Memoirs of General William T. Sherman — Complete. William T. Sherman
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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 half, while others kept on at the old rate; and I labored hard to collect old debts, and strove, in making new loans, to be on the safe side. The State and city both denied much of their public debt; in fact, repudiated it; and real estate, which the year before had been first-class security, became utterly unsalable.
The office labor and confinement, and the anxiety attending the business, aggravated my asthma to such an extent that at times it deprived me of sleep, and threatened to become chronic and serious; and I was also conscious that the first and original cause which had induced Mr. Lucas to establish the bank in California had ceased. I so reported to him, and that I really believed that he could use his money more safely and to better advantage in St. Louis. This met his prompt approval, and he instructed me gradually to draw out, preparatory to a removal to New York City. Accordingly, early in April, 1857, I published an advertisement in the San Francisco papers, notifying our customers that, on the 1st day of May, we would discontinue business and remove East, requiring all to withdraw their accounts, and declaring that, if any remained on that day of May, their balances would be transferred to the banking-house of Parrott & Co. Punctually to the day, this was done, and the business of Lucas, Turner & Co., of San Francisco, was discontinued, except the more difficult and disagreeable part of collecting their own moneys and selling the real estate, to which the firm had succeeded by purchase or foreclosure. One of the partners, B. R. Nisbet, assisted by our attorney, S. M. Bowman, Esq., remained behind to close up the business of the bank.
CHAPTER VI.
CALIFORNIA, NEW YORK, AND KANSAS.
1857–1859.
Having closed the bank at San Francisco on the 1st day of May, 1857, accompanied by my family I embarked in the steamer Sonora for Panama, crossed the isthmus, and sailed to New York, whence we proceeded to Lancaster, Ohio, where Mrs. Sherman and the family stopped, and I went on to St. Louis. I found there that some changes had been made in the parent, house, that Mr. Lucas had bought out his partner, Captain Symonds, and that the firm's name had been changed to that of James H. Lucas & Co.
It had also been arranged that an office or branch was to be established in New York City, of which I was to have charge, on pretty much the same terms and conditions as in the previous San Francisco firm.
Mr. Lucas, Major Turner, and I, agreed to meet in New York, soon after the 4th of July. We met accordingly at the Metropolitan Hotel, selected an office, No. 12 Pall Street, purchased the necessary furniture, and engaged a teller, bookkeeper, and porter. The new firm was to bear the same title of Lucas, Turner & Co., with about the same partners in interest, but the nature of the business was totally different. We opened our office on the 21st of July, 1857, and at once began to receive accounts from the West and from California, but our chief business was as the resident agents of the St. Louis firm of James H. Lucas & Co. Personally I took rooms at No. 100 Prince Street, in which house were also quartered Major J. G. Barnard, and Lieutenant J. B. McPherson, United States Engineers, both of whom afterward attained great fame in the civil war.
My business relations in New York were with the Metropolitan Bank and Bank of America; and with the very wealthy and most respectable firm of Schuchhardt & Gebhard, of Nassau Street. Every thing went along swimmingly till the 21st of August, when all Wall Street was thrown into a spasm by the failure of the Ohio Life and Trust Company, and the panic so resembled that in San Francisco, that, having nothing seemingly at stake, I felt amused. But it soon became a serious matter even to me. Western stocks and securities tumbled to such a figure, that all Western banks that held such securities, and had procured advances thereon, were compelled to pay up or substitute increased collaterals. Our own house was not a borrower in New York at all, but many of our Western correspondents were, and it taxed my tune to watch their interests. In September, the panic extended so as to threaten the safety of even some of the New York banks not connected with the West; and the alarm became general, and at last universal.
In the very midst of this panic came the news that the steamer Central America, formerly the George Law, with six hundred passengers and about sixteen hundred thousand dollars of treasure, coming from Aspinwall, had foundered at sea, off the coast of Georgia, and that about sixty of the passengers had been providentially picked up by a Swedish bark, and brought into Savannah. The absolute loss of this treasure went to swell the confusion and panic of the day.
A few days after, I was standing in the vestibule of the Metropolitan Hotel, and heard the captain of the Swedish bark tell his singular story of the rescue of these passengers. He was a short, sailor-like-looking man, with a strong German or Swedish accent. He said that he was sailing from some port in Honduras for Sweden, running down the Gulf Stream off Savannah. The weather had been heavy for some days, and, about nightfall, as he paced his deck, he observed a man-of-war hawk circle about his vessel, gradually lowering, until the bird was as it were aiming at him. He jerked out a belaying-pin, struck at the bird, missed it, when the hawk again rose high in the air, and a second time began to descend, contract his circle, and