The central Presbyterian. [volume] (Richmond, Va.) 1856-1908, 1869-02-24
LIFE INSURANCE.


The subject of insurance has of late engaged to
a very considerable degree, the attention of our
people. Few business men are not contributors
to the income of some one or more of the many
corporations which are, through so many agents,
soliciting the confidence and patronage of the
public; and the aggregate amount of premiums
paid by our impoverished community would be as
founding to any one who has not thought upon the
subject The statistics are not as full as they
might be, but vast body of information is acces.
sbe to the curious inquirer in the annual exhibits
of the various companies, and the reports of our
various State officials.
We propose very briefly, just now, to examine
the bearings of the subject on the secular interests
of the Church. Unfortunately we have no Stats
tics which can assist us much in this examination
but for our present purpose great accuracy is not
necessary. We suppose that perhaps about one
half of the value of our church buildings is covered
by insurance. and the premiums paid therefor
must amount to a very considerable sum of money
As to TIE other hall, the church stands her own
insurer. If the buildings are destroyed they must
be rebuilt, and the burthen falls upon the Church
at large if the particular congregation be not one
peculiarly favored in pecuniary resources. And if
it be, the burden of the loss is distributed to no
small extent, for the extraordinary demand upon
the iberality of the congregation impairs its abi
y, and much more it is feared, its disposition to
continue its usual contributions to the benevolent
operations of the church.
The practical fact, then, is that the church in its
aggregate capacity is an Insurance Society to the
extent of one half its property-that it contributes
annually from its funds to swell very considerably
the profits of incorporated Insurance Companies,
and in return therefor only secures reimburse.
ment of one-haf its losses The congregations
which insure, not only bear the burden of annual
premiums for their own protection, but share
their uncompensated proportion Of the burden of
the Church at large as insurers for their less pro-
vident sister congregations who fail to make any
provision of this sort. The simple statement of
this fact should suffice.
Now why should not the church be her own in
surer to the full extent of the value of her proper
ty, and receive from the individual owners the
same amount of compensation as is required by
regular Insurance Companies? Large property
holders, like Grard and Astor, new er insure They
keep regular insurance account upon their books,
crediting the account with the premium upon each
item of their property, and charging it with all
losses The balance is always on the credit side of
the account, and they retain the profit instead of
contributing it as they would do, if they insured,
to the treasury of Insurance Companies. And
the saving to them exceeds very considerably the
profit which the companies would have derived
from their patronage, for those profits are neces-
sarily subject to very considerable deduction for
expenses of collection Of premiums, salaries of of.
fcers, &C., &c.
No capitalist who could be assured of the mo-
nopoy of insuring allour church property through
out the South, would hesitate to embrace the OBJ
portunity and after paying heavy commissions to
agents, and salaries to clerks, he would be the
recipient of large and certain annual profit
Then why should not the Church make this profit
for herself? She need pay no commissions, and
there would seem to be no necessity for any great
expense in the machinery of administering her
Insurance Bureau. 1t might very naturally be
made a part of the work of the Committee of
Sustentation, and perhaps one or two single add
tonal officers would suffice to do all the work.
If our memory is not at fault, this subject has
been engaging the attention Of the Free Church of
Scotland, though we do not remember what action
was taken. 1t is also, we believe, under consid.
Grafton by the Methodist Church. South. In
what manner it may be best for the Church to
become connected with such scheme whether
directly or indirectly, or at all, is question to be
carefully examined. The Presbyterian Church in
this country began scheme of this sort for the
benefit of ministers, their widows and children, in
l7l9-almost as far back as its own existence.
After various notifications it continues to this
day. managed by an incorporated body, and has
be n a great blessing to many. 1t is our purpose
to examine it, and see what light it may cast upon
the path best for us to pursue. That it is ex-
ceedingy desirable that some practicable way
should be provided for the relief of ministers of
the gospel in old age, and for their (often depen
dent families after they are gone, is clear in the
convictions of all. What shall it be? Without
presuming to speak with undue positiveness on
subject beset with many difficulties, we venture to
express strong doubts about the ultimate success
of any scheme resting entirely upon an eleemosyn-
airy basis To help our brethren and their families