, 1860-01-07
Commercial Bankruptcies In the Uni.
ted States and CanadaN In 1853,
.za1uat Export OF shs .u<reaxflIe -ze<.ty at
I]un, lloyd = Co.

1AuuAf1s 41hu
A review Of the years business enables US, IN
this, our annual circular, to congratulate our
subscribers mud friends both as to the fruits Of
the pust and the prospects Of the future. While
we do not believe that much money has been
made in the aggregate during the year, we Jet
link there has been an evident general iul-
provcment. Tie spring trade is understood to
measure, counterbalanced the dissppointmcnts
Of the fall. From q careful Investigation, we
feel safe 10 saying that healthy and moderate
business has been realized, and That the pros
pects OF the year VIC now enter on are, TINT IN
equally healthy and improving state Of ntiairs
will continue. The only element We Gun see to
prevent this in our own country is that unhap
py and disturbing political one now agita.ing
both North and South. This, We believe, will
prove temporary one only.
It is evident that the effects of the disasters
Of 1857 still remain, and that they exhibit tlcsu-
selves in the heavy suspended indebtedness Of
the West remaining 'tncancelled. At the time
10th creditor and debtor that the latter pos.
sesscd the ability opay in full, or very ncar'y
SO, and very general spirit OF accommodation,
that, under the circumstances WAS most praise
worthy, existed, aud was srroflered and accepted.
Circumstances, however, have shown thas this
hope was taliacious one, and that spirit Of
speculation, which prevailed generally, had
driven capital from its Legitimate channels, and
that :: large proportion Of tic traders at tue
West lad made investments in real estate,
which the inflated times Of sc seemed to pro-
mise safe, but which were in fact injadicious,
unsound, and have largely contributed to the
den, ,csscd condition which that portion uf olr
country now exhibits Our merchants, under
standing that tl'e prospects are not Frightening,
arr now pushing their claims, and assignments
follow-the assets, in most cases, exhibiting
themselves in lands, as stated, which lsaye been
bought at an overya!ue, and which, in the end,
will net but small per centage OH the debt in
volyed.
Our observation of the cause and effect Of a
crisis shows that, heretofore, it has taken fully
four or five years for the country to recover it.
self, and We are not disposed to look for much
enlargement Of business the coming year.
Tie effects Of disease nre not readily over
conc. TLey fInGer long after the cause is re-
moved aud the relapse is to be feared aud guurl-
ed against. From diseased condition We must
recos or slowly, aud tue more gradual the in'-
provenent, the more hcalthful and permanent
Tue cure. In this rirw the dultness Of trade the
past fail has acted flvorably. Some merchants,
who had recently ordered largely, in view Of u
promising spring trade in 1865, exercised wise
precautiun, and, in very many cases, counter.
minded their orders; and this rery want oi
business has, in this way proved check on Oh.
onward movement. which now promises to he Q
regular one.
Following our usual custom at the close o
each year, ye present to you our table Of statis
tics, e1nbodyins such information as will aiG
you iu your calculations Tor the future.
The statistics we offer you show that il
1851 there were in the United States amt
British North America 204 ,0G1 truding firms
and in 1853, 22a,731. The excess Of lSi.
over - is accounted for by the fact that !,
lnukipg our table of statistics for 81 we count
cd ont Il large number Of firms who had sus