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

General Dearborn, Of Massachusetts, il
rclure delivered the last winter before I
aImers Of the Massachusetts House
Representatives, declared that ninety sew
'ut o: every hundred persons who obtain
heir livelihood by buying and selling fail,
or died insolvent He was conslrasliT
agricultural with mercantile pursuits, al
Isald that rich men should iHslil into The
sons love of agriculture, lie declare
that he would prefer cottage ia the couI
Iry, with 6ee acres of ground, 10 the mo
splendid palace that could be erected
he city, If he must depend upon the succei
OF merchandise to support it. He the
went on to say, that having been for som
Fifteen yeas in the Custom House in Bo.
on, he was surprised to fnd at The clos
of his term, an entire new sci OF men d.
ing business there,
This induced him 10 look into The sub
jecl and he ascerIained, after much tim
and research, that ninety -seven out O
every one bundled who obtained their live
ihood by buying and selling, failed or dice
,nsovenl. He then submitted his calcua
IioD to an old merchant OF great experience
who confirmed II in every particular. The
'ialemeub Eowever,appeared TO me SO slarl
ing, SO appalling that | was induced tc
examine i, with care, and | regret 10
say found it true. then called upon .
riend OF mine, great antlquaran,a gentle
nan always referred TO in matters relating
10 the city of Boston, and he told me that il
tie year 1900, he took memorandum oI
every person on Long Wharf and that il
lS4O (Which is as long as merchant con
rinues business)only five in one huudreG
remained. They had all in that time elhe,
failed or died destitute Of properly. ther
vent to very intelligent director Of The
Union "a very strong Lank) who told mt
hat the bank commenced business in-l79S
hat there was then but one other bank H.
Boston. The Massachusetts Bank, and ,ha
he bank was so overrun with business, tha
he clerks g. officers were employed UNI
welve o'clock al night, and all Sundays tia
hey had occasion 20 look back year oi
wo ago, and they found that of the on,
housand accounts which were opened will
hem al starting, only six remained, they
lad the forty wears either all failed Or died
destitute of property Houses whose paper
,asseG without question have all gone
Iown in that time. Bankruptcy, said he
Ike death, and almost as certain, they fall
ingle and alone, and are thus lorgoilen--
,uI there is no escape from it, and he is a
orlunae man who fails young. Another
reGd told me that he had occasion to look
Trough The Probate Office few years srce
nd he was surprised to find over ninety
,er cent of all the estates settled were in
solvent. And within a few days have
zone back 10 the incorporation Of our banks
II Boston. have a list OF the directors
ince Ihey started This is, however, a
'ery fair way OF testing the rule-for Bank
Directors are the most subsla tial men in
he community ln the old bauk, over one
bird had failed in forty years, and in lb'
rew bank a much larger proportion am
orey To pre- sent TO you so g0omv pic
ure, and trust you will insll into your
ons as Gen. dearborn recommends, love
,f agriculture, for in mercantile psrSi:,lhey
si fail 10 a dead certainty.