The new North-west., 1871-11-04
'/0D Cooke, and HOsc He Placed
the Loan. "E10


Townsend says in the Chicago Tribu,
I. AT eighteen years of age Jay Cooke h
power OF attorney to sign the firm name
his employers. and at twenty one be we
into the firm, retiring, as have said. wi
r. fair fortune in 1853 At this time he h.
? no acquaintance with Governor Chase
:. Ohio. hut the Governor knew Eulether,
!. Cooke, and had brought Henry u. Cool
down from sandusky. where he edited
. newspaper. to take charge of the Ohio Sta
Journal. It was not until the rebellion WI
. tn progress. and Mr.. Chase was named fl
!. the Treasury Department, that Jay Cook
was introduced to the Father of the Greer
backs"
l asked Mr. Cooke if he had suggeste
the National Banking system! "4&
mo" he replied, ''Governor Chase con
ceived the whole financial policy Of the pc
riod. modelling it in part. l think, upon tn
banking system of New York State. Iwen
to work selling the bonds. and as the bank
all over the country came up nobly and sub
scribed, was apprehensivc that to carr,
out his bank system would put the Stat.
banks. the money repositories of th.
country, at antagonism with the sale Of tht
bonds He insisted. however. that the Ma.
tionsl banks would make the bonds 20 bet.
ter, and appeared to be snxiously, almost
painfully absorbed In his purpose. NY bro.
ther Henry, who wns a capable writer. en-.
tered entirely into sympathy with Secretary
Chase, and Ia last I felt like enthusiasm.
great many articles were written to ex.
plain and indorse the new banking system.
and we had these published in the Wash.
tngton Chronicles whole broadside they
madc-and directed at Congress, where their
potency Was shown in al immediate increase
Of support Il was long time, however.
before we could muster any votes to speak
OF In either House. and the theory was
secuted at and beaten. Henry Cooke tried
to make IN impression on good old Mr.
Gales of the National InteRigencer, who
finally asked him to put his views in he
shape Of an editorial. This article. written
in the old and stately style of Mr.. Gales.
appeared one day, to the rejoicing of Sec
retary Chase, who thought it was the, off
spring Of that ancient establishment"
The birth of the system, of Nationsl Banks
was celebrated by the First National of
Washington City; the second benk WAS the |
First National Of Philadelphia. The pam
phIet How to Organize a National Bank" |
was written by Jay Cooke himself. The
point Of the country which moved the slow.
st aud embarrassed the Secretary most was
New YORK City with ise "oar!y o'sl..,. n.::l
ons Of specie capital Jay Cooke & Co.
had organized four hundred bank bills from
he printers before New York had erased to
;all il u wildcat system.
Finally, Mr.. Cook offered to proceed 10
New York in person ard make the F.urth
National there with capital Of $5 OOO. 900,
md he volunteered 10 exhaust al! means to
accomplish it in three days. Beginning with
subscription Of 800. 600 on behalf of his
revived with his brother in
aw, Morehcad and others in it-he found
hat with Vernilye, William Sprague and
'thers they barely brought the SUN up to
Z. 500, 600, and here it was proposed to stop,
proposition withdrawn by Mr.. Cooke's
hrcat to take back his subscription. Mr.
l. T. Stewart had no confidence in the Na
Ional bank plan, and would not give any
hing. but the flinty-handed Daniel Drew,
the surprise Of everybody. added $780,.
90 When the subscription amounted to
4, ,2OO,O the residue was made up by
'ooke, Vcrmilye, and the rest putting their
ands into their pockets a second time, and
nus, after three days Of labor, dividing the I
|ty up into precincts and canvassing for
zen Of capital over it's whole extent, suffi.
lent bank was formed to make some small ,
IMPRESSION. {
In this way. between the bonds and the
anks. the heslth, Of fully one half the .
erks in the house Of Jay Cooke Il Co. was
estroyed, large number died. and the i;
mixer ascribes his own preservation to his !
'untry home and an equal, cheerful temper.
At one period, when the city hank and
mixers of New York kept up their obsti.
'cy on the subjects Of the National system,
y Cooke threatened to establish I bauk
ere with capital Of 96O, ,OOO, 600. ~
- 5 5tE =
A tree was felled the other day at Sandy n
reek, Wagga Wagga, for the purpose OF r
occurring honey, which it was known had il
en- collected there by rather large swarm
bees. When the tree was cut down there 4
y found 10 the hollow one Of the most
collections of honey ever known.
obably. 70 have been gathered BY one
arm Of bees. There were several in, -
'nse layers Of c,mb ten feet in length.
d Of great density, extending along the y
'ide Of the trunk and clothing the hollow d,
the tree almost entirely. After il had Il
n carried home ihsving been wasted con- !,
crably by the fall Of the tree and the =
'nitive mode In which It was oollected). =
comb yielded over two hundred pou.ds =
honey Of the purest quality. Could c.. i,
N beat thisi- -Aabesrss Ayess,
Mark Twain tells the following funny IN. b
ent: tAtWhv Csntai, 80 | u.