The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1858-03-11
Results Of the Commercial Revulsson Of
1851.

frou the New YORK Herald
We published in yesterdays Herald the
circular Of Messrs. Tappan 4 McKillops
commercial agency, showing from their
books the number Of failures which have
taken place throughout the United States
and the British Provinces during the late
financial revulsion, with the total amount of
liabilities and assets. From this it appears
that the whole number of failures reported
to the agency during this period was 6 .O22,
Of which al were of a fraudulent character:
while the liabilities amounted to S292,335..
600, and the assets TO $3.50 zoo, 600, or forty
cents on the dollar. 1t will be remembered
that, on the 18th Of January last, we also
published the circular Of Douglass & Co.'S
agency but, US may be seen from the fol-
lowing comparative table, they do not vary
materially in their totals, except in the
number OF firms which are reported as hav.
ing failed, and in which there is difference
Of somewhat less than thousand
Dossi... Co. r.p ass"sa Y kl u
Firms on books leach, 2l2,364 227,04S
Failures reP'd by each, 5,l23 6,022
nm VI Hnoiitcs, SI5J,S Oi,OUO VIZ, ,OOO
Amt OF assets, lj6,02l 900 100. 00O, 900
The results presented in the foregoing ia
Bile are doubtless the most accurate that
could be obtained. Both circulars show
that the total amount of liabilities was
about $500, 5000 and il to this be add.
ed the bank failures, the railroad failures and
the failures Of other incorporated comma.
mics, we will have sum total of at least
four hundred millions Of dollars. The num-
Der OF those reported in the circulars re-
ferred to bears a proportion of about two
and half per cent. to the number Of estab-
lishmcnts or firms, while the assets NAV be
set down at forty cents on the dollar. Fol
lowing out the calculation still further,
and applying this per centage of assets
that is, forty cents on the dollar to the whole
number OF firms stated-we have a grand
total of $5,2OO,0OO,OOO.
From the circular of Tappan a Mex illop,
which shows larger number OF firms, it
appears the total loss caused by failures
during the past year was about $l5O,OOO..
600. Correctly speaking, this is not a loss
In the actual wealth OF the country. but
simply loss Of credits to that amount. pro-
daced by an undue expansion and sudden
collapse of the credit system.
The aggregate amount Of the outstanding
credits or liabilities Of the commercial com.
munity Of the whole country. if estimated
by the liabilities stated in the table, will be
found to amount to about thirteen thousand
millions Of dollars, Of which during the re-
cent terrible revulsion not more than three
hundred millions turned out to be bad debts,
and even out of that amount they had about
one hundred and thirty millions of dollars,
showing that the actual loss on the total
amount Of credit was but one dollar and
fraction to the hundred, while Of the total
number Of firms not more than one out of
every forty failed to meet their engagements,
and even these show assets amounting to
little less than one half their total liabilities.
Incredible as it may seem, therefore, it is a
fact particularly deserving of consideration
that the great Revision and the terrible
panic by which it was accompanied were
produced by the failure Of one firm out of
every forty to meet its liabilities, and by the
average less to the creditors of little more
than one dollar on every hundred.