The Beaver's best course was, no doubt, to procure A second-hand dagger-proof coat— So the Baker advised it—and next, to insure Its life in some Office of note: This the Banker suggested, and offered for hire (On moderate terms), or for sale, Two excellent Policies, one Against Fire, And one Against Damage From Hail.
If we allow the Beaver to be industry and the Butcher to be regulation, then the dagger-proof coat might be industry's promise of voluntary self-regulation, a half-hearted effort. The banker's offer of insurance policies doesn't protect against the threat (the Butcher).
