I explained to him that my partner Nisbet had been educated and trained in that very house of Page, Bacon & Co.; that we kept our books exactly as they did; that every day the ledger was written up, so that from it one could see exactly how much actual money was due the depositors and certificates; and then by counting the money in the vault, estimating the bullion on hand, which, though not actual money, could easily be converted into coin, and supplementing these amounts by "bills receivable," they ought to arrive at an approximate-result.

After Folsom had left me, John Parrott also stopped and talked with me to the same effect.

Next morning I looked out for the notice, but no such notice appeared in the morning papers, and I afterward learned that, on Parrott and Folsom demanding an actual count of the money in the vault, Haight angrily refused unless they would accept his word for it, when one after the other declined to sign his paper.
The run on Page, Bacon & Co.

therefore continued throughout the 21st, and I expected all day to get an invitation to close our bank for the next day, February 22, which we could have made a holiday by concerted action; but each banker waited for Page, Bacon & Co.
to ask for it, and, no such circular coming, in the then state of feeling no other banker was willing to take the initiative.

On the morning of February 22, 1855, everybody was startled by receiving a small slip of paper, delivered at all the houses, on which was printed a short notice that, for "want of coin," Page, Bacon & Co.
found it necessary to close their bank for a short time.