The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1871-09-14

Ohio, but the Governor knew Euletheros
Cooke, and had brought Henry ID. Cooke
down from Sandusky, where he edited d
newspaper, to take charge Of the OH
Stdts Journal. 1t was not until the rebel
lion was in progress, and Mr. Chase was
named tor the Treasury Department
that Jay Cooke was introduced to the
uFathcr of the Greenbacks."
asked Mr.. Cooke If he had suggested
the National Banking system?
mo" he replied, Governor Chase con.
ceived the whole financial policy of the
period, modelling Il in part, think, upon
the banking system Of New York State,
| went To work selling the bonds, and, rs
the banks all over the country came up
noblY and subscribed, | was apprehensive
that to carry out his bank system would
put the State banks, the money depOsito-
ries OF the country, at antagonism with
the sale OF the bonds. He insisted, how
ever, that the National Banks would
make the bonds go better, and appeared
to be anXiOusly, almost painfully, absorb
cd in his purpose, My brother Henry,
who was capable writer, entered en-
tirely into sympathy with Secretary
Chase, and ut last felt like enthusiasm.
A great many articles were written to
explain and endorse the new banking
system, and we had these collected in the
Washington UrOnicle-a whole broadside
they madc-and directed Mt Congress,
where their potency was shown in an inn
mediate increase OF support. 1t was u
long time, however, before we could mus.
ter any votes to speak Of in either House,
and the theory was secuted at and beat.
Ell. Henry Cooke tried to make an i'm
preston ON good old Mr.. Gales, of the
National Iat6ligencer, who finally asked
him to put his news in the shape Of an
editorial; this article, written in the old
and stately style Of Mr.. Gales, appeared
one day, to the rejoicing Of Secretary
Chase, who thought it was the offspring
OF that ancient establishment +"
The birth of the system Of National
Banks was celebrated by the First Ma
tional of Washington City I; the second
bank was the First National Of Philadel-
phia The pamphlet How to organize
a National Bank" was written by Jay
Cooke himself Thcpoint OF the country
which moved the slowest and Cmbarrass-
cd the Secretary most was New York
City, with its nearly eighty millions of
specie capital. Jay Cooke u Co., had or.
ganized about 400 banks in Western and
Middle States and New England, often in
advance of the receipt OF the bank bills
from the printers, before New York had
ceased to call it Il wildcat system.
Finally Mr., Cooke offered to proceed TO
New York in person and make the
Fourth National there with capital OF
80, 600 600, and he volunteered to exhaust |
all means to accomplish II in three days.
with subscription of $780, |
600 on behalf Of his tirm-meantime re.
vived with his brother.in.law Moorchead
and Others in 1.-The found that with
Vermilye, VIM, Sprague, and others, they
barely brought tlesum up to $4,000, 600,
md here it was proposed to stop, n prOpO.
sitiOn withdrawn by Mr.. Cookies threat
to take back his subscription. Mr.. A. 7.
Stewart had no confidence In the National
Bank plan, and would not give anything
but the llinty.hearted Daniel Drew, to the
surprise OF everybody, added 100000.
When the subscriptions amounted to $4,-
100000 the residue was made up by
Cooke, Vormiye, and tho rest putting
heir hands into their pockets n second
line, and thus, after three days of labor,
liViding the city up into precincts and
for men of capital over Its
whole extent, sufficient bank was form
I'd to make some small impression.
In this way, between the bonds and The
banks, the health of fully one.half the
clerks In the house Of Jay Cooke & Co.
was destroyed, large number died, and
he banker asCrlbCs his own preservation
% his country homo and an equal cheer
III temper.
At one period, when the city banks and
bankers of New York kept up their Obsti-
laCy on the subject OF the national sys.
en-, Jay Cooke threatened 10 establish
bank there within capital Of sixty mil.
ions. .tF- rrs. UEs
Mr.. Cookies amusement at the Conclu-
ion Of the $l300O0,000 sale of bonds Is
o go to BCe2eley's Point, New e.sey,
md fish for sheepshead and blue fish.
lie says that the National Banks are
making only equitable rates Of interest ut
resent, and that State Banks are slowly
but only rs banks OF deposit.
ICry lew National Banks have failed, al
hOugh several have retired from business,
nd the notes Of the persisted banks are at
premium Ofseveral per cent.
II may be inferred that Jay Cooke is n
tout advocate Of National Banks, and
lsO OF the continuance Of the 1888, 1000, 900
urplus bonds on their deposit account.
Ills banking house has now, as l under
TODD him to say, fifteen members in its
artnership. ......
| asked his opinion OF the Chief Jus.
Ice: ale is glorious, great man" said
ny Cooke, land could follow him any.
1here except to the New York Conven.
Joni" GATH.