The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1845-08-23
REMARKABLE FACTS.

General Dearborn, Of Massachusetts, in {
lecture delivered the last winter before lhC
farmers Of the Massachusetts House ol
Representatives, declared that ninety seven
~. oc every hundred persons who obtained
Iheir livelihood by buying and selling failed
Or died insolvent. He was conslraS,ing
agricultural with mercantile pursuits, and
said that rich men should insiil into their
sons love of agriculture. lie declared
lhgt he would prefer cottage in the coun-
try, with five acres of ground, to the most
splendid palace tina, could be erected in
he city, if he must depend upon the success
of merchandise TO support it. He then
went on TO say, that having been for some
fifteen years in The Custom House in Bos-
ton, he was surprised to find, at The close
Of his term, an entire new set OF men do
ng business there,
This induced him to look into the sub
eci and he sscerlaned, after much time
and research, that nineiy-seven out oil
every one bundled who obtained their live
ho9d by buying and selling, failed or died
Insolvenl. He then submitted his calcula
ton to an old merchan. Of great experience,
who confirmed 1t in every particular. The
slalemeub Eoweverappeared to me so slaIt
ing, SO appalling, that | was induced to
examine it with care, and | regret II
say | found il true. then called upon .
friend of mine, grea, sniiquarian,a gentle
nan always referred TO in matters relating
10 the city of Boston, and he told me that ii
tie year 1900, he took a memorandum o
every person Oh Long Wharf and that il
1910 (Which is as long as merchant con
inues business)only five in one hundre'
remained. They had all in lha, time eilhe
failed or died destitute Of property. .heI
ven, TO very intelligent director Of ,h'
Union "a very suong uan"1 WHO 'o'u M
that the bank commenced business in 1898
that there was then but one other bank l.
Boston, the Massachusetts Bank, and lha
lIhe bank was so 0verrun with business iha
he clerks &. officers were employed unit
Twelve O'Clock at night, land all Sundays iha
they had occasion 20 look back a year
.wo ago, and they found that of the on
Thousand accounts which were opened VIII
hem a, starting, only six remained, the.
| had the forty wears either all failed or die
destitute of property. Houses whose pape
passed without question have all gon
lown in that time. Bankruptcy, said ht
like death, and almos. as certain. they ia
single and alone, and are thus forgotten
nut there is no escape from it, and he is
fortunate man who fails young, Anolh'
|frierd told me that he had occasion 10 loo
Through the Probate Office few years sire
and he was surprised to find over nlnel
per cent of all the estates settled were IL
solvent. And within a few days | ha'
gone back to the incorporation Of our bank
lin Boston. have list Of the director
since they started. This is, however,
very fair way OF testing the rule-for Ban
directors are the mos. substantial men
, the communily.-In In the old bank, over OF
: third had failed in forty years, and in II
new bank much larger proportion.
,orey to pre- sent to you so gloomy a pi
y ture, and | uus, you will ins'il into yo
= sons as Gen. Dearborn mends, Io'
of agriculture, for in mercantile psrslshht
will fail to a dead certainty.
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