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
Their examination lets us into a picture of the customs of the time.
On a certain occasion as many as 150 met in the Attorney-General’s
chambers, where the question was debated with great warmth; one party
contending, with all the eloquence of self-interest, that a new company
for the purpose of assurance would be very beneficial to the nation;
the opposite party asserting that no such company was requisite, and
that the nation would suffer from it. The advocates representing the
underwriters proved that there were private adventurers ready to
undertake all the business that could be brought; and, in return,
the advocates for the companies produced a list of failures among
the private assurers, and a calculation of the loss the public had
sustained through them. The general tenor of the evidence went to clear
Mr. Attorney, but it tended to criminate the applicants for charters.
One company gave its agent authority to pursue “all proper methods;”
and, as the agent had interpreted these words “to bribe all he came
near,” they could only express their regret. Another company declared
its purity with much vehemence; but, on close examination, it was found
to arise from its poverty. Moral feeling was utterly extinct. The cry
with all was, “Give!” “Give!” said the Attorney-General’s clerk. “You
must give something; they have given something handsome on the other
side,” said the Attorney-General himself. One witness deposed: “He,
with some others, went to the chambers of the latter, and, having
procured access, informed him they were come to wait on him with his
fee; but Mr. Attorney said, ‘What do they come here for? Why do they
not leave it with my clerk?’ The reply was, ‘It was matter of weight,
and they desired to give it him themselves.’ Sir William Chapman then
gave the fee, recommending the assurance company to the Attorney’s
favour, saying, ‘The company would speak for itself, and hoped, if it
should be found to be of use to the nation, that he would favour it,’
and some words of that kind, and then they withdrew.” The accusation
failed, the decision being, “That the Right Honourable Nicholas
Lechmere had discharged his trust, in the matters referred to him by
his Majesty in Council, with honour and integrity.”
Public-domain text, read in full here on John Shaqi.
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