tion. A life company resisted payment of the amount specified in their policy, on the ground that the assured had committed suicide by drowning himself in the Hudson River. To this it was replied, that, when he so drowned himself, he was of unsound mind, and wholly unconscious of the act.

Judge Nelson, after stating the question to be whether the act of self-destruction by a man in a fit of insanity can be deemed a death by his own hand within the meaning of the policy, decided that it could not be so considered. That the terms "commit suicide," and "die by his own hand," as used indiscriminately by different companies, express the same idea, and are so understood by writers in this branch of law. That self-destruction by a man bereft of reason can with no more propriety be ascribed to the act of his own hand, than to the deadly instrument that may have been used for the purpose. That the drowning was no more the act of the assured, in the sense of the law, than if he had been impelled by irresistible physical power; and that the company could be no more exempt from payment, than if his death had been occasioned by any uncontrollable means. That suicide involved the deliberate termination of one's existence while in the full possession of the mental faculties. That self-slaughter by an insane man or a lunatic was not suicide within the meaning of the law.

This opinion of Judge Nelson was subsequently affirmed by the Court of Appeals.

The whole current of legal decisions, the suggestions thrown out by learned judges, and the growing opinion that no sane man would be guilty of selfslaughter, have induced several new companies to exclude this proviso from their policies, while many older ones have revised their policies and eliminated the obnoxious clause. It is not that any man contemplates the commission of suicide; but every one feels that, if there should be laid upon him that most fearful of all afflictions, insanity, or if, when suffering from disease, he

should, in the frenzy of delirium, put an end to his existence, every principle of equity demands that the faithful payments of years should not be lost to his family.

Another important principle, which has involved much discussion, is, that "the party insuring upon a life must have an interest in the life insured." Great latitude has been given in the construction of the law as to this point; the declaration of a real, subsisting interest being all that is required by the underwriters. In fact, the offices are constantly taking insurances where the interest is upon a contingency which may very shortly be determined, and if the parties choose to continue the policy, bona fide, after the interest ceases, they never meet with any difficulty in recovering. So also offices frequently grant policies upon interests so slender that, although it may be difficult to deny some kind of interest, it is such as a court of law would scarcely recognize. This practice of paying upon policies without raising the question of interest is so general, that it has even been allowed in courts of law.

The great advantages derived from life assurance are proved by its rapid progress, both in Great Britain and the United States, after its principles had once been fully explained. As already stated, the first society for the general assurance of life was the Amicable, founded in 1706; but, most unreasonably, its rates of premium were made uniform for all ages assured; nor was any fixed amount guaranteed in case of death. Hence very little was done; and it was not until 1780 that the business of life assurance may be said to have fairly begun. Since then, companies have been formed from time to time, so that at present there are in Great Britain some two hundred in active operation, and the amount assured upon life is estimated at more than £200,000,000.

In America, the first life-assurance company open to all was the Pennsylvania, established in 1812. And though many others, devoted in whole or in part to this object, were formed in the

lives the rates of mortality would be less than by ordinary statistics; and this is confirmed by the published experience of many companies. Here we find a third source of profit.

In these three ways, and others in cidental to the business, it happens that all corporations managed with or dinary prudence accumulate a much larger capital than is needed for future losses. The advocates of the stock plan contend that, by a low rate of premium, they furnish their assured with a full equivalent for that division of profits which is the special boast of other companies. In a corporation purely mutual, the whole surplus is periodically applied to the benefit of the assured, either by a dividend in cash, or by equitable additions to the amount assured without increase of premium, or by deducting from future premiums, while the amount assured remains the same. The advantages of the latter system must be evident to every one.

It is of course important in all companies, whether mutual or not, that the officers should be men of integrity, sagacity, and financial experience, as well as that due precautions should be taken in the care and investment of the company's fund; and it is now proved by experience in this country, that, when a company is thus managed, so regular are the rates of mortality, so efficient the safeguards derived from the selection of lives, the assumption of low rates of interest, and the loading of premiums, that no company, when once well established, has ever met with disaster. On the other hand, there has been a rapid accretion of funds, in some instances to the amount of many millions of dollars. The characteristics of a good company are security and assurance at cost. It should sell, not policies merely, but assurance; and it should not make a profit for the capitalist out of the widow and orphan.

The policies issued by life companies vary in their form and nature. The ordinary one is called the life policy,

by which the company contracts to pay, on the death of the assured, the sum named in the policy, to the person in whose behalf the assurance is made.

In mutual (cash) companies, when the premium has been paid in full for about sixteen years, judging from past experience, the policy-holder may expect that his annual dividend on policy and additions will exceed the annual premium, thus obviating the necessity of further payments to the company, while his policy annually increases in amount for the remainder of life. But, on the contrary, when the dividends have been anticipated, as in the note system, by giving a note for part of the premium, the policy-holder insuring in this way, although he may at first receive a larger policy than he has the ability to pay for in cash, may lose the chief benefit of life insurance. For should he become unable, either by age, disease, or loss of property, to continue the payment of his premiums, his policy must lapse, because there is no accumulation of profits to his credit on which it can be continued.

In other forms of life policies, called "Non-forfeitable," premiums are made payable in "one," "five," or "ten " annual payments. In all cash companies, and in some of the note companies, after the specified number of premiums have been paid, the policy-holder draws an annual dividend in cash.

A further advantage arising from this plan is, that the policy-holder, at any time after two annual payments have been made, is always entitled to a "paid-up" policy for as many "fifths" or "tenths" of the sum assured as he shall have paid annual premiums. For example: a "five-annual-payment policy" for $10,000, on which three premiums had been paid, would entitle the holder to a "paid-up policy" for $6,000; a "ten-annual-payment policy" for $10,000, on which three payments had been made, would entitle the holder to $3,000; and so on for any number of payments and for any amount, in accordance with the face of the policy.

Another form is denominated the En

dowment Policy, in which the amount assured is payable when the party attains a certain age, or at death, should he die before reaching that age. This policy is rapidly gaining favor, as it provides for the man himself in old age, or for his family in case of his death. It is also fast becoming a favorite form of investment. We can show instances where the policy-holders have received a surplus above all they have paid to the company, with compound interest at six per cent, and no charge whatever for expenses or cost of insurance meanwhile.

The Term Policy, as its name implies, is issued for a term of one or more years.

Policies are also issued on joint lives, payable at the death of the first of two or more parties named in the policy; and on survivorship, payable to a party named in case he survives another.

Some companies require all premiums to be paid in cash, while others take the note of the assured in part payment. These are denominated cash and note companies, and much difference of opinion exists as to their comparative merits.

The latter is at first sight an attractive system, and its advocates present many specious arguments in its favor. The friends of cash payments, however, contend that the note system is detrimental and delusive, from the fact that these notes are liable to assessment, and, in case of death, to be deducted from the amount assured; also that the notes accumulate as the years roll on, the interest growing annually larger, and the total cash payment consequently heavier, while the actual amount of assurance, that is, the difference between its nominal amount and the sum of the notes, steadily lessens; and thus a provision for one's family gradually changes into a burden upon one's self.

But whatever differences of opinion may exist as to the comparative value of various systems, few will deny the

advantages which life assurance has conferred upon the public, especially in America, whose middle classes, ambitiously living up to their income, are rich mostly in their labor and their homesteads, — in their earnings rather than their savings; and whose wealthy classes are rich chiefly through the giddy uncertainties of speculation, magnificent to-day, in ruins to-morrow. In a country like this, no one can estimate the amount of comfort secured by investment in life assurance. It is the one measure of thrift which remains to atone for our extravagance in living and recklessness in trade.

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Henry Ward Beecher spoke wisely when he advised all men to seek life assurance. He says:

"It is every man's duty to provide for his family. That provision must include its future contingent condition. That provision, in so far as it is material, men ordinarily seek to secure by their own accumulations and investments. But all these are uncertain. The man that is rich to-day, by causes beyond his reach is poor to-morrow. A war in China, a revolution in Europe, a rebellion in America, overrule ten thousand fortunes in every commercial community.

"But in life assurance there are no risks or contingencies. Other investments may fail. A house may burn down. Banks may break and their stock be worthless. Bonds and mortgages may be seized for debt, and all property or evidences of property may fall into the bottomless gulf of bankruptcy. But money secured to your family by life assurance will go to them without fail or interruption, provided you have used due discretion in the selection of a sound and honorable assurance company. Of two courses, one of which may leave your family destitute, and the other of which assures them a comfortable support at your decease, can there be a doubt which is to be chosen? Can there be a doubt about duty?"

N order to prevent conjectures which might not be entirely pleasant to one or two persons whom I have in my mind, I prefer to state, at once and frankly, that I, Dionysius Green, am the author of this article. It requires some courage to make this avowal, I am well aware; and I am prepared to experience a rapid diminution of my present rather extensive popularity. One result I certainly foresee, namely, a great falling-off in the number of applications for autographs ("accompanied with a sentiment "), which I daily receive; possibly, also, fewer invitations to lecture before literary societies next winter. Fortunately, my recent marriage enables me to dispense with a large portion of my popularity, without great inconvenience; or, rather, I am relieved from the very laborious necessity of maintaining it in the face of so many aggressive rivalries.

The day may arrive, therefore, when I shall cease to be a Distinguished Character. Since I have admitted this much, I may as well confess that my reputation enviable as it may be considered by the public-is of that kind which seems to be meant to run for a certain length of time, at the expiration whereof it must be wound up again. I was fortunate enough to discover this secret betimes, and I have since then known several amiable and worthy persons to slip out of sight, from the lack of it. There was Mr. -, for example, whose comic articles shook the fat sides of the nation for one summer, and whose pseudonyme was in everybody's mouth. Alas! what he took for perpetual motion was but an eight-day clock, and I need not call your attention to the present dead and leaden stillness of its pendulum.

Although my earliest notoriety was achieved in very much the same way,— that is, by a series of comic sketches,

as many of my admirers no doubt remember, I soon perceived the unstable character of my reputation. I was at the mercy of the next man who should succeed in inventing a new slang, or a funnier way of spelling. These things, in literature, are like "fancy drinks" among the profane. They tickle the palates of the multitude for a while, but they don't wear like the plain old beverages. I saw very plainly, that much more was to be gained, in the long run, by planting myself—not with a sudden and startling jump, but by a graceful, cautious pirouette — upon a basis of the Moral and the Didactic. I should thus reach a class of slow, but very tough stomachs, which would require ample time to assimilate the food I intended to offer. If this were somewhat crude, that would be no objection whatever they always mistake their mental gripings for the process of digestion. Why, bless your souls! I have known Tupper's "Proverbial Philosophy" to fill one of them to repletion, for the space of ten years!

I owe this resolution to my natural acuteness of perception, but my success in carrying it into execution was partly the result of luck. The field, now occupied by such a crowd, (I name no names,) was at that time nearly clear; and I managed to shift my costume before the public fairly knew what I was about. I found, indeed, that a combination of the two styles enabled me to retain much of my old audience while acquiring the new. It was like singing a hymn of serious admonition to a lively, rattling tune. One is diverted: there is a present sense of fun, while a gentle feeling of the grave truths inculcated lingers in one's mind afterwards. The pious can find no fault with the matter, nor the profane with the manner. Instead of approaching the moral consciousness