The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-11-06


Mr.. Jay Cooke has earned the above title
from the position he occupies as banker under
the national bank system, from the colossal
fortune no has made out Of it, and because no
has become the chief defender of the system.
He owes whatever fame he has, as well a. his
fortune, TO Mr.. Chase's pet institutions and the
war from which they sprang and his attain
ment of this position shows how little ability
was needed TO be successful during the period
OF his elevation in the financial world. Though
he is by common consent the Great Mogul
among national bankers, and their leader,
he has not the ability of Nick Biddle,
the head and defender of the old United
States Bank. Still, he takes upon him
self q similar role, and, like Biddle, issues his
manifestoes, assumes to instruct the sovereign
people and the rest of mankind upon national
finances and talks as au ihoritatively to states
men and Congress.
AS there may be some curiosity.to know who
this new man of new order of things is, this
man who suddenly blazes forth like meteor
among the solid, fixed stars of our political fir
mament, we are happy to say we have been
furnished with the information by some ad-
mirer too modest to give his name. In this
communication we have the important inior-
nation that Mr.. Jay Cooke was born in San
dusky, Ohio, 1922 The day and hour are not
given. He was. ga selErelant and energetic
boy" and he commenced his business life at
the age Of thirteen in mercantile house. The
first three years he was employed in Sandusky
and 81. Louis; then, at seventeen years of age,
he entered the banking house Of E. w. Clark &
Co., Philadelphia. At twenty-one he became
a partner in the house, and shortly the manag-
ing partner. In 1860 he established the bank
After the war broke out, in 1861, he was en-
ployed to negotiate the first seven-thirty loan.
This, through Mr.. Chase, gave him that lucra-
tive connection with the government finances
which in three or four years made him mil
iionnaire Of the first rank. Jay Cooke soon es-
tabshed hou q in Washington, -. !. addition to
the one in Philadelphia, after he became the
financial agent Of the government After the
war closed he opened o house also in New
York. His rise has been as surprising as that
of Mr.. McCulloch, and both from the same
starting point and through the same agency.
Both were small country bankers or bankers
clerks in the West both were tina friends and
instruments of Mr.. Chase, both were elevated
by him, and both have shown their gratitude
by faithfully supporting his financial policy
and pet national bank system. They owe
great deal to Mr.. Chase and little to their own
abilities
In any 9th r period of the history of our
country the sudden elevation of such man
by such means to an immense fortune and
financial power would have been impossible.
There were giants in those days; but in these
We hare pigmies, and the pigmies rule the
land. Mr.. jay Cooke, in oil probability, will
be the champion Of that vast combination of
national banks and bondholders which begins
to set itself up above popular sentiment and
which will soon assume to control the govern
ment itself These national banks are prepar-
ing to wage more determined war for their
privileges and az iinss the people than the old
United States Bank ever did, and Jay Cooke,
though much inferior man to Biddle, is des-
tined, probably, to be the commander-in-chief
II he can bear the weight Of his honors with
out being too much pulled up, without burst
Ing with inflated importance, and should not
write too many manifestoes, he may become
very conspicuous, If not great, in the ex-
citing financial agitation that is about to COM
mence in this country. However, he had better
say nothing more about national debt being
a national blessing, but stick to his proper
r6e as defender of the national banks.