Memoirs of General William T. Sherman-1 [81]
of his party; told them that I was out of the fight, having resigned my commission; that I had neglected business that had been intrusted to me by my St. Louis partners; and that I would thenceforward mind my own business, and leave public affairs severely alone. We all returned to San Francisco that night by the Stockton boat, and I never after-ward had any thing to do with politics in California, perfectly satisfied with that short experience. Johnson and Wool fought out their quarrel of veracity in the newspapers and on paper. But, in my opinion, there is not a shadow of doubt that General Wool did deliberately deceive us; that he had authority to issue arms, and that, had he adhered to his promise, we could have checked the committee before it became a fixed institution, and a part of the common law of California. Major-General Volney E. Howard came to San Francisco soon after; continued the organization of militia which I had begun; succeeded in getting a few arms from the country; but one day the Vigilance Committee sallied from their armories, captured the arms of the "Law-and-Order party," put some of their men into prison, while General Howard, with others, escaped to the country; after which the Vigilance Committee had it all their own way. Subsequently, in July, 1856, they arrested Chief-Justice Terry, and tried him for stabbing one of their constables, but he managed to escape at night, and took refuge on the John Adams. In August, they hanged Hetherington and Brace in broad daylight, without any jury-trial; and, soon after, they quietly disbanded. As they controlled the press, they wrote their own history, and the world generally gives them the credit of having purged San Francisco of rowdies and roughs; but their success has given great stimulus to a dangerous principle, that would at any time justify the mob in seizing all the power of government; and who is to say that the Vigilance Committee may not be composed of the worst, instead of the best, elements of a community? Indeed, in San Francisco, as soon as it was demonstrated that the real power had passed from the City Hall to the committee room, the same set of bailiffs, constables, and rowdies that had infested the City Hall were found in the employment of the "Vigilantes;" and, after three months experience, the better class of people became tired of the midnight sessions and left the business and power of the committee in the hands of a court, of which a Sydney man was reported to be the head or chief-justice.
During the winter of 1855-'56, and indeed throughout the year 1856, all kinds of business became unsettled in California. The mines continued to yield about fifty millions of gold a year; but little attention was paid to agriculture or to any business other than that of "mining," and, as the placer-gold was becoming worked out, the miners were restless and uneasy, and were shifting about from place to place, impelled by rumors put afloat for speculative purposes. A great many extensive enterprises by joint-stock companies had been begun, in the way of water-ditches, to bring water from the head of the mountain-streams down to the richer alluvial deposits, and nearly all of these companies became embarrassed or bankrupt. Foreign capital, also, which had been attracted to California by reason of the high rates of interest, was being withdrawn, or was tied up in property which could not be sold; and, although our bank's having withstood the panic gave us great credit, still the community itself was shaken, and loans of money were risky in the extreme. A great many merchants, of the highest name, availed themselves of the extremely liberal bankrupt law to get discharged of their old debts, without sacrificing much, if any, of their stocks of goods on hand, except a lawyer's fee; thus realizing Martin Burke's saying that "many a clever fellow had been ruined by paying his debts." The merchants and business-men of San Francisco did not intend to be ruined by such a course. I raised the rate of exchange from three to three and a
During the winter of 1855-'56, and indeed throughout the year 1856, all kinds of business became unsettled in California. The mines continued to yield about fifty millions of gold a year; but little attention was paid to agriculture or to any business other than that of "mining," and, as the placer-gold was becoming worked out, the miners were restless and uneasy, and were shifting about from place to place, impelled by rumors put afloat for speculative purposes. A great many extensive enterprises by joint-stock companies had been begun, in the way of water-ditches, to bring water from the head of the mountain-streams down to the richer alluvial deposits, and nearly all of these companies became embarrassed or bankrupt. Foreign capital, also, which had been attracted to California by reason of the high rates of interest, was being withdrawn, or was tied up in property which could not be sold; and, although our bank's having withstood the panic gave us great credit, still the community itself was shaken, and loans of money were risky in the extreme. A great many merchants, of the highest name, availed themselves of the extremely liberal bankrupt law to get discharged of their old debts, without sacrificing much, if any, of their stocks of goods on hand, except a lawyer's fee; thus realizing Martin Burke's saying that "many a clever fellow had been ruined by paying his debts." The merchants and business-men of San Francisco did not intend to be ruined by such a course. I raised the rate of exchange from three to three and a