New national era. [volume] (Washington, D.C.) 1870-1874, 1873-10-02
Jay Cooke aud the Go,.t:u,.,.I
Honds

The story of JAY Cooke, war loans j. pos
sibly an old one. When, ia l>Gl, the wa 81
the Rebellion began. the United states
owed less than O0.U0O, 900. and when it
tried Il borrow few millions more with
which tO place the three months men in the
field. it experienced the most humjliat.u. Gif-
hcuities. Ii was then practically >Uicd Il
united country, but its credit was little bet
, ter than that Of last wears bankrupt. Aud
yet it then required, or would presently re-
qulre. hundreds Of thousands OF millions OF
OF dollars To- enable il to crush out rebellion.
The money must be borrowed, aud jaw
Cooke undertook the task, as hrrculcan as il
vas patriotic, of borrowing it upon the
bonds OF the Natioh that little while be-
fore was compelled To pay usurious interest
to Wall street for a temporary loan O. IS
900, 900. All that he undertook to do he
did. He restored confidence in the integrity
OF the Government at home and abroad he
made its bonds as popular at London, Paris,
Vienna, and Berlin, as at New York and
Philadelphia. He made National debt of
over 2,Gt0, OO0, 900 practical possibility.
1t put gigantic armies in the field fed,
clothed, and armed them it built. equipped.
and manned grea navies, and 10y the means
which il supplied, crushed rebellion and gave
Us union and peace in place of diSunioh and
war.
Jay Coke is the same man now that he
was a year ago. He has the same genius,
intelligence ahi integrity t. begin anew that
he had when he first begun in l-DI. 1t j.
the same man, possessing the same indomt-
abb courage, and more than the same incen-
tive to succeed, for he is now called upon to
confront calamity, and calamity but serves to
make the strong stronger.
We have spoken Of Mr.. Cookies connec-
ton with the war loans as an old story.
There is another story of his patriotism and
tarsighted wisdom which is not old in the
common sense, for il never found its way
into print until now, and he has never told
1t even to his friends. On the 18th of April,
1865, on his way to his office, jaw Cooke
heard the rumor of President Lincoln assas-
sinatiOn, and had it confirmed by the dis
patch displayed on the bulletin board in front
Of the Inquirer building. He went to Ia,
office, stunned by the news, As every one
was, but his immediate alarm was how the
intelligence, being sent abroad, would affect
the financial safety of the country. II n
monetary panic ensued here our tond, would
come back to us from Europe in sheavcs, and
their value would be next to notn'ny. 1t
was a moment when universal ruin ~. pcndcd
over the nation. Recognizing Tho dangers
OF the situation, what Jay Cooke Il It Vas To
announce at once to cacry agent If his
house, at home aui abroad, Buy ali tn,
bonds Of thr Government that arr recrcd
you at yesterdays closing quotations."
His instructions were oIcyed, ana, simt.,-
taneousiy with the receipt cf the announce
mont OF Mr.. Lincoln death, there was re-
ceived throughout Europe ;hc intelligence,
"Ame!icin securities remain tirn.'
At the close of that eventual day Jaw
Cooke held between 10000, 900 an n. oDU,-
900 OF United States bonds, and, thalgl.
treason had done its worst, had renewed H.
an instant the President Of the Republic nnd
its Secretary Of State, its credit wa I'M
harmed, impregnable, and all because one
man was wise and brave and great cnoulh
to risk al! for his country.