Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1875-10-07
lrrom the London Telegraph

tfrom the London Triegraph.l
Unfortunately II was only the old
story Of the ring Of Polycratss. The
| wealth OF California grew faster than
tho strength OF the Bank, and Ralston
whose ideas were too imperial TO
brook the molten OF o r~ival-fsll, like
Napoleon again. o victim to excessive
ambition aud allied powers. the full
might OF which he had undercalculated.
Silver WINS struck" at
NINE cALLED u coMsrocK LoDE.
And Ralston. in pursuance OF his big
policy, resolved that the new FL Dorado
should. with oil other good things in
California. como into tho grasp Of his
own bank. Tho lodo. however. be-
longsd TO men who were his match, and
who unfortunately for him-were bent
ON his ruin. Messrs. Flood & 0'Brien.
OF Nevada. had started a new bank OF
their own. and
MUCH PUFrED LODE
Was a nero part OF their scheme. As
fast m tho shares rose in value Ralston
bought them. Tho Comstock syndi.
cate. playing its own game. kept the
market up by purchases on It's own nc
count. The price rose from GO to 100.
from 100 to 400, from 400 to 800, and
still Ralston went on buying. Ho In.
vested his own fortune, no sank tho
whole reserve OF tho bank; he borrowed
money on the security Of tho bank by
accepting New York bills, and he sank
that. So the game went on. until tho
Syndicate. having fairly cartcd oil its
stock into the Bank Of California. at
about sixteen times its real value. judged
il III to ceasc operations AMI wait the
result.
THE FALL
Was not 80 much sudden NJ II was In
Simultaneous. Comstocks came down.
not with u rush, but rather On m ava
lanche; and the Bank OF California
found itself In the position OF o man
who has borrowed to tho whole availa-
BILE extent Of his credit. and at q %ruinous
rate OF interest. that he may purchase
at q premium OF several hundreds,
stock which, as soon M II has fairly
passed into his hands, falls as II by
magic 10 n discount OF fifty. Nor was
this the worst OF tho evil. Much as the
coyotes close around tho old buffalo. so.
az soon as Comstocks were launched on
their inevitable decline. tho omissariss
OF Flood & 0'Brien began q steady run
on Ralston's bank. by fair mean or
by foul. they had ascsrtained It's exact
strength, and on tho 25th and goth OF
August they
STRIPPED IT OF m LAST DOLLAR.
The panic which cnsued when tho great
house closed its doors seems TO have
been unprecedented even In San Fran.
cisco itself. Fortunately il was soon al.
layed. The United States Sub Treasury
In tho City Of tho West came In. like tho
Bank OF England. to rescue tho sounder
houses. Within twenty.four hours on
fidence was completely restored. I'M
happily the worst OF tho tragedy was yet
to arrive. The Board Of the Bank Of
California met, and tho accounts OF tho
house were gone into. Its position was
seen, almost at n glance, to be beyond
hope OF recovery. A stormy scene fol.
lowed. and Ralston. rendering. In a few
brief words. his resignation M President
and Director. left tho Dom. Within mn
hour his body was found floating In the
harbor. Some say that ho merely went
to battle, and was suddenly stricken with
apoplexy; others, that before he swan
out he had taken some sharp and rapid
poison. All that Is really certain Is that
the man is dead. Honest TO the last, he
Is said. after making q moderate pro-
vision for his widow, 10 have left his
own largo private fortune for the benefit
Of the creditors OF tho bank. II this DO
indeed true, oven his worst enemies will
find II hard to bring against him q word
Of reproach.
TIN MORAL
OF this strange story, In no far rs II a
DO said to have n moral at oil. Is written
in very big letters. Ralston was evil
IDENTIFY no ordinary q From an
obscure clerk at q steamboat booking Of.
Zee. no had risen by simple. honest, but.
withal, daring enterprise, TO position
Of almost unprecedented power and
wealth. Az wo have already observed,
his income from all sources Is believed
to have reached the enormous total Of
more than half q million q year In Eng
lish money. That II should be possible,
even in California, 10 amass such q for
tuno by honest means Is In itself o mat.
ter OF wonder. Moro marvellous Is II
that the man should have fallen into the
trap which his enemies laid for him.
At the last he seems to have seen his
own folly. and to have become awaro
that his attempt to annex the Comstock
Lode had been for him and his fortunes
what tho fatal Russian campaign proved