National Gold Bank of D.O. Mills & Co./NB of D.O. Mills & Co., Sacramento, CA (Charter 2014)

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Postcard of the National Bank of D.O. Mills & Co., Sacramento, California, postmarked June 20, 1924.
Postcard of the National Bank of D.O. Mills & Co., Sacramento, California, postmarked June 20, 1924. Courtesy of Adam Stroup

National Gold Bank of D. O. Mills & Co./NB of D. O. Mills & Co., Sacramento, CA (Chartered 1872 - Liquidated 1926)

Town History

A 1921 advertisement for the National Bank of D.O. Mills & Co., established in 1850. a sketch of the bank is depicted
A 1921 advertisement for the National Bank of D.O. Mills & Co., established in 1850.

Sacramento (Spanish for 'sacrament') is the capital city of the U.S. state of California and the county seat of Sacramento County. Located at the confluence of the Sacramento and American Rivers in Northern California's Sacramento Valley, Sacramento's 2020 population of 524,943 makes it the fourth-most populous city in Northern California, sixth-most populous city in the state, and the ninth-most populous state capital in the United States. Sacramento is the seat of the California Legislature and the Governor of California.

In 1808, the Spanish explorer Gabriel Moraga encountered and named the Sacramento Valley and the Sacramento River.

John Sutter Sr. first arrived in the area on August 13, 1839, at the divergence of the American and Sacramento Rivers with a Mexican land grant of 50,000 acres. The next year, he and his party established Sutter's Fort, a massive adobe structure with walls 18 feet high and three feet thick.

Representing Mexico, Sutter Sr. called his colony New Helvetia, a Swiss-inspired name, and was the political authority and dispenser of justice in the new settlement. Soon, the colony began to grow as more and more pioneers headed west. Within just a few short years, Sutter Sr. had become a grand success, owning a 10-acre orchard and a herd of 13,000 cattle. Fort Sutter became a regular stop for the increasing number of immigrants coming through the valley. In 1847, Sutter Sr. received 2,000 fruit trees, which started the agriculture industry in the Sacramento Valley. Later that year, Sutter Sr. hired James Marshall to build a sawmill so he could continue to expand his empire, but unbeknownst to many, Sutter Sr.'s "empire" had been built on thin margins of credit.

In 1848, when James W. Marshall discovered gold at Sutter's Mill in Coloma (some 50 miles northeast of the fort), numerous gold-seekers came to the area, increasing the population. In August 1848, Sutter Sr.'s son, John Sutter, Jr., arrived to assist his father in reducing his debt. The Sutter's struggled to contain the effects of thousands of new gold miners and prospectors in the area, many of whom squatted on unwatched portions of the vast Sutter lands or stole various unattended Sutter properties or belongings. For Sutter, his employee's discovery of gold in the area turned out to be a bane.

By December 1848, John Sutter Jr., in association with Sam Brannan, began laying out the City of Sacramento, 2 miles south of his father's settlement of New Helvetia. This venture was undertaken against the wishes of Sutter Sr., but the father, being deeply in debt, was unable to stop it. For commercial reasons, the new city was named "Sacramento City" after the Sacramento River. Sutter Jr. and Brannan had United States Army Captain William H. Warner assigned to draft the official layout of the city, which included 26 lettered and 31 numbered streets (today's grid from C St. to Broadway and from Front St. to Alhambra Blvd.) Relations between Sutter and his son became embittered after Sacramento became an overnight commercial success. (Sutter's Fort, Mill, and the town of Sutterville, all founded by John Sutter Sr., eventually failed).

Residents of Sacramento adopted a city charter in 1849, which was recognized by the state legislature in 1850. Sacramento is the oldest incorporated city in California, incorporated on February 27, 1850.

Sacramento had five National Banks chartered during the Bank Note Era, and all five of those banks issued National Bank Notes.

Bank History

The National Bank of D.O. Mills & Co., located at Seventh and J Streets, Sacramento, California, ca2023.
The National Bank of D.O. Mills & Co., located at Seventh and J Streets, Sacramento, California, ca2023. Courtesy of Google Maps

Darius Ogden Mills was born in North Salem, in Westchester County, New York, on September 25, 1825. In 1841, he began working as a clerk in a small general store in New York City. At age 21, he moved to Buffalo, New York, at the invitation of his cousin, Elihu J. Townsend (the son of Malinda Ogden Townsend, his mother's sister), and became the cashier of the Merchants' Bank of Erie County, and later a one third owner. In December 1848, he took an exploratory trip to California, through the Isthmus of Panama, where he joined the California Gold Rush, following two of his brothers, James and Edgar Mills. By November 1849, he had made $40,000 and decided to make California his permanent home. In 1850, he returned to Buffalo where he sold his interest in the bank and returned to Sacramento, where he founded his own bank, the Bank of D.O. Mills & Company. On July 5, 1864, the Bank of California was organized with D.O. Mills as president, and Mr. William C. Ralston, cashier. The bank was at the corner of Washington and Battery Streets.

On July 19, 1872, the comptroller of the currency authorized the National Gold Bank of D.O. Mills & Co. to begin business. The directors were Edgar Mills, Henry Miller, Frank Miller, D.O. Mills, and W.E. Chamberlain. Edgar Mills was president; Henry Miller, vice president; and Frank Miller, cashier.

In January 1880, the officers were Edgar Mills, president; W.E. Chamberlain, vice president; and Frank Miller, cashier. Sacramento had the following banks: Capital Savings Bank, People's Bank, Sacramento Bank and the National Gold Bank of D.O. Mills & Co.

In January 1893, the officers were Edgar Mills, president; S. Prentiss Smith, vice president; Frank Miller, cashier; and Charles F. Dillman, assistant cashier. The bank had capital and surplus of $600,000.

The morning of January 10, 1893, Edgar Mills, president of the National Bank of D.O. Mills & Co. of Sacramento, died at his home, 1950 California Street, San Francisco. He was born in New York State on October 18, 1827 and became a civil engineer, performing the first surveys for the Hudson River Railroad. In 1849 he ventured to California on the Harriet Newell and made the first survey of the Feather and Sacramento Rivers for General Sutter and Sam Brannan. In 1850, he was in business with Colonel Avey in Nevada City until the store was destroyed by fire. He returned to Sacramento in 1852 and entered the bank of his brother, D.O. Mills. With his brother James, he went to Columbia in Tuolumne County to establish a branch bank which he managed until 1856. He temporarily retired from business and in company with J.A. Donaohoe, J.Y. Halleck and the Rev. J.A. Benton, sailed in 1856 around the world. Returning to San Francisco, he married Miss M. Swift in 1862, daughter of Judge Charles B. Swift of Sacramento and the president of the Sacramento Savings Bank and Mayor of Sacramento. He was Captain of the Sacramento Light Artillery in 1863 and later was on Governor Booth's staff. At the times of his death, he was president of the D.O. Mills & Co. bank and the Eureka and Palisade Railroad.

The report of the condition of the National Bank of D.O. Mills & Co. at the close of business, March 6, 1893, showed total resources of $2,112,181.44. The capital stock was $500,000, Surplus and undivided profits 172,407.24, circulation $45,000, and deposits of $765,763.97. Directors who attested to the correctness of the statement were D.O. Mills, Chas. F. Dillman and Frank Miller. S. Prentiss Smith was the cashier. In May, Chas. F. Dillman was advanced to cashier.

In January, 1905, the directors were D.O. Mills, Edgar Mills, H. Weinstock, P.C. Drescher, Wm. R. Pentz, Frank B. Anderson and Charles F. Dillman. The officers were Chas. F. Dillman, President; Frank B. Anderson, vice president and Frederick H. Pierce, cashier. 

The Bank of California, National Association was the oldest banking institution in San Francisco, having been incorporated as the Bank of California in 1864 with D.O. Mills its president and the most prominent merchants and capitalists of that time were on its board of trustees.  It was admitted to the National Association in February 1910, and had the largest capital and surplus of any bank west of Chicago, the capital being $4,000,000 and the surplus over $11,000,000.  In 1905, the bank purchased the Pacific Coast business of the London & San Francisco Bank Limited (Milton S. Latham's), and was about to absorb the San Francisco National Bank.  It had branches at Portland, Seattle, Tacoma, and Virginia City and owned control of the Mission Bank of San Francisco and the National Bank of D.O. Mills & Co., Sacramento.  Bliss & Faville drew up the plans for the new building and construction was entrusted to Mahoney Brothers.

On Tuesday, January 12, 1915, the directors elected were H. Weinstock, P.C. Drescher, Arthur E. Miller, William Schaw, and C.F. Dillman. The officers elected were C.F. Dillman, president; F.B. Anderson and William R. Pentz, vice presidents; F.H. Pierce, cashier; C.C. Cotter and T.D. Littlefield, assistant cashiers.

On November 19, 1925, final acts were performed for the merging of the National Bank of D.O. Mills with the California National Bank, both Sacramento institutions. Directors of the California amended their by-laws to increase the number of directors from 15 to 23, adding to the board all the directors of the D.O. Mills bank. They were J.H. Batcher, John Claus, C.F. Dillman, P.C. Drescher, Scott, F. Ennis, Arthur E. Miller, Emory Oliver, W.R. Pentz, and Robert Swantston. Officers of the D.O. Mills bank were given the following positions with the California National: C.F. Dillman, vice chairman of the board; F.H. Pierce and C.C. Cotter, vice presidents; A.S. May and T.D. Littlefield, assistant cashiers; and C.M. Adams, trust officer. President Fred W. Kiesel announced plans were almost complete for the enlargement of the D.O. Mills bank building at Seventh and J Streets. The expanded quarters were expected to be ready to become home to the California National by August 1st the following year.

Official Bank Title(s)

1: The National Gold Bank of D. O. Mills & Co., Sacramento, CA

2: The National Bank of D. O. Mills & Co., Sacramento, CA (9/15/1883)

Bank Note Types Issued

Original Series gold $5 national bank note with SN 1B and pen signatures of Frank Miller, Cashier and Edgar Mills, President
Original Series gold $5 national bank note with SN 1B and pen signatures of Frank Miller, Cashier and Edgar Mills, President. Courtesy of Heritage Auctions, www.ha.com
Original Series gold $20 national bank note with pen signatures of Frank Miller, Cashier and Henry Miller, Vice President.
Original Series gold $20 national bank note with pen signatures of Frank Miller, Cashier and Henry Miller, Vice President. Courtesy of Heritage Auctions, www.ha.com
1882 Brown Back $5 bank note with pen signatures of F.H. Pierce, Cashier and C.F. Dillman, President
1882 Brown Back $5 bank note with pen signatures of F.H. Pierce, Cashier and C.F. Dillman, President. Courtesy of Heritage Auctions, www.ha.com
1882 Date Back $50 bank note with pen signatures of F.H. Pierce, Cashier and C.F. Dillman, President
1882 Date Back $50 bank note with pen signatures of F.H. Pierce, Cashier and C.F. Dillman, President. Courtesy of Heritage Auctions, www.ha.com
1902 Date Back $50 bank note with printed signatures of C.C. Cotter, Cashier and C.F. Dillman, President
1902 Date Back $50 bank note with printed signatures of C.C. Cotter, Cashier and C.F. Dillman, President. Courtesy of Heritage Auctions, www.ha.com

A total of $5,635,900 in National Bank Notes was issued by this bank between 1872 and 1926. This consisted of a total of 468,822 notes (468,822 large size and No small size notes).

This bank issued the following Types and Denominations of bank notes:

Series/Type Sheet/Denoms Serial#s Sheet Comments
1: Original Series 4x5 1 - 1990 Gold
1: Original Series 3x10-20 1 - 1241 Gold
1: Original Series 4x20 1 - 600 Gold
1: Original Series 50-100 1 - 604 Gold
1: Original Series 500 1 - 60 Gold
2: Series 1875 3x10-20 1 - 3223 Variety 2 Battle of Lexington vignette
2: 1882 Brown Back 4x5 1 - 13500
2: 1882 Brown Back 3x10-20 1 - 9500
2: 1882 Brown Back 50-100 1 - 4460
2: 1882 Date Back 4x5 1 - 9115
2: 1882 Date Back 3x10-20 1 - 11975
2: 1882 Date Back 50-100 1 - 339
2: 1902 Date Back 3x10-20 1 - 14000
2: 1902 Date Back 3x50-100 1 - 3494
2: 1902 Plain Back 4x5 1 - 30255
2: 1902 Plain Back 3x10-20 14001 - 29596

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1872 - 1926):

Presidents:

Cashiers:

Other Known Bank Note Signers

  • Henry Miller, Vice President 1872...1878

Bank Note History Links

Sources

  • Sacramento, CA, on Wikipedia
  • Don C. Kelly, National Bank Notes, A Guide with Prices. 6th Edition (Oxford, OH: The Paper Money Institute, 2008).
  • Dean Oakes and John Hickman, Standard Catalog of National Bank Notes. 2nd Edition (Iola, WI: Krause Publications, 1990).
  • Banks & Bankers Historical Database (1782-1935), https://spmc.org/bank-note-history-project
  • Huntoon, Peter, "National Bold Banks and National Gold Bank Notes," The Encyclopedia of U.S. National Bank Notes, Chapter B03.
  • The Bankers' Magazine, Vol. 72, Jan. 1906-June 1906, p. 728.
  • The Sacramento Bee., Sacramento, CA, Mon., July 29, 1872.
  • The Sacramento Union, Sacramento, CA, Thu., Jan. 1, 1880.
  • The Sacramento Union, Sacramento, CA, Sat., Jan. 3, 1880.
  • The Sacramento Bee., Sacramento, CA, Tue., Jan. 10, 1893.
  • The Sacramento Union, Sacramento, CA, Wed., Jan. 25, 1893.
  • The Sacramento Union, Sacramento, CA, Sat., Mar. 25, 1893.
  • The Sacramento Bee, Sacramento, CA, Tue., May 2, 1893.
  • The Sacramento Star, Sacramento, CA, Sat., Jan. 21, 1905.
  • The San Francisco Examiner, San Francisco, CA, Sun., June 26, 1910.
  • The Sacramento Bee, Sacramento, CA, Wed., Jan. 13, 1915.
  • The Sacramento Star, Sacramento, CA, Thu., Dec. 29, 1921.
  • The Sacramento Bee, Sacramento, CA, Fri., Nov. 20, 1925.
  • The Marysville Appeal, Marysville, CA, Sat., Nov. 21, 1925.
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