The Nevada journal., 1855-03-02
FRIDAY MORNING, NgRRCEz 2, 1855.
Agents.
Adams G. Go.

the present time is Of intense interest to the
community. Especially is public soicitudc |
excited in the mines, not only Oh the part Of
those who have deposits in their charge, but
VITA those who, without being personally in
tcrcsted have aD adequate idea Of how much |
this great firm has done to develop the pros
2crity Of the interior. In this place the
agents OF Adams & Co. commenced operations
with almost the first settlers. Millions oil
money have passed through their hands since
that time, and every dollar has been iuithfal-
j. used and accounted for up to the time OF
this suspension. They have been the medium
through which families have b2en supported
at home, they have been here the recipients
IF he ilard-Carncd SUMS Of tic laboring man
ana the wealth of merchants, and in all have
sustained and deserved The highest: confidence
Of the public. The failure of such firm is
public calamity. 1t cOud be prognostica-
ted from no epoch in their previous history,
and the public are alive to the causes that
could reverse the prosperity of such:a firm,
20 closely identified with California interests.
The facts are now before the public, in the
statements of Mr. l. c. Woods, published to-
day in our paper. Those facts are put forth
with the confidence oftruth, and lay fhe blame
where it belongs completely eyculpating
Adams & Co., showing their intrinsic sound
ness, and pointing out to the holders of their
paper the remedy for the reverse they now Ia,
Dor under.
First, as to the reasons of the suspension-
The Ticw Of Mr.. Woods as to the duties to
each other of banking institutions must receive
public assent. When failing house throws
out to other firms assurances of its soundnoss,
and draws those firms on to its support to
the'I hazard when its own failure occurs, it
commits O stupendoua fraud, and deserves all
tho otium OF convulsion. 1t abuses q gcn>
erous confidence, and proves itself unworthy
Tor moment Of public sympathy, or indu,-
gence to effect rccuperation. Mr.. Woods says
this course was pursued by Page, Bacon &
Co. To repeated enquiries, to entreaties the
most urgent, Adams & Co., received always
TIE assurance Of Page Bacon & Co, that their
firm wGs able to meet any run. That house
not only filled the public and its friends with
unfounded ideas Of its strength and resources,
but imposed upon the anxious scrutiny of
other banking houses. Adams s. Co. in
consequence did not anticipate or prepare for
q run, and more, freely expended their coin to
sustain Page, Bacon 6 Co, in redeeming their
certificates throughout the State, and in every
other way. This was the position of affairs
--when Page, Bacon & Co, suspended, in faIsi-
fcation of their solemn assurances. When the
blow came Adams & Co. made every effort to
meet 1t, but coin was not to be had A million
aud quarter of the best securities in the
State could not command a quarter of its value
III coin. Mr.. Woods threw in his whole per
sonal property, and the friends of the concern
freely offered theirs but it was of no use. To
protect the rights of all equally Adams & Co.
suspended, and they did right. They could do
nothing better, and the conclusion is forced
n2oa every mind that no fault of theirs has
created tins disaster unless giving crcdcncc to
the repeated declarations of another firm no1,
DC considered fault The causes Of tbc s,s.
pension did not issue out of their own b,o;-
ness and had they received the same honorable
usage they accorded to others, the present
cloud would not have lowered On their bouse
\ In this view of the facts We turn in tbo ceco,d
place to their proposition
1t is that within thirty days the receiver shall
pay the creditors twenty-five per cent upon al
their claims, and the balance az fnst ne ba con
declare the dividends, and for this purnosc bo
he allowed to realize on all the assets Of ,ba
hFm' without hindrancc. If this is done
Adams & Co. will resume as before, with such
aid as their friends may supply.
his proposition needed but to be made
fooic to meet universal appreciation The
can francisco correspondent of the Union
says Under date of the 2Gth: 80 this prop
oSl'lon hundreds have come forward and signed
Relr n8ses and hundreds of others arc watt
ing 10 % the same. The proposition has
met with success exceeding their eypccta-
'fofs. At Grass Valley names were put
Gown to the extent Of $4,000 in three hours
Elsewhere thcproject has met with favor. and
there Is now little doubt of its sncccss. IF so
'he creditors arc as safe as they can be under
any circumstances, and the business continues
! he bonds given by the receivers of Adams
% 20. are to the amount OF 81 100000, and il
isproposed to increase these if it is thought
necessary. Not dollar OF the assets passes
throagh the hands Of Adams & Co. The pub
he are thoroughly secured in the proposed ar
rangcment, and have every guarantee that
skill, faithfu!ncss and industry will be employ
cd Ii arranging the affairs of tie house, aud
realizing for the benefit of creditors.
We hope the dopositors of Nevada will
emulate those of other places, and give time te
this house to bring its past affairs to q proner