Page:Chance, love, and logic - philosophical essays (IA chancelovelogicp00peir 0).pdf/114

 enough he will be sure some time to have such a run against him as to exhaust his entire fortune. The same thing is true of an insurance company. Let the directors take the utmost pains to be independent of great conflagrations and pestilences, their actuaries can tell them that, according to the doctrine of chances, the time must come, at last, when their losses will bring them to a stop. They may tide over such a crisis by extraordinary means, but then they will start again in a weakened state, and the same thing will happen again all the sooner. An actuary might be inclined to deny this, because he knows that the expectation of his company is large, or perhaps (neglecting the interest upon money) is infinite. But calculations of expectations leave out of account the circumstance now under consideration, which reverses the whole thing. However, I must not be understood as saying that insurance is on this account unsound, more than other kinds of business. All human affairs rest upon probabilities, and the same thing is true everywhere. If man were immortal he could be perfectly sure of seeing the day when everything in which he had trusted should betray his trust, and, in short, of coming eventually to hopeless misery. He would break down, at last, as every good fortune, as every dynasty, as every civilization does. In place of this we have death.

But what, without death, would happen to every man, with death must happen to some man. At the same time, death makes the number of our risks, of our inferences, finite, and so makes their mean result uncertain. The very idea of probability and of reasoning rests on the assumption that this number is indefinitely great. We are thus landed