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Updated: June 14, 2025
With regard to the first, its effect may be briefly stated as that of reducing the owner to the position of a rent charger or annuitant upon what had before been his own estate, thereby depriving him even where want of means did not effectually do so of all desire to expend capital upon what had henceforth ceased to be his property, and over the management of which he had almost wholly lost control.
Annuities for lives have occasionally been granted in two different ways; either upon separate lives, or upon lots of lives, which, in French, are called tontines, from the name of their inventor. When annuities are granted upon separate lives, the death of every individual annuitant disburdens the public revenue, so far as it was affected by his annuity.
"Ha! ha! my old annuitant, my clever feelosofer jolly old boy how are you? give us a fist. Who would have thought to meet you on a rainy night, by a lone haystack, with a deep ditch on one side, and no chimney-pot within sight?
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