We are apt to think that among the other advantages of progressive Civilisation which we possess in this latter part of the 19th Century, Commercial failures and stoppage of Banks are peculiarly our own, but it was not so; the years 1793 and 1796--the former especially--were times of severe mercantile depression--the tale of which is best told in the language of the times. "The late considerable failures in the City are no longer to be concealed; public credit cannot therefore, suffer the more by our publishing the fact. Four very considerable mercantile Houses have stopped payment within the last ten days: they are principally engaged in American West India Brokerage, and Insurance concerns. One house, alone, has failed for £800,000, and another for £500,000. It is feared that many more persons will become involved in these failures--as there has been a very extensive circulation of paper. The failures already known, are estimated at three millions, and it is conjectured that they will extend to two millions more. They have, naturally, created a great scarcity of cash in the City, and the Bank, as well as the Bankers, are extremely shy of discounting."--(_Times, Feb. 28, 1793._) * * * * * "Some more very considerable failures have taken place in the City, within the last two or three days. A very large African house, at Bristol, has likewise stopped payment, and the letters from thence advise, that it is feared many more will follow."--(_Times, March 10, 1793._) * * * * * "The Bankers, in the City, have refused to discount any more paper, for the present. The alarm on the Royal Exchange, is beyond conception to those who are not in business."--(_Times, March 26, 1793._) * * * * * "At the Meeting, on Monday, of the Noblemen, and Gentlemen, belonging to the County of Northumberland, we understand that £340,000 was subscribed, to support the Newcastle Banks, the Proprietors of which, are gentlemen of the first landed property, and known to be worth many hundred thousand pounds. "The commercial stoppages, we are sorry to learn, have at length reached Manchester, and the most serious inconveniencies are to be dreaded, if some effectual support is not given to that town. The mischief is so much dreaded, that a committee of Gentlemen, of that town, have come to London, to offer securities to the Bank, provided it will afford a temporary relief to the manufacturers who reside there."--(_Times, April 18, 1793._) * * * * * "Public Credit.