Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1858-01-15

Herald publishes statement of failures since
the commencement of the panic, and gives
the following estimate of debts and assets
Liabilities. Assets.
In Great Britain. .......400 COO O00 $4,000 600
Continent OF Europe. 800 600 600 o0o00,O0O
United States Canada 100000 O00 l4l 900 goo
Of course this is but an estimate, but it
probably comes near the truth, and is useful
as comparison between this country and
Europe.
When the panic first commenced in Eng
land, every failure there was charged to de-
falcations in this country, and for time there
was anything but blessings heaped upon our
heads. AS it progressed, however, and house
after house, bank after bank, fell from the
ranks, it was found that there was more rot
outside of the line connected with us than
inside of it; and now our friends on the 9th.
er side freely admit that their American trade
has been the best, and attended with the least
loss in comp arison with any other.
An estimate of so per cent. Lnearly of as
sets IN such a line of failures, considering the
great depreciation in all kinds of property, is
certainly very large; but we are inclined to
the opinion that even more than that will be
realized from the American failures. Many
have been carried down who will ultimately
pay in full, and very few, we believe, who
Will not pay between 25 and so per cent.
Considering all the circumstances of the
case-the suddenness of the shock-the rapid
fall OF property, and the difficulty of convert
ing assets into money even at great sac
ri6ce-It is safe to say that however disss.
trous the result has been, there is nothing in
it to show great Iottenhess in the merca 5tile
affairs OF this country; aud therefore it is that
Signs of lie and xUQd nti VII
ifested so soon after the crash was over. Men
who had overdue paper do not look upon il
as total loss, and become discouraged them
selves, but rather consider 1t in most cases as
about as good property as many kinds OF
merchandise would have been if held over
for the same time, and therefore are better
satisfied to bear the loss. The confidence in
large dividends will also help to make them
large, by having tendency TO encourage
those who have weathered the storm gradual
lyto extend their operations. and 80 to bring
about sooner an Improvement in the value Of
those kinds of merchandise which are lowest
compared with cost of production or impor-
taton, and thus IN many cases to increase the
value Of bankrupt assets.
But when when we look upon the Euro.
pean figures, quite different state Of affairs
is presented. A show Of 20 per cent--apd
theaHeraid writer doubts it will turn Out
more than loon such a vast sum as zoe
millions, indicates a rottenness perfectly AZ.
founding. Il was a hopeless state Of bank.
ruptcy for which there was no remedy. Ii
was merely question Of time when the OK
| plosion should take place, and if there had
been no difficulty here to hasten 1t, TINT time
could not have been long postponed. NJ
state OF businesfs however prosperous-nc
facilities for obtaining money, however great
could have enabled these failed concerns Il
make up a defciancy or 500 millions. Al
the case was beyond hope, it is Just as wei
that the collapse has taken place, and is over
| There is now a fair field for the honest apt
| prudent which there was not before. As III,
failures in Europe are 80 much worse thar
ours, 30 it will take longer for business affair
to right up there than here, because the hold
ers Of the broken paper are deprived of nenrl,
tho whole amount of il, and can hardly iooi
10 fsTshcCaiHg dirsdOads to ard IN now b,S.i
Y nees-
These figures, at homo and abroad, are