tners removed our account from the American Exchange Bank to the
Metropolitan Bank; and, as Wadsworth & Sheldon had failed, I was
instructed to deal in time bills, and in European exchange, with
Schnchardt & Gebhard, bankers in Nassau Street.

In California the house of Page, Bacon & Co. was composed of the
same partners as in St. Louis, with the addition of Henry Haight,
Judge Chambers, and young Frank Page. The latter had charge of the
"branch" in Sacramento. Haight was the real head-man, but he was
too fond of lager-beer to be in trusted with so large a business.
Beyond all comparison, Page, Bacon & Co. were the most prominent
bankers in California in 1853-'55. Though I had notice of danger
in that quarter, from our partners in St. Louis, nobody in
California doubted their wealth and stability. They must have had,
during that winter, an average deposit account of nearly two
million dollars, of which seven hundred thousand dollars was in
"certificates of deposit," the most stable of all accounts in a
bank. Thousands of miners invested their earnings in such
certificates, which they converted into drafts on New York, when
they were ready to go home or wanted to send their "pile" to their
families. Adams & Co. were next in order, because of their
numerous offices scattered throughout the mining country. A
gentleman named Haskell had been in charge of Adams & Co. in San
Francisco, but in the winter of 1854-'55 some changes were made,
and the banking department had been transferred to a magnificent
office in Halleck's new Metropolitan Block. James King of Wm. had
discontinued business on his own account, and been employed by
Adams & Co. as their cashier and banker, and Isaiah C. Wood had
succeeded Haskell in chief control of the express department.
Wells, Fargo & Co. were also bankers as well as expressmen, and
William J. Pardee was the resident partner.

As the mail-steamer came in on February 17, 1855, according to her
custom, she ran close to the Long Wharf (Meiggs's) on North Beach,
to throw ashore the express-parcels of news for speedy delivery.
Some passenger on deck called to a man of his acquaintance standing
on the wharf, that Page & Bacon had failed in New York. The news
spread like wild-fire, but soon it was met by the newspaper
accounts to the effect that some particular acceptances of Page &
Bacon, of St. Louis, in the hands of Duncan, Sherman & Co., in New
York, had gone to protest. All who ha