d balances at Page, Bacon &
Co.'s, or held certificates of deposit, were more or less alarmed,
wanted to secure their money, and a general excitement pervaded the
whole community. Word was soon passed round that the matter
admitted of explanation, viz., that the two houses were distinct
and separate concerns, that every draft of the California house had
been paid in New York, and would continue to be paid. It was
expected that this assertion would quiet the fears of the
California creditors, but for the next three days there was a
steady "run" on that bank. Page, Bacon & Co. stood the first day's
run very well, and, as I afterward learned, paid out about six
hundred thousand dollars in gold coin. On the 20th of February
Henry Height came to our bank, to see what help we were willing to
give him; but I was out, and Nisbet could not answer positively for
the firm. Our condition was then very strong. The deposit account
was about six hundred thousand dollars, and we had in our vault
about five hundred thousand dollars in coin and bullion, besides an
equal amount of good bills receivable. Still I did not like to
weaken ourselves to help others; but in a most friendly spirit,
that night after bank-hours, I went down to Page, Bacon & Co., and
entered their office from the rear. I found in the cashier's room
Folsom, Parrott, Dewey and Payne, Captain Ritchie, Donohue, and
others, citizens and friends of the house, who had been called in
for consultation. Passing into the main office, where all the
book-keepers, tellers, etc., with gas-lights, were busy writing up
the day's work, I found Mr. Page, Henry Height, and Judge Chambers.
I spoke to Height, saying that I was sorry I had been out when he
called at our bank, and had now come to see him in the most
friendly spirit. Height had evidently been drinking, and said
abruptly that "all the banks would break," that "no bank could
instantly pay all its obligations," etc. I answered he could speak
for himself, but not for me; that I had come to offer to buy with
cash a fair proportion of his bullion, notes, and bills; but, if
they were going to fail, I would not be drawn in. Height's manner
was extremely offensive, but Mr. Page tried to smooth it over,
saying they had had a bad day's run, and could not answer for the
result till their books were written up.

I passed back again into the room where the before-named gentlemen
were discussing some paper which lay before th