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 remarkable character of this man enabled him to play many parts.
In his office, and with the Hallifaxes, the Dents, the Glyns, and
the Ladbrokes of the time, he was the close, cool, methodical man of
business. Punctual to his time, his lightest word his bond, and ready
with his payments; he was respected in the City. Connected, as it has
been seen, with the sect of Whitfield, he seemed a reverent, devout
attender on the rites of religion. Though he gave up preaching when he
had attained his object, he yet retained a prominent position in the
chapel where he once held forth. But it was afterwards whispered by
those who knew him well, that he had another and less worthy character.
That some one marvellously like him was seen in places which sectarians
hold in horror; that when with persons he could trust, his orgies
were as wild as the worst of a wild time; and close observers might
have added that the sweet smile and the unctuous bearing were but the
cloak to cover his real designs, had not his purse and his reputation
disposed them to be short-sighted.
The game he meant to play is uncertain, as his career was cut short by
the publication of the work of Dr. Price, on reversionary payments,
which had drawn notice to these societies generally. Some were
discovered to be false and hollow; others merely founded in ignorance.
Attention became naturally pointed to their framers. Questions were
asked as to the promoter of the last new company, which were more
easily asked than answered. Cunningham took the alarm, withdrew his
cash in gold from the bankers, told his subordinates to continue the
business until he returned, and left an address for his correspondence.
From that time he was heard of no more, and the only conjecture that
could be made, was from the intelligence that a vessel trading to
Ireland had been wrecked, and that one of the bodies was that of a
gentleman supposed to be David Cunningham, the founder of the Imperial
Annuity and Charitable Pension Society.
The misery caused to all whom this man had wronged was great; but it is
impossible to teach wisdom, and recent annals have shown us that the
world, in this respect, has not grown wiser as it has grown older.
The act just given, entitled, “An Act to prevent Gambling in
Annuities,” struck a severe blow at annuity companies like these, as
well as at those which were for the sake of gambling merely, or for
which an unfair consideration had been given. It might be evaded by
some, or it might be defied by a few; but it at least had the effect
of sending the purchasers to those legitimate offices from which alone
they were certain of receiving their due.
Public-domain text, read in full here on John Shaqi.
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