think we are reverting to the type. I come from Massachusetts. If I die today with securities on deposit in New York, sufficient in amount, New York State has decreed that I must pay a tax. If the securities are Connecticut corporation stocks, sufficient in amount, Connecticut laws require that I must here be taxed. The Massachusetts solons are not quite ready, but they are looking on with hungry eyes. If we and other Christians are at war, the government of these United States must add its little tax. Perhaps it may be insignificant, for the department has kindly ruled that where other taxes intervene, this tax shall only be assessed on what is left.

Many men of great ability are deficient in the capacity to accumulate. Their future would indeed be dark if life insurance were not made so easy. With most it has come to be a necessity. It is idle to discuss its usefulness or its expediency. It has been weighed with other necessities in the balance and it has not been found wanting.

That wise and far-seeing men have reared these mighty institutions of insurance, their strength, their influence and their service to society abundantly attest. To the memory of some it may be fulsome but to the memory of others it is a devotion which we owe, to compare their undying influence with the immortality of the Athenian dead. The eloquent Greek standing by the marble tomb has pictured their deathless glory with a touch of reverent emotion. "These," he said, "have become immortal like the gods. We do not behold the gods in a body, but we know by the honors they receive, and the blessings they bestow, that they are immortal." I am not saying that these men or the Athenian dead were free from any stain or taint or blame. I assume that selfish and worldly considerations in part were directing forces of their energy. But society is the joyful reaper of a harvest in the fields which they have sown.

We are narrow in our appreciation of the pressing evils of the hour if we think they are confined to the financial operations of large companies and societies. It is a time of eager seeking after wealth. It is a time of unprecedented change in the management of business enterprise. If I understand this change aright it is a step in the advancement of the common good. Under peculiar conditions shrewd men have found the opportunity to acquire enormous fortunes, some honestly and some dishonestly. Six thousand years ago the law of Moses said, "Thou shalt not steal." Four thousand years passed by. The Master said, "Let him that stole, steal no more,'' implying they were stealing still. It is a part of selfishness which in some form or guise taints the whole business world. Wherever it appears it must be attacked and driven to its hiding. The laws can do something but they can do little. The world's hope is the ennobling and upbuilding of the character. We must discriminate in our condemnation.

Many of the transactions which men, infused with the spirit of the demagogue, have attempted to twist and turn into alleged violation of trust have been in reality as fair and expedient and necessary as any of the matters of business which are brought to the attention of the financial board. There is nothing necessarily dishonest about a

syndicate. It is a necessary instrument of the times. There is nothing wicked in the placing of a financier upon a board of directors. The board would be landlubbers at sea without him.

The insurance agent is clothed with the power which carries with it its attendant obligation and its sacred duty. He is alike the policyholder's and the company's representative. This power is his to wield for the evil or for the good.

The hope of the world is in personal character. In a republic like our own, our individual separate pulsebeats are the forces whose resultant is the throb of the great nation's heart. It is to the upbuilding of character that we must direct our thought. The soul in humility must stand in the ennobling presence of its ideal, if it would efface the stain of selfishness and greed.

"Help Angels! Make assay!

Bow stubborn knees; and heart with strings of steel,

Be soft as sinews of the new-born babe."

Though the business creed is sometimes harsh, unselfishness is found in every walk of life. A face comes before me as I speak of one, whom I knew well, clothed with great trusts. Night after night he sat at his desk, as the watchman paced the rounds and the tall clock's illumined dial marked for the passerby the midnight hour. And I have often thought it was in part a reflection of that holier and diviner care whose tenderness once wet the eyes of David as he touched upon the Hebrew harp, "He that keepeth Israel shall neither slumber nor sleep." [Applause.]

The Toastmaster-The providence of God is shown most beneficently to the world in raising up from time to time and in crowning with length of days men of pre-eminent goodness and wisdom. Men fortunate in opportunities, great in achievements, whose faculties are employed for the uplifting and betterment of their fellowmen. Such a man we remember whose intercourse with men was graced by an engaging charm, a simplicity, a purity of sentiment, a moral loftiness and an undaunted courage that armed him with a power none could resist. It is fitting, and I ask that you all rise with glass in hand and drink with me to the memory of that honored citizen of Hartford the late Col. Jacob L. Greene.

The toast having been honored, the Toastmaster continued: Now, gentlemen, in behalf of the National Association of Life Underwriters, I desire to thank the ladies and you for your presence on this occasion. I especially want to thank the gentlemen of the local committee, who have shown such interest and concern in our welfare and happiness upon this occasion, and who have provided for us such an interesting time. And to you, our honored guests, who have cheered us with your presence, and by your words of eloquence and wisdom have contributed so much to the interest and pleasure of this occasion.

And now, gentlemen, bidding you all, and the ladies, too, an affectionate good-night, I declare this meeting adjourned.

CONSTITUTION AND BY-LAWS

OF THE

National Association of Life Underwriters.

ADOPTED JUNE 18, 1890.

REVISED ON FOLLOWING DATES: SEPT. 22, 1892, SEPT. 8, 1893, SEPT.

16, 1897, JULY 14, 1899, SEPT. 12, 1901, OCT. 15, 1902,

OCT. 15, 1903, OCT. 13, 1904.

CONSTITUTION.

ARTICLE I.-NAME.

This organization shall be called the National Association of Life Underwriters.

ARTICLE II.—OBJECT.

The object of this association shall be to advance the best interest of the cause of true life insurance throughout the country.

ARTICLE III.-MEETINGS.

The association shall meet annually, each local association being entitled to five delegates and one additional delegate for every ten active members in excess of twenty-five.

In case of vacancies in any delegation, such vacancies may be filled by substitution, provided at least one delegate is present who is a member of the association which he represents and in which such vacancies occur, and such member or members shall have power to fill vacancies in such delegations.

The presence of delegates from one-half of the associations composing the National Association shall constitute a quorum for the transaction of any business at any meeting.

ARTICLE IV.-OFFICERS.

The officers of this association shall consist of a president, three vicepresidents, secretary and treasurer, and there shall also be an executive committee, consisting of one member from each local association in good standing. Each officer shall be elected by ballot, to hold office for one year, or until his successor is elected. At the next election to fill the vacancies in the executive committee (the National Association now

consisting of thirty-four local associations) twenty-four members shall be elected, six members for a term of one year, six members for a term of two years, twelve members for a term of three years. Each year thereafter successors shall be elected to fill vacancies to be determined as follows: One-third of the total membership, representing all the associations comprising the National Association, for three years; one-third, less the number already members, whose term of office expires two years thereafter, for a term of two years; one-third, less the number already members, whose term of office expires one year thereafter, for one year. A remainder of one over even thirds shall be elected for three years; a remainder of two shall be elected one each for three and two years respectively. The president, vice-president, secretary and treasurer and ex-presidents shall be members ex-officio of the executive committee with the right to vote. The secretary of the association shall be secretary of the executive committee.

No person shall be eligible to office except an active member of the association to which he belongs, and which is represented at the annual meeting, and except, also, that he be an agent, manager of agencies, or superintendent of agents of a regular legal reserve, level premium com

pany.

Any officer of the association or member of the executive committee shall be disqualified for his position if he ceases to be a member in good standing of the local association of which he was a member at the time of his election, or in case his local association shall cease to be a member of the National Association.

Any new association joining during the year shall be entitled to representation on the executive committee until the next annual meeting.

ARTICLE V.-DUTIES.

The duties of the president, vice-presidents, secretary, and treasurer shall be the same as are usual in similar organizations.

The executive committee shall first consider all business presented and shall report upon same, and, unless by a vote of the association, all propositions, resolutions, and other business relating to future action of the association shall be first referred to the executive committee without debate.

ARTICLE VI.-TIME AND PLACE OF MEETING.

At every annual meeting the time and place of the next succeeding annual meeting shall be decided by ballot.

ARTICLE VII.-SPECIAL MEETINGS.

The executive committee shall have power to call a special meeting of the association whenever in its judgment it may be deemed necessary.

ARTICLE VIII.-EXECUTIVE COMMITTEE.

The executive committee is charged with the duty of preparing the business and arranging for the sessions of the annual meetings, and said committee shall meet at least four months before the regular annual convention. The presence of not less than five members of the committee shall constitute a quorum for the transaction of business at any meeting. ARTICLE IX.-MEMBERSHIP.

Any life insurance or life underwriters' association now organized, and composed of representatives of regular life insurance companies, shall be entitled to membership, but any such association hereafter organized, shall submit copies of its constitution and by-laws to the executive committee, and, if approved by said committee, it shall be admitted to membership upon application and payment of annual dues, and subscribing to the constitution and by-laws of this association.

Any life underwriters' association now organized or hereafter organized, whose membership is composed of women who are representatives of regular legal reserve life insurance companies, shall be entitled to auxiliary membership with all the privileges of the association, except the right to vote and hold office; but such association shall first submit copies of its constitution and by-laws to the executive committee; and if approved by said committee, it shall be admitted to such membership upon application and subscribing to the constitution and by-laws of this association.

ARTICLE X.-HONORARY MEMBERSHIP OF C. M. RANSOM. The constitution was amended June 18, 1890, so as to permit the election of Chauncey M. Ransom to honorary membership.

BY-LAWS.

ARTICLE I.-VACANCIES.

In the case of a vacancy in the office of president, the vice-presidents, in the order elected, shall act as president, to serve until the succeeding annual election. Other vacancies may be filled by the executive committee.

ARTICLE II.-DUES.

Each local association shall pay into the treasury of this association as yearly dues, in advance, the sum of ten dollars, and one dollar additional for each active member belonging to said association on June 1st of each year in excess of ten. Such payments shall be made on or before the 18th day of June of each year, or within thirty days thereafter, and failure to pay such dues within the time named shall work a forfeiture of membership. Provided that any local association