The Rock Island daily Argus. [volume] (Rock Island, Ill.) 1872-1873, 1873-10-01
Ghs 9aiIg Argns.
Ranking and speeulating.

The manic at the East reveals the fact
that the government has been rather I'M
fortunate in its selection Of favorites
among the bankers. The two most promi-
nent Of these favorites, Jay Cooke 4 Co.
and Clews 4 Co., have led in the downfall.
and now that they have suspended, it
comes out that both had departed from the
legitimate business Of banking and gone
into outside speculations. About year
ago the government became so fascinated
with Clews 4 Co, that it took its account
from the steady old house OF the Earrings,
where il had been for nearly fifty years,
and gave it to Clews, Habieht X Co, Civ
ing some very unsatisfactory reasons for
the change. A very high and gilt-edged
order of devotion to the administration was
an important element in the capital OF
both these government favorites. IL they
had possessed little more banking capac-
ity, it would have stood them better in
hand when the trouble came. A prime ar
tice Of loyalty was very valuable TO the
government about ten years ago, but a
prime article of common-sense is more in
demand now
The fact that Jay Cooke x Co. were
prominent Republicans who managed to
make an enormous fortune out Of the gov
eminent at the time of its distress i'm
parts political complexion to their fail
ure, and the leading Republican newspa-
pers are assuming to offer them the sym
pathy Of the American people " in the fail
ure Of their ''heroic effort to build a rail
road through a bowling solitude. Thii
is carrying politics too far Business
is business, particularly in times lik,
the present The American people d.
rot owe Jay Cooke & Company a cent
The eight or ten million of dollars the
paid them for their services cancel tn
entire debt of gratitude due the firm
and if the firm has squandered this prince
~ fortune, and along with it the hard earn
ings OF thousand conhding depositors, !
worthless speculation that pruden
banker would never have touched, 1t
none of the American peoples fault, an
no Just claim on them for sympathy an
gratitude can be made Jay Cooke u
forgot their duty 10 the public. Their mig
position, their authority and the large col
hdence of the government which they hay
eniayed, imposed on them the obligation
setting an example of safe and discre,
banking. They assumed TO be bankers, au
in Justice TO the depositors whose mont
they invited, they ought not to have bee
anything else but bankers But they b
came spectators. They headed the wi
pursuit Of railroad phantoms that has d
moralized the country, corrupted pub
men, and filed the land with extravagan
and debt II they are now reapiEg I
fruit of their folly, it is their own selt-pl
voked misfortune, and there the matt
should rest.
II the people owe gratitude to any bar
ers at this time,i is TO those steady, care
men who stand up like a rock in the nit
of the storm that sweeps brilliant, but I
anchored adventures away, with its Fl
surges 1t is TO those who have set an {
ample by legitimate dealing in bills and
changes confined themselves 10 the str
business of banking, and kept safe
serve on hand 10 meet the emerger
which, they knew must come sooner
later Those banks and bankers PR
their worthiness OF public confidence
being strong when strength is needed, q
it is they and not the spectators who hi
been eutangled in their own tolls that
entitled TO the respect and gratitude Of
peoples, Louis Republican.