24(5 



ESSAY ON PROBABILITIES. 



of the nature of the contract ; and I make no doubt, 

 that almost every person who heard it agreed with the 

 court, however much they might impugn the decision 

 on other grounds, that the damage* to the creditor 

 ff was wholly obviated and prevented by the payment 

 of his debt." 



In order to show that such was not the case, we 

 must suppose that an exactly similar transaction had 

 taken place before any insurance office existed. How 

 this could have been may not be apparent, if we 

 take the notion which the law formerly entertained of 

 such an office ; namely, that it is a species of gambling 

 house: but if we prefer to consider it as a savings 

 bank, with an equalization system (page 238.), which is 

 unquestionably the correct notion, we may return to the 

 circumstances which the case would have presented had 

 there been no insurance. C, a person whose credit has 

 become doubtful, is indebted to B to an amount which B 

 could not afford to lose ; consequently, B, knowing that 

 his chance of payment is precarious, resolves to diminish 

 his expenses, hoping by economy to restore to his family 

 the sum which he may have lost by his engagements with 

 C. He collects, accordingly, a small fund, which he 

 places with his banker, avowing the purpose of its 

 collection. In the mean time C dies, and some friends 

 pay off his debts, and that due to B among the rest. 

 The latter having now no further occasion for such 

 economy, draws upon his banker for the amount, and 

 is answered, that, since the purpose of the saving was 

 fulfilled by the payment of C's debt, he, B, has no 

 further claim upon his own money. An action is 

 brought, and the courts decide that the banker is right, 

 and that B, having really attained his object in one 

 way, has no right of property in the proceeds of another 

 attempt to serve the same purpose. 



* The defendants paid into court a sum somewhat less than the amoun 

 of the premiums they had received from the plaintiffs, doubtless as a pre- 

 caution, incaselhe court or jury should think the premiums ought to 

 have been returned. 



