Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1843-11-18


federalism and Jacksonian knowledge out
of MADlsoN's constitutional ignorance.
INTERESTING FACTS. The following in.
terestnJ facts in relation to the insoIyen-
cy Of those who obtain Their living by
buying and selling are contained in an ex-
tract Of a letter from an intelligent gen
lleman in Boston, which we find in the
New York Express:
Seen. Dearborn, ofMassachuseits, in q
lecture delivered the last winter before
the lalmer OF the Massachusetts House
OF Representatives declared that 81 out
OF every 100 persons who obtained their
livelihood by buying and selling, failed or
died lnsQlvent. He was contrasting agri-
cultural with mercantile pursuits, and
SAID that rich men should instlll into their
sons love Of agriculture. He declared
that he would prefer cottage in the
country, with five acres of ground, to the
most SPLENDID palace that could be erect
ed IN the city, if he must depend upon the
success of merchandise to support it. He |
then went to say, "that having been some
Illteen years in the custom-house in Bos-
ton, he was surprised to find at the close
oil the torn, an entire new set of mon do
ing business there.
This induced him to look into the sub
Ject, and he escertained after much labor,
time and research, that 81 out OF every
100 who obtained their livelihood by buy
ing and selling, failed or died iesovent.
He then submitted his calculation to an
old merchant Of great experience, who
confirmed it in every particular. The
statement, however, appeared to me so
startling, SO appalling, that | was induced
to examine 1t with much care, and, re-
greet 10 say, found it true, | then cal
led upon friend Of mine, a great anti
IquarIan, u gentleman always referred to-
IN all matters relating 10 the city OF Bos
ton, and he told me that in the year 1900,
he took a memorandum Of every person
on Long Wharf, and that in 1910, (which
Is as long period as merchant contin-
ues IN buslness,) only 5 in 100 remained.
They had all in that time either failed or
died destitute Of property. | then went
10 the very intelligent director Of the I'm
ION Bank, IA very strong Bank;) he told
me that the bank commenced business mi
1898, that there was then but one other
bank in Boston, the Massachusetts Bank,
and that the bank was so overrun with
business and the clerks and officers we're
obliged 10 work until IL o'clock at night
and all Sundays; that they had occasion
TO look back year or two ago, and they
found that of the 1000 accounts which
were open with them in startling, only
80 remained; they had in the 40 years
either all failed or died destitute Of prop
erty. Houses whose paper passed with
out question had all gone down in that
time. Bankruptcy, said he, is like death,
and almost as certain; they fall single ana
alone, ard are thus forgotten; but there is
no escape from it, and he is a fortunate
man who fails young. Another friend
told me that he had occasion to look
through the probate office a few years
since, and he was surprised to find that
over 55 per cent. of all the estates settled
there were insolvent. And within lew
days have gone back to the ncorpora-
ton of our banks in Boston, have a list
of the directors since they started. This
is, however, very unfair way OF testing
the rule, for bank directors are general
ly the most substantial men in the COM
mun;ty. In the old bank over one-thlrd
had failed in 40 years, and in the new
banks, a much larger proportion. | am
sorry to present to you so gloomy a pic
ture, and trust you will instiIl into your
sons, as Gen. Dearborn recommends, u
love of agriculture, for in mercantile pur-
suits, they will fail to dead certainty"