the city, "low Yankee shopkeepers" being his favorite
epithet.

Examined at close range, in contemporary documents, this individual has
about him little of romance and nothing whatever admirable. It would be
a great pity, were mistaken sentimentality allowed to clothe him in the
same bright-hued garments as the cavaliers of England in the time of the
Stuarts. It would be an equal pity, were the casual reader to condemn
all who eventually aligned themselves against the Vigilance movement as
of the same stripe as the criminals who menaced society. There were many
worthy people whose education thoroughly inclined them towards formal
law, and who, therefore, when the actual break came, found themselves
supporting law instead of justice.

As long as the country continued to enjoy the full flood of prosperity,
these things did not greatly matter. The time was individualistic, and
every man was supposed to take care of himself. But in the year 1855
financial stringency overtook the new community. For lack of water many
of the miners had stopped work and had to ask for credit in buying their
daily necessities. The country stores had to have credit from the city
because the miners could not pay, and the wholesalers of the city again
had to ask extension from the East until their bills were met by the
retailers. The gold of the country went East to pay its bills. Further
to complicate the matter, all banking was at this time done by private
firms. These could take deposits and make loans and could issue
exchange, but they could not issue bank-notes. Therefore the currency
was absolutely inelastic.

Even these conditions failed to shake the public optimism, until out of
a clear sky came announcement that Adams and Company had failed. Adams
and Company occupied in men's minds much the same position as the Bank
of England. If Adams and Company were vulnerable, then nobody was
secure. The assets of the bankrupt firm were turned over to one Alfred
Cohen as receiver, with whom Jones, a member of the firm of Palmer,
Cook, and Company, and a third individual were associated as assignees.
On petition of other creditors the judge of the district court removed
Cohen and appointed one Naglee in his place. This new man, Naglee, on
asking for the assets was told that they had been deposited with Palmer,
Cook, and Company. The latter firm refused to give them up, denying
Naglee's jurisdiction in the matter. Naglee then commenced suit against