vision made for the election
of trustees by the policy-holders as well as the stock-holders, upon a
basis as to the vote and the amount of interest it should represent
which would be equitable and just.

Complaints have been made against the use of proxies in elections.
Notably these complaints have been made respecting elections in the
Mutual Life Insurance Company, a corporation which has no
stock-holders, but which consists in a membership of its
policy-holders. These policy-holders have the supreme control of the
corporation in their own hands. Its government is by them delegated to
a board of trustees thirty-six in number, divided into four classes of
nine in each class. The term of office is four years, so that nine
trustees go out of office in each year. This classification prevents
the possibility of any sudden change of management, while it leaves all
needed control in the hands of the policy-holders. If, for instance,
dissatisfaction with the management exists, and nine new trustees are
elected, it is not to be doubted but that the warning would be listened
to and the necessary change of policy effected to satisfy the
constituency. On the other hand, should the change of trustees be the
result of a combination to seize the management of the company for any
improper purpose, the first election would unmask the design and insure
its defeat by an appeal to the voters.

The objections to the use of proxies come entirely from those
policy-holders who have been defeated by their use, or fear they will
be defeated by their use, in an attempt to change the management. Does
not this prove that the great body of policy-holders believe in the
management and are determined to sustain it. In a free company based
upon the liberal principles upon which the Mutual Life is established,
any attempt to limit the franchise would be an unparalleled wrong. The
policy-holder in Chicago or in San Francisco has the same right to
exercise his right to a voice in the election of trustees as the
policy-holder who resides in New York, and there can be no reason why
he should not cast his vote by proxy, since it would result in his
disfranchisement to require him to do it in person. Be sure that if
real trouble arose, and there was an abuse to rectify, if there were
officers unmindful of their duties to rebuke, or trustees regardless of
their trust to set aside, the votes cast by proxy would be as
intelligently given as those of the resi