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CHAPTER XL 



ON THE NATURE OF THE CONTRACT OF INSURANCE, AND 

 ON THE RISKS OF INSURANCE OFFICES IN GENERAL. 



IN laying down the following considerations, I think it 

 right to state most explicitly, that I intend no direct 

 reflection upon any office now in existence, or whose 

 establishment is contemplated. In a set of societies so 

 numerous and varied as those in question, there must be 

 details in one and another, of which any individual, who 

 turns his attention to the subject, must disapprove ; but 

 the studied exclusion of the name of every office what- 

 soever will, I hope, be taken as earnest of my desire to 

 confine myself to the enabling other persons to discover 

 the grounds of censure, without directing their attention 

 to the quarter in which they are to be found. I have 

 not much fear that any part of this chapter could have 

 been misconstrued into allusion ; and perhaps even the 

 present disclaimer may have no other effect than to make 

 some imagine that there must be more meaning some- 

 where than is openly expressed. Leaving such lovers 

 of mystery to their search, I proceed to the subject be- 

 fore me. 



The avowed levellers in politics, a rare and scanty 

 sect among educated persons, would have an argument 

 of some force, from considerations of general expe- 

 diency, if it could not be shown that any attempt 

 to equalise property would be attended with a vast di- 

 minution of the fund itself, so that the great majority* 



* The only great alteration of property which is likely to be agitated, is 

 the question of the national debt, the entire abolition of which is not with- 

 out its advocates. This enormous sum, as it appears, is really little more 

 than one year's income of the country, and perhaps not so much, if all 

 the colonies be considered. The honesty of a sponge not being considered, 

 there would still remain'.this question : Would the ultimate loss occasioned 

 by the subversion of such a debt, amount to a year's income of the country ? 

 If so, there would be no gain arising from the abolition of the debt. 



