, 1875-08-29

VlNDlCATlON.
TIE sAS FRANCISCO BULLETINS STORY.
aAS FRANCISCO. Aug. 23.-The Bulletin this
evening has the following editorial on the death
o! ". G. Raiston:
The community was mora painfully surprised
bv the announcement OF tha death OF ". G.
Ralston yesterday afternoon than BY the failure
Of the Bank OF Ca!ifozna, which h.d just pre-
ceded this tragic event. The fortune Of that in-
stitution Was the elimination OF Mr- Ralston'e
financial management. He had been allowed
full swing. or so nearly SO that be was
responsible for the bank management,
and probably for a long time past
hs alone knew its actual condition.
When. therefore, yesterday, after the late
PRECEDENT had made his statement to the Direc-
tors Of the hank. aud ther promptly took tbs
further management Of it's Affairs ont Of his
hands, Mr.. Rxston ceased to live almost simul-
taneously With his ceasing to be president. It
MAS
IN CNroRTuHATE ENDING
of I once powerful institution. and tragic ending
OF life. Great as we're tha financial
abilities OF Ar. Ralston when lie Was
advanced to the head OF the bank,
there was the inception Of that failure which
eliminated yesterday. Mr. Ralston had the
dsAh. nerve, and quick impulses which belong
to shat class OF men who make brilliant specula-
tions, sud are ns often oyastAken By disastrous
effects. He was bold aud strong-wiIed, and,
while It bordered on recklessneeB. he Vas taken
for financial gcnirs. He WAS ut the sarna time
I man Of great reach and enterprise. 80 that the
management OF q g1eat banking institution, in-
stcad OF being made an extensive BUSINESS was
ONLY AN ITEM
in tho multiplicity Of bis adgirs. Mr. Ralstoa
engaged largely and lost very heavily from time
to time in outside speculations. He IVES heavy
operator in stocks He made q large sum in
operations in Belcher. and probably lost much
larger one in his more recent opezat1ons III
Ophr. In tins last operation the losses Of the
pool are said to have been hardly less than
$3 0O0, 900. Mr. r. Lacked the disc1rIino
Of early training. II victory did not come
with ths bold dash. reverse was pretty certain to
follow He could work out nothing by any pa
tisnt or slow process OF reasoning. He wss for
ward With tue first impulse or intuition, either
to succeed or defeat. With great institution
It his back, tue glamour OF such power made
him
EVEN MORE ArDAuoUs
and reckless. He could and did plan good things
fur p.ivato individuals. and sou1e bad
things fos the .b,c. It was only when
he attempted to infinite public enterprises
in the Way to make them s1lbservient to private
epacnlatons that tbs Bulletin made issue with
Dir. r. We had many long anu earnest inter-
views with him at our Office, and at the end OF
which he always left fnlly determined to carry
out his own plans, bct was fully informed that
th& Bu!let,n would defend the public interest,
putting it before private speculation, let what
would happen
II was ME. Ra!eton's course On questions Of
great public moment, involving millions OF dol
lars Of pubic money, ~hich made these crit-
cis1ns neces8ary. We hare never for moment
not doubt them today. Mr. Ralstonfa relation
10 these interests MAS ooe that looked to the sub
ordination Of them to
PRIVATE GAIN.
He had lost heavily, and could not SEQ why he
should not 10 permitted to maze up his lossca
ready to serve the public with his great opDoE-
tunity, he was also ready to demand concessions
from the same putlic which could moi be made |
without great and positive detriment to such !
interests. He thought 1t right to elect officers
% shape Euniclpzl. and, it need be, the !
State Government, SO that his plans should |
be more readily executed. Whenever this |
was done. his energy and his autocratc ambition |
we're put to tie most dangerous use. No |
Journal conducted in the Interest Of the pubic |
duty. We interposed only when the public meas
urea which he had originated and IVES pushing |
% dangerous canBum Earlon made that duty
clear, aud then we never lesitated to warn the !
public Of the dapger.- -heine perfectly willing to
hat might follow ns5
10 complete v,ndicarou Of the Bulletin that |
ne are not disposed to add more, When nothing
from the first was wanting, IT there were any
:easons. for single regret. It would
,e in this that our warning and criticisms
md not been even more emphatic /
md persistent. that scme greater mitigation
If pubic ev:l might have been secured. This is
he time for calm and dispaseionate review. We |
10 not shrink f.om making it in the light Of ,e-
:ent eventa. 1'c could wish that nothing had |
occurred to make sncb review necessary. but t
h,s IL our opportunity. While wo do justice to
he dead we do not forget what justice aud truth |
Llso demands for the living.