The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-11-21

native country gifted and accom- plshed man.
His career IN Pennsylvania was brilliant one,
eliminating In his election to the Presidency
of the United States Bank--a position at that
time second only In influence to that OF the
Chief Magistrate Of the nation. But Biddles
financial genius aimed at nothing more original
than to secure the rechartering of the bank,
consolidate its power, and make IL tremendous
lever in the political atiairs Of the country. The
bank failed, as similarly organized institutions
did before, and from the destructive influence
OF centralization. John Laws scheme had the
same centr alzing element, and when it ex-
ploded 1t spread ruin over half continent.
The present national oank system, as put into
existence by Cooke, exhibits the operation
OF an opposite prlnCiple-ditiusion. IL aims at
creating government of banking on somewhat
the same plan as a government of States each
one regulating its own affairs, but all under the
guidance of certain general laws. No such
enormous scale of banking on uniform plan
with uniform currency has ever before Deen
attempted, ard while the crude construction of
the design IS all to which Secretary Chase can
lay claim, Jay Cooke can appropriate the credit
Of giving tangible vitality to the syste n, and
for good or evil building up the most colossal
fabric OF modern days, Between Law, Biddle,
and Cooke there is another diference-that
while the former were lett comparatively penni-
lessby the failure of their banks, the latter has
every prospect of surviving peeunlarily the
wreck of his grand scheme.
Jay Cooke was born in the city of Sandusky
in the year 1922. His father EleuLherus Cooke,
and his mother, whose maiden name was Mar
tha Caswel, came from Washington county,
New York-the former from the pleasant town of
Granville, and the latter from the neat and de-
corous village of Salem. Cooke the elder, was
| a man of ability, and selt-wiled in his way
restless, and OF limited fortune. He belonged to
the type of men who laid wide and deep the
| foundation of the greatness of the West while
| building up for themselves wealth and indie
pendence. He studied law in his native town,
| and was admitted to the bar at Albany by Chan
celor Kent. He brought his wife out West over
rough roads, swollen rivers through forest,
| prairie, and Indian hunting grounds, till after
| many months of cherries wandering he pitched
| his tent, about the year 1919, short distance
| ON the city. There he purchased large tract
| of land, most Of which he afterwards disposed
| of to settlers from his native town. The place
| is now called Cookies Corners. He moved into
Sandusky about the year 1921, and with his
characteristic energy, set about building him
| self stone dwelling, though the handful of
residents in the three frame houses and two
log cabins constituting the city at that time
were unable TO see stone enough where with to
build q sidewall. However, he carried out his
scheme, made his mark, and thenceforth went
forward TO luck and TO the United States Con-
gress. He was the first to suggest railroad at
this side Of the Allegheny Mountains and ulti-
mately saw 1t carried out With all his rugged
energy and selt-will he had broad humanity
OF disposition, was kindly, genial and sociable
man, or, as it is more eXpressively rendered
here, "a good clever fellow" His. wife was
| active, strOng-minded and sagacious; and this
much IN reference to both will help to show the
Inheritance of qualities which fell to the share
of Jay Cooke, and which have so strikingly
marked his character.
There were six children in the Cooke family,
two OF whom died. the rest live, and are mar
ried and affluent. Pitt Cooke, the eldest, has
partial charge of the New York house of Jay
Cooke & Co. Henry d. Cooke, the youngest,
has entire control of the one in Washington, aud
Jay himself operates in Philadelphia. Sarah e.
Cooke, the only daughter, is married to
wealthy speculator, William G. Moorhead, who
lives right royalty in the City of Brothery Love.
Eleutherus Cooke, the iather of this happy
family. three n
old age of seventy-siX, retaining his wonted
| energy to the last Mrs: Cooke, who Is little
| over seventy, stin lives here in the old family
mansion, in the enjoyment of all her faculties,
| and an ample participant in the hlial bounty of
| her sons.
When Jay Cooke was sent to school here, at
1 the age of SIX years, instruction in the primary
| elements was furnished in log cabin by Miss
| Stumpson an inevitable Yankee schoolmarm.
| The seat of learning, of which there is now no
| trace, stood near an orchard owned and tended
/ by civilized Indian chief named 0goritZ, who
was Afterwards killed by one of his tribe
| for being over-civilized. The village then con-
| tanned over hundred inhabitants-the school
| attendance being hardly bakers dozen. Jay
| and his two brothers were three docile boys,
| punctual at school, little given to the sports
common among boys of their age, but more in
| clned to stay within doors and learn their les
sons. Jay, however, was the least inclined to
play of any of his brothers; it is said of him that
he was never truly boy--never acted or talked
after the fashion of boys He was of gentle and
| frank disposition, fond of watching transac-
| lions IN Duylng ana selling IN nlS falnerS store,
who, along with being lawyer, kept all kinds
of marketable prOducts-was everything by
turns, rs the necessities OF the times demanded
and had also the reputation of being no mean
orator. If there was any mental characteristic
that revealed itself in Jay at this age, it was
love for figures in their primary elements-of
putting two and two together and delighting to
lind they made four.
At this period in the history of Sandusky,
there was an influx of settlers from the East.
Men came from New York and parts of Penn
sylvania, expecting, as men do to-day, to make
fortunes in following the star of empire in the
Occldent. Among the rest was a Mr.. William
g. MoOrhead OF Philadelphia. He settled here,
made some money, married jays sister, went
some years after 10 Valparaiso as United States
Consul then to California, where he made
fortune, returned here and lost nearly all in
some speculative enterprise, retrieved himself
again, and ultimately joined Jay Cooke in the
banking business, just before the opening OF
the war.
Among others who came here about the year
| 1888 was Mr.. l.. s. Hubbard, now President
| of one of the national banks. In partnership
| with another, he starred store for the sale OF
| general merchandise, term which then COM
| prised every conceivable article of clothing,
food and household furniture. from red hand
kerchiet to red herring. MIR. Hubbard was
prospering; there was little competition, and
when market day brought in Gro Wd of distant
settlers, his store received a lions share OF
| custom.
At this time Mr.. Eleutherus Cooke had been
elected TO the Legislature; and being one OF
those men so rare nowadays, who believed
that man elected TO a public representative sta
tion should give more time and attention to the
| public than to his own private welfare, he soon
| found his affairs at home we're becoming EN-
barrassed, and his business prospects looking