It is now appropriate to relate some facts in relation to James King of William.  He had been a clerk in a banking house in Washington, and came to California in the early years of the gold hunting.  He established a bank in San Francisco, corner of Montgomery and Commercial streets, across from Davidson’s.  In a year or more Jacob R. Snyder became partner in the bank; but withdrew after about a year.  King afterwards merged his bank in that of Adams & Co., of which J. C. Woods was manager.  His name was James King.  He had suffixed the “of William” to be distinguished from others of his name — as John Randolph used to sign himself “of Roanoke.”

Mr. King continued with Adams & Co. as manager of the bank until the failure of that Company, He then became involved in trouble with the Company.  The bank failed one afternoon.  Up to noon that day King had received deposits.  It was known to other banking houses in the city that the bank would be obliged to close as it did.  The word had got out, and some of the depositors became alarmed, and a number withdrew their deposits, notwithstanding Mr. King’s assurance that the bank was solvent and solid.  Others took his word for it, allowed their deposits to remain, and lost all they had in the bank.  There was some mysterious handling of the large amount of money known to be in the bank at the time of the failure.  The parties in charge refused to allow Mr. King any part in their transactions as to the disposition of this money — reported to be considerably more than $100,000 in gold coin.  He demanded $20,000 as his share.  This was refused.  He then published a statement reflecting upon the persons in charge.  This was responded to by a scathing statement, published in the Alta, in which Mr. King was held up for public condemnation as a dishonest man, guilty of faithlessness and fraud.  He was also accused of having swindled Page, Bacon & Co. of $400,000, by the sale of bogus gold dust as genuine.

The popular sentiment at the time was that the charges were sustained, and the feeling was strong against him.  He was without means and out of business.  He conceived the project of going into the newspaper business, of starting a daily evening paper, and obtained a loan of $250 for that purpose from R. D. Sinton, of the real estate and auctioneer firm of Selover & Sinton, then the leading firm in that line in the city.  He started the Evening Bulletin, a small sheet, and rented the small brick building in Merchant street for the publication office.  The Daily Chronicle, published by Frank Soule and William H. Newall, had taken side against the Committee, and soon afterwards ceased publication.  Employed on it as a writer was James Nesbitt, an Englishman, of superior journalistic ability.  King employed Nesbitt to assist him on the Bulletin.  It was made the medium of attack and animadversion upon State and county and city officials, and some of its attacks were as justifiable as are the attacks of the Star upon rascals in high places now, while others were actuated by personal spite.