Addresses and papers on life insurance and other subjects . the alleged need of state pensions in old age, andclaims are made for the necessity of state insurance, someeven going so far as to suggest a compulsory system, such asis in operation in Germany and Austria; but contemplatingthe wonderful results which private initiative has achieved inthe United States in this field of voluntary thrift, my minddoes not recall a similar achievement in other fields of com-merce, finance or philanthropy, nor can I conceive of a social 139 Life Insurance and Other Subjects institution more deserving of p

Addresses and papers on life insurance and other subjects . the alleged need of state pensions in old age, andclaims are made for the necessity of state insurance, someeven going so far as to suggest a compulsory system, such asis in operation in Germany and Austria; but contemplatingthe wonderful results which private initiative has achieved inthe United States in this field of voluntary thrift, my minddoes not recall a similar achievement in other fields of com-merce, finance or philanthropy, nor can I conceive of a social 139 Life Insurance and Other Subjects institution more deserving of p

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Addresses and papers on life insurance and other subjects . the alleged need of state pensions in old age, andclaims are made for the necessity of state insurance, someeven going so far as to suggest a compulsory system, such asis in operation in Germany and Austria; but contemplatingthe wonderful results which private initiative has achieved inthe United States in this field of voluntary thrift, my minddoes not recall a similar achievement in other fields of com-merce, finance or philanthropy, nor can I conceive of a social 139 Life Insurance and Other Subjects institution more deserving of public favor and public supportthan legal-reserve life insurance as it has been developedvs^ithin the last generation in the United States. The evi-dence is overwhelming that the future of American lifeinsurance is full of great possibilities and that the resultsattained in the past will be insignificant compared withthe still more wonderful achievements of the time to come. 140 Chapter VII LIFE INSURANCE AS A CAREER PUBLISHED IN THE NEW YORK TRIBUNE 1903. LIFE INSURANCEAS A CAREER ; IFE insurance, in the words of DeMorgan,though based upon self-interest, is themost enHghtened and benevolent formjwhich the projects of self-interest evertook. Stripped of its technical terms andits commercial associations, it may be pre-? sented in a point of view which will giveit strong moral claims to notice. In its origin a British in-stitution, life insurance has developed most rapidly and onthe largest scale in the United States. Practically unknownin this country a hundred years ago, and of insignificantproportions even fifty years later, the last half century and,in particular, the last decade record what must be concededto be the most marvelous business success of this or anyage. While there are many forms of insurance protection,legal-reserve life insurance alone offers the absolute assur-ance that the obligations incurred and the promises madewill be met. Of legal-reserve companies the