American Lancaster gazette. [volume] (Lancaster, Ohio) 1855-1860, 1855-06-14
An,Irs in CnIiIornln.

in the New York Tribune;
SAN FRANc1sco, Cal, May 8, 1855.
Page, Bacon & Co., again suspended
payment on the Cd inst. The steamer for
Panama left here on the morning OF the LIST,
and the steamer from Panama did not ar
rive until the evening of the same day,
she having probably been purposely de-
tanned so that the interference on this SIDE |
would be made with shipments of specie
ON the lst inst Early on the morning OF
the 2d inst, attachments TO the amount OF
about $500, 600 were made upon the house |
and paid to the Sheriff The doors Of the
Bank were partly opend to a large crowd
and closed finally at noon, greatly to the
disappointment of hundreds of PERSONS
The whole sum paid by the house was a
bout 100000. An assignment has been
made by P. B. q Co., to secure the mer-
chants who on a former occasion had be-
come sureties for the payment of drafts
which had been sold to enable the house to
resume. or course, its affairs will now
90 into liquidation.
During the past six months three Of the
most prominent banking houses in this city
have failed-Page, Bacon q Co, Adams
& Co., and Burgoyne d Co. These large
failures, or Suspensions as they are called,
and rightly called when you consider the
poor fellows from whom they have taken
all they had to stand upon. have had a de-
pressing effect upon trade and the fictitious
prices Of real estate But the chief causes
of these failures are now very apparent,
even to large portion OF this commu-
nifty.
Page, Bacon & Co. have been popular
bankers and largely accommodated their
customers. Payday here is on what is
called steamer day, the day prior to the
sailing of each mail steamer, which is on
the lst and 10th of each month. On these
days merchants and others without funds
have been in the habit of giving checks on
the banks-I mean overdrawing their sc-
counts-to the amount of $5, 900, $4,000
or $4,000 each on single day. 1t was
generally understood that these overdrawn
checks were to be paid on or before the
next steamer day, and interest computed
for the time the bank held, them unpaid
1t will be readily seen that this has been
as is now proved; very unsafe mode ol
business. Most of tho banks have had
; large sums of money on deposit, which
they have been anxious TO loan at oul
high rates of interest. Three per cent pc
= month have been the current rates. Blu
u this money has been loaned to persons
: who have taken all the risks and uncertain
ties Of this huctuating market, where tn,
: most sagacious and thorough business maj
u never knows whether or not he has pur
!. chased an article cheap or dear until it ha
u been sold and he has got the proceeds o
Il the sale in his pocket. These banker
therefore have been nothing more nor les
than spectators pretending to loan thei
II own money for interest, but in fact haz
IS arding the money of their deposltors /
II all sorts of wild and reckless ventures
l. This is plainly seen in the case of Adam
70 & Co.. who have thousands Of dollars {
=, assets that are not now and never wsr
" worth farthing Much of Page, Baco
10 & Co. s assets will turn out the same way
'e Many of the merchants who volunteered
D. sustain the credit Of the house by their il
" dorsement were favorites Of p, b. d. G,
l9 and fourished from bank accommodation
- Burgoyne IL Co. had less of this manage
'9 ment than the others, but it is said th
y, they were too credulous to prosper in lh
ol latitude. A banker to be successful hel
no needs decided character with sufficie
no knowledge of men and things to say y,
OF or no as circumstances may require.
nS man of different stamp will soon so to Il
nm wall.
ed Now these bankers have "caved," wi,
AZ do the shrewd people Of the East think
OF the costly service Of plate in Broadway
70 be presented 10 Mr.. II. Of the firm of
IN B. u Co. +? Who pays $4,000 for Il
ne plate? 1t is said tho merchants of S
cir Francisco, as a testimony Of respect, q
rs But is any person 50 shallow as to suppo
es' that the merchants Of this city would 81
me $I5, 900 to banker because he had loa
er' ed them money at three per cent I
DC month? Nonsense. These men are p
ll'e of p. B. & Co., who have had large ;
- commodations and expect more. TIL
'oy will pay for the plate whenever P. B.& c
re- will give the money to doit. And P.
1Is 'a q Co., will pay poor dcpositors wi
luS these plate men pay their notes, which v
lral not be- the case with all of them, vent,
'"', to say, in the year 1855.
ted Ola similar character are all "pla
col operations. California is no doubt +
ana country; but people here are not so cur
VII, +. rich as to be constantly trying to give
nnd way all they have for nothing. Wha
IN the motive to present the Agent Of
nee Nicaragua Steamship Company with ~
oolS vice of gold plate valued at $1,000
'ware w Steamboatagents are not generally s
lore posed to be the most intellectual men in
IN world, or to be possessed of the most 6
'nce erous impulses or tho broadest philantl
YES , py. Who are the hombrss that are mo
Jaw Jaw by some mysterious power to fork
eSt' $1,000 for such purpose? Who
.ch nish supplies to, receive round salaries
t.es; have choice pickings from this Compa
lIh- nlI,h OF course they don't subscribe, anyti
on: one for this plate. Oh, no! They cant
ing suspected Of doing anything of this
d's- The whole matter is simply "testimO
70 q ofresPett."
mon The present low prices Of provision
ng' this city, compared with the New-l
oPu- pIices, is most singular aud unlocked
<l4' contrast. Superfine -four is sold for "
over bbl., potatoes for 90 cents the bushel,
'he meats and vegetables at New-York RI
least Green ness. new potatoes and strawbe