connection. Divesting this subject of all technicalities, and using none of the cunning and ambiguous similes and sophistries of the expert, who can make the " worse appear the better" in defense of his own theory, and presenting it in plain and simple language, we think any one, even of the most ordinary intelligence, cannot fail to see on which side the advantage is. The Connecticut Mutual is the pioneer in the introduction of the note system, and has persistently maintained it against the attacks of the advocates of the all-cash system, and now has the satisfaction of knowing that many of its most bitter and ablest opponents have been compelled to adopt it. The advantage, as it appears to us, is largely

decidedly in favor of the note system, Pei baps we could offer no stronger argument in its favor than the marvelous and perm cut success of the Connecticut Mutual under a long

and continued practice of it. The ablest underwriters of the day, among them the veteran President of this Company, Hon. Elizur Wright, Insurance Commissioner of Massachusetts, and regarded as eminent authority, and many others we could mention, are among its persistent advocates. The opinion of Mr. Wright is of so much consequence that we extract the following from his writings on the subject. He says : " It appears evident that premium notes taken by a company whose expenses are not above the average, to the amount of not more than half of the gross premium, and bearing an interest above four per cent., must be the safest if not most productive possible investment. The only exception to this would occur if a company were to insure at what are called uninsurable ages." He also says it has the considerable advantage of very nearly, in practice, righting the wrong of the forfeiture of policies, for premium notes will generally fall but very little short of the value of the policies, and in case of a lapse, as they are not equitably due to the company, they are not very likely to be collected. He thinks the all-cash companies ought to advocate the passage of a law he has proposed on this point, to make them-selves equal in this, respect to the part-note companies.

Under the note system the company gets the full amount of cash required to satisfy insurance, and the note is taken in lieu of money to answer as surplusage or return premiums, and no cash is exacted except for purposes of insurance, and does not exact cash for deposit, or to make the insure). insure him-self, instead of the company's doing it. Under the cash system, then, the insurer pays for more than he gets ; or, rather, for what he does not get; the advantages of the cash system, if it has any, are to the company and not the insurer, who is supposed to be the one benefited by insurance. The note system has special advantages in cases of early death, to meet which contingency insurance at all is particularly desirable. If any advantage can be obtained under the all cash system over the other, it can result only after a number of years of insurance. To illustrate this point, we will suppose a man to have just $100 to spare annually for life insurance. He, of course, wants to secure the largest amount of insurance possible for the $100. In the all all cash company he gets a policy for $5,000, in the half-note company a policy for $10,000, and gives a note for an amount equivalent to that paid in cash. Suppose the man to die the first year, his family would receive $5,030 if in the all-cash company, and $10,000 (less the interest on the note) if in the part-note company—difference in favor of the note company, $5,000 ; certainly a difference worth looking after. Again,suppose the man to die the tenth year after insurance, his family would receive $5,000 from the all-cash company, and $10,000 from the half. note company—his premiums in the meantime having retained the same ratio as the first year. We might carry the illustration to almost any extent, and the result would al-ways be in favor of the note system.

Another telling fact in favor of the note system is that two thirds, and more, of all the per-sons insured in the United States have chosen it in preference to the other. Out of 131,246