the Men in a Lump—They Can Have Either Negotiable Bonds or Cash at Their Option-Chicago Furniture Factory Burned. Connecticut Man's Idea. The New York Press says: W. F. Rockwell, a manufacturer of Meriden, Conn., has in view the presentation of a bill in Congress through the pension committee looking toward the funding of the pension appropriation. This bill, according to Mr. Rockwell, promises to be of great benefit not only to.the Government in the saving of many millions of dollars, but to the vast army of pensioners also. “It has long been the idea of Congress,” said Mr. Rockwell in speaking of his plan to an Associated Press reporter, “that pensioners are dependent, whereas as a matter of fact the great bulk of them are independent. Thousands of them are owners of farms in the West, which are mortgaged, the mortgages bearing interest anywhere from 8 ft) 12 per cent. My idea is to issue negotiable bonds to the pensioners, or to pay them the*cash at their option, to cover the amount they would receive from the Government, based on life insurance expectancy. This would enable them to pay off these mortgages, thus saving to them the differences between the lowest rate of interest in any State, 6 per cent, and (he interest on the bonds, 2per cent. This would relieve them from their present entanglements. There are, in round numbers, about 950,000 persons on the pension rolls, and to those who are not owners of farms the payment of the entire amount which, according to my table, would be due them would enable many of them to start in business, and this in itself would put into -circulation a large amount of money that would inure to the benefit not only of the community in which they reside but to the country. It would also be a great saving to the Government in the matter of salaries and expenses, since it would do away with the pension office machinery, while the only expense the Government would incur would be in the issuing of the bonds.”

Fierce Fire in Chicago. Fire-broke out in the A. H. Andrews furniture factory at Twenty-second and Fisk streets, Chicago. Before it could be brought under control property approximating in value $250,000 was destroyed, and three firemen narrowly escaped death. The tbree-story factory aud contents were a total loss, but the neighboring buildings were merely scorched. At the office of tne A. H. Andrews company it was stated that the total loss on building and contents would reach $250,000. The firm employed 275 people.