Des Moines courier. ([Ottumwa] Iowa) 1848-1854, 1850-01-18
Facts worth Noticing.

General Dearborn, of Massachusetts
in lecture delivered the last winter be-
fore the farmers of the Massachusetts
House of Representatives declared tina,
81 out of every 100 persons who obtain
their livelihood by buying and selling,
failed or died insolUent. He was con.
trastng agricultural, with mercantile pur-
suits, and said that rich men should in
still into their sons a love Of agriculture.
He declared that he would prefer cot
tage in the country, with five acres oil
ground, to the most splendid palace that
could be erected in the city, if he must
depend on the success of merchandise
to supportit. 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 the term,
an entire new set of men doing business
there" This induced him 10 look into
the subject, and he ascer.ained, after
much time and research, that 81 out of
every 100 who obtained their livelihood
by buying and selling fuiIsd or died in
solUeaf He then submitted his calcula-
ton to an old merchant Of great expert
ence, who confirmed it in every pariicu-
lar. The statement, however, appeared
TO me SO startling, SD appalling, that |
was induced TO examine it with much
care. and | regret TO say found it true.
then called upon a friend Of mine, a
great antiquarian, a gentleman always re
ferred 10 in all matters relating to the
city Of Boston, and told me that in the
year 1909, he took a memorandum of
every person on Long Wharf, and that
in 1910 (which is as long period as a
merchant continues in business) only five
in one hundred remained. They had all
in that time failed or died destitute OF
property. then went TO the very intel
ligent director of the Union Bank; Ia We
ry strong Bank he told me that the
bank con menced business in 1893, tina,
there was then one other Bank in
Boston, the Massachusetts Bank, and
that the bank was SO overrun with bust
ness that the clerks and officers were
obliged to work until IL o'clock at night,
and all Sunday; that they had occasion
10 look back Year or two ago, and they
found that of the 1000 accounts which
were open with them in starting only
sixty remained; they had in the 40 years
either all )ai!ed Or died destitute of prop
erty. Houses whose paper passed
without a question had all gone down in
that time. Bankruptcy, said he, is like
death, and almost as certain, they fall sim
gle and alone, and arc thus forgotten, bu,
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, "A few years since, and he was
surprised to find that over 60 per cent
of all the estates settled there, were in
solvent. And within few days have
gone back to the incorporation of our
banks in Boston. | have list of the
directors since they started. This is,
however, very unfair way of testing
the rule, for bank directors are generally
the most substantial men in the comma
nifty. In the old Bank over onc-third
had failed in 40 years, and in the new
Banks, a much larger proportion. | am
sorry TO present TO you SO gloomy pic
tnre, and trust you will instil into your
sons, as General Dearborn recommends,
love of agriculture, for in mercantile
pursuits, they will fail to dead certain
iy.-N. Y. Erpress. r.