The Middlebury people's press. [volume] (Middlebury, Vt.) 1841-1843, 1843-09-27
VOL. VIlI.--NO. 81
INTERESTING FACTS.

The following interesting facts in rcla-
ton to the insolvency of those who obtain
their living by buying and selling, are con.
tanned in an extract of letter from an in
telIigent gentleman in Boston, which we
find in the New York Express.
Gen. Dearborn of Massar husetis, in y
lecture delivered last winter before the far
mers OF the Massachusetts House of Rrp-
resentallses, declared that " out Of every
100 persons who obtained their livelihood
by buying aud selling failed or dlcd insol-
vent tie was contrasting agricultural
with mercantile pursuits and said that rich
men should instIl into their sons Il love OF
agriculture. lie declared that he would
prefer o cottage in the country. with five
acres of land, TO the most splendid palace
that could be erected in the city, lf he must
depend upon the success of merchandise
To support it, lie then went ON to saw,
''that having been some fifteen years in the
CusInm House an Boston. he was surprised
TO find al the close of his term. an entro
new set Of men doing business there"
This induced hIm 10 look into the subject
and be ascerjaiued after much labor, ;in,,
and research, that 81 Out of every 100 WIN
Ob'alred their l,velihond BIZ buvinE and
selling. fIied, or died in,o.vent. lie then
submitted his calculation TO an old nl.r.
chant Of great experience, whq confirmed
IL in every particular. The statement,
however, appeared to me 81 startling. ~
appalling tia, | was induced To examine
i, with much care. and regret to say
found It tru:. then called u7on a friend
OF mine, great antiquarian, Il gentleman
ALWAYS referred Co in all matter> II ia;inu 20
the city of RnsioR, aud he told me that 10
the year 1900. he took mcinora ndum q.
every person on Long Wharf, and that 10
1910, (Which is as long period rs n rnrr-
chant continues IN business, only 5 IN loo
renamed. They had all in that tune cilt.
er filled or died destitute If property. !
then went TO the verv intelligent director #
the Uniun Bank, On very strong l,aEk) hs
told me that the Bank commenced BUSINESS
in 1893 that there was then but one other
Bank in Boston. The Massachusetts, Bank,
ard that the Bank was so ovrrr,In with hu
Siness that The clerks and Officers we're obi.
ged 10 work until 10 o'clock al night and
an 'uh'i'iN - tHdt ilt HHu utCdsipH 10 ltUt-
back year or two ago, nd thee "a md out
that OF the 1000 accounts whirh were O.
pen with them IN Siarting only So rcmain-
ed; they had in the 40 wears either all fail
ed or died destitute of properly. Houses
whose paper passed without question had
all gone Gown IN that time. Bankruptcy,
SAID he, is like death. and almost AZ certa:l
they fall single and alone. and are t'.T1
forgotten, but there is no escape from it,
and he Is n fortunate man who fd'is gaEEg
Another friend told me that he had occa-
sion To look through the Probate Office II
few years since, and no was surprised tn
find that over 30 per cent. Of all the c.
taics settled there. were insOlvent And
wi'hin a few day have gone bark 10 the
incorporation Of our banks in Boston, |
have list of the directors since they START
cd. This is, however, Il very unflir way
of testing the rule, for bank directors ara
generally the most 'substaniial men IN the
community. la the old bank, over ono
third had failed in 40 years.and in tine new
banks, Il much larger proportion. in
sorry To present TO you so gIoonya picture,
and ] trust you will instIl in,o your sons,
as Gen. dearborn recommends. a lnye of
agriculture, for. in mercantile pursuits. They
viii fail 10 dead certainty.