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government naturally tends to foster against all large moneyed institutions. Identified almost with<br />
himself, the public, no less than the stockholders and depositors, reposed in it [his company] a degree of<br />
trust, which has probably never been exceeded by the most extensive and well-earned popularity of any<br />
similar institution. In the settlement of estates of deceased persons in the Probate Office for the county,<br />
the records often speak of it as "the Bowditch Office."<br />
One of the dilemmas facing insurance companies is the need to decide between maximizing profits<br />
and serving customers. It was said of Bowditch that "he had always in view, in its widest sense, the<br />
permanent and ultimate good of the institution over which he presided, and never compromised its<br />
interests or rights." But it is also true that he did not abuse his customers. He was noted for<br />
"Displaying the utmost courtesy, and the most liberal spirit of accommodation towards other<br />
individuals who dealt with the company..." So how did he reconcile the needs of the company and<br />
needs of the customers, while managing to satisfy both? Here is where those advanced moral<br />
reasoning skills come in.<br />
There were many instances in which Bowditch solved moral dilemmas where it seemed he would<br />
be required to compromise either the interests of his clients, his own moral principles, or the<br />
interests of his company. In the following account, we see how Bowditch manages to balance these<br />
interests. It is an excellent example of how advanced moral reasoning skills work in real life.<br />
One of the wealthiest citizens of Boston, himself a member of the Board of Control for the [insurance]<br />
company, wished, upon a Saturday, to deposit ten thousand dollars to be managed in trust. His balance in<br />
the bank, however, was less than that sum by three hundred dollars, and he offered to the actuary<br />
[Bowditch] his check for that part, to be good on the next Monday. Dr. Bowditch said, "I cannot, sir,<br />
receive any check payable at a future day as cash. It is a rule of the office, which you yourself assisted in<br />
making, that I shall never part with the money of the institution, or make any engagement in its name,<br />
without an actual payment, or sufficient collateral security received in return. It is my duty to enforce this<br />
rule against the most power and influential, as well as the most humble, individual who deals with the<br />
institution." The gentleman was at first not a little astonished at such a novelty as the refusal to trust him<br />
for three hundred dollars for one day. Dr. Bowditch resumed, -- "I am happy, sir, that it has become<br />
necessary to enforce this rule in an extreme case. Having been once applied to yourself, no one else can<br />
ever object to a compliance with it. And it is in itself an excellent regulation." A moment afterwards,<br />
finding that his own private balance in the bank was more than that sum, he offered to take the<br />
gentleman's check himself, giving to the company his own check payable that day; which was done<br />
accordingly.<br />
This is sort of like a businessman refusing to accept a future-dated check from Bill Gates on the<br />
ground that his account was currently $50 short. But speaking of treating the rich and poor alike. It<br />
should be noted that in certain cases, Bowditch would show preference towards poor clients.<br />
On one occasion, a man came in to deposit a small sum of money in trust for a young lady (his<br />
ward) when she came of age. Before he had completed this business, a rich man came in who was a<br />
good friend of Bowditch's. He wished to place $20,000 - $30,000 (in those days' dollars) in trust<br />
with company. But Bowditch refused him. When the friend asked why the other man could deposit<br />
money in trust, but not him, Bowditch replied, "Because you can take care of the money yourself.<br />
Whenever, as at present is the case, there is so much money in possession of the company,<br />
uninvested, that it will not be a decided advantage for them to take any more, I receive it only from<br />
such as cannot take care of it themselves. For such cases especially was the company designed. It<br />
is a sort of Savings' Bank, except that it is on a larger scale than usual." Bowditch would acceptable<br />
"charitable business" from those who needed his services, even if he didn't really want their money.<br />
In those days there were things that gentlemen did not do to ladies; particularly, dragging them into<br />
court in a lawsuit. Bowditch would not compromise on this honor code; if the contractual terms of
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