iable, something almost tragic, in the
figure of James Buchanan during the last months of his administration."
He found himself wavering between two factions, between Right and Wrong.
So long as he wavered, the South stood by him; when he ceased to be a
wary politician and manifested a decision of character such as the times
demanded, the South turned against him as one man. His biographer proves
conclusively that the weak and time-serving President was _opposed_
to secession; but as positively proves without intending to do so, that
he favored it by his singular unfitness and indifference in emergencies.
When secession threatened, Mr. Buchanan took the ground that he would
not precipitate war by applying force to prevent a State from seceding,
but that he would defend the flag and property of the United States.
With this policy in his heart, he permitted public property to be
seized, without striking a blow; he discovered treason in his cabinet,
and coolly allowed the traitors to consummate their work and to depart.
The fact was, that he was a very weak man, and his biographer is the
best authority for the statement. The work is important; it will always,
as it richly merits, be consulted by students, and may be read with
interest and profit by all.

(To be continued.)

* * * * *

ASSESSMENT LIFE INSURANCE.

BY SHEPPARD ROMANS.

Life insurance, by whatever system, plan or method, has, for its
fundamental basis, the laws governing the rates of mortality at the
different ages. These fundamental laws have been developed and made
clear by a vast amount of statistical data obtained from observations
among persons insured in life insurance companies among annuitants,
among inhabitants of various towns and cities, and among the whole
population in certain countries, notably in England and in Belgium. One
uniform, unvarying, certain law has been thus established, which is that
the rate of mortality, or in other words the cost of insurance,
increases as a man grows older. From this law there is no escape. We
must accept the inevitable. Hence any system of insurance which is not
in accordance with this first principle, this unalterable law of nature,
is unsound, and any company, whether charging level premiums or natural
premiums, which does not recognize and conform to this fundamental law
of nature, is doomed to disaster and wreck, sooner or later.

There are two methods of life in