a month, all our own money, say two hundred and fifty thousand dollars, and a part of our deposit account.

This latter account in California was decidedly uncertain.

The balance due depositors would run down to a mere nominal sum on steamer-days, which were the 1st and 15th of each month, and then would increase till the next steamer-day, so that we could not make use of any reasonable part of this balance for loans beyond the next steamer-day; or, in other words, we had an expensive bank, with expensive clerks, and all the machinery for taking care of other people's money for their benefit, without corresponding profit.

I also saw that loans were attended with risk commensurate with the rate; nevertheless, I could not attempt to reform the rules and customs established by others before me, and had to drift along with the rest toward that Niagara that none foresaw at the time.
Shortly after arriving out in 1853, we looked around for a site for the new bank, and the only place then available on Montgomery Street, the Wall Street of San Francisco, was a lot at the corner of Jackson Street, facing Montgomery, with an alley on the north, belonging to James Lick.

The ground was sixty by sixty-two feet, and I had to pay for it thirty-two thousand dollars.