Description: Stock for Page, Bacon and Co. St. Louis, MO. and Page, Bacon & Co., California. So Early! Rare! Some paper loss and staining. Page, Bacon & Co., an affiliate of Page & Bacon of St. Louis, was a bank founded in San Francisco in 1850 during the California Gold Rush. The St. Louis house became overextended in 1854 due to problems financing a railway, and closed in January 1855. When the news reached San Francisco five weeks later, it triggered a run on the San Francisco house, which was also forced to close. The run affected other banks, many small depositors lost part of their savings and over 200 San Francisco business had to close. In 1848 Daniel Page, the former mayor of St. Louis, partnered with his son-in-law Henry D. Bacon and created the banking house of Page & Bacon. Page was a very wealthy man, but his assets were mainly land and property in St. Louis. He had once been a baker, and did not know much about the banking business, which was managed by Bacon. Page & Bacon came to be considered one of the most reliable in the west. Page & Bacon were not allowed to issue bank notes in Missouri, but instead issued certificates of deposit in denominations of $1 to $20, which they redeemed at 0.25% discount. The notes looked similar to bank notes, and served much the same function. Page & Bacon formed the Quincy City Bank in Quincy, Illinois in partnership with Flagg & Savage of that city, and their certificates were nominally payable by Flagg & Savage, an arrangement that let them circumvent the Missouri regulations. Some admired Page & Bacon's gambit, but others felt it was risky and could lead to the bank becoming overextended. In 1853 they were found guilty of illegal banking, fined and forced to redeem all outstanding notes, which strained their resources. Read more at https://en.wikipedia.org/wiki/Page,_Bacon_%26_Co. Item ordered may not be exact piece shown. All original and authentic.
Price: 83 USD
Location: Portsmouth, New Hampshire
End Time: 2024-09-24T13:56:54.000Z
Shipping Cost: 6.25 USD
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All returns accepted: Returns Accepted
Item must be returned within: 30 Days
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