Palmer, Cook & Company and Grand Theft

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Palmer, Cook & Company and Grand Theft
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This item SOLD at 2018 Mar 18 @ 13:34UTC-7 : PDT/MST
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Palmer, Cook & Company was established in 1849. It is said that no pirate or thief ever matched this company for the amount of money that was stolen. Without bonding laws the bank set up its own insurance subsidiary enhancing its growing power. Through loans and John C. Fremont's poor business sense the bank obtained control of Fremont's Mariposas Grant. This set the stage for the bank and Fremont to con hundreds of thousands of dollars from unwary mining investors. These were investors who believed the bank's exaggerated claims of the riches to be made and the legality of Fremont's title.

Failure of the respected Adams and Company Bank in 1855 resulted in a financial panic that reached into every county. It was an opportunity for Palmer, Cook & Company to enjoy another looting spree. A crooked receiver for the failed Adams and Company, Alfred Cohen, made a midnight transfer of $400,000 into the coffers of Palmer & Cook. Some of this money ent to pay off special investors and the rest went into Palmer, Cook's Coiffers.

In 1856 Palmer & Cook was given the responsibility for depositing funds in New York banks for financing California and San Francisco city bonds. Secret stealing had begun four months before anew state treasurer was elected. All told partners Palmer, Jones, Wright and Henry Bates (the new state treasurer) eventually removed $250,000 from the vault of the state treasurer. Some of the gold was immediately shipped east. Part of the treasure ensured that Nathaniel Banks became the Speaker of the House. A portion helped their friend, John Fremont, win the Republican nomination for President. All this vote buying was aimed at passing laws to protect the bank's various shady California land claims.

On, of about, August 1, 1856 Palmer, Cook & Company was dissolved. [The Looting of California - Bankers, Corruption and Theft by William Mero]

This is a letter on Palmer, Cook & Co. letterhead. It says that cash can not be advanced to the Honorable W. C. Kibbe at this time. We now know why! Also includes coupon number 1 for investment in New York from the state of California on January 1, 1856. Some of the stolen money from state coiffers?

General Kibbe was also important and somewhat controversial in California history. He was quartermaster general c1852 to c1858. In 1861 he was the adjutant general. From October of 1858 to March of 1859 he lead the Northern Campaign against the local Indians. They operated on both sides of the Coastal Range and it was reported he killed over 100 Indians and capture hundreds more. (Al Adams Gold Rush Memorabilia Collection) Date: 1856 Location: San Francisco, California HWAC# 57453