Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1875-09-01
The California Suspension Last Thursday.

The California Suspension Last Thursday.
San Francisco bankers and brokers were
startled by the suspension of the bank of
California. The Immediate cause was
run on the bank, which continued till all
the coin in the vaults, some 81, 10000
had been paid out, when the bank was fore
ed to suspend.
The bank of California issued no bills.
The run upon it was from its dcposltors,
through doubt rising to distrust, and a
million and half was paid out before the
suspension. which took place only when
its supply of gold coin was exhausted. and
its credit could command no more.
Through its control of the Comstock
lode. until the recent great Bonanza dis
coveries in two of its many mines. the
bank controlled the bullion product of the
mining states through the liberality with
which its managers treated all enterprises
calculatedt to develop the wealth and divers
ify the industry of the coast,it was direct
power in all departments of business;
through its ambition for leadership. 1t ex-
ercised great influence in politics,-and
there have been few governors and sen'-
tora in Nevada or Californla,Of late years,
that the bank did not have share In max
ing; while through personal hospitality
and generous welcome to all sorts and con-
ditions of men, a widespread social lnflu-
ence also swelled the prestige and suprem-
acy of the institution. ar. Wi Ntm {.
Ralston, first its cashier and president,
and always its manager, and WHO has not
| been able to survive its ruin, was the
creator, the organizer and the director of
all these Influences, this anomalous aggre-
cation and Capitalization of power.
Of all California S remarkable products
and features. he was himself the most re-
markable. A steamboat clerk on the
Mississippi river, protege of Commodore
Garrison; his clerk, agent and banker on
the Islhmus, when the Commodore was
running California steamers; next prl-
vate banker in San Francisco; in 1861 the
organizer of the bank of California, with
some twenty of the most prominent,
ablcst and wealthiest citizens rs his select
and exclusive stockholders. Mr.. Ralston
was forty-tive year old, and was the I'll
rector of more and more various power
than any man on the Pacific coast. With
out personal vanity, he had vast personal
pride and ambition he sought power. not
notorictv. Without the culture of books,
he had Il perception of men and of affairs
alike deep and quick and broad.
He was the most popular man IN Call
fornia. His muniticence had won him
friends everywhere. His career is full of
instances where he had kept from failure
men who were on the verge of financial
ruin His mode of life was on 4 plan
commensurate with the extent of wealth
at his command.
At Belmont Valley he built for himself
a house costing Sl,O0O,0OO, and supported
it with an annual outlay of $350,000,
His house would accommodate $50 guests,
and occasions were frequent when that
number accepted his hospitality. His
stables are built on a magnificent and ex-
tensive plan. Some years ago he had
some difficulty with the railroad which
leads to Belmont Valley, distance of thir-
ty miles, and then provided himself with 4
light buggy, and having relays of horses
stationed along the road, drove every day
to and from san Francisco in less time
then the train could make. He was the
last man at his office at night and the first
!, one in the morning He was known as :,
good liver and won many friends by his
generosity and hospitality.
The liabilities of the bank are stated at
fourteen millions with liabilities Of seven
millions. The trouble was the vast credits
, it has given to men in al sorts of business,
Ralston himself using enormous sums, one
of his Speculatons being the Pacific Hotel.
The bank was also deep in speculation
/ in Nevada silver mines and the Nevada
5 bank fought it and got it cornered. Fri
q d;lv the directors of the bank held 4 meet
8 lug, and Ralston was requested to resign
rs president and director, which he did.
About ten minutes past five O'Clock 4
close carriage drove rapidly to the dool
of the Bank of California and a gentleman
jumped out in 4 state of excitement and
ran into the bank. In response to inqul
e ries, the coachman said that he had Just lcf
: the body of Mr.. Ralston in charge of Al
officer. on the beach near the smelling
:. works. the north part of the city ,drown-
ed. Ral>ton rode to Selbys Smelling
Works wharf and jumped off the dock
The great excitement in this city over
the death of Mr.. Ralston, president of the
Bank of California, overshadowed every
other topic. 1t appears that he went to ;
: bathing establishment at North Beacl
3, at 3.25 Z. NJ, undressed, went into the
e water and swan about 200 yards, anC
disappeared behind vessel. Soon af
i ter his body was discovered floating by thu
Selby Lead Works, and was brought as
: shore, still alive. physician WAS sum-
b moned, but all efforts to resuscitate hin
y failed. and he died at 40. Colonel Fry
his ftther-in law. Mayor Otis and Il NUM-
Der Of prominent citizens, arrived before
Y he expired.
l. Colonel Fry and Captain Lees went t.
y the bathing house and obtained Raj
ston's clothes, in which were found a few
: dollars and his statement to the bank bu
Y nothing having any tendency to SHOW
e that he committed suicide The bod,
was conveyed to No. 1912 jackson street
> the residence of Colonel Fry.
: A boy named Festus Mazzele state
that he saw Ralston before he reached tn,
, house, saw him sit on clay bank nea
- the smelling works, saw him tear up sew
" eral papers and throw scraps into the wa
: ter. Search was made for the pieces
IS but they were not found. 1t was reporte
d that he was seen to drink the contents of
= phial before goiug into the water. Th
general impression is that he took poiso
e before going into the water.