Annals, Anecdotes and Legends: A Chronicle of Life AssuranceFrancis, John, of the Bank of England
History
Annals, Anecdotes and Legends: A Chronicle of Life Assurance
Francis, John, of the Bank of England
Life insurance
A family which with great industry,
and by doing without a servant for forty years, had saved enough to
retire from business, placed the principal portion with the West
Middlesex, in time to be informed that the directors had absconded. A
governess who had been left a small property, and bought a deferred
annuity with the proceeds, died of a low fever soon after the bubble
burst. Half-pay captains, clergymen, servants, tradesmen, all came with
their spare cash to get 6-1/4 per cent. and secure their capital.
From remote districts where their prospectuses had been circulated,
money came pouring in. Any one who chooses to refer to the current
literature of that time, will perceive that these fellows availed
themselves of every vehicle to make their claims public. The daily and
weekly papers, the monthly and quarterly journals, all bear testimony
to their zeal in the shape of shameless advertisements, and the walls
of provincial towns absolutely blazed with their attractive terms.
The money thus obtained was liberally spent. The promoters kept
carriage-horses and saddle-horses; servants in gorgeous liveries
waited on them; they fared, like Dives, sumptuously every day. One
of the directors lived in the house in Baker Street, and being of a
convivial character, astonished that quiet street with gay parties,
lighted rooms, musical _soirées_, and expensive dinners. His wine was
rare and _recherché_, his cook was sufficiently good for his guests,
and he found himself surrounded by the first people of this lively
locality. But there were very dark rumours afloat, which should have
made men hesitate before they gave this fellow their countenance. By
1839, there was a general feeling that there was something wrong; Mr.
Barber Beaumont wrote a letter to the “Times” about it; and had it not
been for the wonderful boldness of the adventurers, they must have
broken up long before. It was known that they had thrown a difficulty
in the way of paying some annuities in the country; and that, without
any justice, they had refused to discharge a fire insurance which had
become due. Still what is every one’s business is nobody’s business,
and they had hedged themselves with such a conventional respectability,
they looked so grave, they talked so properly, and they gave such good
dinners, that it was long before they were compelled to yield. So great
was their _prestige_, that though one of their victims came fierce
and furious, and bearded them in their own house, and before the very
faces of their friends--though he told the party assembled that he was
swindled, and their hosts were the swindlers,--it produced no effect,
and he was absolutely obliged to leave the place for fear of personal
violence. In addition to the dinners which they gave their friends,
they had small pleasant parties of their own, with toasts sardonically
applicable to themselves, the first standing sentiment being in
mocking, reckless contempt,--
Public-domain text, read in full here on John Shaqi.
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