A sort of Tontine had its origin in 1709 under the name of "The Lucky Seventy, or the longest livers take all." It was declared to issue out of the Annuities granted or to be granted by Parliament for the term of 99 years; the sum subscribed 10l. or as many tens as the Subscriber chose. The income was immediate, tax free,
and payable half-yearly during the lives of their respective nominees. The office was held at Haberdashers Hall.
An office was opened in Theobald-road, 1710, which, if really answerable to the statement announcing it, promised great benefit to the lower classes of the community; and was highly honourable to the dignified Clergy, eminent Physicians, Surgeons, and Counsellors at Law, who founded and supported it. Those persons, taking into consideration the difficulty the poor laboured under of procuring medical and surgical assistance and legal advice, offered to afford prescriptions and opinions for one shilling on delivering a case, and one other shilling at receiving the answer, which payments they declared would be applied only to the actual expences of the office.
The success of these schemes sharpened the invention of the thrifty; and immediately almost every street in London abounded with Insurance offices, where policies for infants three months old might be obtained for short periods. From those they diverged into other ages and various descriptions of persons. Their reign, however, appears to have been but short; as I meet with very few advertisements of the kind in 1712. One specimen may be worth preserving: "By the United Friendly and Perpetual Society, at the Naked Boy, the corner of Battle-bridge, in Tooley-street, Southwark, on Thursday the 25th
instant, will be opened two offices on Marriages for three months, on Claims two, upon Births for two months, and two on Servants for three months on dividends." Another will verify the "Wisdom of Nations" in the adage of "Set a Thief, &c.:" indeed, the Gentleman writer lets us into the whole secret at once.
"From the antient and most reputable sale of Alphabetical Letters at the Golden Ball in Whalebone-court, Lothbury, fronting the end of Bartholomew-lane: Whereas several as well impudent as ignorant pretenders have of late erected offices of various methods, and under several denominations, proposing such prodigious profits, in making so many several returns of cent. per cent. for each principal sum paid into them, that it is even miraculous to those of the greatest capacities in these undertakings how or with what assurance they could ever pretend to publish the same; but now it is presumed every one who has any concerns in matters of this kind are thoroughly sensible of the difference between honest and well-regulated schemes (as this is ) and those chimerical ones which are only set up on purpose to be a glittering show of profit, where the end fails of the expectation. The failures of some of this kind, and the probability of all such methods taking the same course, has been the only motive of publishing this; the proposer hereof not having advertised in print these eight months,
though his sale has been of nine months standing, and has paid for re-bought letters to his subscribers out of the same upwards of 29,600l. never paying less than double for all money paid in, and that in a very short time. Proposals may be had gratis at the Sale aforesaid, all the books being now open for subscriptions. And on Thursday the 22d instant will be opened a subscription-book, where any person may subscribe what sum he or they please , and receive the principal and profit entire in three months, proposals of which will be delivered out the same day. This book is of the same nature with our other books; only in this, whatever sum is subscribed must be paid down with 12d. for each pound entrance, whereas in the other the money is paid weekly, which is a great trouble to those who cannot spare so much time."
I think I may congratulate my fellow-citizens on the improvement in our morals after their perusal of the following modest production:
"Observe well this Advertisement,
Which comes from the old and original Sale of the Queen's picture (Qu. the Guinea), the very next house to the George Inn, Coleman-street, London. There having been of late great discourse about offices, and I cannot but say great reason to suspect their honesty (some not designing any ), and others who knew not how to be honest, being they wanted experience , which business