Remme’s Great Ride (December 1972 | Volume: 24, Issue: 1)

Remme’s Great Ride

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December 1972 | Volume 24, Issue 1

The thud of horses’ hoofs resounds through history, and occasionally a great ride is singled out for song or story—Paul Revere’s, Jack Jouett’s, and those fellows’ who brought the good news from Ghent to Aix, for instance. Louis Remme’s great ride was possibly more heroic than any of those, although it was not made for any lofty, altruistic purpose. It was made, quite simply, to save his fortune. We retell the story here as adapted from an account m the Portland Oregonian for February 12, 1882. This was drawn to our attention by Mr. Vern Hammond, of Marysville, California, who located it with the help of Mrs. Irene Simpson Neasham, director of the History Room of the Wells Fargo Bank in San Francisco.

Sacramento City was a booming town in the spring of 1855. She had thoroughly recovered from the floods and the fires, and had half the gold of the Sierras dumped into her lap. At that time there were five banking institutions there, to wit, Adams & Co., Wells, Fargo & Co., John M. Rhodes, D. O. Mills & Co., and Harris, Marchand & Co. All these concerns not only received deposits and sold exchange but purchased gold dust also. One day a cattle dealer named Louis Remme came into Adams & Co.’s bank with $12,500 in fifty-dollar pieces, which he deposited and took a certificate for. A week rolled around, and Remme was down at San Francisco, having a good time, when, on the morning of Saturday, February 17, the good old steamer Oregon arrived from Panama with 540 passengers. She brought the news of the failure of the greatest banking house west of the Allegheny Mountains, the old and hitherto reliable firm of Page, Bacon & Co., of St. Louis.

A terrible financial panic sprang up in consequence of the receipt of this intelligence. Page, Bacon & Co. hadjust moved into their new banking house, and the bank had been open just twenty minutes when the steamer arrived. A “run” was started up that lasted till 4 P.M. , and then the bank closed till the following Monday, having paid out over four hundred thousand dollars. The run was resumed on Monday morning and began to extend itself to other banks. Page, Bacon & Co. closed its doors that afternoon, never to open again. Then at two o’clock on Tuesday morning, Delos Lake, judge of the Twelfth Judicial District, got up out of his bed and appointed Alfred A. Cohen receiver of the assets of Adams & Co., and that was the last the depositors ever saw of their money.

Louis Remme returned to Sacramento on Monday night’s boat and Tuesday morning called on the agent of Adams & Co. to get his money. He was told with a bland smile that the concern had gone into liquidation and if he wanted his money, he must get it through Cohen, the receiver,