Georgetown weekly news., 1855-05-17
Page, Bacon IL Co.

The Alta Cal. thus speaks of the late
Banking establishment of Page, Bacon &
Co. If the Alta be correct it will be seen
that the fault does not lay in the firm on this
side of the continent:
at would seem to have been the system
attic object of the house here to rob the peo-
pie of California for the benefit of Page &,
Bacon of st. Louis. In our structures now
we do not wish to be understood as inclu-
ding the resident partners here. Neither
Mr.. Haight nor Judge Chambers would
have knowingly been party to such con-
duct, and the fault must be laid at the door
of another, and that other is Daniel ID. Page.
Of this hereafter
The house of Page, Bacon & Co. has been
doing a large business, and enjoying largely
the confidence Of our business men. 1t gave
great accommodations, and no one could
praise the house enough which took the one,
two or three thousand dollars of the labor
ing people of this city and kept it safe for
them without charge, at the same time it
was let out to spectators and merchants for
three per cent. per month. 1t was doubt
less very kind in them to take money for
nothing when they let it out for only three
per cent. per month; people should not now
cease their praise of them.
After Page, Bacon & Co. had been going
on prosperously for long time, making a
large fortune on the money of their deposit
ors, it seems that Page & Bacon could not
be satisfied without killing the hen that laid
the golden egg. They became embarrassed
by their stupendous specuulations, and see
ing danger and bankruptcy afar off, the
| senior partner Of both houses came to Cali
fornia as it now appears, for the purpose of
sustaining the house at home by straining
the house here. Money was sent forward
without stint so that when the first suspen-
sion took place the ST. Louis house was in
debt to the San Francisco house to the
amount Of S860,000. This sum, it was DOS
itively asserted, would be held sacred to pay
the drafts drawn against it. Page & Bacon
couldn't touch it. 1t was beyond their
reach, and so people came forward and took
drafts to be paid out of that money. 1t
was taken by Page & Bacon and the drafts
were protested. The representation that it
could not, however, had the desired effect.
On the strength of it the house was again
opened, and several heavy shipments were
made 1t happened that the day before the
news of each suspension came, the house
here had sent away very heavy shipments of
gold. 1t looks as though deliberate at
tempt had been made to save the house, and
the creditors of the house at the East, at the
expense of the house in California and its
creditors.
The partners resident here, we are aware
were not parties to any such design on the
people of California Messrs. Chambers &
Haight were both residents in San Francis
co. Here they had made their money and
were highly respected, and it was not rea-
sonable to suppose that they would willing
ly be party in the designs of the house on
the other side. so when Mr.. Page came
here four or five months ago, though he was
In correspondence with Mr.. Bacon, he never
let them see line of one of Mr.. Bacon's let
ters to him. They probably knew not that
Page q Bacon were to fail until it was
made know to the public, and they are at
fault onl ly for allowing Mr.. Page to come
here and deplete their house without first
finding out what was the condition of the
parent house at home.
The result of this design on California is
now known. alas, too well. The people OF
this State have lost over one million of dol
lars, which has gone to make up the losses
of the house on the other side. They should
know how their money is gone, and who has
been the moving cause in this transaction
1t surely is no Californian.