The Gold Rush & Wells Fargo

Once upon a time in the West, there flourished, according to one frontier editor, “the nearest thing to a universal service company ever invented.” The biggest business in the Old West was so good at what it did that when people swore, they often did so “by God and Wells Fargo.” Seasoned East Coast express men Henry Wells and William G. Fargo began American Express with John Butterfield in 1850. Two years later, they wanted a link with the California gold fields. On March 18, 1852, paper were drawn up organizing Wells, Fargo & Company with initial capital of $300,000 (The comma between the two names was eventually dropped.) Two company representatives opened the first office on San Francisco’s Montgomery Street that July. From the red brick building, a network of routes connected the company with exotic markets such as Hangtown, Yankee Jim, and Poker Flat. The company kept letters flowing between the gold seekers and the folks back home, and it shipped gold back east safely and cheaply. You could even ship people by Wells Fargo. To accomplish these Herculean tasks, Wells Fargo applied cutting-edge 1850s technology. Some shipments, such as the fire engine ordered by the city of Sacramento from a Baltimore manufacturer, were shipped around Cape Horn. But what made Wells Fargo great was its massive fleet of Concord stagecoaches, hand-crafted in New Hampshire, that crisscrossed the Old West with such regularity that their roads often had to be watered to keep down the dust. Cargo was protected by armed guards riding shotgun.