New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-10-14

oLe Oi Hese letdlDg PioPousiucs - A'''i'NHN''
1t may fall strangely on the ears Of those who have
lever looked into the question, to be told that Of
all the marriages which take place in Massachusetts,,
four. seyenths are Irish. Yet the fact m not less
true than strange. The Irish there would seem TO
be the only class of which the childish extrava-
esuce Of the age has not taken 30 complete pos
session as TO render them unable to indulge In the
luxury Of marriage. The statistics OF commercial
life develop kindred facts Of an equally astounding
character. If Massachusetts presents remarks
bic condition Of things, so far as marriage is con-
cerred, her history il equally curious In relation TO
the uscess Of her mercantile community. Before
this array the "sold men Of Boston become but
collection of phantOms. Not more than three In
hurdred Of the merchants and traders Of that city
become independent. Gen. Dearborn, who Tor
twenty years as Collector Of that port, and who
had ample opportunities for observing the vicisss
tuces Of trade declared in public address before
the Legislature, that among every hundred OF the
merchants and traders Of that city, not more than
three ever acquired an independence. This con-
clu.ion was not arrived at without great distrust;
but on experienced merchant, who was consulted,
fully admitted its truth. A Boston antiquarian 10
the year 1900 took memorandum Of every person
On Long Wharf, ard in l5i0 only five in one hun
dred remained. All but these had either failed or
died insolyent. The Union Bank commenced business
in 1873, there being then only one other bank. The
Union was oyerrun with business, the clerks being
obliged to work till midnight, and even on Sundays.
Of pfs
opened with the Bank at starting, showed that only
six remained. All the others had either failed or
died insolvent. Houses whose paper had passed
without question: the very parties who had constl-
tuted the "soEd mep," all had gone down in that
time Another person had occasion to look through
the Probate Office, where the estate of every man
who dies is registered. He was astonished to find
that more than ninety per cent Of all the estates
there settled were insolvent. Of the Directors Of
the Bank of Massachusetts,, over third were found
upon examination to have failed. In the Direction
of the Union Bank, the proportion was even larger.
1t would thus appear that even class so generally
presumed to have at command facilities not acces.
sibe to mere depositors are not exempt from visit
atoms of calamity which in this country seems to
be bopelessly chronic. The proportion Of capital
affords no apparent guarantee against ruin. Alb
staining from business by those who are able to live
without it, may be considered the only safety But,
if wisdom come by experience, and il those who
fail acquire any of the former in consequence, those
may be counted comparatively happy who fail while
Joung, that they may have time, in after life, to
amend the errors and repair the damages Of their
carly ventures on the ocean Of trade.
1t must not be inferred from this disastrous ex.
hibition that commercial misfortune has been pecu.
liar to the people of Boston. The same examine
ton elsewhere would be found to expose the same
results as inseparable from the uniform impru-
dence with which business is conducted in this
country. The Bankrupt Law of leil discharged
some thirty-three thousand men, who returned in
their petitions the names Of more than million of
creditors. Their debts were admitted to be S4i0,.
934,6l5, but they probably amounted to round
half billion. To pay this enormous indebtedness
they returnedoD only S4s 69 ,3O7 ofassets. How much
more was concealed, it is impossible to conjecture
with any accuracy. In Pennsylvania and all south
Of that State the records show that not one cent on
rendered. In Illinois they yielded GO cents to the
500, in Michigan and Iowa of q cent each to the
800. while Massachusetts, produced but cents,
and Connecticut 6-lO of a cent to the 500. Ken
lucky yielded the highest being IS cents. No
commentary on the mode of doing business prac-
ticed in this country can be more impressive than
the array of such facts as these.
What are the causes and what the remedy for au
organic disease like that Of tendency in all Ameri-
can business toward insolvency, might probably
occupy the minds of the profoundest thinkers.
Some great mind may yet collect the scattered els
ments of the true theory and weave them into
coherent tissue. Extravaganza, want of caution
ard general bad management, have been held up as
primary causes of failure; but il will be found that
the balance of interest in most cases absorbs the
whole product Of labor and gradually but surely
produces bankruptcy. The evils Of overtrsding
might be corrected when discovered, if no sudden
crisis were produced and all supplies Of money ct
legal rates of interest as suddenly intermitted.
But the fact is too well known to be controverted
that in large majority Of bankruptcies, tho heavy
deficit which exists, in spite of figures carefully
arranged to produce a soothing impression on the
sympathy of the creditor, has originate
in the payment of interest. This interest more
over, has invariably been usurious. The street
rates have eaten the debtor up. What, but such
necessity, ha, largely contributed to PROSTATE the
Loblest railroad enterprises which the world ever
beheldi What else but this has eaten up the sub
stance Of the scores Of business houses which have
everywhere suspended within a month, VIVA.
else but this is eating up, with certainty % in
evitabe as DEATH hundreds Of others still founder.