Adams & Company - San Francisco, CA

Bank Information

Episode Type: Suspension → Closure
Bank Type: private
Start Date: *
Location: San Francisco, California (37.780, -122.419)

Metadata

Model: gpt-5-mini
Short Digest: a051561d

Response Measures

None

Description

Article describes Adams & Co. as one of several 'places of deposit' that broke and never paid creditors. There is no mention of a depositor run; the firm failed/closed (bank-specific dishonesty/insolvency). Date of failure is not stated in the excerpt, so no precise event date is given.

Events (1)

1. * Suspension

Cause: Bank Specific Adverse Info
Cause Details: Firm broke due to dishonesty/mismanagement; failed to pay creditors and depositors (firm insolvency/scandal).
Newspaper Excerpt: The houses of Adams & Co., Page, Bacon & Co., Palmer Cook & Co. and several others were such places of deposit, in which upward of $8,000,000 of the people's money was deposited, but not a dollar of which was ever recovered These firms all broke and not one ever paid dollar to its creditors.
Source: newspapers

Newspaper Articles (1)

1. February 11, 1870 The Sun New York, NY

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Article Text

TUTC Correspondence of The Sun. SAN FRANCISCO, Jan. 30 Our Constitution pro hibits banking. but permits individuals or corporations to establish places of deposit" for the safe keeping of money. The consequence of this clause In the organic law of the St has been the encouragement of some of the grossest impositions on the people. The houses of Adams & Co., Page, Bacon & Co., Palmer Cook & Co. and several others were such places of deposit, in which up ward of $8,000,000 of the people's money was deposited, but not a dollar of which was ever recovered These firms all broke and not one ever paid dollar to its creditors So notorious had become the dishonesty of California bankers' that from 1834 to 1858 many millions in coin and dust burled, in preference to crusting them to the banks. July, 1857, and loan society was es tablished in San Francisco. Since then nine others have been established in that city, and as many more in various parts of the State, the combined capital of the whole number not exceeding $1,000. THE BANK OF CALIFORNIA was organized with a capital-on paper- of $2,000, 000: but the city assessment roll proves that its man agers swore to having a capital of only $600,000 The growth of these savings banks and expansion of the power of the Bank of California have been the nost disastrous circumstances in the financial and general history of the Pacific coast. The power of the Bank Ring," thus created, has enabled it to control the Legislatures and press of nearly the whole coast. and compelled both to serve its purpose of inflating the value of real es. tate and speculative stocks. Capital by this means has been exempted from taxation (the Tax Colector's report for 1869 shows that $12,039,763 loaned on mortgages paid no taxes). while THE BURDEN OF TAXATION presses 80 heavily OD every department of trade and productive industry that manufacturer have never flourished-coul not have existed for 3 year but for the cheap labor of the Chinese-and business has been cut off to great extent since the completion of the Pacific Railroad, by merchants in the Atlantic States being able to undersell the local merchants. through using cheaper money and paying less taxes. It is one of the most noterious facts connected with this vicious system that the Executive Com. mittee of the Board of Directors of the Bank of California are more fully REPRESENTED IN THE NATION L COUNCILS this at Washington than hare the people of coast. No aspirant for Congressional or Senatoria honors can hope for success in any State on this side the Rocky Mountains, unless he makes friends and gives pledges to the Bank of California. It is no secret in Nevada that Senators Stewart and Nye of that State had their seats in the United States Sen ate purchased with money provided by the bank. Tom Fitch, the Congre sman from that State belor Mr Sharon, the manager of the Bank's branch office in Virginia City Senators lliams and Corbett, of Oregon, are in the service of the bank Senator Casserly, of California was the bank attorney for many years prior to his election to the Senate and stili retains the same position This gentleman election was obtained solely by the FREE USE OF THE BANK'S GOLD. The Democracy never trusted him. and the Re ublicans despise him. Senator Cole of this State, has gained the hostilitv of this bank power I fusing to serve its purposes. This gentleman persisting in demanding the rem oral of certain off. cers in the Branch Mint San Francisco was an unpard offence because broke up arrange ments betw the mint and the bank which were very advanta us the latter. It is only necessary to call single fact to demonstrate the chara this connection. The bank bad "responsib rty. acted as bookkeeper for the Sub-T: rer and for the mint at the same which time, EXCEEDINGLY CONVENIENT when it was necessary to balance the accounts of the of the public service. The been would had have two for the salary M these book the mint It was the system. to the make lossee on much very bullion they the refinery. To carry out this NICE LITTLE ARRANGEMENT. certain grains of gold. ranging in value from one dollar retained by the melter, but under the new regune returned to the depositor to whom they belong refin the aim of the bank being monopolize the ing business or this coast. and thus to be dietate terms to the gold bulls and hears tion New to York. Three different bills have been Cofe to beat managed sented Congress carry out this nice little game, into To details Mr of the injuries inflicted on the enter of this State the Bank Ring. crea people financial system. would ture of ar permicious tend this letter beyond reasonable Hunte Its crown ing infamy was its HOSTILITY TO THE NATIONAL CURRENCY the This one circumstance so clearly illustrates power and machinery of the Bank Ring, some effects of our financial system, that I shall refer at length. to tha the people of California gave more The fact the soldiers and money to the fund for the relief of the Union during the late than any in mailors of the nation. is a proof of the loyalt people when they were their hearts. Yet the time of of thousands of dollars. their mone by tens the Bank LIVING the service of the press of the State in were stigmatizing as dirty rags. trash," the promises to which the heroes of the Union and the rency officers with of the Federal Government were for their services. The Legislature, UNDER THE CONTROL OF THE LOBBY, the service of the Bank. the leader of of which in Gorbam. now Secretary was George Senate, passed laws to United States national currency in Call This currency the cir ulation of the by ti.is preaching, teachfornia publishing against it, became HO odious that any one ing, and attempting to one lege cons dered guilty of the The soldier discharged from received the money here which he and the the importe money his goods New York or Bor ston for which to the be sold and goods here brought attempted to nso it, had their names publisted in the papers as persons GUILTY OF AN INFAMOUS OUTRAGE. the could survive impt politician the favoring No paper or adoption of the national tation Whoever had the temerity to say a currency despised currency. ran the same favor of this as an abolitionist before of personal violence utterar to have done by giving war would subject slavery any of the South The opinions on the Assistant Federal Treasurer. ern States. 1862, barely escaped with his life the ado) Cheese inan, in currency in public speaking the city of San Francisco, of Bank the to California, vened by that of act to e odium clings his urged against reappoint he position filled for entieman, and is now eight years of the Federal Government. This molding of public opinion by ALL OPPOSITION to the gains immense has been the them Bank Rink, goods less long than time, fins the and dollar on cents goods no among 500,000 prosperous, r gold. With people like these 1000,000 annuThe California, importer were fully fifty the cent This source of the California extravagan without liberality, vulcar,