The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1908-08-31
FpON OTHER PENS
INSURANCE. BETTING.

When Lloyds, the insurance brokers
of London, offered to issue policy for
100000 to New York manufacturer
at 20 per cent, or 5 to 1, against the
contingency of Bryan's success in No
vember, and later took the risk at 10 u
per cent, a new class of American in
surance contracts was established
which may give the courts some diff
Guilty should a test case be brought
The New York statutes make betting
on an election as much of an offense
as betting on horse race, but Wall
street Spectators are reported to have
accepted Lloyds' proposition with such
large amounts that the odds have been
forced down to q to 1, the specula-
tors taking upon themselves a chance
of collecting without the assistance of
a court of law.
The English gambling act which
was enacted during the reign Of
George III, provided that no insurance
shall be made ION the life or lives of
any person or persons, or any other
event or events whatsoever. wherein
the person or persons for whose use,
benefit, or on whose account such
policy or policies shall be made, shall
have no interest, or by way of gaming
or wagering" An insurable interest
which would entitle the insured to
payment for his loss. as defined by
the courts, exists when one is so stu
ated with reference to the subject mat
ter that It's destruction Will cause him
loss of money or legal right, or throw
upon him some other liability. There
fore, If the insured had neither title
nor right in the property, but stood in
such relation to it that he had legal
grounds for expecting some benefit
from its continued existence, or loss
from its destruction, as one authority
has put it, his contract would be en-
forceable at law, whereas a gamblers
interest would not be recognized.
Betting in New York NAV be under
the ban, but the possibilities of insur-
ance seem never to have been thor
oughly Observation-Disclosures Post.
OLD AGE PENSION BILL.
The English nation has so long
seen the old age pension act coming
that it's practical approval by the
house Of lords will cause little or no
surprise. The bill. which is now as
sured of enactment by the lords. in
concurrence with the house of COM
mons, establishes a noncontributory
pension scheme and provides for a
pension of five shillings (1.20) a week
for men and women who are 10 years
old or over and who are not in receipt
of an income of over 10 shil1ings a
ready chargeable to the poor laws are
not to receive any benefit of the law.
With these e1iminations it is esti-
mated that 572, 900 people will receive
pensions winch are TO De payable at
the inland revenue offices scattered
throughout the country. The first
year 1t is estimated by treasury Off
cials that the new law will cost the
government 100000 pounds sterling
Approximately $37,500,000.)
The progress and promised success
of the pension bill illustrates how cir
cumstances may sometimes give one
party credit for what another party
has been in large measure responsible
for The conservatives were the first
to propose the old age pensions. and
under the Tory governments that pre-
coded the present liberal regime most
of the preliminary educational work
was done. paving the way to popular
acceptance Of the idea embodied in
the bill that is now assured of sue
cess in the upper house of parliam emit.
1t is the belief of many that had it not
been for the war with the Beers the
old age pension scheme would have
been enacted into law by the govern
ment preceding the present one, and
the liberals, now credited with the
legislation, would have had but an in
significant part, or none at all, in the
radical innovation.-C1eyela Plain
Dealer.