Annals, Anecdotes and Legends: A Chronicle of Life Assurance — John Shaqi
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
It must have been the widow of some such shrewd assurer who dared
the dangers of Chancery in 1682, and endeavoured to file a bill, the
purport of which was to compel 500 individuals to declare the amounts
they owed her husband, who is designated as “a kind of insurer.” The
boldness of this woman in attacking 500 persons attracted attention;
and the alarm which must have possessed her creditors was no doubt
heightened by the fact that 60 skins of vellum and 3000 sheets of paper
composed the bill, and that each would be compelled to have a copy,
provided the plaintiff were successful. Not only, however, did Lord
Chancellor North, “amazed at the effrontery of the woman,” dismiss the
bill on the ground of the enormous expense which each defendant would
incur, but he directed the plaintiff’s counsel to refund his charges
and to “take his labour for his pains.”
FOOTNOTES:
[5] About as much silver as is now coined into 3_l._ 1_s._ 11_d._
[6] Equal in weight to about 2_l._ 1_s._ 3_d._ of our silver coinage.
[7] Equal in weight to 10_s._ 4_d._ of our present silver coinage.
CHAP. III.
JUDAH MANASSEH LOPEZ, THE JEW USURER--HIS TRICK ON THE DUKE
OF BUCKINGHAM--SUSPICIONS CONCERNING HIM.--THE INCREASE OF
LONDON.--POPULATION OF LONDON.--PROCLAMATIONS.--HALLEY’S MOVEMENT IN
LIFE ASSURANCE--HIS TABLES.
Among the frequenters of St. Paul’s, when the noble, the merchant,
and the citizen congregated in its walk, was an old man known to all
who met there in their daily avocations as Judah Manasseh Lopez. A
Lombard, a Jew, and a usurer, it was difficult to say whether the
outward respect he received from his customers was not counterbalanced
by the curses he received from the public. The bullying mien of the
self-dubbed captain sunk into a more subdued tone as he asked for loans
or deprecated payment. The spendthrift who was dicing away his paternal
inheritance, and who had security to offer for the money he wanted,
was more indifferent, while the goldsmith shrunk from his approach
with a contemptuous expression he did not always care to conceal.
This man employed his wealth in the purchase and sale of annuities.
He lent to merchants when their vessels failed to bring them returns
in time to meet their engagements. He advanced cash on the jewels of
those whom a disturbed period involved in conspiracies which required
the sinews of war. But annuities were his favourite investment; and to
him, therefore, resorted all that were in difficulties and were able
to deal with him. With the highest and the lowest he trafficked. He
was feared by most, and respected by none. One remarkable feature in
his business was, that no one found it easy to recover the property
he had pledged, provided it much exceeded the amount advanced. In
an extremity, Buckingham, the favourite of Charles, applied to and
received assistance from the Jew on the deposit of some deeds of value.
When the time approached which had been stipulated for repayment,
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