Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1875-09-04
4, BLACK FRIDAY,


The suspension of the Bank of Cali
fornia. which event occurred on Thurs
dry afternoon Just before the usual hour
OF closing, was not known in most Of
--she interior country, until Friday, the
9th inst. Had o thunderbolt fallen
from clear sky it would not have Gre
ated greater CONSERVATION. Had all
the banks of California been involved
Z in general failure, it would not have
created more excitement than the fall
of this Colossus of strength, the pride
OF the Golden State. The subsequent
announcement of the suicide of Mr..
Ralston 'left but little ground Of hope
that the worst had transpired or that an
investigation of the company's affairs
. would indicate an ability to pay all the
liabilities. This additional cause for
anxiety was however, happily removed
by the authoritative statement that Mr..
Ralston's death had resulted from nat
ural causes. When this was known,
and the immediate causes which led to
the suspension we're stated, the people,
all of whom are interested, directly or
indirectly, felt relieved from much of
the anxiety which the mere announce
g ment OF events as they occurred had
created.
The cause of the suspension was, as
Mr.. Ralston tersely expressed it to the
reporters at an interview Immediately
Z after the shock, "Want Of coin" A
= constant stream of gold has been flow
ing eastward, aggregating in the past
seven months, upwards of SIS, 900, 900,
. which for o like period last year
amounted to less than 50 900, 900 This
heavy drain was unexpected. The
banks were crippled to- meet the sup
ply. While in this condition, the wool
8 and wheat crops were placed on the
market and absorbed large sums. II
very naturally followed that banking in
stitntons became exceedingly cautious,
and when anything like panic ensued,
were debarred from extending aid to
each other BY the rule Of self preser-
vatich. This was undoubtedlywhy the
Bank Of California was refused aid by
other Ihoneyed corporations. While
alihad ample assets in money values,
the COIN was not in the city, to, meet, a
general run on any Of the banks. It'll
TheIsuspension Of the Bank oof Cali
Afornia is in no respects failure, since
there'is no possibility Of loss, or any
other Inconvenience than that which at
tends o temporarily scarcity of funds
among those whose, means are locked
up in its ventures. The assets of the
bank are said to be Of the best descrip-
ton. The stockholders comprise some
of the wealthiest men of the State, rep
resenting a capital of many millions,
and should any deficit arise in meeting
the liabilities they will be assessed to
make mp such deficiency There is nc
way, or inclination so far as we car
determine from the dispatches, to evade
this responsibility. .7 a5''%'sI y. - -.
We infer from the lengthy statements
IN the papers that the run on the banks
Friday ,did mot ;partake of the nature
of a panic Many Of the heaviest de-
pcsitors remained calm, realizing doubt.
less that the public safety rested 10
GOODNESS and moderation Some OF
these did not touch a cent of their
money, and this course contributed in
no small degree towards allaying the
excitement. -. ..., ,'..r =. :, r-..-4
It is 10 be regretted that soon as
there is o prospect of financial trouble
toanybody be his possessions counted
BY millions or by hundreds, there is i'm.
mediately manifested a disposition to
kiekhirh DOWN Instead of aiding to
bridge over the rough places, human
nature invariably displays its selfish
side, except in isolated instances like
those which have contributed SO much
towards checking the late crisis in San
Francisco. Owing to this cause, mainly
on Saturday the excitement had quite
snhsided and this week business in the
Bay City has assumed its ordinary chan
nels.5 SIX lysSR ,aiI h 7is'f Faasse
Hsauya -4--------s-~u> s-------- ~t .o,
I,UnrrARiAx. Preaching in Olympi,
Hall Sunday evening; services at Tum