The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-11-21
EARLY LIFE OF JAY COOKE.

LhnLl LiIE VI JHi GuuhEt
Genius of the Great American FInancIer
His Enterprise and Intrepid Spirit
His Pre- emInenco Among the Mas.
terS of Finance, Nick lBiddle, John
Law, Etc.-Jay Cookies Paronts-The
Material They Were Made of Inherited
by Their SOn-YOung Cooke at school
The Child Father to the Man-FIrst
Start In Life-PIuck and seIf-RsIiGnce
How He Succeeds.
From die Nel0 York Herald (Sl0lddJ), Nov II.
I'D. fr SANDUsKY, Ohio, Nov 13, 1867
If this good old steady going town, by the
cool breeZes of Lake Erie, can boast OF nothing
else but its lumber piles, fishing yawls, and
beautiful grape vineyards it can at least lay
claim TO being the birthplace of one Of the lead
ing prominent men Of this decade-the nations
banker, broker, and financial engineer-Jay
Cooke. 1t is a familiar, ii not remarkable
name, and enc that has been blazoned forth
amid announcements Of Government loans
mingled up with Avetwenties and seven-thrties,
and encirced by halo OF greenbaeks and golden
interest. During the was its was both con-
Bpicuous and commanding, and seemed toin'
huence the ebb and flow of the monetary tides
as lunar attraction affects those of the ocean.
People innocent OF the mysterious ways OF
finance marvelled who he could be, to whom
the sales of millions day appeared as light
Transaction as the changing OF dollar bill;
and they to whom great financial undertakings
were familiar looked with astonishment at the
dash and enterprise of this bold speculator. 1t
was 80 wholly outside the ordinary transactions
OF the financial worla-tne negouas1@on s Ion % Oh % over
individusl-that feeling of admiration, not
unmingled with envy and apprehension, were
excited at the event NOT wa was & tne unoertaSing d g
responsibilities; for time occurred in the ma
tion's travail when compromise with the enemy
was suggested by some, and surrender aaVo-
guine agent of the Government loan had issued
seventy-three millions of credit in bonds for
which he was responsible to the Treasury, and
for which he looked with confidence TO the
people for payment. 1t was this intrepid faith
In the patriotism of the masses, united to re-
markable ability for lucid exposition of none
tary intricacies and for certain tact in appeal
ing to the national pride and impulse, that has
made Jay Cooke the most successful financial
negotiator OF modern times. Apart, however,
from his character as leading broker, we ind
his name so identified with the national banking
system, directly as organizer and champion,
that his course in the part he has taken reminds
one inyoluntarily of other masters OF finance
who essayed to make nations attiuent and happy
through the medium OF difusivc, uniform,
and concerted ban king system. That the admirers
of the present national bank organization con-
slider it as simple and beautiful in design as it is
vast and original in conception, may possibly
be true; but 1t is very doubtful If all its theo-
Ietical excellences would have commanded for
1t as much attention or established it on it's
present extensive basis, but tor the practical
energy of its champion, Jay Cooke. Being pre-
tatOry remarks to the notice of his early career,
1T will not be superauous to allude briefly to
what other great hnanciers accomplished in
their day, and show by contrast the claim for
pre-eminence among them.
John Law son of an Edinburgh goldsmith,
started out in the middle of the last century,
while yet young and unknown, like Cooke, to
win the sweets OF fortune and the laurels of re-
nown. He had calculating BRAIN tenacity
ofpurpose, readiness OF resources, and accom-
pllshed address. He had Wlthal dash and an
enthusiasm of manner that lent brillancy and
fascination to his many varied attributes. His
genius lay IN fnance-in calculating and com
blntng problems IL the most delicate OF sciences
and planning schemes of magnitude commen-
surate with his daring ambition. History, how
ever, relates that after starting royal bank,
with right royal number of shares, for the
purpose, as he intended, OF giving new and
improved banking system to Europe anu en-
rlching half its people, his whole scheme col
lapsed in what Is known as the Mlsslssippl oqp-
BILE. Yet John Law meant honestly, but ME
genius was at fault and his calculation lmpeTtect
Of later years, in our own country, we have
had Robert Morris, whose plan OF national bank
ing was anproyed shortly after being submitted
and started under the title OF the Bank o.
North America with Thomas Willing as Presi
dent. It failed, however, aud Alexander Hamll
ton, after giving much time and thought TO the
subject, urged, in an elaborate report, a nor
enlarged system OF banking, aiming at national
extension and representation, with Government
patronage, twenty-fold ordinary capital, anC
general ramidcation OF branch establishments
A bill containing most of Hamilion's provisions
passed Congress, but the effort to recharter the
Dank IN 1911 Ialleu, ana lne cOnCefn was WOunO
up. The terrible state OF the nnances in l8l!
prompted Alexander j. Dallas to frame report
Tor Congress in reference to the founding OF
another nahonal bank. This report was the
most lucid and mastery document that hat
ever been submitted TO the Legislature by
Secretary of the Treasury. Its principles wer,
In a great measure embodied in bill which wa
passed q few years alter, incorporating tn
famous United States Bank, During the admin
istIatlOn of Old Hickory, Nicholas Bddle can
prominen,ly ly upon the Stage as President Of tn
bank, and thenceforth untl he resigned, To
country was agtated by one sole qnesuon-th
recharterine OF the bank. The charter expire
in 1886, and the bank three years after.
comparison might here be instituted betwee
Biddle and Cooke. as each rose in the same CIT
TO measure of renown. The former, no WeVe
had more advantages OF education, more Oppo
tunlties for advancement together with an a.
knowledged capacity for finance. Graduatin
with honor at Princeton College, young Biddl
travelled extensively through Europe, learne