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Updated: July 25, 2025
To compensate it completely, the common returns ought, over and above the ordinary profits of stock, not only to make up for all occasional losses, but to afford a surplus profit to the adventurers, of the same nature with the profit of insurers. But if the common returns were sufficient for all this, bankruptcies would not be more frequent in these than in other trades.
He was unable to relate particulars. "News of her safe return would, indeed, have been far more acceptable; but even this information was a source of infinite congratulation. It precluded the demand of my insurers. The payment of other debts might be postponed for a month, and my situation be the same as before the adoption of this successless scheme.
The Dawn, with her cargo, must have stood me in eighty thousand dollars, or even more; and here was I about to quit her, out on the ocean, with an almost moral certainty that not a cent of the money could be, or would be, recovered from the insurers.
As applied to the professions to accountants, stock brokers, lawyers, bankers, insurers, and so on self-regulation was premised on the belief in long-term self-preservation. Rational economic players and moral agents are supposed to maximize their utility in the long-run by observing the rules and regulations of a level playing field.
The weight of this loss fell chiefly on the trading part of the nation, and, amongst them, on the merchants; and amongst them, again, upon the most refined capacities, as the insurers, &c.
We had no business to have separated from them; for though we might easily have run out to the East without encountering an enemy, yet, should any accident have happened to us, our insurers might have considered our charter invalidated, and Garrard, Janrin and Company would have been the sufferers. We were much relieved by seeing a blue light suddenly burst forth in the darkness.
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He is said to have discovered, after his own soldiers had forced the custom-house officers to obey his orders, that, while in their proclamations the directors publicly prohibited the introduction of British goods, some of them were secret insurers of this forbidden merchandise, introduced by fraud and by smuggling; and that while they officially wished for the success of the French arms and destruction of England, they withdrew by stealth what property they had in the French funds, to place it in the English.
The property belonged to certain owners in Philadelphia, and was it not a duty to take it there? It is true, Friend Abraham White and his partners had received back their money from the insurers this fact Bridget remembered to have heard before she left home; but those insurers, then, had their claims. Now, the vessel was still sound and seaworthy.
He is said to have discovered, after his own soldiers had forced the custom-house officers to obey his orders, that, while in their proclamations the directors publicly prohibited the introduction of British goods, some of them were secret insurers of this forbidden merchandise, introduced by fraud and by smuggling; and that while they officially wished for the success of the French arms and destruction of England, they withdrew by stealth what property they had in the French funds, to place it in the English.
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