FINANCES OF THE UNITED STATES. 



313 



non-interconrse took place. The number of 

 persons doing business is pretty accurately re- 

 corded by the mercantile agency of Dun & Co., 

 whose a-jencies extend all over the Union. 

 [In the foregoing table the failures in the South- 

 ern States (with the exception of the cities of 

 Baltimore, Louisville, and St. Louis, the State 

 of Delaware and District of Columbia, which 

 embrace the entire year) are shown to 1st May 

 only.] 

 The comparative aggregates show as follows : 



In the Southern States, the number of fail- 

 ures for the entire year of 1857 was 675, with 

 an indebtedness of $25,932,000, while the par- 

 tial returns for the year 1861 reveal 1,058 fail- 

 ures, with liabilities amounting to $28,578,257, 

 although the returns from the seceded States 

 embrace a period of only four months, or up to 

 May 1st, when the regular facilities were inter- 

 rupted. The unusual amount of failures in that 

 section during these four months, is to be ac- 

 counted for mainly on the ground that many 

 were intentional, in order to evade obligations 

 due at the North. Subsequent State action, 

 annulling all Northern claims ; the entire ces- 

 sation of trade ; and the impoverished condi- 

 tion of the South, led to the fear that the entire 

 indebtedness of that section would be swallowed 



up in carrying on the war : involving a general 

 mercantile bankruptcy there. 



The amount of the mercantile indebtedness 

 of the South to Northern merchants, by a very 

 close examination of the books, confirmed by 

 other sources of information, appears to he to 

 the four cities of New York, Boston, Philadel- 

 phia, and Baltimore, about $211,000,000, divided 

 as follows : 



New York ...$159,800,000 



Philadelphia. 24,600,000 



Baltimore 19.000,000 



Boston 7,600,000 



In the dry goods interest alone in these 

 cities estimates show that New York loses 

 $75,000,000; Philadelphia, $14,000,000; Balti- 

 more, $6,500,000, and Boston $2,000,000; 

 making a total indebtedness to the dry goods 

 trade of $97,500,000. From this and other 

 data, the total liabilities of the South to the 

 Northern States are estimated at nearly $300,- 

 000,000. 



The cutting off of such an amount of present 

 means was a severe blow to Northern deal- 

 ers, and it is matter of surprise that so few 

 failures took place in proportion to the whole. 

 The average liabilities of the Northern failed 

 firms appear to have been about $30,000 ; if 

 the liabilities of the whole number in business 

 are as large, then the aggregate of Northern 

 liabilities is $5,167,110,000, and it is quite prob- 

 able that the sum of outstanding credits much 

 exceeds this amount. In New York City, 980 

 firms failed, owing nearly $70,000 each, and 

 there are 19,127 still in business that probably 

 owe as much, which would give $1,338,890,000 

 of credits. 



UNITED STATES REVENUE AND EXPENDITURE, FROM JAN. 1 TO DEC. 81, 1861. 



NOTE. The payments here stated were as far as they were actually made. Very large amounts were, however, 

 "" to be met out of future means, and to come into next year's accounts. 



