The central Presbyterian. [volume] (Richmond, Va.) 1856-1908, 1869-03-17

however was continued to any children of the de
ceased until he had been dead twelve years, when
it ceased. In consideration that the funds of the
Synod would be relieved of any claim for the
families represented in this society, that body con
tributed one hundred and fifteen pounds to its
treasury.
The society thus organized, one hundred and
fifteen years ago by the Supreme Court of our
Church for the relief Of the families of its deceased
ministers, still exists, under the style of 1.-The
Corporation for the relief of poor and distressed
Presbyterian ministers, and of the poor and dis
tressed widows and children of Presbyterian min
listers 1t was Incorporated by the Proprietary
government Of Pennsylvania, iii 1859, and has
done much for the benefit of the class described
in its name although falling so far behind the
exlgencles for which it was designed to provide
and the other achievements of the age in the same
line, it can scarcely be counted among the live"
institutions of the present day.
The two societies thus organized by the minis.
tiers OF Pennsylvania, for the same purposes con-
templated by DIR. Assheton, in the original organ
ization, were the only ones which appear to have
ext ted ID this country, until 1912, when the
'Pennsylvania' was established for the purpose
OF general life assurance. The Massachusetts, Hos
pltal Life Insurance Company was next formed in
1918, and the New York Life Insurance and Trust
Company in 1880. 1t was not however until about
lS45, that the system began to give indications of
that enormous growth which it has since attained
1t is unnecessary to trace the details of the subse
quent history. Some of the results will be suff-
clent for the present purpose. In lS45 there were
perhaps half dozen companies in existence in the
whole country, with probably not a million dollars
of assets all told Now there are more than one
hundred such institutions in existence. Those
operating within the State of New York, as re
ported by Mr. Barnes, the State commissioner Of
Insurance, had at the close of 1867, about 400 600
outstanding policies, on which they received an
annual income of $57 537, l46, which, together
with an accumulated fund of $l26, 65I ,532 was
pledged for the ultimate payment to the bereaved
families of the holders, of the enormous sum of
Sl,I67, l7S,2S These were the figures which
more than year ago represented the financial
position Of but forty-nine out Of more than one
hundred companies operating in different parts of
the country.
Enormous as are these figures, it is necessary to
take another item into the account in order to an
adequate estimate of the force aud power of this
element of our present social system; and that is
the rate of its increase. Of this one illustration
will serve: The Equitable Life Assurance Society
was organized in 1859; in 1865 its cash assets
amounted to 81 $50 523, in 1866 to So OF, 1885, in
1867 to S., l25, 423 and they now amount to $S,
500, 600, held in reserve and accumuatng at an
annual increase of S5,0000O0, to meet its out,
standing policies, which, when they fall due. will
require some $5l 900, 900 for their payment The
reader thus possesses the means of forming some
idea of the extent of the resources thus invested
by the anxious providence and forecast of love for
the supply of the necessities of the widows and
orphans of the early future.
SAMUEL j. BAIRD.