THE PLAN of a SOCIET [...] FOR Making Provision for Widows, by Annuities for the remainder of Life; AND For granting Annuities to Persons after certain Ages, WITH THE Proper TABLES for calculating what must be paid by the several Members, in order to secure the said advantages.
By WILLIAM GORDON.
BOSTON: Sold by Joseph Edwards and John Fleeming. MDCCLXXII.
THE PREFACE.
THE painful circumstances in which numbers are involved, when aged, or deprived of that, or those, on whom their support chiefly depended, are too notorious to require a recital. But that same Divine Wisdom, which allows and orders the existence of these calamities, has mercifully, and in proof of his providence, so directed its manner, as to admit of their being greatly alleviated, by the joint endeavours of mankind. Casualties, decays and death cannot be prevented, and separately considered appear to be under no particular regulation; and yet, when viewed collectively, are in a certain proportion, as has been confirmed by long and repeated observation; so that many, by co-operating with each other, may secure individuals from those hardships they must otherwise experience; and that, on terms with which a reasonable and humane person will readily comply, for the relief it must afford him to recollect, that he and his family are thereby insured, tho' in the other way they should never be benefited. An attention to these particulars has given rise to various Societies in Great-Britain, which within a few years have multiplied apace, chiefly in London. Though such Societies have been formed with a good design, yet having in general gone upon mistaken principles, they must at length, if not speedily regulated, be productive of much disappointment and calamity.
A benevolent desire of informing the public what calculations might be depended upon, and of averting that distress which was otherwise to be expected, has induced the Rev. Dr. Price, an eminent Mathematician, to publish Observations on Reversionary Payments [Page ii] on schemes for providing Annuities, for Widows, and for persons in Old Age, &c. Being possest of this help, a manuscript copy of the whole Constitution of the London Annuity Society, established by deed inrolled in 1765, to make annual provision for widows; and a printed Abstract of the Deed of Settlement of the Laudable Society, for the benefit of widows, begun in 1761—understanding, that there were no general Societies of this nature in America, and that the erection of such was wished for by many—and having a desire of contributing my mite towards the happiness of the Colonists, more especially since a personal acquaintance with and numerous obligations to them, have here collected together, and do present to the public, materials for forming such Societies, wishing that the same may prove of extensive service, at least hoping that they will meet with a favourable reception. The first part contains the plan for the erection, continuance and government of the Society, with the various reasons: the second, the payments to be made by each member, according to his respective age, and the advantages he proposes to obtain. The scheme is larger than those of the London Societies, as it admits of the purchasing annuities to be enjoyed, either by the purchaser after such a period, or by another after his death in case of survivorship; and, notwithstanding difference of age, upon proper allowance—affords parents the opportunity of purchasing for their children, brethren for their sisters and the like—does not exclude females from becoming purchasers—nor debar military and sea-faring persons, from securing annuities to be enjoyed by them after such an age, though from purchasing annuities for others after their own decease.
Should such a Society be attempted and formed, shall chearfully afford it what further assistance may at [Page iii] any time be in my power; and, that none may be misled by errors in any spurious edition of this pamphlet, shall subscribe my name to every copy.
Many might decline forming themselves, notwithstanding their desires, of having such a Society established, and of belonging thereto, from an apprehension of their being too few. To obviate so plausible an objection, let it be noted, that the London Annuity Society when it first formed, the beginning of 1765, consisted of no more than twenty-one members. The beginning of this year it consisted of 335. Would not with to begin such a Society with more than forty, or fifty persons at most, as it will probably be far more easy for that number, than a much greater, to regulate every matter, to be concluded upon at its formation.
The honest fears of some, and the interested views of others, may lead many to assert that a Society of this nature cannot be carried on without the immediate assistance of able mathematicians; especially as Dr. Price thus expresses himself, p. 131, speaking of the Society for equitable Assurances on Lives, viz. ‘I would observe, that it is of great importance to the safety of such a Society, that its affairs should be under the inspection of able mathematicians. Melancholy experience shews, that none but mathematicians are qualified for forming and conducting schemes of this kind.’ 'Tis indisputable, that this passage was hastily worded, and that the Doctor had forgot for a moment what he himself had been doing, for in p. 133, he says, ‘I have, with a particular view to this Society, given rules, by which may be formed every Table it can want, for shewing the values of assurances on the whole duration, or any terms, of any one or two lives, in all possible cases; [Page iv] and nothing but care and attention can be necessary to enable any good arithmetician to calculate from them.’ By the Doctor's own rules any such arithmetician may try the calculations in this performance, may correct any mistakes, may supply all defects, and may adopt other terms at pleasure.
It may be agreeable to the reader of Dr. Price's work, to be told, that after its publication the last year, several gentlemen of London were engaged in obtaining information as to the duration of life, both in men and women; and found that men in London, of good common health and exposed to no particular dangers, from twenty-four to the extremity of old age, die at the rate of one in thirty-one annually; and that, according to the registers of the Million Bank, widows may live eighteen years; according to those of the Mercer's Company (which in the year 1690 adopted a scheme for paying annuities to widows) twenty-one years on an average.
Such Societies, besides being serviceable to individuals, will, after a while, prove of great public utility; not only by encouraging matrimony, but by furnishing large sums of money to be loaned out; through the help of which, young industrious planters may push their improvements to the further enrichment of the community; others may be assisted in large and profitable undertakings; and interest may be reduced to a more moderate state, or the exacting userer's methods of increasing it beyond what is legal, be prevented.
It being a public advantage, that there should be a full supply of money to loan out; and the nature of the country (comparatively, but little settled) not allowing the thought of a redundancy, it may be prudent to extend the limits, comprehending the members of the [Page v] Society, beyond the bounds of a particular Colony, as far as an equal degree of healthiness and safety will admit, that so the cash of individuals, in those provinces where such Societies do not exist, may centre where they do.
Tho' foreign to the present purpose, yet as it may be pleasing to the generality of readers, who may have no opportunity of seeing Dr. Price's performance, the following particulars are added.
The Doctor writes, p. 204, 205. ‘The original number of persons, who in 1643, had settled in New-England was 21,200. Ever since it is reckoned, that more have left them than have gone to them. In the year 1760, they were increased to half a million. They, have, therefore, all along doubled their own number in twenty-five years. And if they continue to increase in the same rate, they will, seventy years hence, in New-England alone, be four millions; and in all North-America, above twice the number of inhabitants in Great-Britain.’ The Doctor subjoins in a note, ‘Since writing the above—I have seen a particular account, grounded chiefly on surveys lately taken with a view to taxation and for other purposes, of the number of males between 16 and 60, in the four provinces. According to this acacount, the number of such males is 218,000. The whole number of people therefore between 16 and 60, must be nearly 436,000. In order to be more sure of avoiding excess, I will call them only 400,000.’ The Doctor proceeds, and upon a moderated calculation infers that—the whole number of people will be 720,000. But supposing that there was this number when the surveys were made, and that the inhabitants double in the time specified, they will be more than four millions in New-England in less than 60 years: [Page vi] and in fifty, the Colonists of all North-America, what by internal population and settlers from Europe, will probably be more than double to the then inhabitants of Great-Britain. For it appears from Dr. Price's Supplement, lately published, that Old-England and Wales are depopulating apace, and that the inhabitants are now a million and a half fewer than in the year 1690, see p. 21. He further says, p. 60, ‘the number of houses in the kingdom (meaning England and Wales) in 1766 was 980,692. Call them however a million, and the number of people in England and Wales will be four millions and a half, allowing 4 ½ to a house; and five millions allowing five to a house. The former is probably too large an allowance; but the latter is certainly so. The number of people in the kingdom may, therefore, be stated as probably not more than four millions and a half; but certainly not five millions.’
When the Colonists shall have become thus numerous, and shall so far exceed in people the mother country, they must either be easy and happy, in the secure and confirmed enjoyment of their respective liberties, being closely united in one common cause; or be miserable in object slavery, thro' divisions and cowardice; or be convulsed in dangerous struggles. The period is so nigh, that the parent may look upon his new born infant, as a future actual partaker in the happiness or misery thereof; and must therefore be animated in exerting his several powers, that so it may be a day of joy and gladness.
PART I. Containing the Plan for the Erection, Continuance and Government of the SOCIETY, with the various reasons.
THE design being to establish—not a company of a few members, who shall make a particular advantage, and enrich themselves, by insuring smaller benefits to others; but—a Society, where all shall be joint proprietors, in one common stock formed from their respective contributions; and have equal rights, and receive their full advantage in proportion to their several payments: And as the Society should be large, that so the casualties, by being greatly divided, may the less affect its capital, and the annual contingencies may come the nearer to an equality; and yet not too large, left its good government should be prevented, or the greatness of its stock in a distant period, should induce persons of power, having no right, to interfere in its concerns: And that it may be the more extensively useful, let it be agreed by
ARTICLE I.
The Society may consist of, but not more than, two thousand persons; and each to be admitted shall by himself or agent, subscribe one common deed, upon that commence a member, and be bound by the agreements and covenants therein mentioned. The members shall form two classes, the first of which shall comprehend [Page 2] those who propose securing annuities, after their own decease, to wives or others, in case of survivorship; the second, those who are for purchasing to themselves an annuity after a certain age, for the remainder of life.
All persons, at admission, should, in point of age, be clear of either extreme, and inhabit within certain limits. Prudence and equity require, that they of the first class should not be exposed, from their residence, calling or manner of life, to peculiar dangers, beyond what belong to mankind in general; and yet, that no objection should arise from serving in the militia, that being the constitutional defence of the whole community, and so implying the safety of the smaller societies. No danger arises to the Society, from any increased hazards to which they of the second class may be exposed; and therefore those, who cannot with safety be admitted into the first, may with advantage be taken into the second. A person admitted into the first class, may be allowed, when not too far advanced in life, to bold also under the second. And therefore let it be
ARTICLE II.
Every person at admission shall not be younger than twenty-one, nor older than sixty years; and shall reside within the limits of— [Here the limits to be specified, as may be concluded on, after mature deliberation, by the first members.] No one of the first class shall follow a sea-faring life, or be engaged in the land service as an officer, soldier or otherwise, by reason of the superior risk of his employment; but may belong [Page 3] to, and serve in the militia. One, who cannot be of the first class, on account of his calling and manner of life; or, whom the directors may refuse admitting into it, because of bad health or other threatning circumstances; may become a member in the second. A person admitted into the first, may at any time, when not too aged, join himself also to the second, subject to the limitation of acting only as a single member, in all the management of the Society's affairs.
That the Society, may be secured from frauds and impositions, let it be
ARTICLE III.
Every person, proposing to be a member, shall give in, his name, residence, age, title or profession; and mention whether married or single; if married and intending to secure the benefit of a survivorship to his wife, her age, christian and former name—and whereever such benefit is intended, the age, christian and surname, and residence of the party for whom it is designed —to the directors at one of their meetings, and at some subsequent one, shall, if residing within twenty miles, appear personally to be examined by them, as to the state of his health, readiness to conform to and be bound by the rules of the Society, and the like; and upon their having obtained all needful satisfaction, and agreed upon his admission, he shall upon paying the stipulated premium become a member, and, upon signing the deed by himself or agent, receive, without any farther charge, a policy setting forth, that he the holder thereof, in consideration of his complying with the terms therein mentioned, shall himself receive, or secure to [Page 4] another the proposed benefits, in case he shall have lived one whole calendar year from the time of his admission, but that otherwise all he may have paid shall be forfeited, and go to the Society's capital. Should the person proposed live at a greater distance than twenty miles, then the directors may be satisfied in any other way that shall be agreed upon. The policy shall be invalidated where obtained by fraud, deceit, and imposition.
To counteract any partiality by which directors may be induced to reject a proper candidate: to rid the Society of such as may become offensive and scandalous: and to secure it from being burthened with payments, before the natural course of things require them; and from paying improper persons, it may be stipulated by
ARTICLE IV.
Any person rejected by the directors may appeal to the Society when assembled at any general meeting, and upon the majority's voting for his admission, he shall be put up again at the next general meeting, and upon then having the votes of the majority shall be forthwith admitted, upon his complying with the usual requirements. Should it happen that a member becomes injurious, disgraceful, or obnoxious to the generality, the expulsion of such person shall be lawful, provided that the orders for the same be made at a general meeting of the society and confirmed at the next successive one, either assembled of course or called on purpose, and at each, by the unanimous consent of all present, or, in case of a division, of three fourths; but [Page 5] upon such expulsion the party shall receive back all the net principal monies paid by him, upon his peaceably agreeing to surrender up his policy; and on his refusing to do it shall forfeit both. Was the person expelled entitled to, or an actual receiver of, an annuity, in consequence of his having been a member of the second class, the full time required, he shall not be deprived of his annuity, which shall be paid, notwithstanding his expulsion. Should a member become a felon, die or have his death occasioned in or by a duel; or feloniously make away with himself; or should he make a voyage exceeding twenty English leagues from port to port, without license first obtained from the directors, and die in such voyage; or should he go beyond the limits agreed upon without a license, and there die; or should he betake himself to a sea-faring life; or engage in the land service, as an officer, soldier or otherwise; in any such case the benefit of survivorship intended to have been secured to another by his policy shall be forfeited. Should the wife be divorced for adultery, or in any other way have her relation dissolved; or should the receiver of an annuity live in an unlawful cohabitation, or be guilty of felony, the right to the annuity shall cease.
That persons may have ample encouragement for becoming members, and still the society be secured against any unfair practices; and that none of either sex may be unnecessarily excluded, let it be
ARTICLE V.
A bachelor or widower may become a member for the benefit of a future wife; but, in that case, to preserve [Page 6] the society from being injured by marriages of designing persons in a dying condition, or deceived by any one's pretending to be the widow of such member after his decease, and to ascertain the certainty of the members being legally married, be it agreed, that no person claiming as the widow of such member shall be entitled to any annuity, unless such member, whose widow she claims to be, shall, at least three months before his death, have delivered in to the directors, or some one of them, a satisfactory certificate of his marriage with such person, together with her true age; and they shall have approved thereof, and settled for the same. Women way be admitted into either class, under similar restrictions with those already, or hereafter to be mentioned, and be allowed to vote in all the Society's affairs either in person or by proxy.
Where the individual intended to be benefited by a future annuity, dies before the time of it's becoming due, the member purchasing the same may possibly think, that, without paying afresh as though newly admitted, he should have a right of substituting another in the place of the deceased, in consequence of what he may have already paid; but as the decease of such persons is one of the chances the society must avail itself of, in order to its paying the proposed annuities where they become due, it is needful that the member should pay afresh, as though newly admitted, on his proposing to secure an annuity to another individual: however, if he has accomplished, or upon his accomplishing, his probation year, the renewal of that may be dispensed with; he may have the right of continuing a member, [Page 7] and the payments he may make after the decease of one individual till he settles for another, may be discounted in such future settlement; and it may be
ARTICLE VI.
Upon the decease of the party, for whom the annuity proposed in the policy was designed, the member forfeits the monies paid, to the use of the Society; and must settle as a new admitted member, for any fresh person proposed as a future annuity-receiver, and take out another policy; but, having accomplished, or upon accomplishing, the probation-year, the renewal of that shall be dispensed with: he shall also have the right of continuing a member, and all the net principal monies paid by him, in the intermediate space, between the decease of one individual and his settling for another, shall be discounted in such settlement.
It's essential to the existence of the Society, that the payments should be bothfully and regularly made; but, as experience abundantly proves, that, whatever time is allowed, many will delay performance to the last period, and, if not compelled by a forfeit, exceed; and yet should the time allowed be very short, or the forfeiture large, there will be a perpetual litigation; and as, after repeated refusal or neglect upon notice given, an absolute exclusion should take place, it may be the purport of
ARTICLE VII.
The member shall pay what annual sum he has stipulated for, in half yearly payments, reckoning from the time of his admission, within thirty days after becoming [Page 8] due, on penalty of six-pence for every day he exceeds the thirty; and in case he shall not pay the half yearly sum with the forfeitures due thereon, within two calendar months from the day of its becoming due, notice in writing or print shall be delivered to [...]ch person so making default, or left for him at his last place of abode, or if that cannot be conveniently done, then an advertisement shall be inserted in some one of the public papers requiring payment of the same, on pain of forfeiting his policy, and being excluded by a limited time, not less than twenty days from the date of such advertisement, and in case the same shall not be paid together with the forfeitures and all charges attending such default, within the space of three calendar months from the time when the same became due, or within the time advertised, his policy shall be forfeited, and he be totally excluded, and all his former payments go to the use of the Society: but should a member who has neglected paying, happen to die before the end of the three calendar months, or the time appointed by such notice or advertisement, so as not to be at his decease actually excluded, in such case the person to be benefited by his policy shall receive all the advantages of it, upon paying the monies due to the Society, with all the forfeitures and charges attending the same.
The Society is supposed to be actuated by principles of honesty, honor, and humanity, and to have no design, of inducing persons to secure advantages to themselves or relations, by coming into it at the expence of creditors; or, of obtaining benefits to itself from the misfortunes of its members, therefore let it be
ARTICLE VIII.
The party who was to have received an annuity, but, which has been forfeited from a failure of payment, through the late member's becoming a bankrupt or public insolvent, may, in case such person was a member and made his payments for the space of three years and upwards, have paid to him or her, in lien of such annuity, at the rate of ten per cent; for all the net principal monies received from him: and should it happen, that any individual member, or proposed, or actual receiver of an annuity, should, by the operation of the Society's general rules, sustain any particular hardship, such person may apply to the body when assembled, who shall have power to grant what relief shall be judged reasonable and consistent with the true interest of the Society, and the ability thereof.
The deaths of the members should be timely and satisfactorily notified, and the lives of the annuity-receivers properly ascertained, that the Society may guard against frauds, and proceed regularly in its accounts; let it be provided for, in
ARTICLE IX.
Notice of the death and burial of every deceased member, shall be left with the secretary or directors of the Society, one month next after his decease, under the penalty of five shillings, to be deducted out of the first payment of the annuity to be received, and the annuity-receiver shall by oath, affirmation, or in some other way that may be thought sufficient, give proof to the directors of the time and place of such members decease, and of the cause of his death, or of the distemper [Page 10] of which he died; and satisfaction shall be given, when required, of the annuity-receiver's being living, and not having forfeited the annuity, at the time the payment applied for became due.
Let
ARTICLE X, contain,
The substance of 2d pt. specifying the considerations to be made by the members, and the benefits to be secured, and that the annuities shall be paid half yearly, and begin upon the second of the four usual quarter days, that shall happen next after the annuity-receiver becomes intitled thereto, on his having complyed with what is required by the other articles. Here it may be provided, in order to accommodate all, that a person upon making an half payment, a full payment and an half, or a double payment, though it may not be prudent to admit more, shall secure a proportionable annuity; as also that a member may, with the allowance of the directors, take out a fresh policy, till his whole right amounts to a double annuity, but no further.
To guard against all possible events, however improbable and unexpected, and to prevent the Society or annuity-receiver's being greatly or unfairly injured thereby, let
ARTICLE XI, express, that,
If, in case of an unusual mortality among the members, any heavy losses, or calamities that may befal the [Page 11] Society, the directors shall find upon inquiry, that the capital with the half yearly payments is not sufficient to answer the present annuities and also to secure the like for future annuity-receivers, they shall then be empowered to call upon the members for an additional sum, not amounting in the whole to more than at the rate of two shillings for the half year on every pound to be paid; nor from the members who paid the whole consideration money at entrance, more than at the rate of five shillings half yearly on a future thirty pound purchased annuity: Should not this call fully answer, then the annuities shall be gradually reduced in equal proportions, till such reduction together with the call, shall have balanced for the deficiency, occasioned by the calamity with which the Society may have been overtaken, when the annuities shall be raised again to their first height.
Should the Society by the utmost improvement of its monies, and remarkable prosperity, be found, after a trial of twenty years, upon the strictest examination, made by persons appointed thereto, to have a surplus capital beyond what is needful, it may be agreed by
ARTICLE XII.
The interest of the surplus shall be appropriated annually for raising the annuities, where the annuity-receivers shall be fifty years old or upwards, and the persons through whom they became intitled had been twenty and one years members before the commencement of such title.
[Page 12]The necessity and advantage of securing the annuities unalienable to the intended receivers named in the policies, are very apparent; by that means the beneficial designs of the plan are more secure of taking place, and the society itself is guarded against litigious claims by virtue of assignments; let it therefore be resolved by
ARTICLE XIII.
For the better securing the several annuities, to the proper use of the intended receivers named on the policies, no annuity shall be transferable, or assignable, or liable to be charged, either by the members holding the policy, or the proposed annuity-receiver, so as to convey away the benefit designed to be secured to such receiver: such assignment, transfer or incumbrance shall be in itself void; and whenever made by the intended or actual annuity-receiver, the Society shall have power, at a general meeting, either of declaring the annuity forfeited, or of appointing the payment of it, by order of the directors, as these may conclude upon, to one or more, for the sole benefit of the annuity-receiver named in the policy.
That the annuity-receiver may be subject to no unnecessary trouble, and yet the Society be safe, let it be settled by
ARTICLE XIV.
The policy shall be brought to the place appointed for payment, and the annuity be received, by the person therein named and intended to be benefited thereby; but in case of sickness, infirmities, distant residence, or any other sufficient obstacle, the annuity [Page 13] may and shall be paid to such person whom the annuity-receiver may depute; which person shall be approved of by the directors, and shall bring the policy, together with an order signed by the annuity-receiver, and a certificate from two credible witnesses inhabiting the place of the annuity-receiver's residence, declaring that such annuity-receiver signed such order, and was then living.
Whereas every member is equally concerned in the affairs of the Society, though the policies may be of different value, the lowest being (it must be supposed) of like importance, with the highest, to the respective holders; and that the baneful influence of ambition, superiority, dependance, connections, assurance and impetuosity, may not lessen the freedom of individuals, engross the management to a certain set, and exclude others hower qualified and desired by the generality, let it be stipulated by
ARTICLE XV.
Every person shall have one vote, and no more, be the value of his policy what it will: the admission of members, and the choice of individuals to fill up the different offices shall be always by ballot; and the determination of all questions, whether at a general meeting, or among the directors, when not unanimous, shall be also by ballot, if demanded by any two present. Fifteen directors and a treasurer shall be chosen at the general meeting appointed for that purpose, any or all of whom shall be liable to a removal at the pleasure of the Society, duely called or regularly coming together in a general meeting. The treasurer may be continued from year to year without being changed; [Page 14] but the directors shall not any of them be continued longer than three years successively; five shall go out every year, and five new ones, who shall not have been in the direction for full three years back, shall be chosen in their room. Should the increase of the Society and other circumstances require it, their number may be enlarged to twenty four, and eight, old ones go out, and new be chosen in, annually.
Should the legislature of any particular government, in which such a Society may be formed, concur in promoting a scheme, confined to no party, and calculated for public as well as private utility, and bestow upon it an incorporation, there will be no call for trustees; but should any motives of mistaken policy prevent their doing it, let it be concluded on by
ARTICLE XVI.
Till an incorporation can be obtained, five trustees shall be chosen annually, to hold in their joint names the Society's effects and monies, such only excepted as may be in the hands of the treasurer for current use; the number or sets of whom may be increased as the stock of the Society enlarges, that so no set may hold too great a value. These trustees shall be continued removed or changed at the pleasure of the Society: and every policy shall be signed by three of them. No person shall be a trustee, who has any of the Society's money on interest.
N. B. Societies are not illegal for want of incorporation: such societies are very common in London, and are allowed to form themselves by deed of settlements, which are inrolled in the highest courts of the kingdom. [Page 15] The deed of settlement of the Laudable Society, for the benefit of Widows, was inrolled in the High Court of Chancery, bearing date the 18th of March, 1761. That of the London Annuity Society, in the Court of Common Pleas by order of Lord Cambden, bearing date the 1st of January, 1765. Some of the first public societies in London are unincorporated, and though possest of very large capitals hold them safely, and without fear, by the help of faithful trustees.
Let it be
ARTICLE XVII.
The trustees and treasurer shall from time to time execute to the directors, proper and sufficient declarations of trust, to evidence that the several sums in their hands, and securities by them taken, and purchases made, are for the use and benefit of the Society, and to be disposed of according to the rules and orders thereof, and from time to time made concerning the same. They shall also respectively enter into and give that security which shall be reasonably required of them, for the due execution of the trusts in them reposed; which security shall be given to such person or persons as shall be nominated by the members at a general meeting.
That the rights of the body may not be encroached upon, and at length surreptitiously lessened, by those elected for and entrusted with the management of its affairs; that every individual in his private capacity may have his full share of power, and may receive [Page 16] all due information of what has been done or is doing, and that the executive part may have the opinion of the whole when wanted, and may be under a proper check, let it be declared in
ARTICLE XVIII.
There shall be two stated annual general meetings, half a years distance from each other; the first to be as near as convenient after the Society's having been formed six calendar months, at which, vacancies occasioned by death, absence, neglect or resignation, shall be filled up for the remainder of the year; and five members, being neither trustee, treasurer nor director, shall be chosen for auditors to examine and audit the Society's accounts, as near down to the next stated general meeting as possible; at which, being the second, to be held soon after the anniversary of the Society's formation, the, or the major part of the, auditors shall report to the body the state of its accounts, and of the capital stock, and the directors, treasurer and trustees for the year ensuing shall be chose agreeable to what has been before mentioned. At these stated general meetings, no matter of consequence, and only business of course or necessity shall be transacted, unless notice of the same shall have been given full three weeks before, in the summonses advising of such meeting. The directors may and shall at their discretion summon general meetings, as often as affairs require it, and also whenever any nine members shall request the same in writing; and in case of the directors neglecting to comply with such request for the space of one calendar month, then the said nine members may, by letters and public advertisements signed by themselves, summon within three weeks a general meeting, which shall be equally valid as though called [Page 17] by the directors. The particular business, to be transacted at those general meetings which are not stated, shall be mentioned in the summonses and advertisements, and no one thing shall be finally concluded upon relative thereto, unless absolutely necessary for saving the being, liberty, or property of the Society, at a first general meeting, but shall stand over for confirmation to a second, distant at least one calendar month. At every general meeting, the minutes of the former, together with the proceedings of the directors, shall be read over, the last for the information of the body, the others for their confirmation amendment or rejection.
The disposal of the capital is an affair of too much consequence, and too essential, to be lodged with any other than the whole body met in a general assembly. Should it be said, that the directors must be best acquainted with the Society's affairs, and therefore must be best judges; granting it to be true, the directors make a part of the whole, the body in their general assembly can avail themselves of their knowledge, and at the same time form some judgement, whether other motives than public good have influenced their opinion; besides, the directors, from their superior knowledge, and the respect the Society is likely to have for the persons whom they have chosen to conduct their affairs, can scarce fail of supporting any scheme relative thereto, which they may form, unless manifestly improper, let it therefore be
ARTICLE XIX.
So much of the monies of the Society, as shall be [Page 18] judged necessary by the directors to answer the current demands thereof, shall be kept in the hands of the treasurer; the rest shall be paid at their order into the hands of the trustees, to be by them vested in, or secured upon or by, government or other public or real securities, or laid out in the purchase of lands, tenements or hereditaments in their names, in such manner as shall be directed, by order made and confirmed at two general meetings of the Society.
The reasonableness and justice of the subsequent article are self-evident.
ARTICLE XX.
The directors, treasurer and trustees, and all acting under them, shall be indemnified in performing all lawful acts in pursuance of these presents, and of the rules and regulations made concerning the same, out of the stock of the Society, which is in the first place charged therewith, and the reimbursement of all costs that they, their heirs, executors and administrators may have sustained, by the legal performance of their respective offices, provided that in case of causes and suits relative thereto, the same are carried on and defended, by the consent and under the direction and approbation of the directors, until there is a general meeting of the Society, to the controul or direction of which the same shall be subject. The directors, treasurer, trustees and all acting under them, their respective heirs, executors or administrators, shall be answerable for no more monies or effects than what were actually received by them respectively, or by another on their express order without the direction, consent or license of the directors; [Page 19] nor shall any of them be answerable for the default, or neglect, or misdoings of the other or others of them, but only each one for his own respective acts and conduct.
Let the power and business of the directors be expressed in
ARTICLE XXI.
The directors for the time being shall have the care and management of all the Society's affairs, according to the rules and orders contained in the deed, and hereafter to be made by the body; shall admit members; issue orders for the signing of policies, the lending calling in or paying of monies; shall appoint, and vary as needful, the time and place of their own meetings, the choice, suspension, removal and government of the Society's servants, together with the salaries and wages and all disputes or doubts concerning the same; shall meet at least once in every six weeks; shall compose a legal board for the transacting all business, when and while amounting to seven; shall declare a vacancy among themselves, when any one has been absent from their meetings for four successive months, without assigning a satisfactory reason for the same; shall grant licenses for going and abiding beyond the limits allowed by the deed; shall receive the surrender of policies of persons quitting the Society; shall examine claims and determine the same; shall compound, adjust and settle disputes relating to the policies and the annuities intended to be secured thereby; shall see that the accounts be carefully kept and all proceedings regularly entered in proper books, all which books, excepting [Page 20] what contain the loans of money to private persons, and the ages of the members and annuity-receivers, wherein secresy ought to be observed, may be inspected by the several members at proper seasonable times; and shall give all needful directions for accommodating themselves and the Society at their respective meetings, and for securing their deeds, books of accounts, &c. and shall take care of the regular and punctual payments of the annuities; and every director, who shall dissent from the proceedings of the Society or of the directors, may have his dissent with his reason for the same entered in the minute book of the Society.
'Tis to be hoped, that there will, for a long time to come, be members sufficiently qualified, whose circumstances will allow it, and whose public spirit will incline them, to serve the Society as trustees, treasurer and directors, without requiring any pecuniary consideration, though such in some future period may be highly reasonable. Servants must be paid, but they should be allowed no fees, which in too many instances have proved introductory to various abuses and abominable impositions, let it be then
ARTICLE XXII.
No trustee, treasurer or director shall receive any salary, fee or reward, for his services or attendance on the Society or their affairs, unless hereafter it shall be found requisite to appoint any sum of money for such purpose, and the same shall have been agreed upon and confirmed at two general meetings. No clerk, agent or servant of the Society shall take any fee or [Page 21] reward, from any person transacting business with the Society, or receiving annuities from it, under penalty of being immediately discharged for so doing.
Human foresight like human knowledge is confined within narrow bounds, and when united are very incapable of forming regulations suitable to the several exigences future time may produce, so that it should be concluded by
ARTICLE XXIII.
For the more effectual completing the benevolent intention of the Society, and to provide for all exigences, a general meeting may make such orders and rules, for the better executing the agreements herein contained, for supporting the Society and extending the plan and rendering it more useful, as may be deemed proper, provided that such rules and orders shall, before they become binding, be confirmed by a subsequent meeting, called for that purpose and held at the distance of one calendar month, and are not repugnant to the fundamental rules of the Society, but consonant to their true intents and meaning.
PART II.
TABLE I. Shewing what a person must pay in purchasing a twenty pound annuity, to be enjoyed, in case of survivorship, by another for life, the latter not being younger than the former.
| Age. | In present payment without an annual one, interest being at | Where there is an annual payment of 5 £. subject to failure on either of their deaths, interest being at | Would he secure an additional £ 10, so as to make the annuity £ 3 [...], upon living 10 years after admission, and paying annually £ 5 as before, he must add to the sum in the immediately preceding columns, Interest being at | |||||||||||||||
| 4prCt. | 4½prC | 5prCt. | 4prCt. | 4½prC | 5prCt. | 4prCt. | 4½perC. | 5prCt. | ||||||||||
| 21 | 71 | 62 | 13 | 56 | 12 | 4 | 17 | — | - | — | — | 18 | 2 | 15 | 4 | 10 | 4 | |
| 25 | 70 | 12 | 62 | 14 | 56 | 18 | 6 | 14 | 1 | 14 | — | — | 17 | 10 | 15 | 2 | 12 | 1 |
| 30 | 70 | 62 | 13 | 57 | 2 | 9 | 2 | 4 | 8 | 1 | 8 | 16 | 11 | 14 | 8 | 12 | 14 | |
| 35 | 68 | 19 | 62 | 4 | 56 | 19 | 11 | 6 | 6 | 17 | 4 | 15 | 8 | 13 | 10 | 12 | ||
| 40 | 67 | 8 | 61 | 6 | 56 | 9 | 13 | 5 | 9 | 4 | 6 | 8 | 13 | 19 | 12 | 8 | 11 | 1 |
| 45 | 65 | 3 | 59 | 16 | 55 | 8 | 14 | 17 | 11 | 4 | 8 | 12 | 12 | 6 | 11 | 9 | 18 | |
| 50 | 62 | 3 | 57 | 12 | 53 | 15 | 16 | 12 | 17 | 10 | 9 | 10 | 6 | 9 | 6 | 8 | 10 | |
| 55 | 58 | 6 | 54 | 10 | 51 | 5 | 16 | 13 | 14 | 11 | 18 | 8 | 2 | 7 | 8 | 6 | 15 | |
| 60 | 53 | 6 | 50 | 7 | 47 | 15 | 16 | 11 | 14 | 9 | 12 | 15 | 5 | 12 | 5 | 4 | 4 | 16 |
From the above table it appears, that, money yielding an uninterrupted compound interest of 4½ per. cent. a person of 35, in order to secure an annuity of 20 l. for the life of another of the same age, in case of survivorship, must give in present payment 62l. 4s. [Page 23] but should he chuse to make an annual payment of 5l. subject to a failure at his own death or that of the intended annuity-receiver, then he will have to pay down only 6l. 17s. the value of such annual payment being the difference between 62l. 4s. and 6l. 17s. or 55l. 7 s. But would he secure an additional 10 l. so making the annuity 30 l. in case he should live ten years after admission, besides the annual payment of 5 l. he must pay down 13l. 10s. more than the 6l. 17s. or in all 20l. 7s. Does he prefer paying at once the whole value of the increasing annuity, he must to 62l. 4s. add 13l. 10s. that being the worth of an additional 10 l. annuity after ten years, N. B. The worth of an annual payment of 5 l. for the life of a person, subject to the above mentioned failure, is, the difference between the sum to be paid at admission when there is no such payment, and the sum to be paid when there is: And the value of an additional 10l. after ten years is the sum mentioned in the last set of columns. An attendance to this observation may help a Society in varying its terms to accomodate different persons: and thus, a member may be admitted to secure a 10 l. annuity after ten years, when he is 35 years old, to one of the like age in case of survivorship, on his paying down only 13l. 10s. or a 20 l. annuity after the said term of ten years on paying 27 l. but in this case should he die before the ten years, the intended annuity-receiver reaps no benefit from what has been paid, which goes to the use of the Society.
TABLE II. Shewing what a purchaser must pay, more than in the the preceding table, upon every year he is older than the intended annuity-receiver, supposing interest to be at 4½ per cent.
| Age of the person to be benefited. | Age of the purchaset. | For the 20 £. annuity where the payment is made at once. | For the 20 £. annuity where there is an annual payment of 5 £. | For the 30 £. annuity after ten years, where there is an annual payment of 5 £. | ||||||
| £. | s. | d. | £. | s. | d. | £. | s. | d. | ||
| 15 | 21 | 0 | 18 | 0 | 0 | 12 | 0 | 0 | 18 | 6 |
| 20 | 25 | 1 | 0 | 0 | 0 | 15 | 0 | 1 | 2 | 6 |
| 15 | 25 | 0 | 19 | 6 | 0 | 15 | 0 | 1 | 2 | 0 |
| 25 | 30 | 1 | 3 | 0 | 0 | 18 | 0 | 1 | 6 | 0 |
| 15 | 30 | 1 | 2 | 0 | 0 | 17 | 0 | 1 | 4 | 6 |
| 30 | 35 | 1 | 7 | 0 | 1 | 1 | 0 | 1 | 10 | 6 |
| 20 | 35 | 1 | 5 | 0 | 1 | 0 | 0 | 1 | 9 | 0 |
| 15 | 35 | 1 | 4 | 6 | 1 | 0 | 0 | 1 | 8 | 6 |
| 35 | 40 | 1 | 11 | 0 | 1 | 5 | 0 | 1 | 15 | 0 |
| 30 | 40 | 1 | 10 | 6 | 1 | 5 | 0 | 1 | 15 | 0 |
| 20 | 40 | 1 | 8 | 0 | 1 | 3 | 6 | 1 | 13 | 6 |
| 15 | 40 | 1 | 7 | 0 | 1 | 3 | 0 | 1 | 12 | 6 |
| 40 | 45 | 1 | 16 | 0 | 1 | 9 | 6 | 2 | 1 | 0 |
| 35 | 45 | 1 | 15 | 0 | 1 | 9 | 6 | 2 | 1 | 0 |
| 30 | 45 | 1 | 14 | 0 | 1 | 9 | 0 | 2 | 0 | 0 |
| 25 | 45 | 1 | 13 | 0 | 1 | 8 | 0 | 1 | 19 | 0 |
| 20 | 45 | 1 | 12 | 0 | 1 | 7 | 0 | 1 | 18 | 0 |
| 15 | 45 | 1 | 10 | 6 | 1 | 6 | 6 | 1 | 17 | 0 |
| 45 | 50 | 2 | 2 | 0 | 1 | 15 | 0 | 2 | 7 | 6 |
| 40 | 50 | 2 | 1 | 0 | 1 | 15 | 0 | 2 | 7 | 6 |
| 30 | 50 | 1 | 18 | 6 | 1 | 13 | 6 | 2 | 6 | 0 |
| 20 | 50 | 1 | 16 | 0 | 1 | 11 | 6 | 2 | 3 | 0 |
| 40 | 55 | 2 | 7 | 0 | 2 | 1 | 0 | 2 | 15 | 0 |
| 30 | 55 | 2 | 4 | 0 | 1 | 19 | 0 | 2 | 12 | 0 |
| 20 | 55 | 2 | 0 | 6 | 1 | 16 | 6 | 2 | 9 | 0 |
| 55 | 60 | 2 | 18 | 0 | 2 | 10 | 0 | 3 | 4 | 0 |
| 50 | 60 | 2 | 17 | 6 | 2 | 10 | 6 | 3 | 5 | 0 |
| 40 | 60 | 2 | 14 | 0 | 2 | 8 | 6 | 3 | 3 | 0 |
| 30 | 60 | 2 | 10 | 0 | 2 | 5 | 6 | 2 | 19 | 6 |
| 20 | 60 | 2 | 6 | 0 | 2 | 2 | 6 | 2 | 15 | 6 |
TABLE III. Shewing what annuity the purchaser may become entitled to, after a certain period, for the remainder of life, upon a given sum.
| Age. | Annuity. | When arrived at. | Upon paying, interest being at | |||||
| 4 perCt. | 4½perCt | 5 perCt. | ||||||
| 21 | 30 | 45 | 90 | 19 | 77 | 65 | 7 | |
| 25 | 20 | 75 | 11 | 65 | 4 | 56 | 9 | |
| 30 | 20 | 100 | 3 | 88 | 11 | 78 | 9 | |
| 21 | 40 | 50 | 80 | 11 | 66 | 18 | 55 | 13 |
| 25 | 40 | 100 | 8 | 85 | 72 | 2 | ||
| 30 | 30 | 99 | 16 | 86 | 11 | 75 | 4 | |
| 35 | 20 | 88 | 18 | 78 | 19 | 70 | 5 | |
| 36 | 20 | 94 | 6 | 84 | 3 | 75 | 5 | |
| 37 | 20 | 100 | 1 | 89 | 15 | 80 | 12 | |
| 38 | 20 | 106 | 5 | 95 | 15 | 86 | 8 | |
| 39 | 20 | 112 | 17 | 102 | 3 | 92 | 13 | |
| 40 | 20 | 119 | 18 | 109 | 2 | 99 | 8 | |
| 40 | 20 | 55 | 76 | 13 | 68 | 9 | 61 | 3 |
| 41 | 20 | 81 | 10 | 73 | 2 | 65 | 13 | |
| 42 | 20 | 86 | 14 | 78 | 2 | 70 | 10 | |
| 43 | 20 | 92 | 5 | 83 | 11 | 75 | 15 | |
| 44 | 20 | 98 | 4 | 89 | 7 | 81 | 8 | |
| 45 | 20 | 104 | 13 | [...]5 | 14 | 87 | 12 | |
| 40 | 30 | 60 | 69 | 15 | 61 | 2 | 53 | 12 |
| 41 | 30 | 74 | 3 | 65 | 5 | 57 | 10 | |
| 42 | 30 | 78 | 18 | 69 | 15 | 61 | 15 | |
| 43 | 30 | [...]3 | 19 | 74 | 12 | 66 | 7 | |
| 44 | 20 | 59 | 12 | 53 | 4 | 47 | 11 | |
| 45 | 20 | 63 | 10 | 56 | 19 | 51 | 3 | |
| 46 | 20 | 67 | 13 | 61 | 55 | 1 | ||
| 47 | 20 | 72 | 3 | 65 | 8 | 59 | 6 | |
| 48 | 20 | 77 | 1 | 70 | 2 | 63 | 18 | |
| 49 | 20 | 82 | 6 | 75 | 5 | 68 | 18 | |
| 50 | 20 | 87 | 19 | 80 | 17 | 74 | 7 | |
TABLE IV. Shewing what the purchaser must give down, besides making a payment annually of 5 £. till he becomes entitled to the annuity.
| Age. | Annuity. | When arrived at. | INTEREST. | |||||
| 4perCt. | 4½perCt | 5perCt. | ||||||
| 21 | 30 | 45 | 27 | 4 | 16 | 3 | 7 | 4 |
| 25 | 20 | 17 | 17 | 9 | 17 | 3 | 4 | |
| 30 | 20 | 51 | 15 | 41 | 15 | 33 | 2 | |
| 21 | 50 | 50 | 7 | 10 | ||||
| 21 | 40 | 11 | 14 | 1 | 11 | |||
| 25 | 40 | 36 | 8 | 23 | 19 | 13 | 16 | |
| 30 | 30 | 43 | 32 | 22 | 15 | |||
| 35 | 20 | 41 | 4 | 32 | 16 | 25 | 11 | |
| 36 | 20 | 48 | 15 | 40 | 32 | 8 | ||
| 37 | 20 | 56 | 14 | 47 | 12 | 39 | 14 | |
| 38 | 20 | 65 | 4 | 55 | 16 | 47 | 11 | |
| 39 | 20 | 74 | 5 | 64 | 11 | 56 | ||
| 40 | 20 | 83 | 18 | 73 | 19 | 65 | 2 | |
| 40 | 20 | 55 | 29 | 17 | 23 | 2 | 17 | 5 |
| 41 | 20 | 36 | 15 | 29 | 14 | 23 | 10 | |
| 42 | 20 | 44 | 2 | 36 | 14 | 30 | 5 | |
| 43 | 20 | 51 | 18 | 44 | 6 | 37 | 10 | |
| 44 | 20 | 60 | 5 | 52 | 7 | 45 | 6 | |
| 45 | 20 | 69 | 4 | 61 | 1 | 53 | 15 | |
| 40 | 30 | 60 | 15 | 8 | 8 | 17 | 3 | 6 |
| 41 | 30 | 21 | 7 | 14 | 9 | 8 | 12 | |
| 42 | 30 | 27 | 15 | 22 | 10 | 14 | 4 | |
| 43 | 30 | 34 | 10 | 26 | 18 | 20 | 5 | |
| 44 | 20 | 11 | 19 | 7 | 3 | 3 | ||
| 45 | 20 | 17 | 15 | 12 | 13 | 8 | 5 | |
| 46 | 20 | 23 | 18 | 18 | 11 | 13 | 17 | |
| 47 | 20 | 30 | 10 | 24 | 18 | 19 | 19 | |
| 48 | 20 | 37 | 11 | 31 | 14 | 26 | 10 | |
| 49 | 20 | 45 | 2 | 39 | 33 | 11 | ||
| 50 | 20 | 53 | 4 | 46 | 18 | 41 | 4 | |
Let it be noted that the purchasers only become entitled to their annuities at the respective ages of 45, 50, 55 and 60, and are not to begin receiving them in half yearly payments, till half a year after.
☞ Though the preceding Tables are in Sterling money, they may be changed into any currency whatsoever.
[Page 27]In forming the preceding tables, the calculations have been made down to the fourth decimal inclusive, and all needful exactness been attended to; so that they may be safely depended upon, for the solution of other questions, than those to which they are direct answers.
In working the probabilities of the given lives, the process has been carried on according to Mr. De Moivre's Hypothesis, as recommended by Dr. Price, note, p. 23. which is probably the reason of the difference in the value of the annuities (interest at 4 per cent) as in Table III, and as given by Dr. Price, p. 109.
| According to the Doctor. | By, Table III. to | |||||
| Annuities of | to be enjoyed after | by persons aged | amount to | |||
| 40 | 50 | 21 | 85 | 12 | 80 | 11 |
| 40 | 25 | 103 | 15 | 100 | 8 | |
| 30 | 30 | 101 | 1 | 99 | 16 | |
| 20 | 35 | 88 | 18 | 88 | 18 | |
| 20 | 40 | 119 | 1 | 119 | 18 | |
| 20 | 55 | 40 | 74 | 12 | 76 | 13 |
| 20 | 45 | 101 | 15 | 104 | 13 | |
| 30 | 60 | 40 | 67 | 69 | 15 | |
| 20 | 45 | 60 | 17 | 63 | 10 | |
| 20 | 50 | 85 | 2 | 87 | 19 | |
The Doctor calculated on the probabilities of the duration of life, as deduced by Dr. Halley, and given in the appendix p. 316.
The purchaser of an annuity, to be enjoyed, after his decease, by another in case of survivorship, being a year upon probation, wherein he hazards all he has advanced, the calculation for the annual payments gives [Page 28] him some credit for the same, by reckoning as though they began to be made on his commencing a member, instead of a year after.
In calculating the value of the additional 10l. the reckoning goes upon nine years instead of ten, as it will be but nine years after the 20l. has been secured, before the right to that addition will be obtained; by this means the purchaser is charged somewhat more than had it went upon ten years; but far less than is allowed for, by reckoning the annual payment as tho' made when he becomes a member. Should it be thought that in justice the calculation should have gone upon ten instead of nine years, it is only determining that he shall not pay for the additional 10l. till he has passed through his probation year; which may be more agreeable than the paying for the whole together.
The tables suppose that the money is put out immediately, accumulates continually by an uninterrupted compound interest, is never lost, nor diminished in value; now, as in fact it must often lie by, cannot accumulate at that rate, and will be subject to a diminution through losses, failure of interest and the like, it may be most adviseable to reckon upon no more than 4 ½ per cent, certain compound continued interest, and therefore Table II. goes only upon that estimate. They, who are otherwise minded from considering the height of legal interest, may be convinced upon reading the following quotations from Dr. Price, viz. p. 8. ‘In equal ages the mortality of males has been found to be greater than the mortality of females. P. 271, 272, the greater mortality of males appears on the whole to be a fact well established. P. 106. The issue of the best schemes of this kind must be in [Page 29] some degree uncertain. For want of proper observations, it is not possible to determine what allowances ought to be made, on account of the higher probabilities of life among females than males. No prudence can prevent all losses in the improvement of monies; nor can any care guard against the inconveniencies to such schemes, which must arise from those persons being most ready to fly to them, who, by reason of concealed disorders, feel themselves most likely to want the benefit of them. 'Tis vain to form such establishments with the expectation of seeing their fate determined soon by experience. P. 107. No experiments of this sort should be tried hastily. An unsuccessful one must be productive of very pernicious effects. All inadequate schemes lay the foundation of present relief on future calamity, and afford assistance to a few by disappointing and oppressing multitudes. P. 111. Certainly a Society that means to be a permanent advantage to the public, ought always to take higher rather than lower values, for the sake of rendering itself more secure, and gaining some profits to balance losses and expences. P. 129. In matters of chance, it is impossible to say, that an unfavourable run of events will not come, which may hurt the best contrived scheme. The calculations only determine probabilities; and, agreeably to these, it may be depended on, that events will happen on the whole. But at particular periods, and in particular instances, great deviations will often happen; and these deviations at the commencement of a scheme, must prove either very favourable, or very unfavourable.’
Should a better interest then be made of the money [Page 30] than allowed for, the advantages arising from it will tend to give establishment to the Society, security against unexpected ills, besides an ample supply for all necessary expences.
'Tis of importance, in calculating annuities, to determine whether the lives of females are universally better than those of males; and how much better: And his Honour, the Lieutenant Governor, having very obligingly communicated to me, some manuscripts containing an account of the number of inhabitants, &c. in Massachusett's-Bay, taken by order in 1764, the result was such as induced me at first sight to conclude, that in this colony, as in many other places, the lives of females were better than those of males: For it appeared from them, that there were 33438 houses; 41110 families; 59090 white males above 16 years old, and 64755 females, making together 123845; —and that there were 58390 white males under 16, and 55945 females, in all 114335. The whole number of males and females was 238180. Though the males under 16 exceeded the females by 2445, yet the females above 16 exceeded the males by 5665. The number of towns that sent in accounts was 196: some few declined, or neglected doing it. In 46 of these towns the males above, as well as under 16, exceeded the females. In 47 of them the females exceeded the males under as well as above 16. In 18 of them the males above 16 exceeded the females, and the females under 16 exceeded the males. In the remainder the males under 16 exceeded the females, and the females above 16 exceeded the males. But notwithstanding this appearance in support of the better lives of females here as well as elsewhere, when information had been obtained—that the order appeared [Page 31] mysterious, occasioned an alarm in many places, was disagreeable to multitudes, was not enforced by any penalty, and was not carefully complied with—that different towns purposely took such loose accounts, as should prevent its being known how numerous they were—that it was highly probable that the return of the males was lower than the truth, and that all who were at sea, amounting to some hundreds from various ports, were left out of the account—and that the colony had lost full five, if not near ten thousand men by the war immediately preceding—could not but conclude, on further thought, that the full number of the white inhabitants was not to be determined from the return, and that the males in the Massachusett's were not only more, but better lives, * than those of the females. [Page 32] The number of negroes returned, was, males 3020, females 2226; the disproportion between the sexes may be accounted for, upon the far greater import of males. The Indians were 728 males, 953 females; but nothing decisive can be gathered from hence, unless it could be known, whether any, and how many males had perished by the war; whether numbers might not be absent upon hunting, fishing or other engagements, who were not in the account; and what was the disproportion between the sexes, of those that had perished by the excessive drinking of that artificial American poison—Rum. There was no taking the ages of either Negroes or Indians.
Much exactness, and an attention to every circumstance, are requisite in communicating accounts, that may be used by other's as a foundation for calculations; or the whole may be extremely erroneous. Thus Dr. Price concludes, p. 198, that, ‘at Boston the inhabitants would decrease were there no supply from the country; if the account given in the Gentleman's Magazine of 1753, p. 413, from 1731 to 1752, of births and burials in the town was just; seeing that the burials all along exceeded the births.’ Have examined the Magazine, and observe, that it is not an account of births and burials, but of baptisms [Page 33] and burials—that the number of burials in the time specified was 13384; of baptisms 11850;—that the baptisms were therefore less than the burials by 1534 —and that in the burials were included 2011 blacks, so that the number of whites buried was only 11 [...]73. Now it must be noted, that these accounts of burials and baptisms were most probably taken from the news-papers—that little stress is to be laid upon their authority in this matter, as it's notorious to the ministers, that their lists, especially in the article of baptism, are very imperfect and below the truth, though likely to be much more correct in the other—that great numbers are born, who from various causes are not baptized—and that the marriages and births among the negroes, cannot, by reason of their peculiar circumstances, bear the same proportion with their burials to those of the inhabitants. Nothing positive concerning the decrease of the inhabitants at Boston, can then be concluded upon, from the accounts given in the Gentleman's Magazine.
Would gentlemen who have time and opportunity communicate by the help of news-papers, or any other way, the proper intelligence, calculators might be at a much greater certainty; especially, were they to observe the like exactness with what appears in the following letter, viz.
BY one of your late Boston Evening Posts, we had intelligence of a remarkable instance of the shortness of human life; of 100 persons born the same year, one only remained alive the 76th year after. And by far the greater part of them died many years before.
[Page 34]"Be pleased, ther [...]re, on the contrary, to take this account of longevity from the records of the first Church in Rowley; wherein, from September 10, 1682, until January 25, 1691, the space of eight years and nearly five months, there were 246 persons baptized. And February 4, 1771, there were twenty four of them living.
"Now, divide 246 by 24, and you will find that more than one of ten lived to be between 80 and 89 years old.
"Of the said 24, males and females being in number equal, three were baptized Anno 1682, turned therefore into their 89th year, four in 84, one in 85, one in 86, two in 87, two in 88, two in 89, eight in 90, and one in 1691. And there being but thirty two baptized in 1690, and eight of them living February 1771, shews that one of four baptized that year, have lived to be turned into their 81st year. A rare instance indeed!
"And there is a person now living in a neighbouring town, baptized in this, October, 1681, Aet. 91. And there are now living, in the first parish in the town, nine persons between 80 and 90 years of age, and probably about so many more in the other parts of the town.
"And there have died in the town, the two last years, eleven aged people, including but three of the said 24 (which three died a few months past) one Aet. 81, three 83, one 87, four 88, one 90, one 93.
"It may be added, that there lived in the place now called the first parish in Rowley, four persons, the first of whom died Anno 1716, and the last 1729, and each of the four, by the best accounts that could be had, died an 100 years old and upwards.
[Page 35]"There were but about 220 [...] [...] tween these four, and scarce [...] them unto this time.
"It has been a common remark, that [...] New-England do not live so long as in Old. Judge how just an one. You will rarely find in accounts from thence, that more than one of 1000 live to be 100 years old or upwards. Here are four in less than 1000.
"You may depend upon the above account as genuine and certain, unavoidable human errors excepted."