" 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.
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