banking department, at a liberal salary. No man could. say that he lost one dollar by trusting Mr. King as his banker. He satisfied every obligation, and began to seek fortune anew. The On February 22d, 1855, Adams & Co. failed. consequences of their failure were disastrous in the extreme to thousands of industrious persons in every portion of the State. Mr. King retired from the ruined firm without a shadow of stain upon his personal reputation. He had done his duty to his employers, and had acted in good faith and honorably towards the creditors. He was next to seek justice for them, or at least avenge them on their betrayers. After the failure of Adams & Co., and in March, 1855, he endeavored to create a new banking business for himself, but without success. Public opinion ran strongly against all banks, and general distrust was excited against making deposits in any. He had no capital but his good name, and that could not be coined. into money to enable him to conduct the necessary financial operations. He was therefore obliged to close his establishment in the month of June following. He preserved his credit and reputation for personal probity, throughout; and nobody had yet sustained any loss through him. While diligently pursuing his profession, he ever sought to perform the duties incumbent on a good citizen. As foreman of the Grand Jury, and as a leading agent in whatever public and private movements were connected with the promotion of the peace, purity and prosperity of San Francisco, he rendered much valuable and effective service to the community. It was the Grand Jury of November, 1853, of which he was foreman, that preferred a bill of indictment against the City Treasurer. For the fearless discharge of his duties Mr. King received much newspaper abuse, and a warning that if he did not desist, his life would be in danger. In reply to an abusive article published in a daily paper, after stating his reason for not more fully giving the evidence that was brought before the Jury, says: he "I will say, however, that from the very commencement of proceedings against one of the parties accused, threats were made to the ef * * * fect that if we found a true bill against that gentleman, at least five or six of us would certainly be shot, and that a certain newspaper in this city would be "down" us. upon I have been called upon by several of my friends, and requested to arm myself against an attack. I have not and do not intend to carry any weapon. I shall have no fears for anything that may occur, and in conclusion will add, that, though I shall feel bound to defend myself as I can, if assaulted, yet I know my position too well to allow any threats or editorial remarks from a certain quarter to tempt me from my present position. I went on this Grand Jury with the greatest reluctance. During the whole course of my life, I have not absented myself so much from my business as I have during its session. I think I am within bounds in saying $2,000 would not repay me for that neglect. I asked to be excused, and the Judge would not do it; but fined me $50 for not being more punctual. The fine was afterwards remitted. I have endeavored to do my duty faithfully. I trust the public, even if it does not think as I do, will give me credit for my intention; but whether it does or not, I cannot cater to that public's taste to the violence of my oath. I have confidence in their sense of justice; whether they approve or dissent, I can meet the eye of any man living, and, what is sweeter still, am at peace with my own conscience, and can look around in my family circle and know that the mother and six little ones need not blush for me." At the risk of a repetition of some of the events before narrated in this sketch, we shall proceed to give Mr. King's published statement of the relations that existed between Adams & Co. and himself: showing how he stood with them, and how earnestly he strove to prevent the failure which he saw would inevitably befall them unless they pursued a different business policy. Mr. King says, in answer to queries addressed to him through the newspapers: "Through the imprudence of a banker at Sonora (who had been my cashier during nearly the whole of the years 1850-51, and in whose judgment and discretion I had the utmost confidence) a large amount of funds placed by me in his hands for the purchase of gold dust, was, without my knowledge, taken for the uses of the Tuolumne Hydraulic Asssociation, of which he was the Treasurer. The stockholders refusing to ratify certain extraordinary expenses incurred by the Board of Directors, a suit was instituted, which was decided against the stockholders, and the canal was bought in at Sheriff's sale, to secure the debt. Unable to meet my call for funds, the parties in question did all they could, and gave me the entire works for security. Month after month I waited anxiously for the receipts, which did not, by any means, equal the anticipations of those familiar with the work. During all this time I was a prey to the most agonizing doubts and fears. For the first time in my life I was unexpectedly placed in a position where, in the event of a run, I could not possibly meet my engagements. No one that has not been similarly situated can imagine the agony I endured from day to day, and week to week, as I saw persons walk into my office and deposit money which, in the event of a panic, before I could turn my property into cash, I knew I could not return. I saw it all, felt it all, and dared not open my lips. I cared not about being poor. All I aimed at was to be able, at a moment's warning, to return what had been entrusted to me. I was afraid to attempt borrowing money, lest it should hasten the very crisis I wished to avoid. I consulted with a few friends, showed them my books, and asked their advice. "Why," said one of the firm of Page, Bacon & Co., "Mr. King, I don't see that you are as bad off as you represent; you are stronger than any banker in the street excepting, perhaps, Messrs. and Messrs. "Then, heaven help us all," I replied, "for I don't see how I can get along without borrowing, and that would never answer for a Banker. The result of this conference was that I was offered, if needed, $50,000 by Page, Bacon & Co., and $50,000 by Mr. Haskell, of Adams & Co. As I hesitated about accepting this offer, one of the friends urged, among other things, that Mr. Haskell (of Adams & Co.) considered himself under obligations to me for the handsome manner in which I had managed their affairs at Stockton, where, by pledging myself for coin advanced them to aid their house, I had stopped the run at that point and saved the other country offices as well as the parent house here. That my commission as receiver would have amounted to a large sum, which I had refused to accept, and declining any compensation for my time and services, received back only the actual amount of my expenses-some $160, or $170. This decided me, and I told them I would call on them in case I needed any assistance. I set myself earnestly at the work of selling off my property, calling in loans, and converting everything into cash, when I received the following offer from Mr. Woods (of Adams & Co.) through Mr. Park: 1st. On my transferring to them a certain amount of property, part in cash, part in bills receivable, and the balance in certain pieces of real estate, they would undertake to assume all my liabilities of every kind, provided they did not in the aggregate exceed an amount before stated by me from memory. 2d. I should remain in their employ for the space of two years, for which they agreed to pay me the sum of one thousand dollars per month, and a certain per centage on the amount of their interest account, regardless of any losses or gains either on said interest or any other account. I declined giving Mr. Park any answer until the offer was made in writing; which was done in the course of a half hour, and accepted by me without hesitation; for, though it left me penniless, it enabled me to meet all my engagements, and I was assured of their ability to advance the amount required without any detriment to their own depositors. After the bargain was concluded, and whilst the lawyers were drawing the papers, Mr. Woods called on me, and asked how I liked the bargain. I replied, "Very much, indeed. And what do you think of it?" "Well," he said, "I like it so well that I would not undo it for $100,000." "And I assure you,' I rejoined, "that even if I were sure your most sanguine expectations would be realized, I would not undo it for a like sum. After receiving the details of my assets, Mr. Woods expressed himself highly pleased at the result, and said to a mutual friend: "King is entirely too honest; he underrated everything he had, and though he had become so disgusted with the canal as not to set any valuation at all on it, I am satisfied I shall make fron $100,000 to $150,000 out of it; and when I get through, we shall make King a present of $10,000 or $20,000. I am posted on canals, and he knows nothing about them." Among the assets thus conveyed by me to Adams & Co., were : The three story fire-proof Building, at the corner of Montgomery and Commercial Streets, valued at, . Lot on Stockton Street, for which I had been offered,. Three small Lots valued at $250, each,. Eighty Acres of Land on the County road, with dwell- .$36,000 00 7,000 00 15,000 00 750 00 500 00 8,000 00 Buggy, pair of Horses, Harness, &c.,. 1,000 00 $1,000, of old Stock, Bradley, Berdan & Co., cost $1200, 1,000 00 To this should be added one gcod Note, payment of.... which, by request, was not pressed,. 3,312 00 .80,055 35 And the Loans made on Account, and by Note, as security for which, I held the Tuolumne Hydraulic Canal, which cost upwards of $350,000, and which I am now informed is paying $2,000, per month,.. On which had accrued at the time I closed business, an average of about five months, interest, say.... In addition to this amount of $290,332.77, I handed over sundry Bills Receivable, not considered good, amounting, to $22,580.15, but which were not counted at the time. The whole amount of my liabilities, here and elsewhere, amounted to the sum of $278,951.29. 12,000 00 From the Bulletin of November 3d, 1855, we take the following, entitled To the San Francisco Public: A Card over the signature of the Financial Conductor of the Chronicle newspaper, and which appeared in yesterday's issue of that journal, being the first effusion of that kind over the real name of the author, demands, I think, a notice from me. Passing over the abusive terms applied to me by the writer referred to, I come at once to the direct charges made against me by a man of whose person I am totally ignorant, with whom I am not aware that I ever yet exchanged a word, and of whose very name, until within the past week, I was wholly unconscious. And first, as to the charge of living extravagantly and beyond my means. I lived well, but, for my means, not extravagantly. My house was a good one. I aimed to have it such. It was not larger than I needed, and was furnished well, without having unnecessary display. Those who were in the habit of visiting there, will judge from the following table whether my style of living was beyond my means. I made it a point to balance my profit and loss account once a month for the purpose of seeing how my affairs stood, and regulating my expenses accordingly. The following table shows the net profit of my banking business, over and above salaries and all office expenses, for a series of months. Making for twenty-one months, the sum of Oct., Nov. and to Dec. 31, and an average for the whole period of $2,903.03 per month. This, be it remembered, was my income from my regular banking busi 4,104 89 $60,963 53 |