, 1873-09-26
JAY COOKE AND HIS CRASH,
The Cause, and the Parallel
Readings.
Morris, Girnrd, Bitltlle, Cooke,
and Other Prominent
Bankers.

from Our 0,rn CorrtspoadenG
NAstI1NGToH, Sept. 81, 1873.
Philadelphia haa provided tho three most
eccoutrio md nunincent bankers In American
history nobert Norris Nick Dldle, and Jay
Cooke Thoir fatos and famoa recall ono nn-
othor. All havo been mon Of ocrtain ap-
pointed uso, which they survived in order to
end III catastrophe.
was tho Colossus Of Tic Revolutionary poriod.
1Io raised money for tho Government On forlorn
occasions, and once rascd the Anlf-miltion to
transport Wasllington'a army to Yorktown,
wloroby CORVALLIS surrendered. Ho lost about
100 vossols In the courao Of tho war,
but carno out moro than safe, and
built himsolf q gorgeous residence, which was
noyor completed. He wont into Bpeculatons in
land, Just MS Jay Coolso has dono, and falling In
his old ago, took rofneo in dobtor,' prison.
Robert Morris has descended to us as a Havior
md boucfactor of tho country but his motives
and probity were many times called in question,
and ho was investigated by Congress- In 1777
He established tho first and tho second banks
Philadelphia possessed, in tho years 1850 aud
1881. Tho first Of these banks had $500, 900 In
specie capital, put up by ninotv persons, s,-Morria
hcading the list with c10,00O sterling. Tho
second bank was stocked with coin sent out
from Franco to Morris. Both banks stood with
In guu-atot Of Jay Cooks preaont or Into bank
ing-houso, aud they wore tho earliest banks In
America.
Robert Morris md Jay Cooke were probably
OF about tho Hamo Dimensions aud force
both possessed Of merely English edrcations
both sanguino men, and bottor salosmen than
~ ar ~ unf eao,, ua. ;,1,,s.-o.a5 .. ua az, H.
toro,,4 ~ ,.s,.an .,,. 49, """.sa .a,.
o,vu -, ,eea.s s.oss;, ill., w., noa,'~ p a,~ a.4 as.'
a.a,s'.. .:., Ao eeAo' t1aao pss.t-
. Ao1''p "4sn ouo u t''o o"n '''',ao aoasofne"r
Motrlb) ana contemporary baliad shotchos one
some 1ittlo knowledge, with ao,ne little scnso.-
Moro atectation fur and moro pretense;
Such T. ia the man h!a tongue he never bal1s;
on M shngs .aiRable no eoiA'y talss
q eles,ons s oranT, ,.a.a, q sf ,aM , 10 pfates M M
ponpou' no'''ne, .,1 m,ne'es N aeoa'ee'
NICK b1ppLE.
A man Of moro culture and polish than either
Morris or Cooke, hut equally unfortunate, was
N,oho,sa nida,n rrho vna how 4, sIorr;.,
a1a asra .aaa soa.a.su 80 a.s.saa.
wv aso peeano oeeletais u Legation
to Franco IN the period OF Bonaparta's
1nagniAconco followed Inv and literature and
JJnited st.tcR in 1894. 1Io ind nrovio,,a,v ,av,.
80 1s ~ 49, ~ A4. pto',ou''y "o'o~
Gated fts rocnaFtor IN l8ll and may be called, in
TINS respect, The Jny Cooke Of tho SECOND war
sided over this bank, or until Gen. jackson %
o,o.o ,,.a n., .,,a .t'o,, e., t,r ,.a. ~" .'.
q.osou sne oan ~ aua len lor s"o years n' was
ttca'oons VI o'a'o oa'h oeaFne tno eame
name, which came down With crash in 1871.
1t is notable that tho bank which Morris
stnrto1 l., 17a1 i;.od ,,n1or H. rnn,o ~ t,,a
Bank Of Pennsylvania, down to tho wear 1867,
f0r
S1,875, 900. Tho bank over which Biddlo
presided WAS the CREATION ot Alo1.
andor u,n;,ton i, 17a1 vii, sin
mn nm cnn;ta, r. 1911 - want ",r n',t ~ -.
!ssenco uecuh!ty, y; accorus TO taw ont Mae e.
cnafe1ea c5a aea ~ iolo !or %oaty years, w'tn s5a
V4onuo capatsl or }9es aoons tne Gap5al III pohaa
ot the hofthefn Paclne NniIoaq: As state
pAnk, tnis INSTITUTION, VI WHICH D1uuIe "ns TIC
Gn!e. cooA, h.lnA esciy ccut u ~ cqhta' aha
twice snnpenaed specle-payments. Inc total
nnn toaa d3a resntlg IRON sno name oi Aqai VS. so
] eountry 8 seat of 'Antainsia was immo;sstoly sei1
eola pytne Shell1t aug w personal inaeoteaness
70 tho panR Was Tl:o!e,u uoo 1aai1hG 20 pay
whien, he va wah sfnb1octea to poee-conrt e1Am-
TUE THREE nAskEaa NJ
of mind AZ rotated to the prosecution Of national
nnanGe :;, ~ means o. personal wealth: Active
lhe9y oil lacked prudence and gnaelrated vcru;
a.,asa Rntvaenoss: r., 1noy ~ poHosed tnat tne emu
justified tue mnans; that short short Gu. was as
dlgnliied in Ibnnklng as IN petdling,; and all Of
tnom wore nliou WITH "1trnvaEnnt ideas Of tho
pItsporlly o. tno country at thelr period, which
snnI ma1uu ,' " 4:puanecate' ahu lnu8 1nhAo
curtthcy y,,t vpS ] VI luFI,o noSsosies: orias m;
Has tic 1ifst boaid OF fn"iio WorKa OF fals Dls-
trict OF CoiuMbla, ana 10 SUNK mitch O. MS
t monsy ounulns ro"s OF housea more. nlaale
WIS TIC iIahc'ai repfeasntatVe OF HehrY
clay's bonndless advocacy Qf internal imptoyo-
ments, Gfeea nro. anu south American lnde-
pondehco' Mr. Jay COOKE has peen TUG last Of
tno Ane. Alnoss ~ hYar'eoy LUIS klna o. oanker
goes aaasr. 1ne Emu OF nanker WHO h9lds