The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-11-20

the close OF the war he received partial manage
ment Of his brothers. house In New YoFE, Of which
city or brooklyn he " now resident.
Sarah r. Cooke, married to Mr. Moorhead. a
Philadelphia, u the Oldest OF the family. She has
the reputation Of being very estimabls and refined.
win taste for elegant SURROUNDINGS and high
order Of living. She resides in Philadelphia and
brothers.
Az the purpose Of this correspondence has
neitner been to eulogze nor dsparsge, to magnify
nor bettle the character and ability Of Jay Cooke
but simply 70 tell the story Of obscure Western
youth starting out in the world with principle and
integrity 70 guide him, and relying upon his own
ski4 and energy. advancing himsefto position OF
amuence and renown, 1t may be well here to state
some facts relative to his connection with the gov.
ernmsnt, which will help TO remove great deal Of
mispfesentauon ana unjust prejudice against his
In two leading particulars he has been misun-
asrssood; first: Is 70 his financial stand,
us .;. anoan. q ss' ws, m and
By himself and bis partners out Of the people By
negotiating the governments loans Among the
oligarchy. of bankers n New York it was Gus
scurs Western banker and even Is . bank clerk
through favoritism. he was made the financial
scent Of the governments: asd sAn9 became came rich;
been at tho head Of one of the leading banking
houses n the country, had already acquired the
experience Of quarter 81 century ase bsnkpr
handsome fortune ef hs own He had neither
lived nor transacted business - 6sndusky ainee
ne LETT II a. boy to go - Philadelphia, and -
1860, before fve-twenties were dreamed Of. he was
acknowledged 70 be one Of the most pronIi-
nent and successful bankers in the country. He
had mot contented himself with knowledge
Of tho trsadmih routine Of DESIGNATING notes and
shaving uncurrent money, but had carefully
studied and thoroughly mastered the science %
finance In its best and broadcast Specification. He
had made himself acquainted with the financial
systems 81 ether lands. searching n AL for their
elements Of strength or weskness.H Being .
thorough enthusiast IN his vocation, he had made
il the study Of life, and that, too under the most
favorable circumstances. He learned his lesson
business life II leading banking house &c The
very time when the financial crash Of 1887 broke
spon the country. That event left lasting Inn
prsssoa spon hs mind and a, fret ssd hi.a e loos
commerce, trade aad finance. Following up his
course Of study for . quarter Of Z century, the
opening Of the war found him, ~ have said, -
the head 81 one Of the largest banking houses IN
would have been deemed On ample fortune. So
much for the financial antecedents Of Jay Cooke.
The prevalent impression regarding the sourcs
Of Mr.. Cookies present wealth and the amount he
realized from negotiating The government leans h
even more erroneous. In the first place the Treas
ury Department did not avail itself d Cookies
assistance until u had utterly failed itself 20 dis.
pose Of the government bonds fast enough 20 mest
the increasiAg demands 0f the war. United States
securities were = new thing TO the people. aud
tdey held sloof from investing their hard earned
money IN them until they undo stoud their charac-
ter more fully and until they were convinced that
by lending money 10 the government they were
doing = good thing for themse yes and the coun-
try, n werd until the loa,, was Thoroughly Pop,
failed, and the government, klew not which way
~ turn for funds Jay Cooke undertook the task "
popularlxng and negotiating the loan then author
lied. Being leading banksroin the countrys
with extensive business connections In Ameri-
O. and Europe, possessing the confidence OF
prominent men, and, above al, bringing 70
bear upon the subject an enthusiastic fstn In The
patriotism and pride Of the people, he seemed -
the Department 70 be Nj eligible man for tbo
work. and = contract Was mace with him accord
ngIy. In Ill toreign lands government loans are
Invariably negotiated through private bankers,
and these banks are paid from two and half TO
i've per cent commission On their saiess besldee
being guaranteed from i0ss. Our government Of
fersd Cook hve-eightls = oas Rsr cent Sa me
amount OF his sales, he 70 assume al risks and
pay all costs. TLis wss far less than what Is ha9
already cost the government TO sci. bonds ITSELF
and only about onc.cighth part OF what Enghshs
French aud German BANKERS receive Tor the same
service unaccompanied by risks. Cooke. however.
accepted the oder, and catered with IRE and en-
ergy upoa ilis hercuisan undertaking.. i've mar.
velious success winch crowned hls Iaben o.
itself feature IN the four years. struggle. Out
| OF hds hveeighths u Que per cent cOtnmis-
| sion. Cooke paid osc-.surLh OF one per cent
g the banks q the countEy - sgb-agsuts
delivering the boads and transmitting the pro.
Deeds. Out o. his remaining threc-eigbths no
pan ansil army q travelling agents. eieeim and
score tar1es and biils tor usA most ext6usjye kind
Of advertising Indeed, Cookies great aud Singular
snccsss IN negotiating nearly nltseu hundred mil.
li0us Of United States bonds WAS due IN great
measure e MS ~, 1HpaT.s'i ussss russ ink
every newspaper In the land told irreslstby in The
end. am informed uaAt ~, enc time, when the
hrst loan wss started. the house q Jay Cooke Z
~ - - -
AAN niliioa dollars Tor advertising and
other expeases connected with he lo2p,
while nothing could be shown for the ont.
G and S.4 when me sssa s.a :sS ss e
Amount would ksve been ed loss - Cooke, q.
hs could have had No legal claim for reimburse.
ment on The Treasury. Had ~ depended wholly
or mainly o. his gov rnmeDt commission ivr the
rcsliz2ton u fortune the coaclusion y be might
have been disappointed. The large amount Of
nsnsy made ~ Jsy Cooke aad his fifm wtshm the
past lev yean has been chefy derived from shs
snormous business whsch has poured N spoa them
IN consequences Of their prestige - public bankers.
In this way he has been vastly benented by his
connection with The governucat loan; but II ID the
and cosss the people nothing. From his govern.
mem commits sns he gained compsrauyeIy Little.
but rom his government conecti he has sscsfed
~has GsDeral Grant aud others her have o6isned-e
gain, - u bsingS tbo military heroes promotion
esd political pretermesI s'rsa q Nl41I ia esr
q aowevers n With ~ ho financial skill ~ did
not exhibit . spirit Of benevoienoe aud unselfsh-
ness, Il would b difficult Tor him 70 escape the re-
prosch Of being amply graspng and avxricious;
but, according TO some Jay Cooke, gives away IN
usostsufausss charity hslt his sulire ihesue.
Being an active and earnest member = Me Epis-
copL Church, much OF hs benevelsnee takes .
religious chguncl- He has donated 126 900 10
Kenyon College, ~ Gambler, Ohio, and helped %
endsw several educational insututtons in rennsyI.
wanna He has built sssl chapel q IN swn u
psnse. for the residents Of pul-in-ihy lslana nesr
Saaduskys and has erected several couptry
churches in the vicinity Of biz, homs on Chillon
Hills, near PhiIadelpbia. In thia town hc n very
inclined u b jovial In his manner aad never once
fosgcts the place er ths psople thst ksew hin BE-
fore hs dreamed 81 beng . nilllonsirs. s.otsge
N# M3Y -----~------------------ii tte6 eiNs.t
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