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
Such men made large profits. They knew nothing and they cared nothing
for the chances of life. Their charges covered all risks. And so little
was known of the number of the people, that a few desultory facts
concerning this and a previous period, being gathered from various
sources, may not be unacceptable or uninstructive. Up to this time,
and long after, the population of London and of England was a riddle.
The utmost exaggeration prevailed in all the accounts which we possess
concerning it. Fitzstephen writes of London being peopled with a
multitude of inhabitants; and adds, that, in the fatal wars under King
Stephen, 80,000 men were mustered. Allowing for the martial fury of the
time, this would give a population of 400,000 in the twelfth century
dwelling in London. Everything points to the fact that the metropolis
augmented more than the authorities thought good.
The progressive increase of London was a continual source of alarm. In
1581 a proclamation was issued, forbidding any new buildings. Elizabeth
caused a statute to be passed to the same effect, because “such
multitudes could hardly be governed, by ordinary justice, to serve God
and obey her Majesty;” and because “such great multitudes of people in
small rooms, being heaped up together, and in a sort smothered, with
many families of children and servants, in one tenement, it must needs
follow, if any plague or any universal sickness come among them, it
would presently spread through the whole city.” These proclamations
were continued. James said, so many people “cumbering the city were
a general nuisance;” adding, that the single women who came from the
country marred their reputations, and that the married lost them. Still
the people flocked, in spite of proclamations, and in opposition to
statutes. Old country establishments crowded by the score to “upstart
London,” “pinching many a belly to paint a few backs, and burying all
the treasures of the kingdom in a few citizens’ coffers.” At last some
effect was produced, not however by the proclamation, but by fining
one Mr. Palmer a thousand pounds. Still, if we may judge by what Howel
writes, the city of London continued to increase “For the number of
human souls breathing in city and suburbs, London may compare with any
in Europe in point of populousness.” This he estimates, taking “within
that compass where the point of the Lord Mayor’s sword reacheth,” at a
million and a half of souls. Foreigners could scarcely understand the
huge concourse which thronged London, and which for a long time baffled
our earlier political economists, who wondered how it was that the
annual deaths outbalanced the annual births. Our satirists were very
hard on the new comers. Ben Jonson describes them as “country gulls,”
who come up every term to learn to take tobacco and see new notions.
They paid heavily for their lesson in London life; and many an annuity
was wrung out of the fat land of the country gentleman from his visit
to the metropolis.
Public-domain text, read in full here on John Shaqi.
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