And that this might be managed with such care and candour as a design which carries so good a face ought to be, I propose the following method for putting it into practice:
I suppose every undertaking of such a magnitude must have some principal agent to push it forward, who must manage and direct everything, always with direction of the governors.
And first I will suppose one general office erected for the great parishes of Stepney and Whitechapel; and as I shall lay down afterwards some methods to oblige all people to come in and subscribe, so I may be allowed to suppose here that all the inhabitants of those two large parishes (the meaner labouring sort, I mean) should enter their names, and that the number of them should be 100,000, as I believe they would be at least.
First, there should be named fifty of the principal inhabitants of the said parishes (of which the church-wardens for the time being, and all the justices of the peace dwelling in the bounds of the said parish, and the ministers resident for the time being, to be part) to be governors of the said office.
The said fifty to be first nominated by the Lord Mayor of London for the time being, and every vacancy to be supplied in ten days at farthest by the majority of voices of the rest.
The fifty to choose a committee of eleven, to sit twice a week, of whom three to be a quorum; with a chief governor, a deputy-governor, and a treasurer.
In the office, a secretary with clerks of his own, a registrar and two clerks, four searchers, a messenger (one in daily attendance under salary), a physician, a surgeon, and four visitors.
In the hospital, more or less (according to the number of people entertained), a housekeeper, a steward, nurses, a porter, and a chaplain.
For the support of this office, and that the deposit money might go to none but the persons and uses for whom it is paid, and that it might not be said officers and salaries was the chief end of the undertaking (as in many a project it has been), I propose that the manager or undertaker, whom I mentioned before, be the secretary, who shall have a clerk allowed him, whose business it shall be to keep the register, take the entries, and give out the tickets (sealed by the governors and signed by himself), and to enter always the payment of quarterage of every subscriber. And that there may be no fraud or connivance, and too great trust be not reposed in the said secretary, every subscriber who brings his quarterage is to put it into a great chest, locked up with eleven locks, every member of the committee to keep a key, so that it cannot be opened but in the presence of them all; and every time a subscriber pays his quarterage, the secretary shall give him a sealed ticket thus (Christmas 96) which shall be allowed as the receipt of quarterage for that quarter.
Note. — The reason why every subscriber shall take a receipt or ticket for his quarterage is because this must be the standing law of the office — that if any subscribers fail to pay their quarterage, they shall never claim after it until double so much be paid, nor not at all that quarter, whatever befalls them.
The secretary should be allowed to have 2d. for every ticket of entry he gives out, and ld. for every receipt he gives for quarterage, to be accounted for as follows:
One-third to himself in lieu of salary, he being to pay three clerks out of it.
One-third to the clerks and other officers among them.
And one-third to defray the incident charge of the office.
Thus calculated. Per annum. 100,000 subscribers paying 1d. each every quarter Pounds s. d. 1,666 3 4 ============= One-third To the secretary per annum and three clerks 555 7 9 Pounds per annum. { To a registrar 100 } { To a clerk 50 } { To four searchers 100 } 550 0 0 One-third { To a physician 100 } { To a surgeon 100 } { To four visitors 100 }{ To ten committee-men, } { 5s. each sitting, } { twice per week } One-third { is 260 } to incident{ To a clerk of } charges, { committees 50 } such as { To a messenger 40 } 560 15 7 { A house for the office 40 } { A house for the } { hospital 100 } { Contingencies 70 } 15s. 7d. ============== 1,666 3 4
All the charge being thus paid out of such a trifle as ld. per quarter, the next consideration is to examine what the incomes of this subscription may be, and in time what may be the demands upon it.
Pounds s. d. If 100,000 persons subscribe, they pay down at their entering each 6d., which is 2,500 0 0 And the first year’s payment is in stock at 1s. per quarter 20,000 0 0 It must be allowed that under three months the subscriptions will not be well complete; so the payment of quarterage shall not begin but from the day after the books are full, or shut up; and from thence one year is to pass before any claim can be made; and the money coming in at separate times, I suppose no improvement upon it for the first year, except of the 2,500 pounds, which, lent to the king on some good fund at 7 pounds per cent. interest, advances the first year 175 0 0 The quarterage of the second year, abating for 1,000 claims 19,800 0 0 And the interest of the first year’s money at the end of the second year, lent to the king, as aforesaid, at 7 per cent. interest, is 1,774 10 0 The quarterage of the third year, abating for claims 19,400 0 0 The interest of former cash to the end of the third year 3,284 8 0 ============== Income of three years 66,933 18 0
Note. — Any persons may pay 2s. up to 5s. quarterly, if they please, and upon a claim will be allowed in proportion.
To assign what shall be the charge upon this, where contingency has so great a share, is not to be done; but by way of political arithmetic a probable guess may be made.
It is to be noted that the pensions I propose to be paid to persons claiming by the third, fifth, and sixth articles are thus: every person who paid 1s. quarterly shall receive 12d. weekly, and so in proportion every 12d. paid quarterly by any one person to receive so many shillings weekly, if they come to claim a pension.
The first year no claim is allowed; so the bank has in stock completely 22,500 pounds. From thence we are to consider the number of claims.
Sir William Petty, in his “Political Arithmetic,” supposes not above one in forty to die per annum out of the whole number of people; and I can by no means allow that the circumstances of our claims will be as frequent as death, for these reasons:
1. Our subscriptions respect all persons grown and in the prime of their age; past the first, and providing against the last, part of danger (Sir William’s account including children and old people, which always make up one-third of the bills of mortality).
2. Our claims will fall thin at first for several years; and let but the money increase for ten years, as it does in the account for three years, it would be almost sufficient to maintain the whole number.
3. Allow that casualty and poverty are our debtor side; health, prosperity, and death are the creditor side of the account; and in all probable accounts those three articles will carry off three fourth-parts of the number, as follows: If one in forty shall die annually (as no doubt they shall, and more), that is 2,500 a year, which in twenty years is 50,000 of the number; I hope I may be allowed one-third to be out of condition to claim, apparently living without the help of charity, and one third in health and body, and able to work; which, put together, make 83,332; so it leaves 16,668 to make claims of charity and pensions in the first twenty years, and one-half of them must, according to Sir William Petty, die on our hands in twenty years; so there remains but 8,334.
But to put it out of doubt, beyond the proportion to be guessed at, I will allow they shall fall thus:
The first year, we are to note, none can claim; and the second year the number must be very few, but increasing: wherefore I suppose
One in every 500 shall claim the second year, Pounds which is 200; the charge whereof is 500 One in every 100 the third year is 1,000; the charge 2,500 Together with the former 200 500 ====== 3,500To carry on the calculation.Pounds s. d. We find the stock at the end of the third year 66,933 18 0 The quarterage of the fourth year, abating as before 19,000 0 0 Interest of the stock 4,882 17 6 The quarterage