the
evidence given before the Committee of the Assembly by life insurance
officers, and in the light of the affairs of the Continental, Security,
and Popular, it may be doubted whether this assertion proves itself. It
has the merit, however, that every honest avowal has, and it is
entitled to examination.

Why should a self-electing, self-perpetuating proprietary board,
resting upon a constituency composed solely of owners of the capital
stock, be a safer or better management than one elected by the votes of
the policy-holders at large? The only answer you can get to that query
is this: The board elected by the stock-holders are sure of their
position, and it is not in the power of a few malcontents to get up a
secret movement to oust them at the election. The more stable
management is to be preferred to one which is dependent on the
popularity of the officers with the policy-holders. It is in the nature
of things that the officers should become more or less unpopular. The
business depends for success upon the enforcement of strict rules in
dealing with the policy-holders, and the enforcement of these strict
rules, although absolutely necessary for the success of the business,
naturally tends to give fancied grievances to the persons against whom
they are enforced. If, therefore, the tenure of office of the
management depends upon the policy-holders, there is the constant
danger of frequent attempts at revolution arising from this cause, and
the consequent weakness of the officers in enforcing rules the
enforcement of which may tend to shorten their tenure of office.

I think I have fairly stated the argument. Is there anything in it? Is
the reason given any reason at all? Is it not rather a positive
argument against the system. Perhaps the best government for men and
companies is an absolute monarchy, without accountability or restraint;
there are large masses of the human race who are so governed; and it is
an open question yet whether government by the people be or be not the
best government. But certainly one thing is assured. In this day and in
this country the monarchical and the oligarchical systems are out of
date and out of place; and all attempts to introduce them or the
principles which underlie them into our system of free government by
the representatives of the governed will be failures. The doctrine of
paternal government is "played out" in affairs of nations, and it is
not to be supposed that the princ