Observations on the Proposals of the CITY, to Insure Houses in case of FIRE.  
WHEN Right is Invaded, all manner of Defence is lawful; Therefore, since the City of LONDON endeavour to Set Up the Insuring of Houses from Fire, by the Invention of Other Persons, it is reasonable to expect, that they who were Authors of the Design, and are thereby Injured, will not forbear, to Publish those Truths which may Lessen their Adversary, and be useful to Preserve their Right, though by so doing, they should seem to Reflect on the Justice, Wisdom, or Credit of the City of LONDON.  
For, that the Gentlemen of the Insurance Office on the Backside of the Royal Exchange, were the First Inventors of this Design, must be Granted by All; because, the City would have otherwise Accepted that fair Proposal that was at first made to the Right Honourable the LORD MAYOR, etc. viz. To Refer it to Council, to determine this Original Right: And if it did appear [by any of the City-Journals] that they had formerly resolved the same war of Effecting this Design, or could add any New Thoughts that improved it, other than Lessening the 〈◊〉, or Prolonging the Terms of Insurance, which are no Essential differences, nor may perhaps be a● 〈◊〉 vantage to the Insured; The Gentlemen of the Insurance Office did Promise, to desist from Insuring 〈◊〉 City and Liberties.  
And though it may be true, that about the Year, 1670. Proposals were made to the City about Insuring Houses from Fire, upon which a Committee was Chosen to Examine them; yet they were extremely different from this Design, and so Impracticable in themselves, that they were forced to lay them Aside: And it is more than probable, that the City could never have Settled this Affair, had they not taken the Pattern from the Insurance Office, since Ten Years have been spent without making the least Progress in it.  
Now, since the Undertaking of the City to Insure Houses, is but a Copy of Another's Invention, the best way to Discredit it, and show its Imperfections, will be to Compare it with the Original.  
The Method that was at first used to Settle the Insurance Office on the Backside of the Royal-Exchange, was thus, viz.  
Propositions for Insuring Houses were Published; wherein were set forth, the Premium, or Rates of Insurance; the several Terms of Years; the Security of Ground-Rents, and manner of Settlement on Trus●●●●. And that General Satisfaction might be given, several days, upon Public Notice, were Appointed for those that had Thoughts of Insuring, to Meet at the Office, to Object and Debate ●hat might be Advantageous or Disadvantageous to the Design; and according to the Result of ●●ose Debates, this Affair was Settled by Counsel chosen by those that Subscribed to Insure.  
This example the City would seem to Fellow: Some things they have Imitated not now Ne●●●●●y, others Necessary they have Omitted: Some things they have Altered, which has much prejudiced their Design. All which may be observed from these Four Particulars in their Printed Paper, viz. 

I. Taking Subscriptions.  
II. The Rates of Insurance.  
III. The Terms of Years.  
iv Their going at last to Council, to know whether they can Settle.    
AS to the First, [Their taking Subscriptions] There can be no occasion now; unless not understanding the Reasons of the Design, they are careful to make a True Copy: For though the First Inventors did take Subscriptions, because the Design being altogether New, they could not otherways discover, whether their Propositions were Approved of, but by the Readiness of several Gentlemen to Subscribe. Yet since this Affair is Settled, and gives General Satisfaction, there is no occasion of Subscriptions: For if the City can in all respects follow This Pattern, they have reason to expect the Same Success. But it not, Why should men Subscribe to their Disadvantage? Especially when their Houses are not Insured by Subscribing; and it may probably be so Long, if ever, before the CITY Settle their Fund, that their Houses may be Burnt before they are Insured.  
Moreover, they may Insure at the Office already Settled, and be Released, when they find the CITY have made Better Provision for them. Therefore, there can be no Occasion of Subscriptions, unless those Gentlemen of the Committee, that drive this Design, believe they may easier engage men to Subscribe, than to Pay their Money; and by persuading the Court of Alder men, the Common-Council, the Officers, and other Persons who have their Dependency on the City to Subscribe; may, by their Number and Quality of Subscribers, gain a Reputation to their Design, which may serve as an Encouragement to many not thinking persons, and supply the Defects of their Settlement; and may seem a more effectual way than any Answer that can be riven to the Paper Entitled, An Enquiry, whether it is the Interest of the CITY to Insure Houses ●rom Fire? Though this way will be a kind of force, and therefore not lasting.  
THe Second Observation Is, on the Rates or Premium of Insurance, which is Forty Eight Shillings per Cent. for Thirty One Years for Brick-Houses, and double the Price for Timber; and so in proportion for Longer and Shorter Terms. This Rate, is Two Shillings in Fifty Cheaper than that of the ●nsurance Office, which was probably Valued as a great Contrivance to draw Customers: The ●ffects of such Practices hath been already Observed in the Paper of Enquiry; which is, That it ●ust bring Loss to the Undertakers, and at last Ruin the Design. So that the Managers of this affair, seem not so much to regard the Future Consequence, as the most probable means to bring present Money to the Chamber, and Places to Themselves. But since the Gentlemen of the Insurance Office are under this Force, they are Resolved, rather to Run the Hazard of Losing, than ●hat the City should make Advantage by their Invention.  
Therefore, that the Easiness of the Terms may be no Encouragement to Insure with the CITY, ●hey do Resolve for the Future, to Set their Rates at Forty Five Shillings and Ten Pence per ●ent. for Brick Houses for Thirty One Years; which is Five Pence per Pound Rent, for Brick-Houses for a Year, and Double the Rates for Timber; and to Discount by way of Purchase, viz. ●ive Years paid down for Eight Years Insurance; Seven, for Twelve; Nine and a Half, for twenty-one; And Eleven, for Thirtyone Years. These Rates are Lower than the Cities, and ●ore agreeable to Practice, than their Table, which is after the Rate of Thirteen Years Purchase for ●ne and Thirty Years, and near Sixteen Years Purchase for Fifty-One Years: Prices never heard of ●mong Purchasers.  
And do Further Declare, That they will Always set their Price Under the City, though they do not intent to Alter any more, till they are Certain that the CITY can proceed, and have Settled their Fund.  
This they think, they can Better Justify the doing, than the CITY; because their Security is ●o proportioned to a Number of Houses, that whether the Premium make a Greater or Lesser Sum, ●t doth not Alter the Security to the Insured: And if they Lose by the Undertaking, it is their Own, and no Injury to Any.  
But those Citizens that Manage the Revenue of the City, are but Stewards for the rest; and 〈◊〉 they (through Rashness and want of Knowledge) Venture the Public Revenue of the City, on a project that brings Loss, they prejudice the Whole Body of the Citizens: For if the Revenue of ●●e City be Wasted, than the Charge of the Government must be Supported by Taxes.  
And it is very probable, that there is no great Over-plus of Revenue belonging to the City, ●ore than is Necessary to Defray the Charge of the Government, the Trust of the Orphans, ●nd the Repairs of the public Places: For if there were, Why is Money borrowed at Interest, ●hen no visible Improvement is made by it? Or, why were the Fifteen so lately Raised, to Repair the public Works of the City, which ought to be done out of the public Revenue? 〈◊〉 specially since the Citizens in many Years before, had not been so Taxed?  
THe Third Observation is, on the Terms and Length of Insurance; The Office on the Backside the Royal-Exchange, Insures no Longer than for Thirtyone Years; the City Propose to ●nsure for what Term Desired, and for Ever. This perhaps was thought of as another Stratagem to bring in Customers; as if it might Engage all those that had the Inheritance of Houses and long Terms; and besides, might Raise the Value of the Premiums, and bring a greater Su●●o the Chamber.  
They never Considered, That those that First Form the Design, had probably thought 〈◊〉 ●his; and had it been Convenient and Advantageous, might Practise the same: And therefore ●●nce they have taken this Design on the second Hand, and upon Trust, were very Adventurous 〈◊〉 much to Alter from their Pattern, unless they were provided to give Better Reasons for thei● 〈◊〉 doing, than are to be Expected from them.  
For, to Insure for Ever, is to Spoil the whole Design; because no Security can be good where all the Profit is at first Received, and the Loss is Uncertain, and Continues for ever; fo●●he Loss being uncertain, the Security cannot be Proportioned: And where all the Profit is a first Received, there is no Interest obliged to take Care of the Design, so as to Pay a Loss, and Preserve the Fund. So that, when ever the Loss happens greater than the Annual Rent of the Security, the Land must be Divided and Torn in Pieces, to Satisfy the Loss: Whereas, when Houses are Insured for no longer than Thirtyone Years (which is Sufficient to Comply with all Men Occasions) these Terms will Exspire; and the Premium that will Arise from the Reversion, willingale the Interest of those concerned in the Office, to Raise Moncy to Pay the Losses, and Preserve the Fund entire; though the Losses were greater than Ten Years Rend of the Fund. And ●●is was one of the great Arguments that was Used at the Settling this Affair, to show the Ce●●●●● of the Security, which no otherwise could have given Satisfaction  
Therefore, should Men be so Imprudent to Insure their Houses for Ever, this Corporation would have greater occasion for an Act of Restraint, than the Spiritual Corporations heretofore have had for, though the Church and Colleges, by Granting long Leases, prejudiced their Successors they left them the Old Rent: But these Gentlemen of the Committee, will not be so kind t● their Successors; for they would not only leave them without Reversions, but Entail a perpetual Charge and Loss upon the Corporation.  
THe Last Observation is, that They are Resolved, to Settle Lands and Ground-Rents of the Cities. to the Value of One Hundred Thousand Pounds on trusties, so as to be Easily Recovered, (and yet have not Discovered to the World where they lie) and to attend Counsel, to Know whether they an Settle them. This aught to have been the first Step, to have published a Particular of these estates, with the Opinion of Council; that they are not already Appropriated and Charged sor other Uses: For the Lands of Corporations are generally charged both for Public and Special Uses; such as Repairing of Bridges, Maintaining of Aqueducts, and Supporting other Public Works. Had they followed their Pattern in this Particular, they had prevented several Inquiries.  
First, How the Lands of the Corporation can be Settled for the Benefit of private Persons, and to pay their Losses, but that they must be still liable to the first Trust? So that whilst the Design brings Profit, the Settlement may seem Good; but when Losses happens, the first Settlement may take Place, to the Defeating of the Latter.  
Secondly, How can these Lands be Settled upon trusties, so, as when a Dispute Ariseth, the City must Not be made a Party, since they are more Entrusted for the City, than for any particular Person that shall Sue? It being not usual for the Court of Chancery to bind any person by Decree without being Herd, especially the principal party to the Suit? If so, their Settlement of Ground-Rents, is not so Good as their Seal: For this Settlement, is liable to the same difficulty of Recovery, if there be a Dispute, and is not so large a Security: For the Seal might be made to Affect all the Lands of the Corporation, were it not for the Difficulty of Suing 〈◊〉 but the Settlement, will be Limited to a Part.  
Now if the City must be made a Party upon all Suits, they must be Summoned; if they 〈◊〉 fuse to Appear; they Forfeit, or lose Issue; which the Party hath no re●●edy to Recover: And the Party cannot proceed in his Suit, Because the City will not App●●●. So that those Gentlemen of the Committee were extremely Led out of the Way, in following the Pattern of a Settlement, thinking to Gain a Reputation by Offering an Hundred Thousand pounds' Security; Whereas the Revenue of the City, must be Supposed to be Worth more, and the Seal Affects it all▪ For the Objection was not against the Ability of the City, but how to make them Willing or Force them to Pay.  
This Difficulty in Suing the City, is Real; for if it were not, Those many Persons (whereo● some of them have not Bread for their Families) would not have been so long without their Monies, which they Lent to the Chamber upon Interest, and have Bond under the City Seal for their Payment: And yet some of these Bonds are of so Little Value, as to be Sold for Twelvepences in the Pound.  
Therefore it were more Honourable and Just, for the City to Sell such Lands as they can Dispose of, to Pay those Debts, than to Employ them to Injure other Men: For ti●l then, How can it be Expected, That the Insured shall have Better Justice, when a great ●oss happens, than those Persons have had? For, Why may not the City hereafter give out, That this Project was Driven by a Particular Party, then Powerful, that Engaged these Lands in a Design to their Prejudice, And therefore they have no Reason to pay the Loss? As hath been formerly said to ●he Creditors that Lent their Money, that a particular Faction of Men (though then the Majority) ●ent the Money to the Parliament; and therefore they have no Reason to Pay it?  
Thirdly, Suppose the City can Settle those Lands, so, as to make them Easy to be Recovered, ●ow can they be Freed from the Encumbrances of these Debts? And bring Easy to Recover, ●ow shall the Insured be Secure, that Those Creditors will not Seize Them? For some of ●hem being put in Mind, by the City's Proposals, that the Lands shall be Settled to Recover Without Trouble, are Resolved to try what they can do to Get their Money: And therefore ●●ve been Advised by Counsel to Sue; If the City refuse to Appear, the Issues must be levied ●n the Land; which may be a dispute in Chancery, whether it is not an Encumbrance from notice 〈◊〉 in the case of Lands settled for payment of Debts, a Creditor shall charge them, by Filing a Bill it. Chancery; for Lands of Corporation are in the nature of Lands in Trust? If to avoid this Difficulty, the City shall Appear, then why should they not obtain Judgement, and so Seize the Lands? ●nd as far as they will go, take them to satisfy their Debts?  
Lastly, What will become of their Settlement, if the City Forfeit their Charter? Whether the ●ands of the Corporation do not Devolve on the Crown? Who then shall satisfy Losses, and Exti●●●●h the Fires?  
By these Observations it may Appear, That the Gentlemen of the Committee did not well Understand the Design they were about; for which they are not to be Blamed: For it is not Reasonable to expect, that they should so well (on a sudden) understand a Design, as the Inventor of it, who had spent much Time and Study in the Contrivance; no more than they may be supposed to understand Law and Physic, as well as those that have Studied those Sciences. And it is as Reasonable, that the City should have the sole Practice of Law and Physic, within the City and Liberties, because it would be Profitable, as that they should Insure the Houses within those Limits; and something more Reasonable, because the Profit from Law and Physic would be more Certain.  
But however, those Gentlemen that intent to Insure their Houses, may perhaps consider, That by Insuring with the City, they Support the Contest; which though it bring Down the Prices of the Insurance, yet in the End, must Ruin the Design, and so will Lose that Advantage (which by Encouraging the First Inventors) they might probably expect from it: And that by Insuring, they are not Serviceable to the City; for this Design (as the Committee have Contrived it) may produce some certain Places to themselves, but Uncertain Profit, if not Loss to the City: And besides, by Insuring with the City, they are Instrumental to take away the Right of the First Inventors; and as it were Club, to do that which every person (were it his private Concern) would Scorn to do.  
These are to give Notice, to those Gentlemen that have Insured their Houses, at the Office on the backside the Royal-Exchange, If they will come to the Office, they shall be Repaid the Over-plus of their Premium, above the Rate of Forty-Five Shillings Ten Pence per Cent. for Brick, and Four Pound Eleven Shillings Eight pence for Timber, for Thirtyone Years. And so in proportion for Lesser Terms, according to the Printed Table; Or, be made Allowance by addition of Term. And if they shall have further Occasion to Alter their Rates, they will make all that have, or shall hereafter Insure, equal Abatement.  
And they do further give Notice, That they intent to Settle the Ground-Rents of Devonshire Buildings the next Term; And then to make provision for Insuring Chambers in the Inns of Court and Chancery: And have also provided another Parcel of Ground-Rents of Fifteen Hundred Pounds per Annum at Westminster; which will make the Security to the Value of near Fourscore Thousand Pounds. These they intent to Settle before the Number of Houses (upon this Security) is Complete; And to give public Notice sometime before, with the Names of Council that are to settle the Conveyances, that all Persons desirous of Satisfaction in the Title, may resort to them without Fees.  
The Premium, or Rate of Insurance for Brick-Houses (the same to be reckoned Double for Timber) from One Pound per Annum Rent to an Hundred, for the Term of Thirtyone Years, or Under, which is Five Pence in the Pound-Rent for one Year, and to Discount by way of Purchase; that is, Five Years Paid down for Eight Years Insurance; Seven, for Twelve; Nine and a Half, for Twentyone; Eleven, for Thirtyone. For every Pound-Rent Insured, Ten Pounds in Money is to be paid as often as the House is Burnt down within the Term Insured. This is Forty-Five Shillings Ten Pence for One Hundred Pounds for Thirtyone Years, which is Under the City's Proposal, Two Shillings Two Pence per Cent.  
Pound Rend Insured for 8. Years. Insured for 12. Years. Insured for 21. Years. Insured for 31. Years. Houses Burnt, Money Paid. Lib. l sh. d. l. sh. d. l. sh. d. ob. l. sh. d. l. sh. d. 1 00 02 01 00 02 11 00 03 11 0 ½ 00 04 07 10 00 00 2 00 04 02 00 05 10 00 07 11 00 00 09 02 20 00 00 3 00 06 03 00 08 09 00 1● 10 0● 00 ●● ●0 30 00 00 4 ●● ●● ●● 00 ●● 08 00 15 10 00 00 1● 0● 40 00 00 5 00 10 05 00 14 07 00 19 09 0 ½ 01 02 11 50 00 00 6 00 12 06 00 17 06 01 03 09 00 01 07 06 60 00 00 7 00 14 07 01 00 05 01 07 08 0 ½ 01 12 01 70 00 00 8 00 16 08 01 03 04 01 11 08 00 01 16 08 80 00 00 9 00 18 09 01 06 03 01 15 07 0 ½ 02 01 03 90 00 00 10 01 00 10 01 09 02 01 19 07 00 02 05 10 100 00 00 20 02 01 08 02 18 04 03 19 02 00 04 11 08 200 00 00 30 03 02 06 04 07 06 05 18 09 00 06 17 06 300 00 00 40 04 03 04 05 16 08 07 18 04 00 09 03 04 400 00 00 50 05 04 02 07 05 10 09 17 11 00 11 09 02 500 00 00 60 06 05 00 08 15 00 11 17 06 00 13 15 00 600 00 00 70 07 05 10 10 04 02 13 17 01 00 16 00 10 700 00 00 80 08 06 08 11 13 04 15 16 08 00 18 06 08 800 00 00 90 09 07 06 13 02 06 17 16 03 00 20 12 06 900 00 00 100 10 08 04 14 11 08 19 15 10 00 22 18 04 1000 00 00   

London, Printed for the Gentlemen of the Insurance Office on the Backside of the Royal-Exchange, where these Papers are to be had Gratis, 1681.