{"newspaper_name": "The New York herald.", "edition": "01", "page": "p2", "byline": ""}
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had some property, forgot 10 mention another very
important, but rather different case--that ofJames
Watson Webb, now the proprietor Of the Courier 8.
Enquirer, whose schedule included over $2OO, 600
OF debi,whst his assets consisted Of few old chairs
and table. The statement is, however, remarka-
bic, and dlscloses in a very interesting and intelg


bic manner the state OF society in this country as
connected with bankruptcies. One hundred and
twenty millions Of Indebtedness wiped oil al one
sweep, in this city alone This immense sum was
the accumulation OF years, and the way in which the
vast Indebtedness was incurred was generally by ex-
travagance in living and folly in speculation. II
was eaten M and drank up and worn and spent in
various ways, by parties who were enabled to 90
on from year 10 year by running notes and paper
money, and all that sort OF thing, until they could
not hold out any longer and all broke down in 1887


Probably two. thirds OF those in the st OF bank
rupts were in a state OF insolvency for ten or fifteen
years previous 10 their failure, and who can tell but
at the present time there is Just as much rottenness
now IN all those accounted rich in this metropolis
We see the same extravagance-the same foly-the
same expensive mode OF living. In another point Of
view this statement Is interesting. II the amount of
Indebtedness was 40 great IN the city of New York
alone, we may reasonably set down that Of the
whole country as at least five hundred millions =
And all this through folly and extravaganza II is
very true that houses were bullt-churches were
built-shps were built-rallroads were constructed,
which still remain, but still there was an immense
amount Of ruin and destruction. The country is
now IN very healthy condition. and any person
who manages his affairs with discretion, may readi-
y make himself independent Of easy in his circum-
stances But no doubt we are commencing new
era which. in ten or fifteen years. will create Just as
much indebtedness, perhaps, that created by the
fifteen years previous to the last great revulsion