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These two receipts are for $750 and $645 of gold each, which was deposited with C. T. H. Palmer in Folsom, California in 1865 and 1866.
By the mid-1860s, the initial gold rush had largely subsided, but the region's economy had diversified and expanded to include agriculture, manufacturing, and other industries.
During this time, Folsom was a hub of activity, with a growing population and increased demand for goods and services. Banks and financial agents would have played an important role in supporting the town's continued growth and development by providing secure deposit and transaction services to individuals and businesses.
Miners in the California Gold Rush (1848 - 1855) needed a way to securely store and transport gold to avoid theft or loss, and banks provided an easy solution. Many would deposit their gold at financial institutions for safekeeping, and would often receive paper currency or bank drafts in exchange for their gold. The gold would then be melted down and refined by the banks before being sold or used to back currency. As the gold rush continued and more deposits were made, banks and financial institutions became a crucial part of the economy of the American West.
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