The sun. [volume] (New York [N.Y.]) 1833-1916, 1875-09-17
THE TRUTH ABOUT RALST0N
THE CITY or SAN FRANCISCO AFTER
THE MONEY PANIC.
An Era Of Furious attentive Bar
kceners who Became Millionaircs and
then Crushed the ia nh Of California.

An FRA OF FurtOus Speculatt0n-TWo bar |
kceners who Became Millionnires and |
then Crushed the BANK Of California.
SAN FRANCISCO, Sept. e.-The fury Of the |
financial storm liz over and the wretkers are at |
work. Men who cume to this coast In the golden |
days Of 40, and who have brcathed the glorious |
air OF California since. say that never in the
history OF the state was there so great an ex-
element regarding the condition Of the banks
and the safety Of mems fortunes as that Of the
past two weeks.
within few years only has abe fever OF
mining speculation reached its extraordinary
height and destructiveness. Young men and
women, too, have been led on TO misery and
wretchedness through the dazzling stories Of
tho almost fabulous wealth Of Senators Jones
and Sharon, william c. Ralston and many
others. All classes Of society have been moro
or less fascinated nv the daily reports of tho
stock market. and have been educated up to the
belief that vast wealth NAV be accumulated in
few DAYS by dabbling In mining stocks. True,
many have by sharp mann wiring or through
sheer luck, secured LARGE fortunes IN a verv brief
period, but many have been swallowed up In the
speculative whirlpool.
California street hns demoralzed not only san
Francisco, but the entire state. Legitimate
business has been neglected, and everywhere
the cry Of "Stocks, stocks. stocks Is heard.
peil nell into the vortex and taken with them
the money which belonged to others Deposltors
baes " coin were safe in this or that bank, and
little dreaming thai in the name OF Consolidated
other stock. their coin was floating about tho
streets, and that It W = liable to tie caught In IA
whirwind aud carried from their gaze forever.
They knew very well that two men who former
" did thriving retail liquor saloon business in
THIS city had struck the biggest " bonanza OF
the age, and that tire ex-bnrkeepors proposed
throu n their Bank OF Nevada t. control the
knew. also, that Ncssrs. Flood and Onrlen were
determined To c tch all the big ami little fish
swimming In G ltforn1 street. aud that their
first ana greatest movement was to crush the
Bank 81 California. Months ago the old sharps
~ the street discovered what Flood and O'Bren
| were DONG. Ihc great Bank OF california was
| totteriug, and when, at length, II Tell with
! mighty crash. all California was paralvzcd. The
Pae ao Ha Ser eSn SpH sde es Flood
| an O'Bricn ceZct with cvidenf satisfaction up-
on the ruins. heir own pct scheme the Bank
OF Nevada. doomed up, aud the eX-barkeepers
| William O. Ralston was the President Of the
| Bank of California. He was liberal man. He
| paid for the building of mHEniht eut residences
| princely STYLE. The people oi san Francisco are
| dtsp scu tu forget hi- mi-dccds aud remember
| only what rebounds to his credit. He was not
greet An, but ne was Possessed OF untiring
| energy aud bis cntcri fsc- were pushed forward
a. extraordinary specd, In hi position a. Prcsi.
dent OF the Bank III California ne had control Of
! millions, ana this money. a the failure OF the
bank clearly trnyos. was used mainly for his
Mr.. liflston aid much to add To the clitterinc
halo surrounding the name 81 California. aud
/
personal ht- tory II the state. lie was a suecula-
tor, and used desperate means To secure his
/ objects, ana unanimously failed. Tue admir-
/ IN people ~ tut coast ocpl'fci ms dsNniaN.
/ Va h,n u. %. NILS. the principal director Of the
bank, went to him on the day folio owing the
! fiilurc of the bank, ana informed hun that
Il Was the Director wish that he should retire
from the ftrsii ncl o. the nv, Nr. halston
| fully undc r-topd that he was forever dead IN
the esteem Of II Fr~nciscaus. The dire tons
bad not time 10 make their Investigation public
before his sudden d"Ntn startled the country
Then chtity's veil was drawn around the career
OF the eX-liank President. und the public was
LEFT In ignorance concerning the condition OF
the bank. aud tue .ture OF Nj. lstun's opera
tiops. \ & roners jury composed II the most
intimate pefs nal friends az Nh. Rals'on. rem
dcrcd a verdict that his death vs. accidental.
am nrmiN convinced that there = not sane
lieve that he committed suicide. There were
dircctor' of the bank VINO were bent uppn max
requested to leave the bank he went to North
Beach to battle. VIII any one believe that
a man undergo ne the terrible excitement
through which MIR. Ralston was laboiing would
go 10 plcast re resort to battle during the very
extreme dcR,h of his humiliation aud utter de
fcatY san franciscans don't believe II. but they
would attempt to convince the ucollo ~ other
states that Mr. liaiston met AN accidental
death. Tue men aud women of THIS city HTe sat-
i-hed that Mr.. kaiston plunrcd into the bay
with the detotiuin,uon 20 there end his ex-
tstruce. Notwithstanding the fact mat II Is gen
orally believed thit he committed suicide, thoI-
sands OF persons say in extenualion Of his crime
The failure # the Bank 81 California and tho
dentn Of Mr. K ls;on have intensified to an
new paper- here. and the people OF the city
have becn stirred no to n most unparalleled
fury. An evening news paper. the Bntttu,
| vi ich ass1ilei Nr. lalstOu during the latter
DAYS at his hfe, IL now the TARGET OF the most
Viudictlye attacks from the utncr newspapers Il
the city. 4 great pow-Wow has been made over
the Death of Nr. ltliston, and IL HIS been made
To nppc thht hc wa most ur1nsty criticised
There are MANY OF tile clclrest- headed G.li-
furnian- who ia roughly Le.icyc. however that
Mr.. Ialston was -uity of great wrongs upon the
! dcpu.iturs of the Bunk uf California, ana that II
/ he had lived hrs uuuishmcut should have teen
| as severe 49, that oi Tweed ia New York. The
| directors e the Bank q California have not
| hiltles. They have not red to make "a state.
! meut. hoy know fuli well that the failure u
the bank Is due u Mr. Raiston al ne, ana the
I eXfittmen at tni- time concerning his death
st4Ncs n their report. There has pcen a con-
| ccrted movement bv the newspapers % the
posed Mr. Rnlstun, and an unnatural, Xcitcmo nj
ma uccn created. The great meeting tO-nl- lat
az Union lluil Vas really intended a. an assan at
on tno Bulletin. The editors II that journal
anticipated an attach on thcr onice ana were
well prep red TO give the moo hearty re-
crpfinn.
Nuch has been said about uniruthful des-
Of, hes sent To the East ~ person. VINO Wishtd
to impair the credit Of California THIS Is an
nou-cnse. he telegraa nic spuudcnce
from mi, city In regard To the iallN.c Of the
Bank Of California and Mr.. knlston's death has
really uccu 90 mild. II the whole truih had
been told IL would have been made apparent
that the 10 nix 81 lifornia was one Of the most
ton dchbC rutclY CON mltted suicide That the
directors dreaded to make "A statement. int the
credit Of California has cen most seriously inn
paircd, ana that there h. considerable DOUBT
whether tuc Il NIX # California wal pay its de-
positurs la full.