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Front Page  Titles (by Subject) LV: TO JAMES LOGAN - The Works of Benjamin Franklin, Vol. II Letters and Misc. Writings 1735-1753
LV: TO JAMES LOGAN - Benjamin Franklin, The Works of Benjamin Franklin, Vol. II Letters and Misc. Writings 1735-1753 [1904]Edition used:The Works of Benjamin Franklin, including the Private as well as the Official and Scientific Correspondence, together with the Unmutilated and Correct Version of the Autobiography, compiled and edited by John Bigelow (New York: G.P. Putnam’s Sons, 1904). The Federal Edition in 12 volumes. Vol. II (Letters and Misc. Writings 1735-1753).
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LV
TO JAMES LOGAN
Philadelphia, 27 January, 1748. Sir:—
I have not yet found the book, but suppose I shall to-morrow. The post goes out to-day, which allows me no time to look for it. We have a particular account from Boston of the guns there. They are in all thirty-nine, Spanish make, and new; fifteen of them are twenty-eight pounders and twenty-four are fourteen pounders. We offer by this post £1500 this currency for them all, and suppose we shall get them.
The insurers, in consideration of the premium of twenty per cent, engage thus: that if the prizes arising against the tickets insured do not, one with another, make in the whole a sum equal to the first cost of the tickets, they will make up the deficiency. They now think it a disadvantageous agreement and have left off insuring, for though they would gain, as you observe, £1000 if they insured the whole at that rate in one lot, yet it will not be so when they insure a number of separate lots, as ten, twenty, or one hundred tickets in a lot, because the prizes falling in one lot do not help to make up the deficiencies in another. The person that insured your one hundred and twenty-five, did the next day give the whole premium to another, with six and a quarter per cent. more, to be reinsured two thirds of them. I have not insured for anybody, so I shall neither lose nor gain that way. I will send the policy, that you may see it, with the book. I am, Sir, &c.,
B. Franklin.
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