The Portland daily press., 1876-10-25
WASHINGTON.
Secretary Chandler Gone

Secretary Chandler Gone to New York.
WASHINGTON, Oct. 24-Secretary Chandler
goes to New York again this evening to look
after political matters in connection with the
National Republican Committee and will not
probably return until after the Presidential
election. Assistant Secretary Gorham will act
as head of the department during his absence.
Attorney General Taft left last night for
Philadelphia and New York, to be absent
several days.
Insurance Gases.
WASHINGTON, Oct M-The following impor-
tant opinions in several life insurance cases
were delivered by the Supreme Court of the
United States today:
The New York Life Insurance Co., appellant
vs.. VIM. Q. Statham and Parmetia A. Dudley,
formerly Parmeta A. Statham, appeal from
the Circuit Court Of the United States for the
southern district of Mississippi.
The New YorkILife Insurance Co., uplaintif
in error, VS.. Charlotte Seyms, in error, to the
Circuit Court of the United States for the
southern district of Mississippi
The Manhatten Life Insurance Company,
plaintiff in error, VS.. r. s. Buck, executor of
Charles L. Buck, deceased, in error to the Cir
| cult Court of the United States for the South
ern District of Mississippi. The points decid-
| ed are as follows: A policy of life insurance,
which stipulated for the payment of an annual
premium by the assured, with condition to be
void on non-payment is not an insurance from
year to year, like common fire policy, but the
premiums constitute an annuity, the whole of
which is the consideration for the entire assur-
ance for life, and the condition is condition
subsequent, making void the policy by its nom
performance, but the time of payment in such
policies is material and of the essence of the
contract, and failure to pay involves an abso-
solute forfeiture, which cannot be relieved
against in equity,
If failure to pay the annual premium be
caused by the intervention of war between the
territories in which the insurance company and
assured respectively reside, which makes it un-
is nevertheless forfeited if the company insist
on the condition; but in such case the assured
is entitled to the equitable value of the policy
arising from the premiums actually paid. This
equitable value is the difference between the
cost of a new policy and the present value of
the premiums yet to be paid on the forfeited
policy when the forfeiture occurred and may be
recovered in an action at law or in q suit at
| equity.
| The doctrine of the revival of contracts sus-
| pended during the war, is one based on consid-
| erations of equity and justice and CANNOT be
| invoked to revive a contract which it would be
| unjust or inequitable to revive, as where time
is of the essence of the contract or the parties
| cannot be made equal The average rate of
mortality is the fundamental basis OF life as
surance, and as this is subverted by giving to
| the assured the option to revive their policies
or not, after they have been suspended by
war (since none but the sick and dying would
| apply, it would be unjust to compel a revival
| against. the company. Justice Bradley deliv-
cred the opinion of the court The insured par
| ties lived in Mississippi, but were prevented
| from paying their premiums in consequence of
| the breaking out of the civil war.
The Irish Centennial Address.
Mr.. O'Conor Power and Mr.. Parnel, who
were entrusted with the Irish centennial ad-
dress, have resolved not to present it formally
| to President Grant, inasmuch as the State
Department insisted upon its being presented
| through the British Minister.
Interest Payments.
The Secretary of the Treasury has directed
| the Assistant Treasurer at New York to pay
the interest due on the LIST of November, on
and after Wednesday, the 18th inst, without
| rebate.