Memoirs of General William T. Sherman-1 [68]
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 other money from time to time, in the purchase of iron and materials for the road, and to pay the hands. The firm in St. Louis and that in San Francisco were different, having different partners, and the St. Louis house naturally pressed the San Francisco firm to ship largely of "gold-dust," which gave them a great name; also to keep as large a balance as possible in New York to sustain their credit. Mr. Page was a very wealthy man, but his wealth consisted mostly of land and property in St. Louis. He was an old man, and a good one; had been a baker, and knew little of banking as a business. This part of his general business was managed exclusively by his son-in-law, Henry D. Bacon, who was young, handsome, and generally popular. How he was drawn into that affair of the Ohio & Mississippi road I have no means of knowing, except by hearsay. Their business in New York was done through the American Exchange Bank, and through Duncan, Sherman & Co. As we were rival houses, the St. Louis partners
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 other money from time to time, in the purchase of iron and materials for the road, and to pay the hands. The firm in St. Louis and that in San Francisco were different, having different partners, and the St. Louis house naturally pressed the San Francisco firm to ship largely of "gold-dust," which gave them a great name; also to keep as large a balance as possible in New York to sustain their credit. Mr. Page was a very wealthy man, but his wealth consisted mostly of land and property in St. Louis. He was an old man, and a good one; had been a baker, and knew little of banking as a business. This part of his general business was managed exclusively by his son-in-law, Henry D. Bacon, who was young, handsome, and generally popular. How he was drawn into that affair of the Ohio & Mississippi road I have no means of knowing, except by hearsay. Their business in New York was done through the American Exchange Bank, and through Duncan, Sherman & Co. As we were rival houses, the St. Louis partners