The daily union. [volume] (Washington [D.C.]) 1845-1857, 1855-03-27

THE GREAT FINANCIAL CRISIS IN CALIFORNIA
In last issue gave brief outline in tele-
graphic column OF the highly important financial nte
gence received by the steamship George Law, which
rived New York Saturday morning last from Aspin
wall Since that time have received by mail full files
of San Francisco papers down late date March
lst inclusive These papers are filed principally with de-
tails and specua,ions relating the stupendous failures
which have recently taken place in that city and State
One of the San Francisco banking houses which suspend
ed that Of Wells Fargo Co, has resumed business and
confidence in its integrity has become pretty well restored
Efforts have been in progress by the friends of Page Ba
con, Co. effect arrangements by which that house
also might be enabled to The 100000 of their
indebtedness deposors which they proposed should be
retired to enable them 60 on had been all guaranteed
and presumabe that in pursuance Of their design they
would, III few days business The San Francisco
Times and Transcript of March lst says:
Should the by the steamer now due be regarded
as favorable think il likely that the house win encoun-
few obstacles in again getting under way Some of the
parties interested the success of the plan
suggested by them, but such fears think likely are
connected with want of confidence the integrity of
the New York balance to the credit Of the house the pos
sbiity existing had heard expressed that in some
other the balance referred might have become
incumbered by the liabilities of the St Louis house But
it likely that the arrival of the steamer viii settle ali
doubts and determine way another the future
standing Of the institution
Adams co. many apprehended from the first have
gone by the board though were TO judge from their
own exhibit Of liabilities and assets might be inferred
that the loss to creditors would be great Still it
should De borne in mind that in winding up extensive
concern by peremptoy process much loss issue and
thus conviction has greatly depressed the market value Of
evidences Of their Indebtedness
a. 5. Wright Of the Miners Savings Bank, intinaes
desire TO resume but requires week in which TO ascer
tain whether he will be able do III falling in this he
assures deposors that he win make an exhibit Of his a
fairs and apply for the appointment of q receiver
Robinson Co met the creditors Of that concern YES
rday at the San Francisco Theatre but the meeting did
not result in anything satisfactory almost or quite
mined parties who had intrusted their small earnings
us Keeping We learn that Mr. Robinson thought posi-
oe that II allowed thirty days he could pay 37l cents
the dollar
AT Sacramento Read Co have followed in the wake
Adams CO. aud have applied for the benefit Of the
solvent act
correspondent of the New York journal of Commerce
At San Francisco writes as follows:
Adams Co. have gone in to bankruptcy j. c. Woods,
mung partner in the house the public TO card
every day, which only adds fuel the flames Their GER
uhaies Of deposite selling in the street at 25 to IS
cents on The doilarof which there about one million
eight hundred thousand outstanding
The community are in way satisfied with The recent
Developments Of this house.
fsge Bacon Co as your readers have been advised
asked o an extension Of two four six aud eight months
to enable them TO 70 on and resume business =
Page, Bacon, Co, have had their extension nan.r
signed for nearly million Of dollars n wll ~ -.
nembered that they only asked for an extension ~ t,,
hundred thousand Their books are stiI omen and tb
are endeavorng quietly 10 get all concerned 10 come nto
the arrangement
The Alta Californian takes advantage of ulI In the e.
naneia storm indulge in the following timely ob.ervs
tons
There are persons who will not see anything here rams
ing the present panic The shaft which bues itself in The
neaFt o. our financial system appears from the other
de nut not that only occasion which exposed our
hnsncl weaknessa fact which simply proelams The in
soFency The truth ii have the basis here now
~ hand 70 stand the shock The ouery about com means
sOethng yet there Is coin enongh but credit s under
mined There is nothing to buy cash with Business does
not pay Profits and labor both swallowed up ia inter-
est The fact that the bills receivable al the banks cannot
o cashed the drawers pressed worst feature
Of the times
IL Is nothing only the persons Immediately inyoIyd
mat the banks have suspended They did little or moth
ing tor the country They do increase our circulation
Lhey have no bills Of credit They simply facilitate Or
ensnge and business in cities and ii safe would he
Auahe TO dePositors The failure OF every bank IN tho
Ate aside from the loss TO individuals is nothing 40 our
hnancd prosperity II does the most evil bv des,royns,
paohe confidence But as getting largely into
NE credit system very unnecessarily and very oshl ii
n Efforts to stimulate trade II may be the best Ia long
run 70 have this confidence shaken
Bot really nothing lost Gibraltar Of gold stands
lmpreghsbe There S2,500O00 In coin unap-
propnaed In th. city this hour There were a. nearly
- We can ascertain, drawn from
s9 bacon Ss00COO