The Insurance Times of New York having reprinted the greater part of Mr. Sprague's paper On the proper method of estimating the liability of a Life Insurance Company under its policies, and Mr. Makeham's letter which appeared in the same number of this Journal, the Hon. Elizur Wright has thought it desirable to explain the aim of the American Insurance Law in a letter to that periodical, from which we make the following extract. We do this not only on account of the general interest with which Mr. Wright's views will be read, but still more because he corrects a misconception as to the object and purpose of the American Life Insurance legislation.—Ed. J. I. A.