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
The mind of this class was less cultivated and less cared for then than
now, and wherever they got high wages, they spent them recklessly.
They regarded the workhouse as their natural refuge, and claimed its
privileges as their inalienable birthright. We owe the presentation
of many facts concerning them to Mr. Beaumont, who after ten years’
trial, finding that his association failed in its purpose, interested
the inhabitants of Covent Garden and the neighbourhood, in the
establishment of a savings bank. To compass this he presided at various
public meetings, where he spoke with much energy, addressing the
poorer class in an easy familiar tone, and speaking to them as only
one who understood their wants could have spoken. He necessarily won
their confidence by his zeal, and all which he wrote on the subject
evinces a spirit of benevolence, being evidently the production of an
acute and energetic mind. He was the first to point out the various
objections to benefit societies, and his exertions in the cause of
savings banks, though now almost forgotten, were productive of good;
nor is it too much to add, that habits of industry and frugality were
excited, or that the happiness of the working class was increased by
his exertions. That which has hitherto been related of Mr. Beaumont was
but the result of his leisure hours; for he was the originator of an
office, to the service of which he gave the principal part of his time,
and in which he found his reward. There was, indeed, something very
significant in his resolute, earnest spirit, and there must, too, have
been something very honest in the man; for in the outset of his own pet
office, when the members were excited by success, he told them that
the early accounts were not to be relied on, that they were flattering
from the nature of the business, and that they showed more success at
the beginning than the future would confirm. He was an open foe to
all fraudulent offices, and did all he could to stay the progress of
the concocters of the West Middlesex. He called attention to their
proceedings in the “Times;” he proved that the enormous commission
they offered, argued a foregone conclusion of swindling; he attacked
them in a Scotch paper, and drew their wrath upon him, in the shape
of an action for damages, which cost him 100_l._, and for which an
additional claim of 600_l._ was made on his executor.
Public-domain text, read in full here on John Shaqi.
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