Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1843-09-01
INTERESTING FACTS.

The following interesting facts in relation
to the insolvency of those who obtain their
living by buying and selling, are contained
in an extract of letter from an intelligent
gentleman in Boston, which we find in the
New York Express.
Gen Dearborn of Massachusetts, in lee
ture delivered the last winter before the
farmers of the Massachusetts House of Rep
resentatives, declared that 81 of every 100
persons who obtained their livelihood by buy
ing and selling, failed or died insolvent.-
lie was contrasting agricultural with mer-
camille pursuits, and said that rich men
should instil into their sons a love of agri-
culture He declared that he would prefer
cottage in the country, with five acres of
ground, to the most splendid palace that
could be erected in the city, if lie must de-
pend upon the success Of merchandise to
support il. lie then went on to say, that
having been some fifteen years in the Gus
tom House in Boston, he was astonished TO
find at the close of his term, an entire new
set of men doing business there"
This induced him to look into the sub
lCOlJ dllu dcOCltdlutu dlNCt IdDOi I,
time and research, that 81 out of every 100
who obtained their living by buying and SELL
ing failed or died insolvent. He then sub
United his calculation to an old merchant Of
great experience, who confirmed il in every
particular The statement, however, APP
peared to me so startling, SO appalling, that
| was induced to examine it with much care,
and regret to say found it true ! then
called upon friend Of mine, a great anti
quarian, gentleman always referred to in
all matters relating to the city Of Boston,
aud he told me that in 1900, he took a
memorandum of every person on Long
Wharf, and that in 1910 (Which is as long
period as merchant continues in busl-
ness) OILY in 100 remained, They had all
in that time either failed, or died destitute
of property. l then went 10 the very intel
ligent director of the Union Bank; "a very
strong Bank) he told me that the Bank COM
menccd business in 1898, that there was
then but one other Bank in Boston, the
Massachusetts Bank, and the Bank was so
overrun with business that the clerks and
officers were obliged to 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 accts
which were open with them in starting, on
ly so remained they had in the 40 years
either all failed or died destitute Of proper
ty. Houses whose paper passed without a
question had all gone down in that time
Bankruptcy, said he, is like death, and al
most as certain they fall single and alone,
aud are thus forgotten, but there is no es-
cape from it, and he is fortunate who fails
young. Another friend told me that he had
occasion 10 look through the Probate Office
few years since, and he was surprised to
find that over 90 per cent. of all the estates
settled there, were insolvent. And within
few days have gone back to the incofpo
ration of our banks in Boston. l have list
of the directors since they started. This is
however, a very unfair way Of testing the
rule, for bank directors are generally the
most substantial men in the community. In
the old bank over one-third had failed in Al
years, and in the new banks, much larger
proportion. l am sorry to present YOU SC
gloomy picture, and trust you will insti
into your sons as Gen. Dearborn recon-
mends, love of agriculture, for, in mer
camille pursuits, they will fail TO dead Ger
tainty.