The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1850-10-19
.tement In California.

the announcement Of the assignment ~- y" ~
Naglee one of the Oldest of our bankers. This, ="
connection with the o.her stoppages and assign.
ments which have recently been made, caused
quite panic yesterday, and there was general |
run upon all those having money on deposit. The
first run commenced on Thursday, and was con-
fined almost entirely to the banking house of James
King Of William. The drafts on that banker were
very heavy on that day. On Friday, very little
was drawn from him, the tide having set against
Messrs. Burgoyne IL Co, and Henry M. Naglee, |
and continued all that day. On Saturday morning,
AT O'clock, Mr.. Naelee's doors remained closed
while the other houses opened. lie had sus-
pended
The consequence was an immediate rush to BUR
goyne Il Co.. James King of William, and elis@ |
Go. Depesitors drew very freely from the TWO ioa-
mer, who paid out as fast as possible, conselang
all hands into paying tellers. There was not SO
large a call on Wells u Co., though a large amount
was paid out by them. 1t being, the third days
probation of Mr.. King, the crowd with him was
not so great as might have been expected: Az
Burpoyne * Co.'s there large crowd the
whole day, resembling more the gathering at the
Post Office on the arrival of mail steamer, than
ANYTHING else can compare II to- MIR. Plume
acted ike man, and banker who understood
his business. Heposted up notice that he would
keep open TO accommodate the public until six
O'Clock, Gan hour later than usually and also that
his bank would be open on Sunday. We admire
the spunk which dictated these offers. Mr.. Plume
repeatedly requested those in the crowd not having
checks, to give way to those who had. We noticed
a number of women about Burgoyne Co doors.
The eXcitemen mt was confined TO no sex.
We heard number of people congratulatlng
Mr.. King on the perfect nonchalance with which
he met all demands. II was amusing to stand by
and hear the excuses made for withdrawing de-
dosits. Some going TO Panama, and some to
Humboldt; one man had purchased drove OF
sheep, and another drove of horses. While
standing at Mr. King counter, taking notes,
we heard one of his depositors making a long ex-
cuse for Withdrawing. Really, sir, said Mr.
King. 81 have net time TO listen to you.
You have your money-and 1t belongs TO
pnfir y nj
ask you TO let your money remain. Certainly, sir,
if you have not confidence in me, don't deal with
me. AT such time, favors are not asked for.
We understand that when Mr.. Plume announced
his intention to keep open Sunday, to accom-
modate eposilors, that he received the cheers OF
the crowd. Notwithstanding the excitement, the
amount deposited with Burgoyne IL Co., yester-
day, was quite large.
The "criss" then has come. Only one banker
has closed. The others have met the emergency
promptly. And they will continue so TO do. We
will venture the remark that Messrs. Burgoyne
~ CO., James King of William, and Wells " Co.,
will reap an abundant harvest from this trial Two
or three days will suffice TO allay the excitement,
which will have its good effects, as il has had its
Inconvenience. II will tell who's " thar" Mr..
King paid over about $3.50 600. Burgoyne " Co.
paid much larger amount, but We did not learn
the precise total.
Such state of things is not to be coveted at any
time, but we think this will place our bankers in a
most enviable position. ''run'' on a banker here,
tiles him much more severely than one upon a
former none. Ii would be impossible get together
all the notes Of any New York or Boston bank, and
present them at the counter in one, two or even
three days so long as notes are in circulation, the
bank has the of the funds received for them.
But our bankers issue no notes, and dcpostors
come upon them without warning, and they must
be prepared. Therefore, we say, our bankers. in
sustaining themselves, deserve all credit. Not
wlthstsnding the temptation TO loan money, at the
large rates of interest here prevailing, we could
name bankers who have all along been prepared 10
delOsltOrs They nj
amply sufficient 10 meet any draft which could be
dawn. This is right and proper; for, no matter
how good the security may be, the banker, il he
lends out bis deposItors' money, may find himself,
al such a time as the present, in embarrassed Cir
eumstances. Neither houses lands will meet
the call Nothing short of the hard cash.
We are altogether certain that the effect upon
our own business community will be beneficial;
but we are much distressed at the result the recent
frequent stoPPages will necessarily cause abroad
We Think still, however, as we expressed ycster-
day. that the present tight state Of money matters
cannot continue, and the present embarrassment
will coon be over. That such may be the case, we
most earnestly hope, for Il IS most distressing
thing 10 see that the toll and enterprise OF years
should avail Hought.
From the Alta California, Sept Isl
The recent assignments which have been made
in Sacramento and SAM raacsco have caused much
excitement and good deal of nervous apprehen-
sion among business Hen. Some OF the most ex-
teItiye firms have, when least expected assigned
all their properly for the benefit OF their creditors
Indebtedness. In some instances II has been con-
hdently asserted that all the liabilities would be
satisfied and a surplus left hand; but IN others
there have been no hopes OF such result. We
cannot but regard financial matters al the present
time as in a very unsettled state, and confidence
has been impaired 10 very considerable extent.
We must ait1Ibute the present pressure in the money
markei, and the tled stale of bus generally
20 the losses arising from the three great hires with
which we have been visited, and in the unconquer-
able spirit Of speculation which has been carried on
past year Real estate operations have produced
very general embarrassing, nj, and in the present
unsettled state Of California affairs we cannot at all
wonder that such has been the case. But we have
every hope that this will not last and that our mer-
chants will recover from the present depression,
and rise again triumphant They must, however,
exercise more caution In their operations of all
sorts than heretofore, and will doubtless see the
necessity Of doing business less loosely than has
been the custom 81 the last year. We look for
very general revival Of business throughout the
county during the latter part Of the present month,
and with confidence that we shall not be doomed
10 DISAPPOINTMENT
tFrom the California Courier, Sept 14l
Since the sailing of the last inner, our money
market has been much depressed, and some Of the
oldest houses have been compelled TO succumb.
To cay that this state Of affairs has been brought
about by overriding Is only TO repeat what is in
every ones mouth Reyulsions Of this sort always
occur places Of rspid growth, and although there
may be csses Of individual detrment, much to be
depored, the result ~, upon the whole, beneficial.
The evil soon corrects itself. The prudent and
solvent sustain the shock, and are brought into
position where their grave judgments and stability
are rendered more available TO themselves and
others, while those who, in the eager pursuit OF
wealth, embark IN wild speculations, and grasp at
more than they have strength TO carry, must, Of
course, be Frustrated The state Of trade for some
tine past has been quite unsatisfactory
Since the failure Of Barton, Lee n Co, and one
or Two other hfms Of lesser note, engaged in the
same business, at sacramento, a feeling Of dstrust
towards banking houses has been very generally
prevalent throughout the country. This feeling
has been favored by many absurd and mischievous
Iumors. circulated IN the interior, and even pub
hshed in some Of the country prints, with little
Judgment. and less decency, course to be repro.
bsi.d by every good citizen, and productive only Of