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WILLIAMS' CASE. 229
ing the present value of life interests, it is necessary, in the first
place, to determine what may be regarded as the expected dura-
tion of the life in question; and in the next place, what is the
value, all other circumstances considered, of that specified estate
which may be held during the length of time so ascertained. But
as has been justly observed, ' the basis of all questions having re-
ference to the failure or continuance of life, is well known to be
the law of mortality, or the probability that a human being, who
may be in any given year of age, will die in that same year. If
this be accurately determined for each and every single year in the
natural life of mankind, all other questions whatever, of a finan-
cial nature, are capable of precise solution, being merely so many
arithmetical results. The said probability, however, can only be
arrived at through the experience of what has already happened to
a great number of other human beings, all in the very same cir-
cumstances with the person whose case is under consideration.' (j)
It is, therefore, clear, that to form a just estimate of the present
value of a life interest, the expected duration of the life upon
which it depends must be first ascertained.
In all our inquiries for this purpose, it should be borne in mind,
however, that it appears from observations every where, that there
is an ultimate term beyond which human life cannot be extended;
that the days of our years are threescore years and ten, and if by
reason of strength they be fourscore years, yet is their strength
labour and sorrow. (7c) And that the extreme term of existence is
not surpassed, because a greater number, under some favourable
circumstances, approach it. The boundary seems to have re-
mained impassable since the days of Eli the priest, a period of at
least three thousand years, who was ninety and eight years old,
and his eyes were dim that he could not see; and he died, for he
was an old man and heavy, and had judged Israel forty years. (!)
Neither does it appear that the ordinary events of forming con-
nexions in marriage, and rearing families at the usual periods of
life, have at all varied within the same length of time, (m) It
must also be recollected, that it has been observed every where
and at all times, that although more males than females are
born; (n) yet from birth (o) to old age, through every period of
life, even that which is most perilous to females, the time of child-
(j) Finlaison's Report, 1.—(k) Psalms 90, v. 10; 2 Samuel 19, v. 32.~~(l) 1
Samuel 4, v, 15-18.~(m) Finlaison's Report, 18; 2 Malth. Popu. b. 3, c. 1, pt. 86;
Reply to Malth. 247.—(n) 2 Price Obser. 105, 127, 128.~(o) 2 Price Obser.
106, 131.
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