he claimed was due him for commission renewals, even though he was then
in receipt of a salary of $60,000 per annum for his services. It is
through the operations of this same Tarbell that the vast system of
rebates, one of the chief evils of the present system of life insurance,
came into being, and through his prodigality that the immense sum of
$2,000,000 stands on the books of the company, representing advance
commissions to the pampered agents.

The time has come for all you policy-holders to act, and there is but
one way to act.

A thousand and one schemes are afloat to confuse and trick you at this
period. The cry is--anything to hush things, to confine the fire to the
Equitable, at any cost, even though it totally consumes the $400,000,000
of the people's savings in that institution. I told you at the beginning
that the New York Life was worse, if anything, than the Equitable, and
the Mutual Life just as bad. Therefore I unqualifiedly advise
policy-holders to:

1. Pay up this year's premium--it will be the last to these plunderers.

2. Have nothing to do with any committee or scheme.

3. Write me, at once, your name, address, and the amount and character
of your policy. I want nothing more from you, and under no consideration
will I divulge your name without your further consent in writing.

I already have the names of thousands of policy-holders, but to make my
plan instantly effective I must have scores of thousands.

My plan has for its aim and end, this and only this:

The absolute preservation of the face value of your policy.

The reduction of future premium payments to forty cents on the dollar on
what you now pay.

The restitution of millions upon millions looted from the three great
companies, or as much as can be collected after a careful examination of
the books--and the punishment of the thieves.

Bear in mind _that I will not have any money connection with you in the
working out of my plan. I pay my own expenses. I will not ask any reward
or profit, money, office, or otherwise, nor will I under any
circumstances accept any._

[Illustration: Policy-holders reply coupon.]

In response to this appeal I received over sixteen thousand proxies,
representing over fifty-four millions of insurance. The investigations
made by the legislative committee of the State of New York are
unearthing in a most thorough manner the iniquities of the directors and
managers of the Big Three, and before proc