of an hicreas'iiig Life Annuity. 163 



is no question of specific relation to the mathematical value; but 

 let them understand, that every person so conversant with this 

 subject is enabled to saj, and knows as well as they, what com- 

 pensation should at any time be returned ; and what as parties to a 

 contract, at least construed in equity, they are bound by ties of 

 ordinary faith to give the assured member. Let us now con- 

 trast the ))receding sums, and equal but to 93/. as what would 

 be allowed in a propriety concern : let us, I say, compare the 

 extraordinary difference in the value of an assurance equal in 

 amount effected with the Equitable under almost precisely simi- 

 lar circumstances; viz. on the same hfe for 2000/. in 1^809, at 

 an annual payment of 52/. 4s.; but it is right to add, there is on 

 this a bonus of 600/. were it now a claim; as also of 150/. on 

 pohcy No. 1, as I omitted to state. For the policy existing at 

 the Equitable, then, the trustees will refund the sum of 514/. 9^. 

 if surrendered any time before the annual premium due should be 

 paid : so, allowing for this, the sum nominally offered is 56G/. 13i. 

 It is of no utility here to urge any thing as to the variation of 

 the premiums, they being in the one case upon a single assurance, 

 in the other apportioned upon three separately; it is the aggre- 

 gate of the annual premiums and relative amount of assurance 

 we are directed to, and that strikes as dissonant to reason ; it is 

 an instance, in which the mind discriminates truth and error 

 from derived intuitive evidence, and not enveloped in the mists 

 of sophistrv. 



Further concerning these two values: as referred to the first 

 announced, the discordant medium or discrepancy between them 

 is not easily, if at all, explicable by any order or pi*ocess of com- 

 putation on which such kind of deductions should ever be regu- 

 lated and assumed as the only infallible in result. We may next, 

 as not without its use, since elucidation is the mean intended, 

 proceed to a different view of the subject ; for, by placing the same 

 proposition in new and opposite directions, we see clearer what 

 is either apposite or inconsistent. It appears then on the three 

 former-descrilted policies, the gross amount of premiums paid is 

 (i63/. lb. 8c/., or equal to 15, on the first; 13, on the second; 

 12, on the last; and these, if calculated as distinct annuities at 

 5 per cent., the first payment of each being made when the 

 policy was opened, and so on at the beginning of every year suc- 

 ceeding, in w hich the life, it is considered, will be a claim — the 

 equivalent amount is 952/. 33. Qd. that is, equal in value now 

 to an annuity of All. \2s. 2d. certain, to continue for ever, or 

 in perpetuity at the same rate of interest, and in consideration 

 of having received which, it is that the offue proffers in signifi- 



X 2 cant 



