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ASStm^NGE ASSURERS. (fd t7ie ESitor of t...
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Note: This text has been automatically extracted via Optical Character Recognition (OCR) software. The text has not been manually corrected and should not be relied on to be an accurate representation of the item.
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Co^Nilssioner Phillips Eapit.Hpunishment...
* ltt & prtaWem had' fStefteth toth © ataounfcof fb ^ ty-txine stillliings , when : it Md ! Been prWed ! $ U 6 tW laffc & iiy was ,, in many cases ; to fine e & knit of as M & any guineas , Upon their casfrib ^ . tlieB © ju * ors ' found' tla-at a-watcb attd dhdin , it p & ir of diamond earrings , k siTvetf gniiff-box , sis sitli gowns , and twa pieces of gaf < £ taoeade were wortli less tnan £ weby j & h ^ iflg &^ dn * l why ? Beearase- to' decliarfe they were worth so much was to doom a itatfi ; io > death . " "Woman f woman P * - cried ittifd KifrTOisr , to a miserable creature . at fibe
fibrieiui ^ bar " I don'fi mean to hang you . " According ; to law , , she should have ieeA 1 hsnged ^ but the Judge forgofc his oath / for the sake of hia * humanity . Within fifteen f 6 W &} -ftv & hinidTed-tod fiffcyjfive perjured vertfie * sw-e : re deliveredat the Old . Bailey , to'pretenti Ibe infliction of capital ptmisanient in £ B ^ m & nycaises . Tlie la > v felien set ahigher ¦ price on human life ,, and d ^ ed Si ' , as tbe amouiit for stealing -which an offender would he liable to the penalty of death . But juries Btill resisted , and ' found' that Al . 19 s . was
tjie Jugbesfc value' of a-ny apMv ? lfe' stolen . Jfco-SnftenS , ytftG ^ ras tried at th e- Old Bailey in t & Ol for siiealing a tlioti 3 and pounds , was khhmI gaoilfcy of stealing ^ . 19 Si Moreover , * in & ght jea * s , from 1797 , a hnindred and iiffcytfrx peopfe ttere- hanged in England and * "VTale ^ for forging bank-notes ; and the bankers , as we have said , petitioned for a more lenieiit law , ia order bbat their property tfright fee ; protected . " I am- as convinced of four guilt as that two and' two' in ate four , " said Chief OBaron Kichaiibs , to a man who had'ja-at been acquitted bj a Carnarvon jury , & whichwould 1
juvy - have transportedthe prisoner without remorse , though , it refused f 6 tiaiig him . tinder these circumstances , we can well understand an offender " expressing a ) wish' that he in ay be indicted eapitally . '' lit another section of his pamphlet , Mr . Pflrtii ^ s deals with two tolerably well- \ vorn topics— -the chance of putting the innocent to dearfih- and the demoralizing influence of pub-Kfc executions . "Well-worn as those topics sire , it is right to insist on them . GPhe story of Eliza . ITENiUNa has made more converts to tlie abolitionist idea than all the statistics 6 f Tuscany .
. _ There is no doubt that it is a tendency of jurors , even in cases of murder , to acquit the accused if possible . The career of Sauau Ohesham is au example .- In 1847 she was tried at Ch elms ford , for poisoning-. The case seemed to have been proved against her ; but fine' was acquitted . The very next year she w-as again indicted , for the murder of ' her own children , and again acquitted . She then poisoned her husband ; her guilt was made manifest to the satisfaction of the iurv and the
mib-Ii ' c , and sho was executed . Probably fourteen murders had . been committed by this wretch , who was only saved , in the first instance , by the repugnance of the jury to pronontice a terdict equivalent to a sentence of d-oath . The York' defendants , ' BA / xiEitsiiY and Wilkinson , tried in 1851 , the murderer Ha . be , tried in 1 S 52 , Elizabeth Avis Dawes , tried
in 1 S 55 ( who confessed her crime ) , and the Matfon murderer , of whoso guilfc the jurymen afterwards said they had no doubt , were acquitted hecauso the juries , in the several cases , were averse to capital punishment . _ Josd , who was tried last August , tva » guilty of a hideous act of assassination , yet he was punished only for manslaughter .
Mr . Phillips proposes , therefore , that inftteaa of death , perpetual imprisonment , certain and incommutable , should bo the punishment of assassins . They should bo put to « a * d labour for life , with tlie silent svatem Jjftroicea one day each month , strict seclusion worn the world , and the most frugal fare compatible with health .
] Jk && Mft Rgiiimj , with a morbid eye to stage effect ; firrther recommends that the prison should ! be bufilt " on . an elevation , visible , ; but secluded , mth a "black flag waving frewn its sutftiajfti- $ && on its front inscribed , ! Gftfe Qr & j £ * % ' of tHe Mtf & Drrifi-Efts !' . ¦ ¦ ; _ -- | -,, ini ' i i ; i -. - ¦ , -- . - •¦ ,,.- ¦¦¦ -. ¦ -, ¦
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^ j ^ j ^^ jjj ^ jj ^ [ iftr -imi vA ^' MtTi / nfsr ' , as all Opinions-, however bxt ^ lexb , jl * b ALLOWED jUT EXI'KESSIONV THE ' EDITOR 3 < EClZSSAJtIL . X HOLDS HIM-; seli-KBspoNsmm iron ' NOJfe . i 1 '
Tb.Eye" Is No Learned Man But Will Confe...
Tb . eYe" is no learned man but will confess lie liafh much profited by reading controversies , his senses awakened , and H 13 judgment sharpened . If . then , it "be proEWble for him to read , why should it not , at least , be tolerable for his adversary to ~ write ?— -MliTON \
Asstm^Nge Assurers. (Fd T7ie Esitor Of T...
ASStm ^ NGE ASSURERS . ( fd t 7 ie ESitor of the Zeafcr . y Sin , —It is not for one ' moment desired to depreciate the value of Life Assurance , and the various inestimaWe benefits to Be derived therefrom , tdth . anyclass of tlie community , but bf every possible mean * to extend the business of assm-anee , as far as practicable , among the established institutions of the country ; and to indicate , throilgh the medium of your ind < 3 pendbrit columns , the enormous loss sustained by the public in encouraging 1 the creation of ne ^_ companies , and the consequent subdivision of their" contributions' among so many competing societies ; not only disadvantageous to tihemselves , but to all suclk-existing institutions .
Themiinbei ? of persons male and female who could and should assure- is one point of view- —the number that / Will assure can only be ascertained' by experience ^—but it is estimafed- by . men of considerable ability that , compared with the total population , the number is very limited , and that the offices at present in existence ( nearly two hundred ) are amply sufficient to transact alL the business of life assurance that will be effected for many years . Will your correspondents "An Economist" or "An Actaiiry ' admit that the division of the business of life assurance atnong so many societies is fl-naticiall 7 considered a decided advantage to the assuring portion of the community ? When the established 1 institutions have too much business to transact , then is the time for an increase to their number , but not until , tlien .
What is life assurance but the savings of the public , accumulating at the best rate of interest compatible with security , to be returned at future undefined periods in different proportions , whenever death may happen ? One of the most important elements is the rate of annual expenditure—whether five ovjl / ty per cent . If an institution is receiving 5 a annual premiums . 30 , 000 / ., with an expenditure of 20 per cent ., why not endeavour to increase that income to 300 , 000 / ., reducing ? the expenditure to three or four per cent . ? Why have the same amount divided among ten or
more societies irith an annual expenditure of at least 75 , 000 ? . when the same business can be effected with far greater security and at , comparatively speaking , an infinitesimal expense ? The subdivision is denying the very principle which should govern life assurance , viz ., the association of large numbers-. Whatever the field of action may be , by all means use every legitimate power to promote the extension of life assurance among all classes of the community , to increase the incomes' of the many existing institutions to the highest possibe amount , and thereby decrease the enormous rate of annuuL expenditure recently experienced .
An eminent and profound writer on ILifo Assurance states : — " Thorc ia too much reason to fear that many of the schemes and modifications of life assurance in the present day have been introduced rather by the ardour or the pressure of competition than by the sober judgment to choose only what will , in the end , be mutually beneficial to the companies and the assured ; thattho large amount paid away in commission from the savings of assurers is an unnecessary waste to themselves and a loss to their families , which they will some day discover and regret . The subject of commission paid by assuranco . companies for the purpose
of increasing their business , or , as many are led to believe , for the moro patriotic : motive of extending the benefit of assurance to the unreflecting public , ia forcing itself daily more on our notice . If it bo nrgued that commission is not offered in the shape of a bribe , since the members of an honourable profession would scorn tlie base insinuation , for what purpose is the inducement held out , more especially by the new companies , to whom the accession of business is of the \ itmost importance ? Do the offices combine together for tlio purpose of voluntarily reducing their premium , or insisting on rewarding the agents for tlicir public spirit and patriotic feelingain thug promoting a groat national object , or is it not
rather xotdfiottofy ike fact , that , either by private or public aYraiigemeriif , Bome of the companies continually step-ahead of their fellows and hold out the gilded attraction ia a- still mote glittering , light ?" Take the 2 W offices , mutual , mixed } -and proprietary , competing against each other , offering to the public every combination of lifer asBuraacey vecetrtrig upon an estimate 5 , 000 ^ 000 ? . per annum at arr average expenditure of 50007 ! for each oi & ce amounting in the aggregate' foi , 6 bV , 6 bo £ or 20-per * cent ., aHtf re duce t & 6 dumbe * ft 56 > ofi & esi * eceHving- th « ifcUflte amouafr a * aff dfver & gSa expenditure o £ 40 GO & per
annum , each office diminishing the amount of , expenditiiffi to 2 Od ; 000 f ., 6 r" 4 per " centf ., making " a din ^ - remce of 8 QO-, 0 Otw ; per" anrfum' saved , - ^ fifctf , aceutautf « lating : at 3 £ per cent ) , compound * interesfoi & r il yeaft , would amount to the eroormouff sunxof 24 / K ) 0 , OOOf . for future bonuses ; instead of ythicb . the money is expendfed in commiksibir , salaries , ^ TrelJfotfe' anil auditors * fees , tfentf ,- tees ; jtdVertiseiMerit ^ . p ^ r iiniSilg ' , stationery , and a-Variety of-643 ierelpenfles-tkwriuoje rous to mention . The premiums are recewed and distributed fri . exrienditu ' re , ihst ' ea'd of being invested fiM * acctrtnulat ^ oriL
liife aBgurance offices are ,= in dtheri worde , i sarvings banks providing for the payment of = specific sums , whenever the contingencies against which they assure may happen . Wnere ' wottia bet-ttie sfet « drity of sayinga banks if the same rate ot annwate ^ eaditu » e existedj and commi & sion ^ aid' for iatroducing . depositors , as iu assurance offices ? It is admitted that " the recognised ^ arftSW itf to charge a'considerdBlfe margin-mfav ^ uT ' ofifee'tfobl ^ ty over the mathematical value of the risk srtrtettdipg ? the assurance of any life , " and that such' margin ,, combined ' with a higher rate of interest" received'than estimated in tfhe tables , arid a' lowTate of '¦ aiiriuaf expenditure , are the true soutceof profit ^ by wbibh means the established societies are enabled to return large bonuses to the assured , or , as an eqiitvalent , receive considerably redubed pfemitltiis :
There are several first-T ' ateoHtces iiiGr < efft Britain ^ desirous of meeting the wants- of " tte iri * istaribus classes , or the smaller class of tradesmen / ' byissuing policies of 502 . and upwards , the premiums upon which can be paid either quarterly , hali' -yearlyi , or annually . It is asked by your correspondent An Economist , " " Can ' Investigator'indicate a single healtliily-conducted and" skilfully-managed assurance society witch haB failed ? " The simple answer is , that sttch- society cannot , in all reasonable expectation , fail to meet its liabilities . These observations are made with the
view of rendering every possible support to such societies , and to demonstrate to the public the enormous loss they must inevitably sustain by supporting an unlimited number of competing life assurance associations , as " there can be no buying or selling ' life assurance ^ in the s ense in which the wotfd * traffic is used in ordinary trade , " which cannot be too dleeply impressed upon the minds of the reflecting and lifeassuring portion of the community , for whom , it is believed , the columns of the independent press will ever be open to enlighten and protect . I remain , Sir , your obedient servant ,
. Investio-A < ro : n . > [ Our correspondent appears to misunderstand the argument of those experienced authorities , who , like Mr . Scratchley and Mr . Neison , affirm that there is abundant room for many more assurance societies than already exist . It was never contended that a great many of the present companies do not by their extravagance greatly exceed the available margins for expenses , but it will be impossible for " Investigator" to deny that it is the fault of existing societies that they do not transact a larger business- There are no reasons why there should not be an assurance office in every town , if all persons assure that should , and we hope the day is not far distant -when assurance offices will supersede Benefit Societies .
Mr . Scratchley has justly remarked in his treatise that " not only arc the numbers of the population increasing , but the materials for assurance themselves are gradually chamging each year ; new lives are botn ; new lives come of age ; new lives have commercial transactions , or marry and require policies of assurance . There is no doubt of the commercial prosperity , of many of the existing companies ^ but if they be measured by the extent of good tliey have done to the community at largo ; or by the number of families whose pecuniary difficulties , or suffering , assurance societies have contributed to alleviate , then
( remembering the millions , in the United Kingdom alone , who have lived and died since an aseurance office waa first founded ) it nmsb be acknowledged that the number of persons who have been benefited is limited indeed ; and that h-undreda only have been assisted where tens of tkousatnls have suffered : hence , so far from there being ground for no greater exertion being made to extend the operations of assuranco companies , so far from there being any reason that the public should rest satisfied with the activity of the majority of existing associations , it must bo acknowledged that they have failed , to a . considerable extent , in their mission . " ")
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Citation
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Leader (1850-1860), Nov. 22, 1856, page 15, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/cld_22111856/page/15/
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