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such an important part in ins. hist., was first introduced by its founder; he himself in the same work using De Moivre's hypothesis in his calculations—perhaps chiefly because no money values had then been deduced from his own table. We must now note the course he pursued regarding lives resident in Lond., and his reasons for so doing:
The inhabitants of Lond., as is well known, not living so long as the rest of mankind, the values of single and joint lives there are considerably less than in any other place where obs. have been kept. Whenever, therefore, I have had Lond. lives in view, I have given particular notice of it, and taken their values from Mr. Simpson, who has calculated them with much accuracy from the Lond. tables of obs.
The learned Doctor then proceeds with a series of propositions in the shape of questions, framed with great ingenuity, to meet the circumstances of the various annu. sos. then existing in Lond. and elsewhere; and he frames his answers in such a manner as to convey the most clear information on the topic under discussion-always indicating the source of information he calls to his aid; and even analyzing its accuracy or otherwise. By these means he gained the confidence of his readers, and ought to have gained the confidence of the persons in the management of the asso. upon which he commented. His next step was to take up the schemes of two of the sos.—the Laudable, and the Lond. Annuitants-and to apply in direct form the conclusions of his preceding reasoning to the circumstances of those asso. In this we do not propose to follow him here. When we deal with the individual hist. of those offices, we shall have occasion to note some of his obs., as also those of Dale on the same asso. We propose here to subjoin some of his general obs. on this part of his investigation :
There are in this kingdom several inst. for the benefit of widows, besides the two on which I have now remarked; and in general as far as I have had any information concerning them, they are founded on plans equally inadequate. The motives which influence the contrivers of these inst. are without doubt laudable; but they ought, I think, to have informed themselves better. This appears sufficiently from what has been said; but I will just mention one further proof of it.
The Lond. Annu. So. promises that if in 21 years, and the Laudable So. that if in 25 years, it shall appear that there has been all along an ann. surplus in favour of the sos., it shall be employed in either raising the annu., or in sinking the ann. payments. Now, they may be assured, that if at the end of these periods, they should not be possessed of a considerable surplus, the true reasons will be their having granted much higher annu. than the ann, contributions are able permanently to support: for it has been demonstrated, that the number of annuitants, and consequently the amount of the ann. expenses, will go on increasing for a long course of years beyond these periods. The effect therefore of carrying into execution this regulation, will be precipitating that bankruptcy which would have come too soon had there been no such regulation.
It has been said in defence of these sos. that the deficiencies in their plans cannot be of much consequence, because their rules oblige them to preserve a constant equality between their income and expenses, by reducing the annu. as there shall be occasion. And from hence it is inferred that they can never be in any danger of a bankruptcy. In answer to this, it has appeared, that the time when they will begin to feel deficiencies is so distant that it will be too late to remedy past errors, without sinking the annu. so much as to render them inconsiderable and trifling. All that is given too much to present annuitants is so much taken away from future annuitants. And if a scheme is very deficient, the first annu. may for 30 or 40 years receive so much more than they ought to receive, as to leave little or nothing for any who come after them. Deficient schemes therefore are attended with particular injustice; and this injustice will be the same, if, instead of reducing the annu., the ann. payments should be increased; for all the difference this can make will be, to cause the injustice to fall on future contributors instead of future annuitants.
But what requires most to be considered here is, that, after either the annu. have been for some time in a state of reduction or the contributions in a state of increase, it will be seen that these sos. have gone upon wrong plans, and therefore they will be deserted and avoided; the consequence of which will prove still greater deficiencies in their ann. income, and a more rapid desertion and decline, 'till a total dissolution and bankruptcy will take place. This will be the death of most of the present sos. for providing for widows, if they continue to be encouraged, and do not soon alter their plans. And at that period the number of annuitants will be greater than ever; whose annuities, having no other support than the poor remains of a stock always insufficient, will be soon left, without the possibility of relief, to lament that ignorance and credulity which gave rise to these sos. and which had so long supported them.
Anything more truly and rationally prophetic was never written. his work he makes a sort of individual or personal appeal in this form :
In a later part of
As the persons who conduct these schemes can mean nothing but the advantage of the public, they ought to listen to these obs. At present their plans are capable of being reformed; but they cannot continue so always: for the greater the number of exorbitant payments they now make to annuitants, the more they consume the property of future annuitants, and the less practicable a retreat is rendered to a rational and equitable and permanent plan. They should therefore immediately either reduce their schemes, or change them into one of those which I have proposed. But I am afraid this is not to be expected. The neglect with which they have received some remonstrances that have been already made to them gives reason to fear that what has been now said will be in vain; and that those who are to come after them must be left to rue the consequences of their mistakes.
It is perhaps easier to understand the unwillingness of the managers to attempt reform, when the exacting character of the requirements of the learned Doctor upon them is seen: Should any of these sos., sensible of their mistakes, resolve to reform themselves, they ought to consider that this cannot be done by only obliging future members to pay the just values of the annu. promised them. All the present members must likewise, besides raising their payments, make compensation for what they have hitherto paid too little; and this compensation is to be calculated in the following manner. Find the whole amount, to the present time, of the payments which have been made. Subtract this from the whole amount of the payments which should have been made; and the remainder will be the compensation required.
This is a fair specimen of his method of handling bus. matters. thorough, and admitted of no compromise.
His remedies were
About this period there had been various proposals made with a view to paying off the National Debt; and one of the proposals was that the debt might be discharged by means of Life Annu. Dr. Price offered, in his Essay on the National Debt, forming part of the work now under notice, the following obs., with a view to show "how vain an imagination this is":
Let us suppose that £33,333,000 is to be paid off by offering to the public creditors life annu. in lieu of their 3 p. cents. A life at 60, supposing int. at 34 p.c., and the prob. of life as in the Breslaw, Norwich, and Northampton Tables of obs., is worth 9 years' purchase. A life at 30 is worth 15 years' purchase. Certainly therefore no scheme of this kind would be sufficiently inviting, which did not offer 8 p.c. at an average to all subs. Let us, however, suppose that no more than 74 is given; and that there are 33,333 subs. at £1000 stock each, for which a life annu. is to be granted of £75, or for the whole stock subs. 24 millions. A million and a half extraordinary, therefore, must be provided towards paying these annu.
Let us further suppose, that the subs. are persons between the ages of 30 and 60; and that the numbers of them at all the intermediate ages are in the same proportions to one another, with the proportions of the living at these ages, as they exist in the world, or, as they are given in the tables of obs. Let us again suppose that as these annu. die off, they are immediately replaced by others who are continually offering themselves at the same ages and in the same proportional numbers at these ages, with those of the orig. subs. at the time they subs.: in consequence of which the whole number of annu. and the whole number of annuitants will be kept always the same. In these circumstances it will be 30 years at least before a number will die off equal to the whole number: that is before 33 millions of debts will be annihilated. But had the extraordinary million and half provided for paying these annu. been employed during this time in paying off so much of the debt at par every year, extinguishing at the same time every year an equivalent tax, 45 millions would have been paid. But had the savings also instead of being sunk as they arose, been employed in the same manner, 71 millions would have been paid.
The nation therefore must, without doubt, lose greatly by all schemes of this kind; and yet they have been often much talked of; and indeed I shall not wonder, should I hereafter see an attempt made to pay off the National Debt in this way.
Among the various tables included by Dr. Price in his work were the three following: 1. Table showing the value of an annu. of £1 on a single life, according to Mr. De Moivre's hopothesis, "and therefore nearly according to the prob. of life at Breslaw, Norwich, and Northampton." This table is the same with that pub. by De Moivre in his Treatise on Life Annu. It was carried as far as the age of 79 to 3 places of decimals by Mr. Dodson in his Mathematical Repository (vol. ii. p. 169); and is here carried on to age 85.
2. Table showing the prob. of life at Northampton. This was the first appearance of the famed NORTHAMPTON TABLE OF MORT., under which title we shall give a complete account of the data on which it was founded.
3. Table showing the prob. of life at Norwich. We shall give a full account of this table under NORWICH TABLE OF MORT.
The values of annu. on lives were not at this date deduced from these last-named tables; but the following specimen table furnishes the values at certain specified ages for the purpose of comparison. Int. at 4 p.c. in each case:
As has been before observed, the values by the Hypothesis come nearer to the values of the Norwich and Northampton than the Breslau table.
In 1772 there was published a work: Calculations deduced from First Principles, in the most Familiar Manner, by Plain Arithmetic : for the Use of the Sos. instituted for the Benefit of Old Age: intended as an Introduction to the Study of the Doctrine of Annu. "By a member of one of the Sos." The work at p. 247 bore the initials "W. D.," and is now known to have been written by William Dale, of whom we shall give some account in alphabetical order. The author says:
Dr. Halley, Mr. De Moivre, and Mr. Simpson have treated of annu. very copiously many years since. If their manner seemed obscure to the generality of readers, there have been elucidations pub. ten months ago by the ingenious Dr. Price;-yet, notwithstanding this, the directors, managers, etc., of the sos. instituted for the benefit of old age, still continue ignorant of the subject. This is the most favourable construction: for otherwise how could honest men persist in pub. promises that decoy, deceive, and plunder the unsuspecting believer?
When the reader shall have perused the following sheets, he may cease to wonder at their want of knowledge; for he will meet with more than one instance of their unwillingness to be informed, and of their determination not to understand. As to the majority of the members who support such proceedings by their votes, they are not only parties concerned and still less conversant in the bus., but also seem to enjoy the delusion like a pleasing dream; and would much more regret the being waked out of it, than be thankful to the friend who by it should prevent the most vexatious disappointment, or the most imminent misfortune.
To this may be imputed the cold reception all endeavours meet with which tend to destroy the flattering hope, and their readiness to listen to anything, however false, which soothes it. Such
counsel as accords with the wishes of the heart steals imperceptibly its attention and confidence; while honest truth is disregarded, rejected, and huffed for an intruder.
From such members their censure is the praise, their reproaches are the thanks which the writer must expect. They may prove to be but partial readers of this essay, and will more eagerly collect its faults, though the catalogue be ever so long, than usefully apply one remark to the reformation of (what they maintain has need of none) the plan of their so.
We have now, we think on sufficient authority, presented a picture of the condition of the ANNU. ASSO. of Gt. Britain a century ago. It was essential, in view of events that follow, to make this clear.
Regarding Dale, the writer last quoted, it is clear, not only upon his own authority (see p. 85), but from collateral circumstances, that he had commenced an investigation into the position of these annu. asso. some time before Dr. Price's work was pub. Indeed the latter very early in his work refers to a letter which had been addressed (in Sept. 1771) to the Provident Annu. So., "containing a clear proof of the insufficiency of the plans of all these sos. ;" and in that letter Dale said:
I have for some months had the schemes of the several sos. under consideration, and shall perhaps before Christmas pub. some calculations which will prove in the plainest manner that not one of them will be able to fulfil their engagements; that the different ages do not pay the due proportion to each other; nor are the terms of paying admission fine, and paying none, equal: and that a person to be admitted member of any one of them must pay now considerably more than any one (considered collectively) has done; which in some of the sos. is actually defrauding under false pretences; though yours partly escapes the censure by having pub. what every hundred members have paid, and therefore the state of your so. is not concealed.
However, the fame of Dr. Price really caused Dale's work to be passed over almost in silence; although the Doctor himself has testified that in this work "the principles on which the values of all annu. on single lives are determined, and the method of calculating them, are explained with the greatest clearness." We hope Dale, who was a man in humble position-a house steward in a nobleman's family-lived long enough to read the testimony of a contemporary author who so nearly altogether eclipsed him.
The object of the two authors being so similar, and their method of treatment being in many respects almost analagous, it should, and does, follow that the results respectively arrived at are very nearly uniform. For this reason we do not propose to follow Dale at any great length here. We shall have occasion to quote him in other parts of this work, and hope to rescue him from that entire oblivion into which he has so nearly fallen. He had not even a place in the British Museum Catalogue until we interfered on his behalf. After elucidating the principles involved in the proper working of annu. asso., he sets up two imaginary sos. the one he calls the Impartial So., and this is assumed to be "founded on honesty and just principles of calculation;" the other he calls the Politic Gotham So., which was intended to represent many of the then existing asso. He says:
Animadversions may be freely made on both of these; and the praise or censure that is due to either may be bestowed without prejudice or restraint, since no one can be an interested party in a so. that has no real existence. As the writer would wish to give no offence to any so. whatever that doth exist, but to preserve impartiality to all of them, 'tis hoped they will not apply more of what follows to themselves than what they certainly know to be apt and true.
The general inquiries which he proceeds to make regarding each of these sos. are the following:
1. What do the members pay in present money? that is the total of the value of the money paid down, and of half-yearly payments reduced to present money? 2. What annu. for life ought to be received, when aged 50, for the money paid, and according to age? 3. Whether the several ages pay in due proportion to each other, for annu. of equal value? and what is the difference? 4. Whether the tables with admission fine are equal to those without admission fine, and what is the difference? 5. What annu, each so. can afford to pay? 6. In what proportion to those who are members, or to the annu. that the cap. stock can afford, must a person now pay to become a member?
It must be admitted that the ground was pretty well covered by these interrogatories. The following is the picture he draws of the founders of his second imaginary so. It is a good deal more than a burlesque upon the real occurrences of the period :
For a specimen of cunning, ignorance, and dishonesty, let the institutors be imagined to reason in this manner-As we are the founders of this so., it is very reasonable that ourselves should pay but little, if any, towards it; for we will contrive means somehow to make it succeed. And to make it more inviting to such as do not understand figures so well as us, let the nominal value be double its real value; for we can make a deduction out of the annu., each payment, to make it the same thing. If we promise £100 annu., we may deduct £25 every half-yearly payment, and so the real annu. would be but £50; and all those who should not perceive the deception would be fairly taken in. Now as to what sum should be paid for an annu. to commence when aged 50, that nobody, for it is impossible, can tell; but we may guess pretty nearly perhaps, if we consider that whatever we pay now will increase in a few years to a vast prodigious sum indeed! and consider, too, what an amazing number will die in the time and leave whatever they should have paid for our benefit. But the best of the scheme is, that a great number may become poor, and unable to pay their half-yearly dividends. Let all such forfeit what has been paid to our use; for by this 'tis hoped we shall get very great sums indeed. On the whole, if the age 40 pays £3 every half-year till aged 50 to receive £50 annu. for life after that time, surely it will be full sufficient for us, who have been at the trouble of calculating in this manner; and if we immediately raise the payments to double or treble of what we pay, it is but common justice: for those who partake of the benefit of our scheme should pay us handsomely; and let them pay an admission-fine besides, for that will make it better still for us.
The author volunteered his assistance to any so. to which it "should be thought serviceable."
In this year also a 2nd ed. of Dr. Price's Observations, etc., was pub., to which there
was a supplement containing "add. obs. concerning the schemes of the sos. for providing annu. for widows, and for persons in old age.' After speaking of a new "short and easy method which had occurred to him for trying the sufficiency of such schemes as he had in the previous ed. been speaking of, and giving a specimen of his mode of procedure, showing with what facilities the test might be applied, he remarks as follows:
How melancholy then it is to think of the encouragement that has been given to these sos.? There are now in almost every part of this kingdom some inst, or other of this kind, formed just as fancy has dictated, without any knowledge of the principles on which the values of life annu, and revs. ought to be calculated. I can, however, with pleasure acquaint the public, concerning the two Lond. sos. of which I have taken more particular notice, that, consisting in general of gentlemen of character and sense, they have listened to the information which has been offered them; and in consequence of it, either have already, or prob. will soon, resolve on such amendments of their plans as may render them permanently and effectually the means of the good intended by them.
I wish I could speak with the same satisfaction of the sos. in Lond. for providing for old age. It is true they are likewise endeavouring to reform; but in general, as far as I know anything of them, so feebly and ineffectually as to leave little room to doubt but they will remain what they have hitherto been-DANGEROUS BUBBLES. Some of them in consequence of advancements, since the first pub. of this work, require now from those who apply for admission higher contributions. The truth, however, is that reckoning int. at 3p.c., their contributions are still in general near a half below what they ought to be. Is it possible then to speak of these asso. with too much severity? Can any benevolent person see them, without concern, going on with schemes that have been demonstrated to be insufficient, and sure to end in confusion and calamity? One so, boasts that it consists of 1100 members; and another that it possesses an income of £8500 p.a. What is this but shamelessly boasting of the extensive mischief they are doing? Some time ago they might have pleaded ignorance; but this is a plea they cannot now make.
There are two sos. which I must except from these censures. The members of the Friendly So., convinced of the insufficiency of their plan, have done themselves great honour by resolving to break up and returning undiminished the money they had taken. The Consolidated So. also requires now the full value at 4 p.c. of the annu. it promises, according to the Lond. Table of obs. When the contributions are advanced a little higher, or to the values of Dr. Halley's Table at 34 p.c. int.; and when besides the first members have consented to make good the deficiencies in their contributions; this So. will, in my opinion, have attained to rectitude and safety. It is proper I should add, in order to prevent mistakes, that the So. for granting annu. increasing by survivorship," goes on a plan different from any I have considered, and the nature of which implies safety.
In reference to a modified scheme of dealing with some of these multifarious asso.— modified from the stern measure of justice he had in this and the preceding ed. proposed— he says:
Some think that these sos. may provide a proper security for younger members, and for all that shall become annuitants in more remote periods, by preserving untouched all the stock they shall be possessed of at the end of ten years from the time when the payment of annuities shall begin. But this is a great mistake. An inadequate plan must necessarily benefit some by robbing others. For some years after the commencement of the annu. the ann. income of the so. must exceed its disbursements; and all that time the first annuitants will receive, at the expense of all that are to come after them: nor is there a method possible of preventing this injustice. The effect in particular of such a regulation as that now mentioned will only be that a little will be secured to annuitants in later periods, whereas otherwise they might have had nothing. I should be too tedious were I to enter minutely into the explanation of this. The general reason of it is, that by paying too much to the first annu., that accumulation of stock which the calculations suppose (from surplus monies while the annuitants are increasing) would be prevented, and the actual stock, in consequence of this, be rendered so much smaller than it should have been, as to leave but a small provision for the last annu. In short, in such a so. the payments to annuitants would become equal to its income long before their number rose to a maximum; and therefore, if the so. maintained its resolution not to enter into its stock, the annu. would from that period decrease continually, 'till at last they sunk as much lower than they ought to have been, as they were at first higher.
To this ed. there were appended various new tables of mort., but as none of these were accompanied by tables of money values, we need not dwell upon them.
Dr. Price was not an advocate for the employment of Life Annu. in State Finances. In his Essay on Public and the National Debt, included in this vol., he assigns a reason for his objection, which, however, does not exhibit his usual force and clearness :
When any sum is said to be the value of a life annu., the meaning is, that, in consequence of being improved at int. and allowing for the chances of mort., it will bear the whole expense of the annu. If, therefore, instead of being laid up for improvement, it is either immediately applied to particular uses, or has been long since spent, there will be a loss equal to the sum which would have been added to the purchase-money had it been improved. This is the reason of the loss which I have shown the public would suffer by offering life annu. in lieu of stock, in order to extinguish its debts. And for the same reason it must always lose considerably by raising money on life annu.
In 1772 there was also pub. in pamp. form, A Proposal for Estab. Life Annu. in Parishes for the Benefit of the Industrious Poor. This was from the pen of the Baron Maseres. In the following year a Bill was intro. to Parl. with a view to the development of the project; and the Baron then pub.: Considerations on the Bill now pending, etc., for enabling parishes to grant life annu., etc. The same being in fact an appendix to the preceding pamp. We shall review the subject more at length under POOR, INS. FOR THE.
In 1772 life annu. were employed as a means of mitigating a very extended financial disaster. The Dukes of Buccleuch and Queensbury, the Earl of Dumfries, Mr. Douglas (the representative of the ancient Earls of Douglas), and many other gentlemen, chiefly of the West of Scotland, had in 1769 entered into a partnership and subs. a cap. of about £160,000 for carrying on the bus. of banking in Ayr, under the firm of Douglas Heron and Co., with the intention of supporting and encouraging manufactures and agriculture : and the Co. accordingly accommodated manufacturers, land-holders and farmers, with money, with a liberality beyond the cautious prudence of other banks; in consequence of
which, combined with the unsettled state of credit, these noble-spirited gentlemen found themselves seriously involved: for not only was the whole cap. of the bank lost, but their private fortunes were involved. They met the loss by raising about £450,000 on sale of annu. for one or two lives, with a condition for redeeming them by paying a half-year's annu. over the purchase-money, and the annu. due at the time of redemption. In 1774 the annu. were redeemed by means of bonds of £50, secured upon unentailed estates in Scotland; and to be redeemed by four instalments, the last of which was faithfully discharged in 1782.
In 1773 the 3rd ed. of Dr. Price's Observations, etc., appeared. Having devoted so much space to the previous eds., we do not propose to dwell upon this. Indeed, there is little really new in regarding the annu. sos. The author says:
Several of the annu. sos in Lond. have been dissolved, and there is reason to hope that those which still remain will not be able much longer to support themselves on their present plans, in opposition to the evidence of demonstration, and the calls of justice and humanity.
In 1773 the first of the three Irish Tontines, whose annuitants afterwards became the subject of investigation by Mr. Finlaison in 1829, was set on foot, under the authority of 13 & 14 Geo. III. c. 5 (Irish statutes). The annu. were at 6 p.c. int. and assignable. In the same year a measure was introduced to, and passed though the House of Commons, under the patronage of Mr. Burke and other prominent men, for the purpose of enabling the industrial classes to invest their savings in the purchase of deferred annu. on their lives; but the measure was rejected by the Lords.
In 1774 Mr. Thomas Ashmore pub. in Lond., An Analysis of the several Bank-Annu. from the First Year of their Creation to this Time; with references to the different Acts of Parl. passed relative thereto.
In 1775 the second Irish Tontine was set on foot under the authority of 15 & 16 Geo. III., c. 2 (Irish stat.). The annu. carried 6 p.c. with unlimited survivorship. The nominees in this Tontine also were included in Mr. Finlaison's obs. in 1829.
During the greater part of this year a violent feud was raging between Mr. Dale and the managers of the Laudable So. of Annuitants. Mr. Dale had, as we have seen (1772), pointed out the impossibility of the asso. continuing to pay the annu. it had promised to its members; and had offered his services to such of the members as desired investigation. This offer was accepted. Mr. Dale made further investigations. His results were challenged by the management, and his motives violently assailed. Dr. Price and Mr. Benjamin Webb supported Dale's calculations. We cannot follow the controversy here; but shall speak of it again in our hist. of Laudable So. of Annuitants.
In 1775 Mr. Charles Brand pub. A Treatise on Assu. and Annu. on Lives, with several Objections against Dr. Price's Obs. on the Amicable So. and others. To which was added a short, easy, and more concise method of calculating the value of annu. and assu. on lives than any theretofore pub. There is nothing in this work calling for any special attention here.
In 1776 there appeared in Phil. Trans. from the pen of Dr. Price, Short and easy Theorems for finding in all Cases the Differences between the Values of Annu, payable yearly, and the Sum payable half-yearly, quarterly, or monthly. In the same year there was pub. anon., Reflections on Gaming, Annu., and Usurious Contracts; and a miscellaneous treatise by Mr. W. Emerson, on several mathematical subjects: among them annu.
We now, 1777, arrive at another phase in the hist. of Life Annu. That dealings in these had long been made a cover for the practice of usury, we have already more than hinted, and that fact was well known at this period. Proceedings in the courts of law revealed some of the worst cases, and the imagination duplicated these; although the facts were sufficient to draw attention to the subject unaided by the imagination. A scheme by way of remedy was propounded, it was stated upon the model of similar measures in operation in France and Italy, viz., the fixing a scale or table according to the age of the grantor at the time of the grant, with reference to which the amount of the annu. was to be limited. The subject was taken up in the House of Commons. It was referred to a committee, "appointed to take into consideration the laws then in being against usury, and the present practice of purchasing annu. on the life of the grantor." This committee examined many leading solicitors, and also the principal officers of the Amicable and Equitable, and ultimately prepared and presented to the House the following resolutions : (1). That it is the opinion of this Committee that the purchase of annu. for the life of the grantor, being generally intended as a loan of money, ought to be regulated accordingly. (2). That 4 p.c. is a sufficient compensation for the risk of a life above 21 years and under 25 years. (3). That 4 one-half p.c. is a sufficient compensation for the risk of a life above 25 years and under 30 years. (4). That 5 p.c. is a sufficient compensation for the risk of a life above 30 years and under 35 years. (5). That 5 one-half p.c. is a sufficient compensation for the risk of a life above 35 years and under 40 years. (6). That 6 p.c. is a sufficient compensation for the risk of a life above 40 years and under 45 years. (7). That 6 one-half p.c. is a sufficient compensation for the risk of a life above 45 years and under 50 years. (8). That to take any larger ann. sum than the legal int of each £100 advanced in the purchase of an annu. for the life of the grantor, together with the sums above specified, being the value of the respective risks attending such annu., ought to be made usury. (9). That all annu. for the life of the grantor ought to be redeemable on the payment of the sum advanced, with the arrears of the annu, to the time of payment.
Upon these resolutions a Bill was introduced to the House, framed in conformity