The Stourbridge Observer, Cradley Heath, Halesowen & District Chronicle.
Stourbridge, West Midlands, England, 1869-10-23 00:00:00

THE BYRON SCANDAL.

The New York Times of the 7th of October etatei
that Mrs. Stowe has addressed the following "card"
to the editor of the Hartford Courant
Mrs. Stowe desires the friends of justice and fair dealing to
publish for her this announcement ; That she has kept
silence heretofore in regard ti the criticisms on her article
on Lady lt3 roil for two l'eaSolls.
First —Premise she regarded the public mind as in too
exited a state to consider the matter dispassionately ; and
Second.—Because she has expected the developments of ad-
ditional proofs in Prlgland. Bowe of which, of great import-
ance, have already come to hand.
Mrs Stowe is preparing a review of the whole matter, with
fur her facts and more documents, including several letters
of Lady Byron to her, attroting the vigour mid soundness of
her nond at the period referred to, and al.° Mrs Stowe's
own letters to Lady Byron at the same time, which were re-
turned to her by toe executors 8.11 after that tely's death.
She w,li also give tile public a full account of the circum-
stances and reasons which led her to feel it to be her duty to
make t his disclosure as an obligation alike of justice, grati-
tude, and personal friendship.

ABOUT INSURANCE OFFICES.
(From The Times.)
The unexpecte.l controversies of the last few weeks
must have given the public consid,rable insight into
what before was practically a mystery—the pi inciple
of Life Iwurance. We can but re-assert what we have
already said, that no calculations admit of more abso-
lute certainty than those upon which our insurance
Companies are founded; and we again explain the
system while the so jest is fresh and its illustratiens
are especially impressive. Be it first remembered that
the foundation of the whole fabric is the average
duration of human life under ordinary circumstances.
Given a certain number of lives, it may be
assumed with the utmost safety that only a certain
proportion of them will drop within a certain time.
In other words, if a Company undertaken to pay a
fixed sum on the occurrence of every death, the num-
ber and succession of these deaths adniit of infallible
calculation. On this point there can be no mistake
whatever, and we in ay also add that the experience of
a century has furnished all the figures actually required
for the undertaking. In short. the engagement formed
by an Insurance Company with an insurer—to pay so
much on the insurer's death on condition of receiving
no much from him annually during his life— is a bar-
gain which can be struck without the slightest risk
of loss on either side.
Let us now point out the unique advantages possessed ,
by an Insurance Office over all other financial or c. mauler-
cial Companies. An Insurance Compaq can Dever,
in the ordinary course of business, make a bad debt.
All its dues are pail beforehand, money down. The
claims upon it are only constituted by previous pay-
ments, and in default of !nal payments the claims fail
also. A customer "insures" his life for twelve months
from a certain day by paying on that day a certain
sum of money, and his assurance continues only
on the condition that these payments are regu-
lary renewed. Thus the Company can never
be held to any liability without value received.
In the next place, an Insurance Company is
exempt from the ri-ks of discredit or panic. No cu
turner can ever withdraw his account except at a loss
to himself and s profit to the office; and as nothing
but death creates a claim, claims can never come in
the form of an unreasoning run upon the establish-
ment. Assuming, therefore, the simplest possible
conditions of safe dealing—namely, that the lives taken
are reasonably sound, and the rates demanded reason-
ably sufficient -there can be no swh thing in Life
Insurance as had business, bad debts, or commercial
misfortune.
It is, however, requisite for the security of an office
that the money received from insurers should be in-
vested safely, awl at a rate of interest high enough to
contribute t; the accumulation of capital ; but as 4 per
cent, is held to suffice for this purpose, we may dismiss
that condition 1111 involving no difficulty. Now, how-
ever, we come to a point attended with more per-
plexity. An Insurance Office, like all other establish-
ments, must have its managers, and the charges of
tbis management must be included in the reckoning
by which the rates of insurance are determined.
But, in what duties does this management pro-
perly consist? As we have said, the mere tables
of rates are framed to hand, and a Company has
only to accept the results ~f experience in fixing
its terms of bwinens. The lives, however, of intend-
ing insurers must be carefully estimated, their annual
payments must be collected, and the incoming moneys
must be disposed of to the best aslyawage. Perhaps
we niay say that the second if these duties—that of
"agency"—in the only one suggesting much argument,
and here it has been roundly urged that an Insurance
Company need have no agents at all. Why, it is ask, d,
shod any officers be employed to collect payments
which the pay era themselves are under the strongest
compulnion to make of their owls accord? If a policy-
holder should neglect to remit the amount of his pre-
mium to the office at the proper date, the only result
would be that the policy would drop, and all the pay-
ment; previously made would be forfeited for the benefit
of the Company. Theoretically this is true, but practi-
cally the assumption would not work. It is quite cer-
tain, however inexplicable it may seem, that under
such conditions of practice a number of insurers would
neglect to renew, their outcry against the office at the
Ins of their pr party would though unreasonable, be
oil, and the office itself would find its annual income
from premiums continually diminished. This diminu-
tion would undoubtedly be compensated by a pro-
portionate diminution of obligations, but it would not