“Man is the worst of all God’s creatures to shift for himself; no other animal is ever starved to death; nature without has provided them both food and clothes, and nature within has placed an instinct that never fails to direct them to proper means for a supply; but man must either work or starve, slave or die. He has indeed reason given him to direct him, and few who follow the dictates of that reason come to such unhappy exigences; but when by the errors of a man’s youth he has reduced himself to such a degree of distress as to be absolutely without three things—money, friends, and health—he dies in a ditch, or in some worse place, a hospital.”
Man is special when compared to other creatures due to his intelligence and superior instincts; however, he must strive for existence. It is mandatory for man to toil for his endurance; hence, being human is not a guarantee for smooth life. Man looks for money relentless because it’s a powerful possession which guarantees a comfortable life. Friends are important too for they offer love and social support. Moreover, good health bids man a peaceful existence without pain.
“Banks, without question, if rightly managed are, or may be, of great advantage, especially to a trading people, as the English are; and, among many others, this is one particular case in which that benefit appears: that they bring down the interest of money, and take from the goldsmiths, scriveners, and others, who have command of running cash, their most delicious trade of making advantage of the necessities of the merchant in extravagant discounts and premiums for advance of money, when either large customs or foreign remittances call for disbursements beyond his common ability; for by the easiness of terms on which the merchant may have money, he is encouraged to venture further in trade than otherwise he would do.”
Banks are useful in economies for they regulate the flow of money through commercial engagements. Through regulation of the interest rates, banks increase the accessibility of money to the merchants. Banks are material mediums that facilitate the collection of money from the goldsmiths which they supply to merchants. Subsequently, the merchants invest the money in their trades resulting in the generation of profits. Moreover, banks contribute to the flourishing of capitalism.
“Another branch of insurance is by contribution, or (to borrow the term from that before mentioned) friendly societies; which is, in short, a number of people entering into a mutual compact to help one another in case any disaster or distress fall upon them. If mankind could agree, as these might be regulated, all things which have casualty in them might be secured.”
Disasters are inevitable among societies; accordingly, if members can embrace the concept of contribution, they can insure each other. Contribution would guarantee that no single individual would bear the burden of a disaster by himself. Contribution would be effectual if the members of the society are friendly with each other. Small contributions from each member would create a pool of resources that would aid in dealing with the aftermath of a disaster.
