Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1869-12-08

has pecuniary value, and especially
that of the head of every family. For it
is by the energies and capacities OF that
life, that the family s provided for, sus.
tanned and protected. And. while the
great subject of Life Assurance is chal-
lenging the attention of the world to an
extent hitherto unknown in its history,
and is rapidly enlarging the magnitude
of its influence, its origin is not 80 re.
cent as generally supposed. 1t may
therefore be of some interest aud infor-
nation to you, to say that while some
doubt exists as to the exact dste of its
origin, it is well authenticated that as.
surance on human lives was practiced
as far back as three centuries ago. But
like nearly all other really great inven-
items of human genius, it had to combat
the ignorance, prejudice, superstition
and skepticism OF men; and till within
the last half century had hardly attained
to the dignity. power and importance OF
a science. Iis infancy, therefore, passed
through that ordeal incident to almost
every new system or invention intended
for the happiness, relief or progress of
our race; but the ultimate realization of
its practical benefits and incontestible
utility, has ranked it among the en-
lightened, phianthropic and humane
sciences of the world, and among the
proudest triumphs of civilization. It's
theoretical acceptance is Dow almost
universal, while its practical reception
is increasing with astonishing rspidity.
1t has been reduced to such science,
that the ablest and best fnaHciers of the
world pronounce it entirely safe under
the conditions of prudence, economy, in
tegrity and competency in it's manage
ment. And the fundamental principle
on which it stands (the average duration
of human life) is as well established as
any other natural law. This has been
ascertsined by records and experience.
Statisticians have determined it with
scarcely less accuracy than astronomers
have calculated the eclipses, volocties
and revolutions of the heavenly bodies.
They are all natural laws. 1t is true,
however, that there may be slight varia-
tions at certain periods in this
law of mortality, but like the
alterations of the heavenly bodies,
they correct themselves in obedi-
ence to the great dominant prn-
ciple of their action. Upon knowledge
of this law, mathematiciens have builded
the science; and it is an historical and
living fact, that no moneyed institutions
within the whole scope of commercial
history, have had such uniform and
permanent degree of secHrity and SOL
vency, as Life Assurance companies.
They have withstood the test of political
commissions and survived the wreck of all
other financial systems; and under pru-
dent, economical, honest aHd competent
management, are incontestibly the safest,
best and noblest moneyed corporations
in the world. Aud it ihvsdeS not the
theory or security of life insurance, that
two or more European companies
have recently failed. 1t is not shown
that these companies were honest
ly managed, but on the contrary
they were close corporations, sat with
closed doors, and the government had
not the salutary laws for the protection
of policy-holders as we have in this coun-
try. 1t is just as competent to say that
if few dishonest or badly managed
banks fail, no other bank in the land is to
be trusted-as to say that because the
managers Of few insurance companies
have been unfaithful or inefficient, none
are to be relied upon. The science has
vastly improved within the last half CEN
tury and is still improving Like every
thing else instituted by man, it is not,
and perhaps can never be, perfect. But
it is tending tosoard perfection, and is
keeping pace pdri pGssu with ell of the
other other great systems and inventions
OF man. Why not, since onward is
the wstchword of the sge2 All Of the
great sciences of the world are shaking
off the chronic errors, defective systems
and efete ideas of the past, and are
striking out into new and beautiful
fields of invention and discovery, of
truth aud of progress, and with a success,
too, that excites the pride and charms
the Imagination of men. The age is
distinguished for the extension of ideas
And the intelligent energy, successful
enterprise and rapid advancement indi'
Gated in almost every department of hu-
man civilization, will warrant the pre-
diction that the unexpired portion Of the
nineteenth century will constitute the
proudest and grsndest period Of the
worlds accomplished history. 1, seems
that the genius of progress has commu-
nicated new and powerful impulse to
the energies, the aims Snd the aspirations
Of the age; and amid the untold tri-
umphs that have been, and are still being
achieved in all the great enterprises that
appertain to the Advancement, relief and
happiness Of mankind, Life Assurance
has not stood still, but also claims its
triumphs, Aud, finally, gentlemen, we
have brought you an institution, tho1gh
based upon the same fundamental princi-
pies Of other companies, embodies q new
system and a new idea, which have been
successful beyond expectation, accept
able beyond precedent aHd practicable
by demonstration. And in presenting
this new aud equitable system, we would
pay our respects 10 ether similar
and rival institutions, and confess
conservative homage for the prao-
toes sad usages Of the past. But
We cannot permit that hoDoRe TO
preclude innovation or improvement, for
.hsn il becomes bigolry, aud ceases to be
8 proper ssutimeut; snd upon such