The Carbon advocate. [volume] (Lehighton, Pa.) 1872-1924, 1877-10-27
Our California Letter.

San FRAScIsco, OoG Il, 1877
The principal topic Of couversatlon during the
week has bean tho sudceu oollapse of n ylld.ca,
institution known as The Pioneer Land and
Loan Bank. which suspended paymsnt Iasi
Monday. The " bank" was ono Of the most pi.
gantic frauds ever successfully peroetrated ou
the people Of this state. It was started only a
few wears ago. anu SINCE TINT time has beeu
steadily paying interest on its deposits NJ tbp
rnte OF one per cent. a month. Business men
"nd capitalists have from the first known the
true character Of tho concern. and 1t IL safe TO
say that DO bank In tho city would have ever
touched \" Pioneer check. Not so with the
poor people. Tho ofh.r Of one per cent month
for depOsHs proved too tempting for over
twenty four hundred mechanics and working
girls, whose cOntIibutons,to 10 the rapacity Of the
bank-manaRers foot up TO over a million OF dol
iars, IN TACT II Is hardy pOss, bic that so much
suffering among the lower G asses could he
CITY. - ~
The mods or psvand, OF the svindle vas very
simple. The bank in external apOo france was
most thriving. II had sumItuOns quarters at
the corner a Ca lfornia and Montgomery
streets, most prominent husIness location IN
the Safe Deposit CompAnY's splendid but dinv
It's counters were ado ned with heavy rolls Of
wnL nppeated % be twenty-dollar gold pieces.
Out wh.t. IN reality, was OnIy iron glide and
nltched TO represent double eagles. The JnAtl-
tu;ioh did no banking business. The money
paid IN was divided lnt0 three portions, one for
tue oihteTs one to puv interest AMI mother IN
meet any demands OF depOsitor,. 1t WAS \ fImI
" nnair Joseph z. Duncan, the Secretary and
head Of the concern was the sOu.in-l w Of tn g
presihept, ar Gray and tho her Uflcers were
the reAtiveS OF one o. the other When the
news eame that the bank had failed, search
was IN AZ lOr Duncan Uut he WIS not 10 be
found. The rage Of the depOaItOfs was nubouud
ed anu 50 great was the popular indignabOn
that trong force Of police were called into re.
pvta
Mob Hill" trcn being mobbed. He has not
turned 1p yet, and is sup :csed 70 have sailed
Tor south AmeTlea on schooner that cleared
the Heads the night before the uank coll,psed
His caI eer In Sal Franci. co has been disi epu.
table one from the first. He was once the edi.
tor OF the Herald, paper prlnteu here in the
early days but after ieaving that he engaged in
loJier es, mOc1 auctions. and aInOJI every
species OF Gi.TeputaDle ventures.
Dncan mode Il clear sweep Of all tho uroperty
OF the bank ana It IA behevef that Of the 81 235,
4OI liabilities hardly Ave cents on rae do ESr will
0e paid; his VIE an family did not accompany
MN " H. light, and profess to know Othing Of
his whereabouts. ltls quite pos4Ibie that ne
may be htlnE IN the cry, and IN that ,se his
safest place would he the City Prison as there
would be tile cnance Gf his escaping with bis
life were ne T., show himself on the streets.
The recent death III Peru Of Harry Meiggs,
regret among the old forty miners here who re.
member his uns and downs IN the early avs o.
Ca notnla four correspondent last evening
met gentlemen who had Just arrived from
Calais and who hod been with Mr. Meiggs only
few weeks before the latter's deSth He
gave some particulars OF MeigRs' great career
in south America. The gIeat ambition OF his
we was the accompaniment of the vast rall
roao schemes Inch he had then b. gun. The
three roads which he planned and carried nj.
most To cOmpl.uOn. were the Caliss. Lima and
OrOya the M0llend0 HEu PunO, and the PacerO
Nave rallroads. The first named extends from
the Pacific ocean 10 the apex OF the CCrdilieras,
and 10 probably The greatest irium ph OF railroad
engineering Ia tne world Meigg5 never expect.
cd 10 see tne uay when he railroad system of
Peru would be connected wlt1 the nayigab.e
wat rs Of the Anna zOn, bu. he believed that the
ascent oi the locomotive up the Andes would
bring the success Gt his grent project within The
anEr OF half century HIS embarrussments
and failure u eomDlete his roads was due III the
inability OF tho Peruvian Cove unrnt To kecp
it4 nlBnAses Tfu CUnLIaJG Ia.lod % nav.
ment Ui $780, O0CO,0i winch sum s7U " uVOC Giy
was rllseti. Ii VS. IN 'luiy Que 10 the worry at.
tennnnt upon these emUIfrasRmeiits tbqt his
mnd hhaly gave way. Although MelgRs lived
m almost princeiy slYe, and entertained the
hleheHt perrOus III the land, his estate will pIu.
Da3y prove but mere pittance among his