Law of Lotteries, Frauds and Obscenity in the Mails

Law of Lotteries, Frauds and Obscenity in the Mails

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1903 edition. Excerpt: ...In his report in 1893 the Insurance Commissioner said: "During their brief existence the fifty-six Massachusetts corporations of this class gathered a membership of 364,000, and collected from the certificate holders over $12,500,000. From this sum less than 9 per cent of the membership received in payment of the earlier matured certificates over $3,000,000, while above $2,000,000 was paid in claims for sickness, a large proportion of this to certificate holders in excess of their contributions, and with the natural result.of the immediate disappearance of these enriched members from the rolls at the cost of those remaining. Nearly $4,000,000--one-half undeniably if not undisguisedly a steal--went into the pockets of the promoters and officers as 'expenses, ' leaving at the end only about $3,500,000 for distribution to the remnant of 330,000 members, only a trifle more than was gobbled by the 30,000 who got in "on the ground floor," which list, of course, included all of the 'supremes, ' their 'sisters, cousins, and aunts.' The total amount of the obligations upon the certificates issued by these corporations in exemplifying their wonderful 'new system of finance' for the benefit of the poor people, and toward meeting which a paltry $8,800,000 was altogether collected, was nearly $120,000,000. It is doubtful if the world's history, whether in the South Sea bubble, the Dutch Tulip Mania, or the Mississippi scheme, presents a parallel to the ghost dance in which the people were led by this wild and foundationless gambling infatuation." The Insurance Commissioner of New Hampshire, in his report in 1891, said: "Here is one of the secrets of the craze to enter...show more

Product details

  • Paperback | 128 pages
  • 189 x 246 x 7mm | 240g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236879457
  • 9781236879455