The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-08-30
aha San Francisco Panic and Tragedy.
cot,raay,s paner appeared a rum

T,he San Francisco Panic ana rase0V'
In orr Saturdays paper appeared run.
ming sketch of DIR. RALsToN, the president OF
1hc great California Bank. When it was
written we did not know that Dir. RALsToS
had committed suicide That event has
thrown a sadness over the affair that VIII
probably draw expressions OF sympathy
from many persons. 1t is stated that the
president was on Friday requested BY the
BOARD of Directors TO resign his office, ana
also his place at the board. This ne prompt
IL did. At 3:25 P. n. he went to sea-
bathing establishment at North Beach Oh
The seashore, undressed and swan some
two hundred yards, and disappeared
fsabind a vessel. Soon afterwards his
body was discovered floating in the water,
and was Immediately brought ashore, still
alive Int all efforts to resuscitatc him were
unavaiiing, ard ne died at 400 I. 81. IL was
stated that he was seen to drink the conteats
Of phial before going into the water, ana
he is therefore supposed 10 have died from
poisou. He was seen to tear up some papers
and throw them into the water before ne went
in himself. Efforts to recover them iailed.
Mr. RALsroS was ono Of the boldcst ope-
rators. and led the bank into numerous
speculations. Among other great ventures
it engaged in were the Central racine
railway, the Pacific Mail, and the Com
stock Lode. 1t will be remembered
how persistent and energetic was The
m MI
sress TO agree to q contract by which, scVcral
millions were 10 20 to the Pacific mall. ne
effort utterly failed. That was undouoteoiy
nrea. blow to the bank. The Central Iacl-
fc railway Swallowed up an Immense iuho
o,, IF II. capital, and the results Of the ope-
rations Of that road did not rcsHZe eAPee-
fatjons. Bat Mr.. HUNTINGTON, VINO manly
reure,cntfd ,he road, succeeded IN cHec'lnS
an arrang, ment which We suppose pretty
well shields j the road for the Tune from the
,,re.surc that was brought TO bear upon II
mainly through the Government c!aIm lor
interest.
No financial institution in this country
ever had 50 brilliant career as the great
Bank of CaiforEia. It's grand opera
lions as.ounded the country, and the &C.
neral opinion was that it held the business
of the Pacific in its hands. Its property was
in oil Ci.sc;ioGs, its agents were everywhere,
and it was power in politics as well as
commerce that all people considered next TO
;uvincb!e. It's president was noted Tor
sbrew,;;css as we'll rs b0!dne>S, anu the dl-
rectoys ard stockholders rcposcd in him the
most implicit trust. To his hnanclal lame
he added lie character Of liberal ana ete'
CANT rontlcmao. His magnificent residence
Iecaa.e the abode Of hospitality, and 1t was
shown in style Of llbcra!lty and splenoor
anexampled on this continent.
And Al this bold ard brilliant career is
ended by tie failure Of tie bank and the
death of the president by his own bands
1T is reported that the banks obligations eX'
coed Sl4,OC0,000, while its resources are
nominally estimated at only half that sum,
with the probability of further and disas-
trous shrinkage.
The iu.c Of the bank is very Datural.
Eapks EaIe no business with speculation.
When they switch of from their legitimate
business they Immediately take passage on
the "fncills descensuS Grerni," and soon
reach that terminus. The fate of the presi-
dent must inspire many hearts with feel.
irg of regret He Vas himself q man OF such
large heart--the guests he had entertained
may be numbered by thousands; and it may
h. said Of him that, with all bis ambition and
folly, he had traits OF disposition that elevate
him far above many Of the very dislin'
cuisncd of his Professionalism whose greed
is unr,leycd by single sentiment Of llbe-
raiity or charity.
seven millions Of dollars is great sum OF
money. l. must cause much trouble. But
w. imagine that the nature OF the trans
continental commerce is such that The Allah
tic cities will not suffer seriously from the
great failure. How far other institutions and
bankers are involved We bare not yet clearly
learned. 1t is stated that this day is the COL
Icc;ion-.lay and the San Francisco Chamber
o. Commerce on Friday decided, rs our tc!e.
grams stated, that it would be more injn.
rious than beneficial 10 take any action look
on collcction.day. No doubt very wise
conclusion. Things will therefore take their
course, and we shall probably know the
worst to-day.
The developments concerning the affairs
OF the great Bank Of California, as well as
with regard to the acts and the death OF the
president, will be looked fol with decided
interest. The story of the bank and the
"great 1iaancer" who gave it fame and'
failure must be of the most remarkable Cha
rAcler. 1t will not only be full of interest,
but full of instruction. If there is no strong
motive amongst the officers and owners OF
the bank TO smother up facts, very probably
some developments may be made that will
bear on men and measures to . wide extent.
Sound Business Principles.
The New York Herald, commenting upon