Cambridge (Mass.) -- Biography; United States -- Biography
The charters of the companies had been drafted in the interest of the
management, without much consideration for the rights or advantages of
those who were insured. There were no laws on the statute book which
would practically prevent directors of life-insurance companies from
doing as they pleased with the immense trust properties in their
possession. After two or three interviews with Elizur Wright the
presidents of the companies came to the conclusion that he was exactly
the man that they wanted, and they commissioned him to draw up a revised
set of tables and rates which could serve them for a uniform standard.
This work occupied him and two of his daughters for a full year, for
which he was compensated with the paltry sum of two thousand dollars. The
time was fast approaching, however, when Elizur Wright would be in a
position to dictate his own terms to the insurance companies.
It was now that the Bird Club, the most distinguished political club of
its time, became gradually formed out of the leading elements of the
Free-soil party. At one time this club counted among its members two
Senators, three Governors, and a number of Congressmen, and it was a
power in the land. Elizur Wright's services as editor of the
_Chronotype_ gave him an early entrance to it; and having life
insurance on the brain, as it were, other members of the club soon became
interested in the subject as a political question. In this way Mr. Wright
was soon able to effect legislation. Sumner, Wilson, Andrew, and Bird
gave him an almost unqualified support. In 1858 he was appointed
Insurance Commissioner for Massachusetts, a position which he held until
1866. As Commissioner he formulated the principal legislation on life
insurance; and his reports, which have been published in a volume, are
the best treatise in English on the practical application of life-
insurance principles.
In 1852 he resigned the editorship of the _Chronotype_, and from
that time till 1858 he was occupied with life-insurance work, the editing
of a paper called the _Railroad Times_, and making a number of
mechanical inventions, most important of which was a calculating machine,
enough in itself to give a man distinction.
This machine was simply a Gunther rule thirty feet in length wrapped on a
cylinder and turned by a crank. Gunther's rule is a measure on which
logarithms are represented by spaces, so that by adding and subtracting
spaces on this cylinder Mr. Wright could perform the longest sums in
multiplication and division in two or three minutes of time.
Public-domain text, read in full here on John Shaqi.
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