The Cadiz sentinel. [volume] (Cadiz, Ohio) 184?-1851, 1845-03-26
Remarkable Facts,

Gen. Dearborn, of Massachusetts, in lecture
delivered the last winter before the farmers of
the Massachusetts House of Representatives, de-
clared that ninety-seven out Of every hundred
persons who obtained their livelihood by buying
and selling, fattc6 or died insolVent. He was
contrasting agricultural with mercantile pursuits,
and said that rich men should instIll into their
sons love of agriculture. He declared that no
would prefer cottage in the country, with a.
cres of ground, to the most splendid palace that
could he erected in the city, if he must depend
upon the success of merchandise TO support it.
He then went on TO say, "that having been some
fifteen years in the Custom House in Boston, he
was surprised TO find at the close of his term,
an entire new set of men doing business there"
This induced him to look into the subject, and
he ascertaned, after much time and research,
that nnety-seven out of every one hundred who
obtained their livelihood by buying and selling,
faiLed or died insolyent. He then submitted his
calculation to an old merchant of great expert
ence, who confirmed it in every particular. The
statement, however, appeared to me so startling,
so appalling, that was induced TO examine it
with much care, and | regret to say found il
true. then called upon friend of mine, great
antiquarian, gentleman always referred to in
all matters relating to the city of Boston, and he
told me that in the year 1900, he took memo
randum of every person on Long Wharf, and
that in 1910 (Which is as long as merchant con-
tinues business) only FIVE in one hundred re-
mained. They had all in that time either failed
Or died destitute of property. then went to a
very intelligent director of the Union Bank Ia very
strong bank, he told me that the bank commen-
ced business in l79S, that there was then but one
boo ti,o al,
and that the!bank was so oveTun with business,
that the clerks and officers were obliged to work
until twelve O'Clock at night, and all Sundays;
that they had occasion to look back year or
two ago, and they found that of the one thou
sand accounts which were open with them in
starting, only six remained ;they had in the forty
years either all failed or died destitute Of proper
~. Houses whose paper passed without ques-
ton had all gone down in that time. Bankrupt
cy, said he, is like death, and almost as certain;
they fall single and alone, and are thus forgot
ten, 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 few years since, and he was sur
lprsed TO find that over ninety per cent. Of all
the estates settled there, were insolvent. And
within few days back, have gone back to the
incorporation of our banks in Boston. have
list of the directors since they started. Thsis,
however, very unfair way of testing the rule, for
Bank Directors are the most substantial men in
the community. In the old bank, over one-third
had failed in forty years, and in the new bank q
much larger proportion. am sorry to present
TO you SO gloomy picture, and trust you will
instill into your sons, as Gen, Dearborn recon,
nends, love OF agriculture, for, in mercantile
pursuits, they will fail to dead certainty