Year: 1875

banking institutions and the dis astrous effects that have always followed, the irretrievable ruin, distress and dismay that were inevitably caused by such failures, are struck with wonder at the great financial vitality of San Francisco, and we may say of the whole Pacific Coast, and also the wisdom and forbearance of the people. The suspension of the Bank of California was most ter rible and unlocked for calamity, and having the example of other banks in other States, it is no wonder that the creditors of the Bank felt the deepest apprehen- siOns of impending ruin, and that for a short time there was some- thing of panic. But the rapidf- ty with which that panic subsid- ed, and confidence and good feel tug were restored, in the great, go-ahead, impulsive and cosmO- politan city of San Francisco, is certainly one of the wonders Of the age

 And is it possible that young San Francisco is setting an eX- ample to the old mOneyed centres of the world, in time of a great financial crisiS2 An example of wisdom, forbearance and reason |? It looks like il, and as pioneer of the Pacific Slope, We are proud of San Francisco. And now, if the latest news we have received is reliable, what an uneXampled spectacle do we behold? A great moneyed institution, that by force of circumstances, was compelled to close its doors, rising Phoenix like and resuming its functions and discharging all its obligations without loss to a single depositor! It will be a proud day for San Francisco and for this whole coast, when this grand thing is consum- mated. We have faith that it will be done, and as reaeon for that faith, we quote the following card, telegraphed by MT. D. O. Mills to the NeaO York Herald:

 The Directors of the Bank of California refuse to allow any of ticlal statement to be made con- corning the affairs and condition of the bank until their work of in. vestigation is completed. We are recognizing the bank affairs with a view to enable it to pay all its debts and to supply a new capital. Success is now assured. beyond any doubt, and we confidently expect to resume our regular busi- ness in a short time. Mir. RaIston was indebted, largely to the bank, but he leaves considerable proper ty, the proceeds of which will go far towards paying his liabilities, independent of new capital now being subscribed. The cOmmu- nity here is showing the greatest confidence at our efforts at reor- ganization.

 The New Fork Her0ld says "the advocates of sound currency would rejoice to see the Bank of Califor- nia revive and give a spledid ex- ample of the recuperative energy of a hard money institution. It would be gratifying contrast to failures in the Eastern States"

 We cannot better close this ar ticle than by copying the follow ing most excellent and well timed remarks from the San Francisco NelcS- Letter z

 The immutable laws of com- merce and finance can never be evaded with safety. The person. al feelings and policy of temporary money kings may effect the de- sired results for the time, but the great aggegrate is always the same. In the light of recent events, we wish to impress upon the public mind, and especially upon the mind of the dominant and risisng mOneyed power, that personality is out of place in fin ance. The public is ever the grist that goes in between the upper and neither mill-stOneS, but it sometimes happens that d great pressure or great weakness bursts the stones, causing also a general