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any with General E。 A。 Hitchcock； at a Mrs。 Ross's； on Clay Street； near Powell。 I took quarters with them； and began to make my studies； with a view to a decision whether it was best to undertake this new and untried scheme of banking； or to return to New Orleans and hold on to what I then had； a good army commission。
At the time of my arrival； San Francisco was an the top wave of speculation and prosperity。 Major Turner had rented at six hundred dollars a month the office formerly used and then owned by Adams & Co。； on the east side of Montgomery Street； between Sacramento and California Streets。 B。 R。 Nisbet was the active partner； and James Reilly the teller。 Already the bank of Lucas； Turner & Co。 was established； and was engaged in selling bills of exchange； receiving deposits； and loaning money at three per cent。 a month。
Page； Bacon & Co。； and Adams & Co。； were in full blast across the street； in Parrott's new granite building； and other bankers were doing seemingly a prosperous business； among them Wells； Fargo & Co。； Drexel； Sather & Church； Burgoyne & Co。； James King of Win。； Sanders & Brenham； Davidson & Co。； Palmer； Cook & Co。； and others。 Turner and I had rooms at Mrs。 Ross's； and took our meals at restaurants down…town； mostly at a Frenchman's named Martin； on the southwest corner of Montgomery and California Streets。 General Hitchcock； of the army； commanding the Department of California； usually messed with us； also a Captain Mason； and Lieutenant Whiting； of the Engineer Corps。 We soon secured a small share of business； and became satisfied there was room for profit。 Everybody seemed to be making money fast； the city was being rapidly extended and improved； people paid their three per cent。 a month interest without fail； and without deeming it excessive。 Turner； Nisbet； and I； daily discussed the prospects； and gradually settled down to the conviction that with two hundred thousand dollars capital； and a credit of fifty thousand dollars in New York； we could build up a business that would help the St。 Louis house； and at the same time pay expenses in California； with a reasonable profit。 Of course； Turner never designed to remain long in California； and I consented to go back to St。 Louis； confer with Mr。 Lucas and Captain Simonds； agree upon further details； and then return permanently。
I have no memoranda by me now by which to determine the fact； but think I returned to New York in July； 1853； by the Nicaragua route； and thence to St。 Louis by way of Lancaster； Ohio； where my family still was。 Mr。 Lucas promptly agreed to the terms proposed； and further consented； on the expiration of the lease of the Adams & Co。 office； to erect a new banking…house in San Francisco； to cost fifty thousand dollars。 I then returned to Lancaster； explained to Mr。 Ewing and Mrs。 Sherman all the details of our agreement； and； meeting their approval； I sent to the Adjutant…General of the army my letter of resignation； to take effect at the end of the six months' leave； and the resignation was accepted； to take effect September 6； 1853。 Being then a citizen； I engaged a passage out to California by the Nicaragua route； in the steamer leaving New York September 20th； for myself and family； and accordingly proceeded to New York； where I had a conference with Mr。 Meigs； cashier of the American Exchange Bank； and with Messrs。 Wadsworth & Sheldon； bankers； who were our New York correspondents； and on the 20th embarked for San Juan del Norte； with the family； composed of Mrs。 Sherman； Lizzie； then less than a year old； and her nurse； Mary Lynch。 Our passage down was uneventful； and； on the boats up the Nicaragua River； pretty much the same as before。 On reaching Virgin Bay； I engaged a native with three mules to carry us across to the Pacific； and as usual the trip partook of the ludicrous Mrs。 Sherman mounted on a donkey about as large as a Newfoundland dog； Mary Lynch on another； trying to carry Lizzie on a pillow before her； but her mule had a fashion of lying down； which scared her； till I exchanged mules； and my California spurs kept that mule on his legs。 I carried Lizzie some time till she was fast asleep； when I got our native man to carry her awhile。 The child woke up； and； finding herself in the hands of a dark…visaged man； she yelled most lustily till I got her away。 At the summit of the pass； there was a clear…running brook； where we rested an hour； and bathed Lizzie in its sweet waters。 We then continued to the end of our journey； and； without going to the tavern at San Juan del Sur； we passed directly to the vessel； then at anchor about two miles out。 To reach her we engaged a native boat； which had to be kept outside the surf。 Mrs。 Sherman was first taken in the arms of two stout natives； Mary Lynch； carrying Lizzie； was carried by two others； and I followed； mounted on the back of a strapping fellow； while fifty or a hundred others were running to and fro； cackling like geese。
Mary Lynch got scared at the surf； and began screaming like a fool； when Lizzie became convulsed with fear； and one of the natives rushed to her； caught her out of Mary's arms； and carried her swiftly to Mrs。 Sherman； who； by that time； was in the boat； but Lizzie had fainted with fear； and for a long time sobbed as though permanently injured。 For years she showed symptoms that made us believe she had never entirely recovered from the effects of the scare。 In due time we reached the steamer Sierra Nevada； and got a good state…room。 Our passage up the coast was pleasant enough； we reached San Francisco； on the 15th of October； and took quarters at an hotel on Stockton Street； near Broadway。
Major Turner remained till some time in November； when he also departed for the East； leaving me and Nisbet to manage the bank。 I endeavored to make myself familiar with the business； but of course Nisbet kept the books； and gave his personal attention to the loans； discounts； and drafts； which yielded the profits。 I soon saw； however； that the three per cent。 charged as premium on bills of exchange was not all profit； but out of this had to come one and a fourth to one and a half for freight； one and a third for insurance； with some indefinite promise of a return premium； then； the； cost of blanks； boxing of the bullion； etc。； etc。 Indeed； I saw no margin for profit at all。 Nisbet； however； who had long been familiar with the business； insisted there was a profit； in the fact that the gold…dust or bullion shipped was more valuable than its cost to us。 We； of course； had to remit bullion to meet our bills on New York； and bought crude gold…dust； or bars refined by Kellogg & Humbert or E。 Justh & Co。； for at that time the United States Mint was not in operation。 But； as the reports of our shipments came back from New York； I discovered that I was right； and Nisbet was wrong； and； although we could not help selling our checks on New York and St。 Louis at the same price as other bankers； I discovered that； at all events； the exchange business in San Francisco was rather a losing business than profitable。 The same as to loans。 We could loan； at three per cent。 a month； all our own money； say two hundred and fifty thousand