The great diamond hoax : $b and other stirring incidents in the life of Asbury HarpendingHarpending, Asbury
History
The great diamond hoax : $b and other stirring incidents in the life of Asbury Harpending
Harpending, Asbury
Brannan, Sam, 1819-1889; California -- History; Latter Day Saint churches -- California; Mines and mineral resources -- California
_Ruined Financier Had Deeded His Property to William Sharon, Who
Forces Widow to Accept $250,000 as Payment in Full._
Among the common traditions of William C. Ralston’s death is the story
that he committed suicide to escape exposure. Notwithstanding the fact
that a coroner’s jury found on ample expert evidence that he died from
a cerebral attack, and the further incident that a life insurance
company promptly paid a policy of $50,000 to his widow--a policy void
by express terms in the event of suicide--this impression seems to
persist to-day.
When I came to California for first-hand information concerning my
old friend’s tragic end, my earliest business was to investigate the
question of self-destruction; for if it were a fact that he made away
with himself at a time when much explanation was needed, it would
have had assuredly an ugly look. The evidence was all fresh and so
overwhelmingly conclusive of death from natural causes that I cannot
see on what basis a theory of suicide was reached, unless it were
suggested by ulterior motives. The testimony of eye-witnesses was
that the swimmer suddenly collapsed and floated with the tide. The
lungs were inflated with air, not with water, as in cases of drowning;
otherwise the body would have sunk. The features had not the ghastly
pallor that follows water suffocation; on the contrary, they were
suffused and livid as when death ensues from a bursting blood vessel
in the brain. To this physicians gave further testimony. The sad
facts were plain enough. For many days Mr. Ralston had suffered a
mental strain against which the human machinery is not often proof. It
reached the crisis when he was excluded from the meeting of the bank’s
trustees. Then something snapped. Perhaps the plunge in the cold waters
of the bay hurried on the catastrophe. But the baseless story of Mr.
Ralston’s suicide ought to be finally set at rest.
The inside history of the failure of the Bank of California in 1875
has never been told. About the only definite statement ever made was
that its capital stock of $5,000,000 had been exhausted, although the
institution had resources sufficient to protect depositors. It was
rehabilitated by an assessment of $100 a share which was paid by the
stockholders, giving a new capital of $3,000,000. Five weeks after the
failure it reopened its doors, with almost undiminished prestige, and
with all the many ups and downs of finance has maintained its position
as the leading commercial bank west of the Missouri River.
Public-domain text, read in full here on John Shaqi.
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