New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1855-03-20
CALIFORNIA.
.n.us A. co. ,sAN FRANCISCAN TO THEIR
CREDITORS.

AD"~ CREDITORS.
Comments which have been made on the closing OF
sur house sesm TO require thai before presenting 20
oar creditors The proposition when Is oeo sn'u'u
s.rs;r, The pubiic az our ffieods are already ac-
.t;,,eS vitb the facts which demonstr..e tina. t1e
sssl causes Of our suspension we've not Of our own
making ,,;
,.;s5eYtupe and Humiliation enough, without having
10 bear responsibility for the faults OF Others III "a
Cur purposes and efforts been seconded o. they should
have BEEN in quarters where we hsd Alright TO expect
H. the calamity sbich has just overtaken the com NJ
uity would never have happened.
Such are the relations Of banking houses 10 eSch
other and such the nature Of public conhdencs ~
banks, that without some sort OF mutoa goo9 ia' ,
and cooperation, and at least genera ioea ci 49,
others resources and position, no system ., oauHs
conducted upon any large and liberal princ'pies cen
viihstspd general crisis, but must fall tose.oer 10
0mmon confusion and disaster, such aS "o ""'0
lust witnessed. .-o s,,o, al
80 foye.ee a run Its own position and aoiity 10
20 through crss ii can ascertain, ana ougs' not ~
vithhold from those Who have an interes' euo f'e
to Lnov For months leading banking mouse III
This city has been quietly gthening itsef sno su
tanning lite parent house ese@here a. the expense on
syery other banking house here, and especially OF
ours Ire house OF Adsms a. 20 hoid To-Day ,nou-
lands OF dollars in bills receivable from our merchants
for jpdispeI cable accommodations wherewith 70 meet
their loans suddenly called in, and for which the hard
casb bss left our vaults.
Could have ku)wn upon Ine 6TlNai VI tuo
Nicaragua steamer, Feb. 4. OF the protest OF the
naoer Of Page a. Bacon, Of st. Louis, in Wallet,
Jan. ~ the day OF the departure Of the Nicaragua
,tesm.r on the other eide that there was reason 70
spprebebd such misbap, the other oaDkhg houses
sid Adams g. Co among them, could have prepared
themselves for the worst. Even after the run on
Page Bacon a. Co Of this city, Saturday, FEB. ~,
bad II been possible by auy amount OF diligence 70
ascer.ain the tue position OF that house, Adams ~
Go. could even then have prepared for the worst.
Unfortunately. IL was not possible
Eiber from ignorance Of its own condiuon or Ior
come other reason best Understood Oy nscl'' tnat
bouse not only filed the public aud It's friends with
unfounded ideas OF It's strength and rec ufces bat
iupot ed upon the anxious scrutiny even oil the otner
baking bouses. To repe ated inquiries, TO entreaes
The most urgent our house received always tae as ur
apce Of the perfect ability OF Page, Bacon & Co. TO
meet hpy run. Therefore il was that we dld not con-
cenrate resources here from all parts OF the state
az we would have done had the truth been revealed,
mr. gen bnted 10 us On the cOntI airy, we sent away
ouy heat sources having forwarded into the interior
on Monday, Tuesday, and Wednesday Of last week
more than ESQ 600 in COIN for the purchase OF gold
dust alone for the weekly shipment, while We allowed
another large amount OF coin TO be invested IN ouon
on the vay for the same shipment. More than this
we freely txpenced the coin which was our heb
in our efforts 10 sustain that house, inreteemng their
certificates throughout the State and IN every other
way.
Such was our condition, when, on Wednesday night
nj a late hour our house was astouoded by the ne We
that Page, Bacon 81 Go. were unable TO go on and
would not again open tDt1f uOOrP
IL wss an event which not only falsifed the re-
pssted and solemn assurances given by that house,
but which found us destitute Of the preparations
which but for those assurances, we should most car
tsibly have made IL wa, an event TOO, winch wss
aggravated in the highest degree by the tone and
temper Of the extraordinary circular which announced
IL TO the public.
Feb. 22 was q day of general celebration; aud
hoped, with the large amount OF gold-dust IN our
vaults we could meet the crisis then evidently I'M
pending. But between aud i. Nj. OF that day
found run bad quietly set in which took from us, in
abe ut two bours, over 5000 600 in com, aud We saw
that unless our supply Of coin could be replensbed
must to protect the rights of all creditors in
the city and throughout the Mines close our doors.
Imme dately and all that night, we made every ei-
fort which men could, everywhere in town, to pro"
cure coin. Gold dust we had; had my own priv ate
erty the property of our friends, which, with
uppar alleed generosity, they had placed at our dis
potsl We offered million and quarter OF dollars
in the beat securities in the world to raise onehth oil
the cum in coin. Every effort and every sacrifice
were in vain; il could not be done The rect is knovns
These are facts which IL painful for me TO present
TO the public. Hitherto have withheld them oat OF
regard {, the feelings of others, for whom had al
ways entertained high consideration. Bat the evil
dent disposition 10 few quarters, to msrePresent or
misupderstsnd the merits Of the case has forced me
to a disclosure which i could not longer have With.
held without prejudice to our house. These being
the facts Of our suspension l desire 10 make the
creditors of the house the State the follow
ing proposition;
shal psy them twenty five per cent In cash upon all
our claims.
That The creditors shall receive the balance Of their
claims from the Re ceiver fast az he can declare
the dividends, and for this purpose he shall be al
lowed to administer the assets, notes. real estate NC
Of the house, and realize them as prom pity as posi-
ble without hind rsnce aud to the best advantage 10
the creditors and for tue greater security OF the
creditors; that bis present bonds, which are 10
o. 600 900, shall he increased, If deemed necessary
That Adams g. Co. shall be allowed to resume thei
business heretofore with such aid rs they can obtai
from their friends and customers and in this connection
am deeply grati6ed to state that the whole body
our clerks with devotion 10 the house which the,
have done 60 much TO build up, for which no word
thank them, have volunteered, each and all thel
services for an entire year, without hire or reward
beyond Q bare subsistence.
As IL is desirable that should obtain as promptly
as possible the Of creditors upon this propo
ston, which | am confident is for their best inter
ests and will the early payment Of their elaine
In full We earnetly request them to notify US at on
BaIbip House In San Francieco, Of their assen
thereto. Ineed not say how acceptable that asseu
win be- nor that we shall endeavor TO requite it witt
the same energy and fidelity, of which we hope tn
public has had some proof in its former dealings witt
our houte. i. Z. WOODS.
EXCITEMENT IN THE INTERIOR.
Adams & Co. closed their doors on Friday, at Sac
rameDto.
Wells, Fargo 4 Co.'s Office was Immediately OF
opening besieged by depositors great and small wit
commenced Withdrawing their deposits, and the rur
continued until 10 o'clock NJ, when this notice wa
posted on their door: