Watson's Magazine, Vol. IV, No. 1, March, 1906Various
General
Watson's Magazine, Vol. IV, No. 1, March, 1906
Various
United States -- Politics and government -- Periodicals
However the order continued to prosper until after the annual meeting of
the Supreme Council in 1905, when it adopted a new table of rates, which
began at $1.89 at 21 and rose to $16.08 at 65, but from Oct. 1, 1905, all
the members were to be assessed at attained ages, whereas before that
all had been assessed at entrance ages. In other words, on Oct. 1, 1905,
each old member was required to reënter the order as a new member, and
pay at attained ages. New members after that date were to pay at entrance
ages, but all were to pay $16.08 per month on $3,000 when they reached
65 years. At the time of the making of this new rate the order had over
300,000 members. Since then it has lost 50,000 members, and a majority
of its members are opposed to the new rates.
There was no occasion for the new rates, as, under the laws of the order,
additional assessments could have been made, at any time, to provide
for excessive mortality, and the order could have been worked out on
additional assessments until it failed, as it is bound to do.
An organization within the order has been formed to contest the new
rates, and this has brought a suit in the Supreme Judicial Court of
Massachusetts to have them declared invalid. The protestants claim that
when each member entered the order he made a contract to pay assessments
at age entrance, and that while the Supreme Council may call extra
assessments, as mortality may require, it cannot increase the rates,
or compel members to pay at attained ages. Also that the new rates are
unreasonable and will create a surplus of $3,700,000 every year, which
is contrary to the laws of the order and of the State of Massachusetts.
The Supreme Council claims that each member when he entered the order
surrendered all his rights to protest or object to any action of that
body and agreed in advance to approve any action which it might take in
regard to rates.
Public-domain text, read in full here on John Shaqi.
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