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nual dividends before the 70's. Then the encouragement of the view that there would be immense gain upon tontine policies because of the lapses. The larger commissions that were paid upon these forms also helped, as did the cheap rates for investment insurance, which deferred dividend plans rendered possible, as twenty-payment life or even whole life rates.

But the crowning cause is outside of life insurance. Our great country wants facilities for caring for the savings of the people. In a few eastern States we have excellent mutual savings banks. In the most of the States stupidity of legislators and people and cupidity of private interests have combined to prohibit their organisation. Stock savings banks have been proverbially of the "pluck me" sort and also frequently unsafe. Trust companies have bid bet-ter rates in recent years, using the money in speculations ; that they will do so well in times of stress is unlikely. In any event, they do not reach the masses of the people in outlying towns and villages. Building and loan associations have aided in this regard in some localities, but when they presented a probability of giving re-lief in a large way through branches, schemers soon found this a promising field for exploitation and accordingly ruined it both for them-selves and others.

Neither have our people learned to invest sav-