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about Mendocino。 In him Nisbet had unbounded faith； but； for some reason； I feared or mistrusted him； and remember that I cautioned Nisbet not to extend his credit； but to gradually contract his loans。 On looking over our bills receivable； then about six hundred thousand dollars； I found Meiggs； as principal or indorser； owed us about eighty thousand dollarsall； however； secured by city warrants； still； he kept bank accounts elsewhere； and was generally a borrower。 I instructed Nisbet to insist on his reducing his line as the notes matured； and； as he found it indelicate to speak to Meiggs； I instructed him to refer him to me； accordingly； when； on the next steamer…day； Meiggs appealed at the counter for a draft on Philadelphia； of about twenty thousand dollars； for which he offered his note and collateral； he was referred to me； and I explained to him that our draft was the same as money； that he could have it for cash； but that we were already in advance to him some seventy…five or eighty thousand dollars； and that instead of increasing the amount I must insist on its reduction。 He inquired if I mistrusted his ability； etc。 I explained； certainly not； but that our duty was to assist those who did all their business with us； and； as our means were necessarily limited； I must restrict him to some reasonable sum； say； twenty… five thousand dollars。 Meiggs invited me to go with him to a rich mercantile house on Clay Street； whose partners belonged in Hamburg； and there； in the presence of the principals of the house； he demonstrated； as clearly as a proposition in mathematics； that his business at Mendocino was based on calculations that could not fail。 The bill of exchange which he wanted； he said would make the last payment on a propeller already built in Philadelphia； which would be sent to San Francisco； to tow into and out of port the schooners and brigs that were bringing his lumber down the coast。 I admitted all he said； but renewed my determination to limit his credit to twenty…five thousand dollars。 The Hamburg firm then agreed to accept for him the payment of all his debt to us； except the twenty…five thousand dollars； payable in equal parts for the next three steamer…days。 Accordingly； Meiggs went back with me to our bank； wrote his note for twenty…five thousand dollars； and secured it by mortgage on real estate and city warrants； and substituted the three acceptances of the Hamburg firm for the overplus。 I surrendered to him all his former notes； except one for which he was indorser。 The three acceptances duly matured and were paid； one morning Meiggs and family were missing； and it was discovered they had embarked in a sailing…vessel for South America。 This was the beginning of a series of failures in San Francisco； that extended through the next two years。 As soon as it was known that Meiggs had fled； the town was full of rumors； and everybody was running to and fro to secure his money。 His debts amounted to nearly a million dollars。 The Hamburg house which； had been humbugged； were heavy losers and failed； I think。 I took possession of Meiggs's dwelling…house and other property for which I held his mortgage； and in the city warrants thought I had an overplus； but it transpired that Meiggs； being in the City Council； had issued various quantities of street scrip； which was adjudged a forgery； though； beyond doubt； most of it； if not all； was properly signed； but fraudulently issued。 On this city scrip our bank must have lost about ten thousand dollars。 Meiggs subsequently turned up in Chili； where again he rose to wealth and has paid much of his San Francisco debts； but none to us。 He is now in Peru； living like a prince。 With Meiggs fell all the lumber…dealers； and many persons dealing in city scrip。 Compared with others； our loss was a trifle。 In a short time things in San Francisco resumed their wonted course； and we generally laughed at the escapade of Meiggs； and the cursing of his deluded creditors。
Shortly after our arrival in San Francisco； I rented of a Mr。 Marryat； son of the English Captain Marryat； the author； a small frame…house on Stockton Street； near Green； buying of him his furniture； and we removed to it about December 1；1853。 Close by； around on Green Street； a man named Dickey was building two small brick…houses； on ground which he had leased of Nicholson。 I bought one of these houses； subject to the ground…rent； and moved into it as soon as finished。 Lieutenant T。 H。 Stevens； of the United States Navy； with his family； rented the other； we lived in this house throughout the year 1854； and up to April 17； 1855。
CHAPTER V。
CALIFORNIA
1855 … 1857
During the winter of 1854…'55； I received frequent intimations in my letters from the St。 Louis house； that the bank of Page； Bacon & Co。 was in trouble； growing out of their relations to the Ohio & Mississippi Railroad； to the contractors for building which they had made large advances； to secure which they had been compelled to take； as it were； an assignment of the contract itself； and finally to assume all the liabilities of the contractors。 Then they had to borrow money in New York； and raise other money from time to time； in the purchase of iron and materials for the road； and to pay the hands。 The firm in St。 Louis and that in San Francisco were different； having different partners； and the St。 Louis house naturally pressed the San Francisco firm to ship largely of 〃gold…dust；〃 which gave them a great name； also to keep as large a balance as possible in New York to sustain their credit。 Mr。 Page was a very wealthy man； but his wealth consisted mostly of land and property in St。 Louis。 He was an old man； and a good one； had been a baker； and knew little of banking as a business。 This part of his general business was managed exclusively by his son…in…law； Henry D。 Bacon； who was young； handsome； and generally popular。 How he was drawn into that affair of the Ohio & Mississippi road I have no means of knowing； except by hearsay。 Their business in New York was done through the American Exchange Bank； and through Duncan； Sherman & Co。 As we were rival houses； the St。 Louis partners removed our account from the American Exchange Bank to the Metropolitan Bank； and； as Wadsworth & Sheldon had failed； I was instructed to deal in time bills； and in European exchange； with Schnchardt & Gebhard； bankers in Nassau Street。
In California the house of Page； Bacon & Co。 was composed of the same partners as in St。 Louis； with the addition of Henry Haight； Judge Chambers； and young Frank Page。 The latter had charge of the 〃branch〃 in Sacramento。 Haight was the real head…man； but he was too fond of lager…beer to be in trusted with so large a business。 Beyond all comparison； Page； Bacon & Co。 were the most prominent bankers in California in 1853…'55。 Though I had notice of danger in that quarter； from our partners in St。 Louis； nobody in California doubted their wealth and stability。 They must have had； during that winter； an average deposit account of nearly two million dollars； of which seven hundred thousand dollars was in 〃certificates of deposit；〃 the most stable of all accounts in a bank。 Thousands of miners invested their earnings in such certificates； which they converted into drafts on New York； when they were ready to go home or wanted to send their 〃pile〃 to their families。 Adams & Co。 were next in order； because of their numerous offices scattered throughout the mining country。 A gentleman named Haskell had been in charge of Adams & Co。 in San Francisco； but in the winter of 1854…'55 some changes were made； and the banking department had been transferred to a magnificent office in Halleck's new Metropolitan Block。 James King of Wm。 had discontinued business on his own account； and been employed by Adams & Co。 as their cashier and banker； and Isaiah C。 Wood had succeeded Haskell in chief control of the express department。 Wells； Fargo & Co。 were also bankers as well as expressmen； and William J。 Pardee was the resident partner。
As the mail…steamer came in on February 17； 1855； according to her custom； she ran close to the Long Wharf （Meiggs's） on North Beach； to throw ashore the express…parcels of news for speedy delivery。 Some passenger on deck called to a man of his acquaintance standing on the wharf； that Page & Bacon had failed in New York。 The news spread like wild…fire； but soon it was met by the newspaper accounts to the effect that some particular acceptances of Page & Bacon； of St。 Louis； in the hands of Duncan； Sherman & Co。； in New York； had gone to protest。 All who had balances at Page； Bacon & Co。's； or held certificates of deposit； were more or less alarmed； wanted to secure their money； and a general excitement pervaded the whole community。 Word was soon passed round that the matter admitted of explanation； viz。； that the two houses were distinct and separate concerns； that every draft of the California house had been paid in New York； and would continue to be paid。 It was expected that this assertion would quiet the fears of the California creditors； but for the next three days there was a steady 〃run〃 on that bank。 Page； Bacon & Co。 stood the first day's run very well； and； a