memoirs of general william t. sherman-1-第25章

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nd　one　of　the　natives　rushed　to　her；　caught　her　out　of　Mary's　arms；　and　carried　her　swiftly　to　Mrs。　Sherman；　who；　by　that　time；　was　in　the　boat；　but　Lizzie　had　fainted　with　fear；　and　for　a　long　time　sobbed　as　though　permanently　injured。　　For　years　she　showed　symptoms　that　made　us　believe　she　had　never　entirely　recovered　from　the　effects　of　the　scare。　　In　due　time　we　reached　the　steamer　Sierra　Nevada；　and　got　a　good　state…room。　　Our　passage　up　the　coast　was　pleasant　enough；　we　reached　San　Francisco；　on　the　15th　of　October；　and　took　quarters　at　an　hotel　on　Stockton　Street；　near　Broadway。

Major　Turner　remained　till　some　time　in　November；　when　he　also　departed　for　the　East；　leaving　me　and　Nisbet　to　manage　the　bank。　　I　endeavored　to　make　myself　familiar　with　the　business；　but　of　course　Nisbet　kept　the　books；　and　gave　his　personal　attention　to　the　loans；　discounts；　and　drafts；　which　yielded　the　profits。　　I　soon　saw；　however；　that　the　three　per　cent。　charged　as　premium　on　bills　of　exchange　was　not　all　profit；　but　out　of　this　had　to　come　one　and　a　fourth　to　one　and　a　half　for　freight；　one　and　a　third　for　insurance；　with　some　indefinite　promise　of　a　return　premium；　then；　the；　cost　of　blanks；　boxing　of　the　bullion；　etc。；　etc。　　Indeed；　I　saw　no　margin　for　profit　at　all。　　Nisbet；　however；　who　had　long　been　familiar　with　the　business；　insisted　there　was　a　profit；　in　the　fact　that　the　gold…dust　or　bullion　shipped　was　more　valuable　than　its　cost　to　us。　　We；　of　course；　had　to　remit　bullion　to　meet　our　bills　on　New　York；　and　bought　crude　gold…dust；　or　bars　refined　by　Kellogg　&　Humbert　or　E。　Justh　&　Co。；　for　at　that　time　the　United　States　Mint　was　not　in　operation。　　But；　as　the　reports　of　our　shipments　came　back　from　New　York；　I　discovered　that　I　was　right；　and　Nisbet　was　wrong；　and；　although　we　could　not　help　selling　our　checks　on　New　York　and　St。　Louis　at　the　same　price　as　other　bankers；　I　discovered　that；　at　all　events；　the　exchange　business　in　San　Francisco　was　rather　a　losing　business　than　profitable。　　The　same　as　to　loans。　　We　could　loan；　at　three　per　cent。　a　month；　all　our　own　money；　say　two　hundred　and　fifty　thousand　dollars；　and　a　part　of　our　deposit　account。　　This　latter　account　in　California　was　decidedly　uncertain。　　The　balance　due　depositors　would　run　down　to　a　mere　nominal　sum　on　steamer…days；　which　were　the　1st　and　15th　of　each　month；　and　then　would　increase　till　the　next　steamer…day；　so　that　we　could　not　make　use　of　any　reasonable　part　of　this　balance　for　loans　beyond　the　next　steamer…day；　or；　in　other　words；　we　had　an　expensive　bank；　with　expensive　clerks；　and　all　the　machinery　for　taking　care　of　other　people's　money　for　their　benefit；　without　corresponding　profit。　　I　also　saw　that　loans　were　attended　with　risk　commensurate　with　the　rate；　nevertheless；　I　could　not　attempt　to　reform　the　rules　and　customs　established　by　others　before　me；　and　had　to　drift　along　with　the　rest　toward　that　Niagara　that　none　foresaw　at　the　time。

Shortly　after　arriving　out　in　1853；　we　looked　around　for　a　site　for　the　new　bank；　and　the　only　place　then　available　on　Montgomery　Street；　the　Wall　Street　of　San　Francisco；　was　a　lot　at　the　corner　of　Jackson　Street；　facing　Montgomery；　with　an　alley　on　the　north；　belonging　to　James　Lick。　　The　ground　was　sixty　by　sixty…two　feet；　and　I　had　to　pay　for　it　thirty…two　thousand　dollars。　　I　then　made　a　contract　with　the　builders；　Keyser；　&　Brown；　to　erect　a　three…story　brick　building；　with　finished　basement；　for　about　fifty　thousand　dollars。　　This　made　eighty…two　thousand　instead　of　fifty　thousand　dollars；　but　I　thought　Mr。　Lucas　could　stand　it　and　would　approve；　which　he　did；　though　it　resulted　in　loss　to　him。　　After　the　civil　war；　he　told　me　he　had　sold　the　building　for　forty　thousand　dollars；　about　half　its　cost；　but　luckily　gold　was　then　at　250；　so　that　he　could　use　the　forty　thousand　dollars　gold　as　the　equivalent　of　one　hundred　thousand　dollars　currency。　　The　building　was　erected；　I　gave　it　my　personal　supervision；　and　it　was　strongly　and　thoroughly　built；　for　I　saw　it　two　years　ago；　when　several　earthquakes　had　made　no　impression　on　it；　still；　the　choice　of　site　was　unfortunate；　for　the　city　drifted　in　the　opposite　direction；　viz。；　toward　Market　Street。　　I　then　thought　that　all　the　heavy　business　would　remain　toward　the　foot　of　Broadway　and　Jackson　Street；　because　there　were　the　deepest　water　and　best　wharves；　but　in　this　I　made　a　mistake。　　Nevertheless；　in　the　spring　of　1854；　the　new　bank　was　finished；　and　we　removed　to　it；　paying　rents　thereafter　to　our　Mr。　Lucas　instead　of　to　Adams　&　Co。　　A　man　named　Wright；　during　the　same　season；　built　a　still　finer　building　just　across　the　street　from　us；　Pioche；　Bayerque　&　Co。　were　already　established　on　another　corner　of　Jackson　Street；　and　the　new　Metropolitan　Theatre　was　in　progress　diagonally　opposite　us。　During　the　whole　of　1854　our　business　steadily　grew；　our　average　deposits　going　up　to　half　a　million；　and　our　sales　of　exchange　and　consequent　shipment　of　bullion　averaging　two　hundred　thousand　dollars　per　steamer。　　I　signed　all　bills　of　exchange；　and　insisted　on　Nisbet　consulting　me　on　loans　and　discounts。　　Spite　of　every　caution；　however；　we　lost　occasionally　by　bad　loans；　and　worse　by　the　steady　depreciation　of　real　estate。　　The　city　of　San　Fran　cisco　was　then　extending　her　streets；　sewering　them；　and　planking　them；　with　three…inch　lumber。　　In　payment　for　the　lumber　and　the　work　of　contractors；　the　city　authorities　paid　scrip　in　even　sums　of　one　hundred；　five　hundred；　one　thousand；　and　five　thousand　dollars。　These　formed　a　favorite　collateral　for　loans　at　from　fifty　to　sixty　cents　on　the　dollar；　and　no　one　doubted　their　ultimate　value；　either　by　redemption　or　by　being　converted　into　city　bonds。　　The　notes　also　of　H。　Meiggs；　Neeley　Thompson　&　Co。；　etc。；　lumber…　dealers；　were　favorite　notes；　for　they　paid　their　interest　promptly；　and　lodged　large　margins　of　these　street…improvement　warrants　as　collateral。　　At　that　time；　Meiggs　was　a　prominent　man；　lived　in　style　in　a　large　house　on　Broadway；　was　a　member　of　the　City　Council；　and　owned　large　saw…mills　up　the　coast　about　Mendocino。　　In　him　Nisbet　had　unbounded　faith；　but；　for　some　reason；　I　feared　or　mistrusted　him；　and　remember　that　I　cautioned　Nisbet　not　to　extend　his　credit；　but　to　gradually　contract　his　loans。　　On　looking　over　our　bills　receivable；　then　about　six　hundred　thousand　dollars；　I　found　Meiggs；　as　principal　or　indorser；　owed　us　about　eighty　thousand　dollarsall；　however；　secured　by　city　warrants；　still；　he　kept　bank　accounts　elsewhere；　and　was　generally　a　borrower。　　I　instructed　Nisbet　to　insist　on　his　reducing　his　line　as　the　notes　matured；　and；　as　he　found　it　indelicate　to　speak　to　Meiggs；　I　instructed　him　to　refer　him　to　me；　accordingly；　when；　on　the　next　steamer…day；　Meiggs　appealed　at　the　counter　for　a　draft　on　Philadelphia；　of　about　twenty　thousand　dollars；　for　which　he　offered　his　note　and　collateral；　he　was　referred　to　me；　and　I　explained　to　him　that　our　draft　was　the　same　as　money；　that　he　could　have　it　for　cash；　but　that　we　were　already　in　advance　to　him　some　seventy…five　or　eighty　thousand　dollars；　and　that　instead　of　increasing　the　amount　I　must　insist　on　its　reduction。　　He　inquired　if　I　mistrusted　his　ability；　etc。　　I　explained；　certainly　not；　but　that　our　duty　was　to　assist　those　who　did　all　their　business　with　us；　and；　as　our　means　were　necessarily　limited；　I　must　restrict　him　to　some　reasonable　sum；　say；　twenty…　five　thousand　dollars。　　Meiggs　invited　me　to　go　with　him　to　a　rich　mercantile　house　on　Clay　Street；　whose　partners　belonged　in　Hamburg；　and　there；　in　the　presence　of　the　principals　of　the　house；　he　demonstrated；　as　clearly　as　a　proposition　in　mathematics；　that　his　business　at　Mendocino　was　based　on　calculations　that　could　not　fail。　　The　bill　of　exchange　which　he　wanted；　he　said　would　make　the　last　payment　on　a　propeller　already　built　in　Philadelphia；　which　would　be　sent　to　San　Francisco；　to　tow　into　and　out　of　port　the　schooners　and　brigs　that　were　bringing　his　lumber　down　the　coast。　I　admitted　all　he　said；　but　renewed　my　determination　to　limit　his　credit　to　twenty…five　thousand　dollars。　　The　Hamburg　firm　then　agreed　to　accept　for　him　the　payment　of　all　his　debt　to　us；　except　the　twenty…five　thousand　dollars；　payable　in　equal　parts　for　the　next　three　steamer…days。　　Accordingly；　Meiggs　went　back　with　me　to　our　bank；　wrote　his　note　for　twenty…five　thousand　dollars；　and　secured　it　by　mortgage　on　real　estate　and　city　warrants；　and　substituted　the　three　acceptances　of　the　Hamburg　firm　for　the　overplus。　　I　surrendered　to　him　all　his　former　notes；　except　one　for　which　he　was　indorser。　　The　three　acceptances　duly　matured　and　were　paid；　one　morning　Meiggs　and　family　were　missing；　and　it　was　discovered　they　had　embarked　in　a　sailing…vessel　for　South　America。　This　was　the　beginning　of　a　series　of　failures　in　San　Francisco；　that　extended　through　the　next　two　years。　　As　soon　as　it　was　known　that　Meiggs　had　fled；　the　town　was　full　of　rumors；　and　everybody　was　running　to　and　fro　to　secure　his　money。　　His　debts　amounted　to　nearly　a　million　dollars。　　The　Hamburg　house　which；　had　been　humbugged；　were　heavy　losers　and　failed；　I　think。　　I　took　possession　of　Meiggs's　dwelling…house　and　other　property　for　which　I　held　his　mortgage；　and　in　the　city　warrants　thought　I　had　an　overplus；　but　it　transpired　that　Meiggs；　being　in　the　City　Council；　had　issued　various　quantities　of　street　scrip；　which　was　adjudged　a　forgery；　though；　beyond　doubt；　most　of　it；　if　not　all；　was　properly　signed；　but　fraudulently　issued。　　On　this　city　scrip　our　bank　must　have　lost　about　ten　thousand　dollars。　　Meiggs　subsequently　turned　up　in　Chili；　where　again　he　rose　to　wealth　and　has　paid　much　of　his　San　Francisco　debts；　but　none　to　us。　　He　is　now　in　Peru；　living　like　a　prince。　　With　Meiggs　fell　all　the　lumber…dealers；　and　many　persons　dealing　in　city　scrip。　　Compared　with　others；　our　loss　was　a　trifle。　　In　a　short　time　things　in　San　Francisco　resumed　their　wonted　course；　and　we　generally　laughed　at　the　escapade　of　Meiggs；　and　the　cursing　of　his　deluded　creditors。

Shortly　after　our　arrival　in　San　Francisco；　I　rented　of　a　Mr。　Marryat；　son　of　the　English　Captain　Marryat；　the　author；　a　small　frame…house　on　Stockton　Street；　near　Green；　buying　of　him　his　furniture；　and　we　removed　to　it　about　December　1；1853。　　Close　by；　around　on　Green　Street；　a　man　named　Dickey　was　building　two　small　brick…houses；　on　ground　which　he　had　leased　of　Nicholson。　　I　bought　one　of　these　houses；　subject　to　the　ground…rent；　and　moved　into　it　as　soon　as　finished。　　Lieutenant　T。　H。　Stevens；　of　the　United　States　Navy；　with　his　family；　rented　the　other；　we　lived　in　this　house　throughout　the　year　1854；　and　up　to　April　17；　1855。




CHAPTER　V。

CALIFORNIA

1855　…　1857


During　　the　winter　of　1854…'55；　I　received　frequent　intimations　in　my　letters　from　the　St。　Louis　house；　that　the　bank　of　Page；　Bacon　&　Co。　　was　in　trouble；　growing　out　of　their　relations　to　the　Ohio　&　Mississippi　Railroad；　to　the　contractors　for　building　which　they　had　made　large　advances；　to　secure　which　they　had　been　compelled　to　take；　as　it　were；　an　assignment　of　the　contract　itself；　and　finally　to　assume　all　the　liabilities　of　the　contractors。　　Then　they　had　to　borrow　money　in　New　York；　and　raise　oth