, 1875-09-06
BANK OF CALIFORNIA,


SAN FaAac1Bco. Sept. 4.-Tho I'ulieffn pub
ttnlo1 an editorial fhia evening in which. after
referring 10 the course Of tho paper with regard
to tho nnnk Ut California and NaIeton, 1t says:
"Mhon tho bank suspended last week we
thought 1t our duty to protect ns far as possible
tho deroyitors at,d o.hcr creditors OF that i1,-
Bt,tutIon. Wo nnh1sllod inst 30 many fscis az
no beiisye would best Bcrye tho pnrroac, aud
no moro. sWo lhon aala that iho failure waa
owing to tho nlinmanagement OF tho latn
rrosihont. a1lt That tl,ts msmanagonent was,
in short, within the knowledge Of tho Directors.
For these statemonts We wete rnundly abuacd.
THO vicions press undertook to marshal all cor
rupt olemenis against us. W0 *0re IN poeHcs-
afon Of facts which wo could not atate, because
we wero most anxious that tho Directors should
II possible contrivo aone way OF extrcattng
themselves. wo preferred to ouf.cr tho assaults
of onomlos rather than to Rlvo tho facts at h
time when they might furnEsh complete vintca-
tion Of our attitude towards the bank, but
might At tho sa:no simc hinder and posaiblY de-
feat t!lo p1anB which Tho Directors uoro dovising
for tho protection OF the crodtora Of that instl.
ways bonn atanctl friends OF the Bulletin. and
eto 81 now, llnvn perfected their plnna and have
sc!tle'! on hnais ut action wtereby cgofy croAi-
tor Of tho bank Will 10 fully pn1d. Wo 3tnvo fnll
coDlIueEce Dntn 1T tno hWlty And III tno EGoH
faith Of these mon. Thoy will retloom their
ue,lge, and NAV ultimately mako tho
bank stronger e,on than tho ono which
suspended. It was time that thn Dntcfin
should he relieved from aectots which II has
been nb1scd for kcoping. We therefore propose
to ask consent Of tho Board Of Directors TO re-
lioye lls from Rny further obligation to keep
secret eomo facts within our lsnomlcdcc. 1fav::
inE dono our host to protect others: It ID part Of
our duty to protect ouraelyes. We ara now
authorized bv q. O. 3titfa to say
that tho 1atc President did. without
the kno vle7ro of thn Directors. slse privately
from 53,ooo,Hoo to f4.0oo,0'0 Of tho hank's re-
SOURCES. which amount rcmalne unpaid. This
WAS tho cauaa Of tho rrccnt failure. Frobshlv
eluowlere this would have bren Bot down as
dcfacatton. Wo aro nlso authorized by tho
Bamo authority to enY TINT thcro was
an oyeriesue Of stock, which oyor-
.sens has now been prori5od fnr, The pnrticu.
lar tso wa9eh Was nndo OF th|s large sum Of
money It ia not onr duty to tnent,on When
rho lato President with tho institution wna at
onco sovorcl. Between *1,090,00o aud sl.0oo,-
G,M OF money had gono nut OF tho hAnk without
tho knowledge OF rtnEle director"
II has been ronorted that tho Dank of England
WAS fargeIy indebted to tho Uptod ata!os Stint
hora Tho Mint hAd boon refining for tho Dank.
and tho supposed indebtedness Ut waa thouRht)
VAS incurred through that channol. Tic Suror-
intcndont os tho Mint a.ato. to-day that. on tho
contrary tho ttfut owas the Bauk 81 t23, ,0G1, pay
abla on demand.
Thern IL nothing now to report In financial
circes this morning. Quiet md confidence pro-
mil: Business la moving IN the naual manner.
gold TINT has boon Transferred tn Sau Franctseo
banks and businnss men ia g., Sol ,01o. Another
$5e0 ono may DO transferred on Monday, from
the bullion account Of tha Mint.