Miscellany: Facts Respecting Insolvency

The following interesting facts in ïelation to the insolvcncy of thase wlio obtam thcir living by biiying and selling are contained in an extract, of a letter from an intelligent gentleman in Boston, which we find in the New York Express. Gen. Dearborn of Mas?aclmsettF, in a lecture dflivered the last winter before the farmers of the Massaclmsetts House of Representutives, declarcd that 97 out of every 100 persons who oblained their livelihood by buying and seng,fuiled or died insolvent. Ile ! was contrasting ngricultural with mercantile pursuits, and siild that ricli men should instü ! into their 6üns a love of agriculture. Ile declared that he woiild prefer a cotiage in the country, wi.h five acres of grourid, to the most splendid paloce that can b; erectcd in the city. if it must depend upon the snecess of merchandize to support it. He then went on to sav, "thnt having been some fifteen years ia the Custom House in Boston he was surprised lo find at the close of the term, an ! tire new set of men doing businrss there." This inducvd him to look into the subject, jind lie ascerlained nfter mueh labor, titne and Tc.eaich,thnt 97 out of every 100 who obtnined their livelihood by buying and selling, Jailtd r died insolvent. He then submitted his calculation to an old merchant of great expennce, who confirmed it in every particular. - The statement, however, appeared lo me so starlling-, that I was mduced to examine H with miich care, nnd I regret to say I found jt tuie. I then called upon a fricnd of mine, a great antiquarian, a gentleman alwnys referrcd to in all business metters relating to the city of Boston, and he told me that m the year 1800, he took a memorandum of every person on Long Wiiarf, ond that in 1S40 (which is de long a period ns a merchar.t continúes in business.) only b in 100 remained. They had all in ihat time either failed or died destitute of property. I Ihen went to the very intelligent dirpetor of the Union Bank - (a very strong bank) - he told me that the Bank commenced business in -1798, that there was then but one olhpr Bonk in Boston, the Massachusetts Bank, and that the bank was so overrun with business --■--■ ■'" iir-jiii -'■""IM that the cleiks and officers were obliged to work until 12 oxlock at night ond all Sundays, that tliey had occasion to look back o year or two ugo, and they found tlint of the 100 accounts which were open with them in starting only 20 remained; ihey hou in ihe 40 years either aWjailed or died destilute of property. Houaes who=e paper had passed without question l:ad all gone down in that time. Bankruptcy, said he, is like death, and almost as cerlain; they fail single and all alone, and are thus forgolten, buttheré is no escape from it, and he is a forlunafe ucin who failsyoutig. Another friend told me that he had occasion to look through the Probate j fice a few years sitice, and he was surprised to find that nver 90 percent, of all the estates setiled ihere. were insolvent. And wilhin a few c'ays I have gone back to the incorporation of our banks in Boston, I have a list of the Directors since they startcd. This je, howevnr, a very unfair way of testing the rule, forbank directors are genorally the most substnntial men in the commnnity. In the oio banks over one Ihird had failed in 40 years and in the new banks, a mncli larger proportion. I arn sorry lo present to you so ffloomy a picture, and I trust you will instil into your sons, as Gen. Deurbom recommends, a Jove f agricultural, for in mercantile pursuits they w'üfail lo a dead certain'y.