Monday, March 14, 2011

Wells Fargo - Express in the West

Money, money, money! What is it? It is trust, and Wells Fargo Express became the most trusted business in early California.

After forming the American Express Company by consolidating three express agencies on March 18, 1850, Henry Wells and William George Fargo looked west to California and started a joint-stock company on March 18, 1852 that could deliver mail, packages, gold, etc. in the rapidly expanding California market. The newly formed western state, California, had neither banking nor expressing regulations that now exist. Anyone with a safe and some money could start a bank. Gold had a fixed price of $16 a troy ounce and pure gold dust was valued at $20.67 per ounce. In 1849, San Francisco melted gold to make their own coins . . .

Full story at: The Daily Journal

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