In San Francisco, William Ralston founds the Bank of California, initial capital two million dollars in gold

William C. Ralston, a prominent Western businessman with interests in several Nevada mines, founded the Bank of California in San Francisco.  It boasted a capital of around $2,000,000, a very healthy amount for a bank in the age, and held largely in gold coin, as well. He had the assistance of San Francisco businessman Darius Ogden Mills, who became the bank's first president. Branches soon opened in Nevada.  (By John Osborne)