So largely has prejudice controlled in the consideration of the subject, that those who have sought judicious and stringent legislation to correct abuses, and to bring the business under equally careful and official supervision as that given other forms of insurance, with a view to making it _permanently_ subserve public interests, have been more than once defeated in their laudable endeavors, because they insisted that no legislation could meet the necessities of the case that did not contemplate it as a _permanent_ institution. Great advances have been made however in the last three or four years, and much that was objectionable has been corrected. Wise legislation has been secured in many States. At the last session of her legislature, Massachusetts signalized an important step in advance, by enacting a law whose provisions indicate an intelligent comprehension of the subject on the part of her legislators, unsurpassed by those of any other State. It has already begun to correct existing evils, as its advocates foresaw it would do. Several companies dishonestly and incompetently conducted have found it impossible to longer prey upon a too confiding public. The collapse of fraudulent concerns has furnished an occasion for the enemies of the system to cry out against the system itself, but thinking men are not deceived thereby. As was recently remarked by a distinguished ex-insurance Commissioner of Massachusetts, "Assessment Insurance has come to stay." There is not, as has been claimed by its opponents, anything inherent in the system that fore-dooms it to early and inevitable collapse. Assessment insurance is natural insurance as against artificial. In the early establishment of life insurance companies, everything was assumption, there was little or no experience to guide in formulating the principles upon which the business should be conducted. There was partial information, it is true, upon certain general facts pertaining to longevity or to mortality laws, under certain conditions, but nothing that could give substantial data upon which to base mathematical calculations for the establishment of a science. Under those conditions, rates of premium were fixed for insurance at the different ages which the experience of many years has shown to be very much higher than is required to meet reasonable expenses, and losses occurring from policies maturing by death. A rate of mortality was assumed greater than experience has shown to prevail among well selected lives. The important element of lapses was not considered, an element so considerable in its practical bearing upon the requirements of the company to meet its liabilities, that of one million of assumed liabilities upon say one thousand lives, only about $77.000 become actual liabilities by reason of policies maturing by death of the insured.