Arizona citizen., 1875-10-09
RANK CALIFORNIA OPEN. Interesting Incidents at Opening The Citizens Views of the Whole Case from Suspension.

After little over months suspen- sion. this great financial concern is again open with apparently improved prospects and the full confidence of the people. Within our present knowl- edge, no other bank of equal business at home and with all the great finan- oisl centers of the world, ever suspend cd and resumed. The resumption of this bank Is worth many millions to the Pacific coast States and Territo- ries-especially California and Neya- da; and in a very large degree will operate favorably upon the nation in influencing the people to favor 8 re- sumption of business on a specie bs- SIS. Business upon Q specie basis. seems to possess more stability and power of recuperation in times of re- verses, than when based upon prom ises to pay, however safe the promises ma be. The whole financial world will wonder at and admire the facts in these dispatches as they read them:
 SAN FRANCISCO, October 2.-The Bank of California opened at sharp ten o'clock this morning, when an im- mense crowd of sight seers rushed in with a small number of drawers. Gold was piled up to height never seen before behind any bank counter. An extra force of paying tellers are paying all demands. The crowd IS in good humOr and as a general thing they poke fun atdrawersy as they come from bank with their few hundred dollars each. No large sums are be- ing drawn and IL IS not anticipated that any amount will be drawn ex- cept by those who actually need mon ey. The feeling of confidence in the future of the bank seems to be unlim- ited When the doors swung open, the immense crowd in California street cheered as one man. Flags were run up on all sides and demon strations of enthusiasm on every hand were great.
 TEN-THIRTY A. M.-The rush to de- posit money is almost ss great ss that to draw 1t; the difference Is that drawers are taking away coin in their hands and pockets, while depositors need sacks to carry 1t III. Over two trays full of coin have been deposited in twenty minutes, besides checks and drafts. A more cheerful looking peo- ole than ours IS seldoIl seen.
 ELEVEN A. M.-Five receiving tel lers cannot accommodate the deposi- tors, while two paying tellers are am ply sufficient for their department. ONE P. M.-The bank has closed, having kept open an extra hour to show its good faith. At two minutes before twelve o'clock the paying tel lers were idle, and from that time un- til they closed, scarcely any business was done, save at receivers counter, where five tellers worked steadily. As soon as footing was made, 1t was ascertained that the deposits exceeded the payments over seven hundred and fifty thousand dollars.
 The greatest regret in connection with the whole business of the sus- pension and resumption of the Bank of California, IS the loss of W. c. Rslston, its former president. For his death. we sincerely believe the di- rectors under his presidency are re- sponsible, and also responsible for the suspension of the bank They treat ed him in a brutal manner, and evil dently did it to make him appear the scspegoat for their own negligence and inattention to their greater responsi- bility. We now very much doubt that the bank lost one million, much less ten millions. by reason of their own negligence or any sort of mis- management but rather incline to the opinion that Rslston told the ex- act truth when he declared the assets ample to pay every dollar owed by the bank and the stockholders their due, or statements to this effect. The financial history of those men inclines one to doubt that they would come out with ten or more millions as 6 matter of pride, or to pay just debts for which they were not individually responsible They evidently soon dis covered that tempOtsry advances would enable them to realize hand somely and be honest with the banks | creditors. Had the directors been fair men, men willing to share their part of the responsibility for the suspen- sion (which now seems to have been to some extent caused by scarcity of coin in San Francisco they would
 have said to MT. Ralston: Here is a
 suspension humilisting and damag- ing to us all, but let us unitedly go to
 work, ascertain the worst and best,
 and for the future be guided by our
 ability as the facts may determine 1t. !"
 In such an event, their ability could have been no less than shown; they
 would have had the aid of NIT. Rsl-
 ston. than which none could have
 been more useful. Their own finsn-
 cial credit would have to-day stood
 as we'll as t does, and their character
 for justice to the most useful man San Francisco ever possessed, would have
 been admired instead of despised-at
 least suspected and ought to be des-
 pised. The course of the people of
 San Francisco. show these statements
 iustifiable and understood by them, although for obvious reasons, not pub
 licly expressed in their meetings and