"Gold from the American River!"

Greg

Thinking about Wells Fargo's beginnings, a few pivotal events come to mind: Henry Wells hiring William Fargo as an express messenger for the Pomeroy Company in 1842 , and the resistance other Directors of the American Express Company had to venturing into California, pushing fellow Directors Wells and Fargo to create their own company. These events are crucial enough that Wells Fargo & Company might not ever have been created without them.

Another key event was the discovery of gold in Coloma, California  by James Marshall. His discovery led to the Gold Rush  — the migration of thousands of people to California in a short time. These events sparked the interests of express pioneers Wells and Fargo to found the Company. Again, it's feasible to say that this may not have happened if Marshall  had not discovered gold that cold morning in 1848.

Marshall was a carpenter and sawmill operator by trade who came to California in 1845. He started working at Sutter's Fort , putting into motion the events that led to the discovery of gold. In 1848, John Sutter  and Marshall started construction of a sawmill on the American River in Coloma.

On the morning of January 24, 1848 , Marshall discovered a small nugget of gold in the millrace. Henry Bigler was working for Marshall that day and left an account of the discovery: "This day some kind of mettle was found in the trail race that looks like gold."

For a short time the discovery remained a secret. Laborers on the project were the first to prospect after the completion of the sawmill. The secret was soon leaked, and word of gold in California began to get out. News of the strike on the American River  was doubted for months, however, until May 12, when merchant Sam Brannan  raced around the streets of San Francisco shouting, "Gold! Gold from the American River!"

Local excitement brought the first influx of prospectors, and the news quickly spread to the East and then around the globe. Christopher "Kit" Carson  brought the first news of gold to Washington D.C., and on December 5th, President James K. Polk  reported to Congress about the discovery of Gold in California. The finding was official and the Gold Rush was on.

Henry Wells and William Fargo established Wells Fargo in San Francisco in 1852. Over the 156 years since, Wells Fargo has continued a tradition of dependable financial service. We at Wells Fargo are proud of our history and our Company, but we also marvel at how James Marshall's tiny piece of gold at a construction site changed the course of U.S. and California history, and also began Wells Fargo's own history.