The Nevada journal., 1857-11-06

lucliI WHICH reached us on Hul SudS
morning Of the suspension Of this house
produced no little CONSERVATION. From
the best information we can gather from
forty to fifty thousand dollars in drafts
are holden by our citizens drawn on the
concern. OF this sum about half was
issued from the Office of Hagadorn 4
kellogg of this city, and the remainder
distributed among smaller establishments
in other towns of the county.
Of course there is a feverish state of
feeling to learn something which can be
depended on as reliable in such calam-
ity. We have endeavored to inform our
selves, as far as practicable in the limit
ed time at our disposal, and will give the
result of our Investigations.
Whatever may be the tate of Sather
& Church, we deem the parties who sold
the checks here at home, perfect re-
sponsible. Besides being responsible,
we are quite certain they are honorable
men. Therefore there need be little
fear of loss on the part of depositors or
draft holders.
But we are fully in the belief that the
banking house of Sather & Church is
perfectly solvent. We do not express
this conviction tolull others into a sense
of security, but would advise all to give
themselves the benefit of every doubt,
and make themselves safe.
Our views of the solvency of Sather &
Church are founded on acknowledged
facts. The house and its connections
are supported by men Of wealth and
hitherto unimpeachable honor. The
fact Of DreXel Withdrawing from the con-
Germ, creates suspicion from the recol-
lection of similar course pursued by
Alvin Adams shortly before the rotten
| California institution of Adams & Co.
went to rack and its patrons to ruin
But take all causes of distrust together
and they are not enough to shake our
conviction of the solvency Of the house.
| There is a reasonable and legitimate
cause for temporary suspension Of
Sather & Church. They had or board
the Inflated Central America as near as
we caa learn two-hundred and forty or
fifty thousand dollars in specie, insured
entire less forty thousand. This i'm
mense sum was on its way to New York
to meet and make good bills of exchange
drawn on various houses in the east
The firsts of these exchanges were
nearly all on board the vessel with the
specie and large number Of them were
| lost with it, Such a financial crisis ex-
lists in the Atlantic States that the bank
ing houses among which the lost treas
ure would have been distributed were
lily able to pay drafts out Of their own
vaults, which, considering the want of
confidence the failure of so many houses
has engendered, must have been subject
to heavy drains. SO well established
however, was the reputation of Sather
u Church, that one hundred and TWEEN
thousand dollars of their paper was duly
honored in New York. The pressure
| East must almost necessarily have com
| PEELED an instantaneous demand on the
! San Francisco house for this amount,
and the seconds Of exchange held in
this state coming in upon the concern be-
fore the money could be obtained from
the insurance companies, who are liable
| for the loss of the treasure belonging to
Sather & Church. on board the Central
America, could hardly result in less than
suspension. Take quarter Of a mill
lion of dollars from any banking firm
however honorable, by an accident only
foreknown in the providence of God and
a suspension is liable to occur. Sather
& Church are laboring under the tenn
porary effects of such an accident, and
if the insurance companies are solvent
these effects we conceive to be of short
duration so far as the honor of the Bank
ing house in question is concerned. Its
loss is but slight. Fifty thousand dol
lars which is at most the sum not COW
cred by insurance can hardly.shake any
honest moneyed institution of any mag
nitude.
Again, there is nothing in the conduct
of the house on the arrival of the steam
er to create unnecessary alarm. Its
doors were thrown open at l o'clock at
night and immense sums paid out to de-
positors. If there had been a plot to
swindle, it seems to us no money would
have been found, and especially would
l I