As crowds gathered at the offices of one of Southern California’s leading financial institutions, the bank president, J. W. Collins emerged to reassure nervous depositors, explaining: “Owing to continued shrinkage in deposits and our inability to promptly realize on our notes and account, the bank is temporarily closed.” Merely a precaution, Collins soothed, “it is beyond question that depositors will be paid in full.”

Continue reading about the notorious 1891 San Diego Banking Scandal.