A mere glance at this list will show that the ideas conveyed by some of
the titles were sound and salutary, and that they are now being brought
into action. It is true that we cannot yet insure our homes against
house-breakers, or our persons from highwaymen; we cannot yet insure
our poor population from death if they drink too much rum or Geneva;
we certainly have yet no assurance against lying, however necessary
it may be in this age of projects; nor have we, like William Helmes,
of Exchange Alley, commenced a company to insure female chastity.
These were Utopian schemes into which we have not yet entered; but
with many of the more practical we are growing familiar. The present
“Agricultural Society” answers to that for insuring cattle. The
“Guarantee Company” has adopted that of “insuring to all masters and
mistresses the losses they may sustain by their servants.” The company
for the “insurance of debts” is at the present day fairly represented
by the “Commercial Credit Mutual Assurance Company;” nor is there much
doubt that the system will be spread to a still greater extent. The
society for insuring seamen’s wages was very desirable, as the sailor
never received his pay in cash, and parted with his tickets at a heavy
discount. To this some of our naval losses may be attributed, as our
best men went over to the enemy in consequence. A company, therefore,
which should cash the seamen’s tickets at a fair rate would have been a
national good.
Of course, schemes were plentiful enough, and many plans were commenced
with no other view than that of receiving deposits and spending them.
One of the offices was started by an old man called Le Brun. In 1690,
he had promised to bring up pearls and gold from sunken ships. In 1710,
he had been conspicuous in offering strange benefits to all who joined
his Marriage and Widows’ Assurance Company; and in 1720, he was ready
with something new. His life had been one of adventurous daring. He
had owned a privateer when privateers were pirates. He had been, as
a boy, with Sir Henry Morgan in his bucaneering attack on Panama. He
had accompanied Paterson in his ill-fated Darien expedition. But in
all had he failed to procure the gold for which his soul thirsted, and
that which he did obtain was spent in riot. When the Mississippi scheme
was acting he was in Paris, and now he came over in time to propose
a wonderful project for the benefit of all who would risk 5_l._ By
this “Office of assurance and annuity for every body,” any person who
paid 5_l._ was to be assured of receiving 100_l._ per annum, “as soon
as a sufficient number had subscribed;” and it need hardly be added
that, as this “sufficient number” never did subscribe, the assurance
of M. le Brun was all that the unhappy subscribers beheld for their
money. To prevent the public from suffering by the arts of such men as
these, legal proceedings were resorted to; and when the proclamation
was issued, not only did it destroy the bubbles, but it produced a
serious effect on the two chartered companies. It is probable that they
had been “rigging the market,” as the directors were ordered to attend
the authorities, in order that they might receive a fitting rebuke;
and it must have been a very impressive, though not a very picturesque
sight, to see a body of respectable, square-toed, elderly gentlemen,
with brown coats and cocked hats, listening with subdued awe, as they
were sternly cautioned “to keep strictly to the limitation of their
respective charters, _or it would be the worse for them_.”
That they took warning from this caution may be deduced from the
circumstance already stated, that when they petitioned to be released
from the payment of so much of the 300,000_l._ as was not paid[9], the
Chancellor of the Exchequer signified his consent, and a clause was
inserted to that effect in a bill then passing through the House.
It must not be supposed that any more scientific system than that
adopted by the Amicable Society guided these companies. On the
contrary, whether an applicant were 12 or whether he were 45, one
premium was asked. The policy was granted for a single year, and
renewed without reference to age or to health. The earliest document
possessed by either of these companies is dated 25th November, 1721. It
was granted by the London Assurance to Mr. Thomas Baldwin, on the life
of Nicholas Bourne, for 100_l._, five guineas being the premium for
twelve months; and this was the annual per centage paid for many years.
With such a system, it is not to be wondered that the success of the
company was slow.