It was in developing the early placer-mining enterprises in California that our worthy speculator had laid the solid foundations of his incalculable fortune. He was the principal associate of Captain Sutter, the Swiss, in the localities, where, in 1848, the first traces were discovered. Since then, luck and shrewdness combined had helped him on, and he had interested himself in all the great enterprises of both worlds. He threw himself boldly into commercial and industrial speculations. His inexhaustible funds were the life of hundreds of factories, his ships were on every sea. His wealth increased not in arithmetical but in geometrical progression. People spoke of him as one of those few "milliardaires" who never know how much they are worth. In reality he knew almost to a dollar, but he
