the deaths and resignations, will be in the same proportion hereafter, and that, of the officers who shall die members, one half will leave families entitled to the benefits of the institution. This may be thought too large a proportion, but when it is considered, that deaths are more frequent among the married officers, in consequence of greater age, than among the single, and that a greater proportion of the former are likely to become members, it is believed, that it would not be safe to found calculations on a less number than 7 cases annually, which is accordingly assumed for the purpose of calculations. In consequence of the uncertainty of the grades, which must regulate the rate of pensions, the committee have founded their estimates on the average rate of pay of officers, which is very near $450 per annum, making the average rate of pensions $225 per annum. To determine the probable duration of pensions to widows and orphans, the first class to be provided for, recourse has been had to the calculations on which the Pennsylvania life insurance company insures lives, and grants annuities, from which the following data were obtained :— Persons 21 years of age will probably continue to live 28 years. Do 25 do L do 26 do 23 do 21 do 20 do 18 do 17 Average 22 It is believed that the pensions of nearly all the widows will commence at periods of life between 21 and 50 years, which, according to the foregoing table makes 22 1-2 years the average continuance of life; but as it is probable the fund will be relieved by marriage, in which case the pension of the widow ceases, the committee have deducted 21-2 years, and assumed 20 as the probable average duration of pensions of this class. It is true that, notwithstanding the marriage of the widow, the pension may be prolonged beyond the time assumed, by the orphans who are under one year, or who may not be born until after the death of the father; but it is believed that these, as well as the 2 1-2 years deducted, will be counterbalanced by the cases in which there are no children, or where the children have attained the age of 21 before the marriage of the widow. Presuming then, that all officers of the army will become members and contribute 10 per cent of their pay proper for the first 4 years, and 5 per cent. thereafter; that the surplus funds will be invested at the end of each year, in stock yielding 4 per cent. interest; that the number of pensions granted to widows and orphans annually, will be 7, and that they will be continued on an average 20 years, the committee have proceeded to calculate what would be the state of the fund at that time, supposing it to be applied to the payment of that description of pensioners only; and they beg leave to submit the accompanying table as the result, and request that it be considered part of their report. From this table it will be seen, that the fund will increase, but in a diminished ratio, until the 13th year, when the receipts will be $19,669, 10-100, and the disbursements $19,687, 50100; from that time the capital diminishes in the proportion that the expenditures increase, which will be in an arithmetical progression of the average annual number of cases. At the termination of 20 years, the pensions of this class will have attained their maximum, which, according to the table is 140, amounting to $31,500, and which, agreeably to the project, must continue thereafter, a constant annual demand, while the annual income, at that time, is very little more than one half that sum, and, as before stated, will continue to decrease until the twenty-sixth year, during which the capital will be consumed, and at the end thereof the institution will be minus $3,115, 48-100. If the data assumed by the committee be just, and their calculations correct, it follows, that it will be impracticable to give the contemplated pensions to the widows and orphans alone, without levying a higher contribution on members of the institution, than your committee believe has ever been contemplated, and much greater than they would be willing to recommend. Such being the case, it was thought unnecessary to calculate the probable number of pensions of the other classes, and the sums necessary to pay them, or to prepare an address to be signed by the officers for the purpose of obtaining an act of incorporation. Should the meeting think it advisable to give limited pensions to the widows and orphans of officers, the table submited by the committee will show the period to which such pensions may be extended, with the means produced by a contribution of ten and five per cent.; and if it shall be thought desirable to include such officers as are disbanded and such as resign, the table will also show what farther limitation of the first class must be made to embrace the latter. (Signed) N. TOWSON, Chairman. STATEMENT showing the operation of the proposed pension fund, predicated upon an assessment of 10 per cent. per annum, for four years; and of 5 per cent. per annum thereafter, and upon the basis of restricting the pensions, to the relief of widows and orphans alone. INCOME OF EACH YEAR. Derived from Derived from Amt. of Pensions. Of Income. Of Demands. 787 50 23,587 70 23,587 70 2.362 50 22,956 20 3 24,375 20 2,753 73 46,543 90 26,236 95 do 14 do 3,937 50 46,543 90 22,299 45 63,843 35 24,375 20 3,618 39 27,128 93 7 do 21 do 68,843 35 5,512 50 21,616 43 14,227 60 90,459 78 4,043 73 17,845 99 7 do 28 do 7,037 50 90,459 78 10,758 49 101,213 27 14,227 60 4,433 23 18,276 33 7 do 35 do 101,218 27 8,662 50 9,613 83 110,832 10 14,227 60 4,770 21 18,660 88 7 do 42 do 110,832 10 10,237 50 8,423 38 119,255 48 14,227 60 5,057 63 18,997 81 7 do 49 do 11,812 50 119,255 48 7,185 31 126,440 79 14,227 60 5,264 14 19,235 23 7 do 56 do 13,337 50 126,440 79 5,897 73 10 14,227 60 132,333 52 734 90 5,332 31 19,491 74 do 63 do 14,962 50 131,603 62 4,529 24 136,567 76 11 14,227 60 2.309 90 5,442 21 19,609 91 do 70 do 134,557 86 16,537 50 3,072 41 12 14,227 60 139,940 17 5,441 50 3,884 90 19,669 81 7 do 77 do 136,055 27 18,112 50 1,557 13 13 14,227 60 141,497 48 5,459 90 5,377 76 19,669 10 7 do 84 do 136 037 58 19,687 50 18 40141,479 08 14 14,227 60 5,248 48 7,034 90 19,605 36 7 do 91 do 134,444 18 21,262 50 1,657 14 14,227 60 139,821 94 5,051 02 19,476 08 do 98 do 8,609 90 22,837 50 131,212 04 14,227 60 3,361 42 136,460 52 10,184 90 4,782 67 19,278 62 7 do 105 do 126,275 62 24,412 50 17 14,227 60 5,133 88 4,440 58 131,326 64 19,010 27 7 do 112 do 11,759 90 119,566 74 25,987 50 18 14,227 60 6,977 23 124,349 41 4,021 80 18,668 18 7 do 119 do 13,334 90 111,014 51 27,562 50 8,894 32 115,455 09 19 14,227 60 3,523 28 18,249 40 7 do 126 do 14,909 90 100,545 19 29,137 50 10.888 10 20 14,227 60 104,566 99 2,973 31 17,750 88 do 133 do 16,484 90 30,712 50 88,082 09 21 14,227 60 12,961 62 91,605 37 2,401 35 17,200 91 140 for 1 year, 17,272 40 74,332 97 31,500 22 14,227 60 14,299 09 77,306 28 1,806 51 17,272 40 16,623 95 140 do 60,033 88 31,500 23 14,227 60 14,871 05 62,435 23 1,187 88 17,272 40 16,034 11 140 do 45,162 83 31,500 24 14,227 60 15,465 89 46,969 34 544 50 17,272 40 15,415 48 140 do 29,696 94 31,500 16,034 52 30,884 82 25 14,227 60 17,272 40 14,772 10 140 do 13,612 42 31,500 16,727 90 14,156 92 26 14,227 60 14,227 60 140 do 14,156 92 31,500 17,272 40 TI 410,508 90,376 52 500,884 52 504,000 141,497 48 144,612 96 2,454,642 93| 195,227 82 2,259,415 11 RECAPITULATION. Total amount of income derived from contributions, accruing interest, Do do $410,508 90,375 52 Total amount, Deficiency of the fund at 26th year, $500,884 52 3,115 48 $504,000 Total amount of pensions, Washington, November 8th, 1828. NOTES.-The seven pensioners of the first year, are supposed to commence at various dates, therefore an average of an half year each, is assumed. In the second year, these 7 become pensioners for a full year each, and seven new pensioners commence in the same manner as in the first year, and so on for future years. The last column exhibits the actual amount of interest-bearing stock, or surplus capital, at the end of each year. The preceding column shows the sums which have been subtracted from the balances on hand, to meet the payment of pensions in the next succeeding years in all cases where the annual assessments were insufficient for that purpose. The report of the committee was unanimously accepted by the meeting, whereupon the following further proceedings were had. That it be proposed to the officers of the Army— 1st. To permit a deduction to be made from their pay, for the purpose of providing a sum of ready money to be paid to the widows of such Officers as may die in the service, to meet the demands that may be made upon them at the decease of their husbands, and enable them to return to their friends. 2d. That the sum be fixed at $900, in lieu of the annual allowance at first proposed, which it is found by the report of the committee, could not be continued without making too great a deduction from the pay of the Officers. 3rd. That the following sums be deducted monthly: from the General and Field Officers and Officers of assimilated rank $2; from the Captains and Officers of assimilated rank $1; and from the Subalterns and Officers of assimilated rank, 50 cents; which rate of contribution, if subscribed to by all the Officers of the army, will produce annually upwards of $6,300 and allow the appropriation of 900 dollars to each widow, admitting that there would be seven widows to be provided for annually. 4th. That a memorial be presented to Congress, requesting that honorable body to pass a law authorizing stoppages from the pay of the Officers of the army, according to the rate above stated, and to assume, on the part of Government, the payment to the widows of the sum herein stated, to be reimbursed out of the monies deducted from the Officers' pay. It was finally resolved, that a committee consisting of Major General Macomb, and the highest Officer of each department of the Staff, and of each arm of the service present at the seat of Government, be appointed, to make known these proceedings to the Officers of the army, and to request their assent thereto, in order that measures may be adopted to carry the intentions of this meeting into effect, provided it be approved by two thirds of the Officers composing the military peace establish ment. Of the Officers composing the meeting the following subscribed to the foregoing propositions-namely: ALEXANDER MACOMB, Major General, GEO. GIBSON, Br. Gen. Com. Gen. of Subsistence, ROGER JONES, Adjutant General, CHA'S. GRATIOT, Col. of the Corps of Eng. and chief Eng. EXAMINATION OF MIDSHIPMEN. WASHINGTON D. C. Oct. 20th, 1833. MR. EDITOR:-I have been instructed to forward to you, the enclosed resolutions, adopted at a meeting of Passed Midshipmen recently held at Norfolk Va., for the purpose therein stated, with a request that as an act of justice to the injured feelings of a highly meritorious officer, you will give them an insertion in the November number of the Military and Naval Magazine. As the resolutions sufficiently explain themselves, they will require no comments from me, farther than to state, that the officers composing the meeting were induced to pursue this method of refuting an attempted calumny, not from any belief that it would add in the least to the elevated standing of Mr. Rodriguez among his brother Officers, (for his enviable reputation among them is too well established to be shaken by the shafts of envy or malice,) but to correct any erroneous impressions which may have been made upon the minds of others, particularly upon those in civil life who have the controul of his destinies as an Officer, and whose just appreciation of his merits caused him to be appointed to the arduous, delicate and responsible situation which he now fills, so much to the advantage of the young Officers of the Navy, and through them to the interests and honor of his country. I also enclose to you the answer of Mr. Rodriguez to the committee appointed to wait upon him with a copy of the proceedings of the meeting. Respectfully &c. R. SEMMES. |