Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1907-09-15

Among the photographed treasures Of
the Boston public library II;
The Plan OF a Society for Making
Provision for Widows by Annuities for
me Remainder Of Life after Certain
Ages, with the Proper Tables for Cal
culating What Must BE Paid by the
Several Members IN Order 10 Receive
the Said Advantages. Ply William Cor
don, Boston. Sold by Joseph Edwards
and John Fleming. MDCCLNTL."
l. This book contains not a little
homely philosophy OF life-of the
Kind the author of poor Richards
Almanac must have approved. and a
lot of disagreements with the mortal
ity tables used in Great Britain. The
census of Massachusetts, ordered by
Lieutenant Governor Hutchinson is
used to illustrate the authors points
Renewed interest In this whole sub
jet Of The annuity Is predicted in this
country as a result Of the general es-
Enlistment OF savings and insur-
ance' banks. Although rates. based
on specific tables Of mortality. must
obviously be prepared by a state ac-
tuary, IL Is possible to show in a gen
eral way how easily an individual can
pension himself under the annuity sys-
tenn. Suppose a man Of t~hirty-hve
earning the good wages that are uni
versal in this era Of prosperity car
res perhaps a little life insurance that
affOrds present protection for his FAM
ily. But his children are already
growing up. What he has most seri-
ously TO consider henceforth is not the
chance OF early death, but how not to
become a burden TO others after the
productive years are over. for mon
wear out early in this age.
Such a man, earning, say, $50 or
S35 a week. might contract with three
savings banks for deferred" annui-
ties Of 800 each. to begin when he Is
fifty. That would mean that for The
remainder of his life after that age
he would have an annual pension of
$500. The exact cost Of such protec-
ton during old age In an American
community cannot be stated. That
will have to be determined by a state
actuary under the new savings insur-
ance plan. Based, however. ON the
classic English tables, the mans an
nual contribution between the ages Of
35 and 80. in order to effect the pur-
chase Of these three annuities Of 800
each, would amount to about $50
by no means an impossible saving fora
man earning $500 or more. And in
no other Way-unless through the
accident Of lucky speculations-could
a wage-earner's savings be made to
yield for him so large an income,
available at just the time of life when
he Is most likely otherwise to become
dependent upon the charity Of rela-
tives. Many other forms of annuity
besides the foregoing, are, Of course.
possible. Some involve payment of a
lump sun at the date from which the
pensioning payments are made; 9TH
ers Of a lump sun to be put on COM
pound interest years before this date.
The scheme to be adopted in Massa-
chusetts will doubtless involve protec-
tiOn to those who purchase annuities
by installment payments. so that II for
some reason, as on account of illness
or loss of work, the payments have TO
be discontinued. the annuity will have
a surrender value just as a life policy
would in similar circumstances. These
matters were provided for I'm general
terms in the act recently drawn up by
Louis D. Brandeis and presented to the
legislature by Representative Norman
II. White. secretary OF the Massa-
chusetts Savings Insurance league.
The essential point is that for the first
time the workers of an American state
are to have an opportunity, under
careful supervision Of the common-'
wealth to effect their wv old age PEN