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here was a steady 〃run〃 on that bank。 Page； Bacon & Co。 stood the first day's run very well； and； as I afterward learned； paid out about six hundred thousand dollars in gold coin。 On the 20th of February Henry Height came to our bank； to see what help we were willing to give him； but I was out； and Nisbet could not answer positively for the firm。 Our condition was then very strong。 The deposit account was about six hundred thousand dollars； and we had in our vault about five hundred thousand dollars in coin and bullion； besides an equal amount of good bills receivable。 Still I did not like to weaken ourselves to help others； but in a most friendly spirit； that night after bank…hours； I went down to Page； Bacon & Co。； and entered their office from the rear。 I found in the cashier's room Folsom； Parrott； Dewey and Payne； Captain Ritchie； Donohue； and others； citizens and friends of the house； who had been called in for consultation。 Passing into the main office； where all the book…keepers； tellers； etc。； with gas…lights； were busy writing up the day's work； I found Mr。 Page； Henry Height； and Judge Chambers。 I spoke to Height； saying that I was sorry I had been out when he called at our bank； and had now come to see him in the most friendly spirit。 Height had evidently been drinking； and said abruptly that 〃all the banks would break；〃 that 〃no bank could instantly pay all its obligations；〃 etc。 I answered he could speak for himself； but not for me； that I had come to offer to buy with cash a fair proportion of his bullion； notes； and bills； but； if they were going to fail； I would not be drawn in。 Height's manner was extremely offensive； but Mr。 Page tried to smooth it over； saying they had had a bad day's run； and could not answer for the result till their books were written up。
I passed back again into the room where the before…named gentlemen were discussing some paper which lay before them； and was going to pess out； when Captain Folsom； who was an officer of the army； a class…mate and intimate friend of mine； handed me the paper the contents of which they were discussing。 It was very short； and in Henry Haight's handwriting； pretty much in these terms： 〃We； the undersigned property…holders of San Francisco； having personally examined the books； papers； etc。； of Page； Bacon & Co。； do hereby certify that the house is solvent and able to pay all its debts；〃 etc。 Height had drawn up and asked them to sign this paper； with the intention to publish it in the next morning's papers； for effect。 While I was talking with Captain Folsom； Height came into the room to listen。 I admitted that the effect of such a publication would surely be good； and would probably stave off immediate demand till their assets could be in part converted or realized； but I naturally inquired of Folsom； 〃Have you personally examined the accounts； as herein recited； and the assets； enough to warrant your signature to this paper？〃 for； 〃thereby you in effect become indorsers。〃 Folsom said they had not； when Height turned on me rudely and said； 〃Do you think the affairs of such a house as Page； Bacon & Co。 can be critically examined in an hour？〃 I answered： 〃These gentlemen can do what they please； but they have twelve hours before the bank will open on the morrow； and if the ledger is written up〃 （as I believed it was or could be by midnight）； 〃they can （by counting the coin； bullion on hand； and notes or stocks of immediate realization） approximate near enough for them to indorse for the remainder。〃 But Height pooh…poohed me； and I left。 Folsom followed me out； told me he could not afford to imperil all he had； and asked my advice。 I explained to him that my partner Nisbet had been educated and trained in that very house of Page； Bacon & Co。； that we kept our books exactly as they did； that every day the ledger was written up； so that from it one could see exactly how much actual money was due the depositors and certificates； and then by counting the money in the vault； estimating the bullion on hand； which； though not actual money； could easily be converted into coin； and supplementing these amounts by 〃bills receivable；〃 they ought to arrive at an approximate…result。 After Folsom had left me； John Parrott also stopped and talked with me to the same effect。 Next morning I looked out for the notice； but no such notice appeared in the morning papers； and I afterward learned that； on Parrott and Folsom demanding an actual count of the money in the vault； Haight angrily refused unless they would accept his word for it； when one after the other declined to sign his paper。
The run on Page； Bacon & Co。 therefore continued throughout the 21st； and I expected all day to get an invitation to close our bank for the next day； February 22； which we could have made a holiday by concerted action； but each banker waited for Page； Bacon & Co。 to ask for it； and； no such circular coming； in the then state of feeling no other banker was willing to take the initiative。 On the morning of February 22； 1855； everybody was startled by receiving a small slip of paper； delivered at all the houses； on which was printed a short notice that； for 〃want of coin；〃 Page； Bacon & Co。 found it necessary to close their bank for a short time。 Of course； we all knew the consequences； and that every other bank in San Francisco would be tried。 During the 22d we all kept open； and watched our depositors closely； but the day was generally observed by the people as a holiday； and the firemen paraded the streets of San Francisco in unusual strength。 But； on writing up our books that night； we found that our deposit account had diminished about sixty…five thousand dollars。 Still； there was no run on us； or any other of the banks； that day； yet； observing little knots of men on the street； discussing the state of the banks generally； and overhearing Haight's expression quoted； that； in case of the failure of Page； Bacon & Co。； 〃all the other banks would break；〃 I deemed it prudent to make ready。 For some days we had refused all loans and renewals； and we tried； without； success； some of our call…loans； but； like Hotspur's spirits； they would not come。
Our financial condition on that day （February 22； 1855） was： Due depositors and demand certificates； five hundred and twenty thousand dollars； to meet which； we had in the vault： coin； three hundred and eighty thousand dollars； bullion； seventy…five thousand dollars； and bills receivable； about six hundred thousand dollars。 Of these； at least one hundred thousand dollars were on demand； with stock collaterals。 Therefore； for the extent of our business； we were stronger than the Bank of England； or any bank in New York City。
Before daylight next morning； our door…bell was rung； and I was called down…stairs by E。 Casserly； Esq。 （an eminent lawyer of the day； since United States Senator）； who informed me he had just come up from the office of Adams & Co。； to tell me that their affairs were in such condition that they would not open that morning at all； and that this； added to the suspension of Page； Bacon & Co。； announced the day before； would surely cause a general run on all the banks。 I informed him that I expected as much； and was prepared for it。
In going down to the bank that morning； I found Montgomery Street full； but； punctually to the minute； the bank opened； and in rushed the crowd。 As usual； the most noisy and clamorous were men and women who held small certificates； still； others with larger accounts were in the crowd； pushing forward for their balances。 All were promptly met and paid。 Several gentlemen of my personal acquaintance merely asked my word of honor that their money was safe； and went away； others； who had large balances； and no immediate use for coin； gladly accepted gold…bars； whereby we paid out the seventy…five thousand dollars of bullion； relieving the coin to that amount。
Meantime； rumors from the street came pouring in that Wright & Co。 had failed； then Wells； Fargo & Co。； then Palmer； Cook & Co。； and indeed all； or nearly all； the banks of the city； and I was told that parties on the street were betting high； first； that we would close our doors at eleven o'clock； then twelve； and so on； but we did not； till the usual hour that night。 We had paid every demand； and still had a respectable amount left。
This run on the bank （the only one I ever experienced） presented all the features； serious and comical； usual to such occasions。 At our counter happened that identical case； narrated of others； of the Frenchman； who was nearly squeezed to death in getting to the counter； and； when he received his money； did not know what to do with it。 〃If you got the money； I no want him； but if you no got him； I want it like the devil！〃
Toward the close of the day； some of our customers deposited； rather ostentatiously； small amounts； not aggregating more than eight or ten thousand dollars。 Book…keepers and tellers were kept at work to write up the books； and these showed：
Due depositors and certificates； about one hundred and twenty thousand dollars； for which remained of coin about fifty thousand dollars。 I resolved not to sleep until I had collected from those owing the bank a part of their