The weekly Oskaloosa herald. [volume] (Oskaloosa, Iowa) 1855-1885, 1873-10-09
JAY COOKE.

We find in Philadelphia paper 3
brief sketch of the the life of this
man, whose recent great downfall
has made everything connected with
his career intensely Interesting. He
was born in Portland, Ohio, Aug. 10,
1921, of good old Pilgrim family,
his lineal ancestor, Francis Cooke,
having come over in the Mayfower
IN 1920, and erected the third hous !,
In plymouth. He was educated at
home by his father, Eleutheros
Cooke, the leading lawyer of San
dusky county, and the First Grand
Master of Ohio Free Masons. Pow.
erty assailed the family, and at thir-
teen the boy, resolved to earn his
own living, sought and obtained a
clerkship with a Mr.. Hubbard in
Sandusky. He soon attracted the
attention of his brother.in.law, VIM.
G.. Moorehead, who employed him
as .book-keeper in Philadelphia. He
subsequently entered the service of
F. w. Clarke & Co., of that city,
the largest domestic exchange bank
ing firm in the country. He became
. partner when 21 years old, and
remained in the house until 1858,
when he retired on competency,
having gradually attained the lead
ing position in it. When 10 wears of
age he wrote the first money article
ever published in 8 Philadelphia pa
per, and was eng, ged as financial
editor of the Daily Chronicle,
In 1851 the firm of Jay Cooke &
Co., was formed between himself
and Mr.. Moorehead, and now com.
meuced his successful patriotic efforts
to relieve the government, harrassed
by the rebellion, of all financial
trouble. In the spring of 1851
Cooke, without compensation, pro.
cured large number of subscribers
for the first government loan. He
then placed a war loan of several
millions for the State of Pennsyl-
vania at par. Mr.. Chase, noting his
ability, appointed the firm to one Of
the 400 special agencies for loan of
$50, 100000. Jay Cooke & Co, re.
tui ned one.third of this. This led
Mr.. Chase to select Mr.. Cooke as
special agent to place the $500, ,OOO,-
600 of five.twenty bonds authorized
by Congress-. 1t was a monstrous
task, entailed an enormous outlay,
and brought little profit, though an
immense reputation, to the master
mind who engineered it. His efforts
kept pace with, and were always
equal to the vicissitudes of the war,
and counteracted the dreadful op.
preston of the currency. When
Mr.. Chase resigned, in June, 1864,
and gold rose to ls5 per cent prem
ium, from 80, in fifteen days, Jay
Cookies shoulder was put to the
wheel, and early in 1855 $2OO,sOO,-
900 Of the seven.thirty bonds were
placed in Europe, and subsequently
increased to nearly 100000, ,OO6.
The Government had to spend 49,.
600, 900 q day, and with it saved the
Union. Jay Cooke provided the
money. His operations since then
are . part and parcel of the history
Of the day, the most recent and
gigantic being the participation of
the firm in the famous Syndicate, Of
which Drexel, Morgan & Co., and
Morton, Bliss & Co., are the other
partners, and through whom the
Alabama difficulty has just been
happily terminated. A man of
Princely liberality, dispensed in
widest streams, the misfortune that
has now, it is hoped temporarily,
befallen him, must be deplored BY
thousands of bene6ciaries, and is is M m
deed matter of national regres.-