The run on Page, Bacon & Co. therefore continued throughout the 21st, and I expected all day to get an invitation to close our bank for the next day, February 22, which we could have made a holiday by concerted action; but each banker waited for Page, Bacon & Co. to ask for it, and, no such circular coming, in the then state of feeling no other banker was willing to take the initiative.  On the morning of February 22, 1855, everybody was startled by receiving a small slip of paper, delivered at all the houses, on which was printed a short notice that, for “want of coin,” Page, Bacon & Co. found it necessary to close their bank for a short time.  Of course, we all knew the consequences, and that every other bank in San Francisco would be tried.  During the 22d we all kept open, and watched our depositors closely; but the day was generally observed by the people as a holiday, and the firemen paraded the streets of San Francisco in unusual strength.  But, on writing up our books that night, we found that our deposit account had diminished about sixty-five thousand dollars.  Still, there was no run on us, or any other of the banks, that day; yet, observing little knots of men on the street, discussing the state of the banks generally, and overhearing Haight’s expression quoted, that, in case of the failure of Page, Bacon & Co., “all the other banks would break,” I deemed it prudent to make ready.  For some days we had refused all loans and renewals, and we tried, without, success, some of our call-loans; but, like Hotspur’s spirits, they would not come.

Our financial condition on that day (February 22, 1855) was:  Due depositors and demand certificates, five hundred and twenty thousand dollars; to meet which, we had in the vault:  coin, three hundred and eighty thousand dollars; bullion, seventy-five thousand dollars; and bills receivable, about six hundred thousand dollars.  Of these, at least one hundred thousand dollars were on demand, with stock collaterals.  Therefore, for the extent of our business, we were stronger than the Bank of England, or any bank in New York City.

Before daylight next morning, our door-bell was rung, and I was called down-stairs by E. Casserly, Esq. (an eminent lawyer of the day, since United States Senator), who informed me he had just come up from the office of Adams & Co., to tell me that their affairs were in such condition that they would not open that morning at all; and that this, added to the suspension of Page, Bacon & Co., announced the day before, would surely cause a general run on all the banks.  I informed him that I expected as much, and was prepared for it.

In going down to the bank that morning, I found Montgomery Street full; but, punctually to the minute, the bank opened, and in rushed the crowd.  As usual, the most noisy and clamorous were men and women who held small certificates; still, others with larger accounts were in the crowd, pushing forward for their balances.  All were promptly met and paid.  Several gentlemen of my personal acquaintance merely asked my word of honor that their money was safe, and went away; others, who had large balances, and no immediate use for coin, gladly accepted gold-bars, whereby we paid out the seventy-five thousand dollars of bullion, relieving the coin to that amount.