ced, in this Effay, an exact Copy of the Charters and By-Laws of that Society, which I have thought the moft proper Method to furnish the Public with a clear, authentic, and impartial Account thereof. The Problems, for the Calculation of Annuities and Affurances on Lives, I have deduced from the moft material Algebraic Definitions on thefe Subjects, and formed them by an easy Mode of Calculation fit for any Question neceffary to be folved. NATURE NATURE O F ASSURANCES ON LIVE A MERCANTILE RAT LADB LIBRA SSURANCES on Lives are grounded upon certain Contingences, expreffed in Policies, by the Affurance of certain Sums of Money to be paid to the Aured, upon the Determinations of fuch Contingences; which Policies are granted, either in Confideration of grofs Sums immediately paid, or annual Sums to be paid, as are agreed between the Parties. Perfons Lives with Reafon and Justice are and may be affured, by those who have Incomes dependent on their Lives, in Order to fecure to their Families, or Friends, certain Sums of Money in Cafe of their Deaths, and by thofe who have Advantages which terminate at the Death of Others, on Annuities or otherwife. Under the Confideration of the first of thefe I muft obferve, that, by Reafon of the very great Uncertainty of Life, it is neceffary for every prudent Perfon to guard against the bad Confequences which may be occafioned by his fudden Death, whereby his Family or Friend may be deprived of feveral Advantages, which might be naturally expected from the Preservation of his Life, and to embrace the earliest Opportunity to make fuch Provifion as his Situation in Life will admit; but it will be incumbent on fuch a Person first to confider-to what Extent his Circumstances will allow him to make fuch a Provifion, before he inadvertently impose on himself a false Imagination, that his annual Savings will bear a greater Sum to be paid out of them than they actually will, and engage in fuch a Scheme as would not only be draining him of what the Calls of his present Exigences might require, but be out of his Power to effect. That Perfon, who has it in his Power to appropriate Part of his Income, and cannot otherwife make a Provision for his Family, ought to find out a Mode by which he can, with the greatest Advantage and Security, apply that annual Saving for their Benefit; but, before any fuch Application, it will be neceffary to confider feveral of the public Propofitions offered him. The Laudable Society for the Benefit of Age has been confidered by many to be of such an Advan tage tage to the Public, as to enable those who have advanced the Premiums and annual Contributions, agreeable to their Propofitions, to become entitled to certain Annuities during their Lives: But upon what Grounds the Hypothefis of this Society has been founded is a Definition not easily to be learned; but it may be reasonably fuggefted, that the Managers or original Founders of such a Scheme have never given themselves the leaft Trouble to make any Calculation for its Maintenance, as the Whole cannot but have every Appearance of Advantage to its Members, without any from whence thofe Advantages are to be fupported. It would, I think, be unneceffary to trouble the Reader with a Multitude of Figures in Order to fupport my Affertion, as I make no Doubt but that the Public in general are by this Time very well convinced of the Abfurdity and Madness of the Plan of this Society. The Confequences, which muft attend its Failure, will be found very difagreeable; as the Members, who will be entitled to the Annuities according to their Plan, must be fatisfied out of the Capital before any of the other contributing Members can have their Dividends, which of Course will bring on a Number of Controverfies and Law-Suits. Dr. Price, after giving bis Opinion of this Society, has propofed a Plan, by which Annuities for the Benefit of Age might be granted; but, if it were to be fuppofed that the Entrance-Money and annual Payments which he proposes were of themselves to be collected and eftimated at Compound-Intereft without any Expence, according to the Probabilities of Life, fuch a Plan may be received by the Public, but otherwife I think it equally abfurd. Upon the Whole, a Plan for affuring a certain. Annuity for the Benefit of Age, in my Opinion, cannot be conducted, to have any Duration, without fuch an Appearance as would deter thofe, who can apply their annual Savings to fome certain Advantage, from being any wife concerned in it. The Laudable Society for the Benefit of Widows is experienced to have been founded on a Plan nearly of as bad a Tendency; a Plan which cannot fubfift above thirty-two Years; and, although the additional Premiums and annual Contributions, which Dr. Price offers for their Confideration, were exacted, this Society would not continue longer than forty-one Years, as the Obfervations, which he has made on this Society, are grounded on a Suppofition, which can only be applicable to an Annuity on the Life of a Woman after the Death of a Man, both of an equal Age; whereas the Life of a Woman compared to that of a Man, in this Society, is of the fame Proportion as two to one; fo that a Scheme, formed agreeable to that Proportion, would not be accepted by a fufficient Number of Members to fupport it, as their annual Savings |