When schemes like these were resorted to, and this is only one of many[19], it is obvious that the expected gain must have been great. One house alone entered into contracts on the lives of men similar to those described, for thousands, and the first to open a contract was the Marquis of Hertford, whose attention was probably drawn to the speculation by Mr. Croker. Philip Courtenay, Queen’s Counsel and Member for Bridgewater, was another. He availed himself of his tour on the Northern Circuit to seek out old and healthy lives. Just at this time the House of Lords refused so resolutely to pass the Reform Bill, that the monarch was expected to force them into compliance. The mind of the people was greatly excited; and, unable to account for Mr. Courtenay’s avidity, a Yorkshire paper gravely asserted that Earl Grey, being determined to carry the Reform Bill, had employed the Member for Bridgewater to choose a sufficient number of aged persons to receive the honour of peerage, the prime minister being determined to swamp the Upper House with nonogenarians rather than fail in his purpose. One firm alone, that of Benjamin and Mark Boyd of the Stock Exchange, took three-fourths of the entire contracts for their friends; and as the lives chosen by them were good, it is probable that their constituents averaged a profit of 100 per cent. The desire to speculate on nonogenarian lives soon became a mania. Barristers with a few thousands,--ladies with a small capital,--noblemen with cash at their bankers, availed themselves of the mistake. It is difficult to say to what extent it would have proceeded, had not Mr. Goulburn availed himself of a clause in the act, to cease granting annuities which might prove unfavourable to government. FOOTNOTE: [18] The following table will show the precise action of an investment of 100_l._ on a nominee aged 90:-- £ _s._ 100_l._ paid on Jan. 4. 1830, would produce ” ” on 6th April 1830 31 0 ” ” on 10th Oct. 1830 31 0 ” ” on April 5th 1831 31 0 ------ 93 0 If the nominee lived only one day longer, say to April 6th, 1831, there would be due an additional 15 10 ------ £108 10 ------ Thus the capital and interest at 8-1/2 per cent. were returned in one year, three months, and two days.