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
Contemporary with Graunt, and contributor to his attempts, was one of
those strange, restless, speculative men whose love of money teaches
them how to procure it, and whose desire to preserve it, by purchasing
land, and leaving their heirs in possession, makes them the founders of
noble English houses. This was Sir William Petty, who, in his “Essay
on Political Arithmetick concerning the Growth of the City of London,
with the Measures, Periods, Causes, and Consequences thereof,” made a
further onward movement. The earlier portion of his life was passed in
battling with the world. He was as much a votary of mathematics as of
money, and was eminently successful in both. Although only the son of a
Romney clothier, he was the founder of a house which has exercised an
important influence on English political life--the House of Lansdowne.
He began his career with nothing, and he closed it possessed of
15,000_l._ per annum. He lived at a time when social economy was but
little regarded; and he published a volume which, however uncertain
both in its data and its conclusions, was an attempt to apply
arithmetic to the economics of life. It is both unphilosophical and
unjust to say, “Petty was nothing of a politician or statesman, or even
of a political economist. He was merely a political arithmetician;
that is to say, he occupied himself with a consideration of the
circumstances of society and of the forces and activity that pervaded
it, only in so far as they could be stated and estimated numerically.
His social science was little more than an affair of ciphering, a
business of addition and subtraction.” It is from the figures of such
men that our politicians form deductions, estimate consequences,
frame laws, and create trade. It may be true that he was no seer, and
that he was wrong in his prophetic capacity; but this is only another
proof that statisticians rarely possess a large development of the
imaginative faculty. That his work is worth perusal to all who are
interested in his subject, although based on information which was rude
and imperfect, we hope to show. In it he calculates that--
Between 1604 and 1605, there died in London 5,135
” 1621 and 1622, ” 8,527
” 1641 and 1642, ” 11,883
” 1661 and 1662, ” 15,148
” 1681 and 1682, ” 22,331.
Public-domain text, read in full here on John Shaqi.
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