National Republican., 1873-09-19
THE SUSPENSION OF JAY COOKE a

Thc suspension OF the firm of Jay Cooke Il
Co. yesterday, Us will bc seen by our dis
patches this morning, created the most pro-
found impression, not only in this country,
hut In Europe. The house was so well
known oil over the world, its reputation was |
so high, Its transactions were Of such an i'm. |
pcrial character, Its undertakings were on so
vast scale, that its fall is in many respects
mo.e Important than the overthrow Of q
monarchy. The etenS in whatever light IL
Is regarded, Is q national calamity, and we
are confident that tho announcement OF the
suspension was everywhere heard with the
most genuine and hcartlslt regret. The
history Of the firm was, u great extent,
part and parcel Of the financial history
Of the Government itself during tho last
thirteen years. The firm, next TO the Gov.
ernmcnt, was the most firmly established
In public confidence and esteem. The
country can never forget what Jay Cooke
did during the first gloomy months OF the re-
belllon any more than II eau forget the names
Of Its captains and the roll Of its dead war
riors. His genius, and above all his intense
faith in repnblicanism and republican institu.
tions, inspired him with courage and hope In
the great calamity that then befcll the coun-
try. Mr.. Chase sat helpless in the Treasury;
Mr.. Stanton was powcrlcss in tho War Dc
partmcnt until he showed them how to tap
the wel-spriug of the national credit and call
forth the unlimited financial resources Of the
republic. An this the country will forever
remember, and now, in the hour Of his calam-
ity, will extend to him its fullest sympathy.
This, however, is not the time to write his
Crlogy.
The failure was. Il seems, caused by i'm
mcnsc transactions in the Northern Pacific
Railroad Company, and in other companies
connected with IT, Notwithstanding the i'm.
mcnsc grants and cOnccssionsit 1t obtained from
the Government, the enterprise has been
from the beginning failure. Its bonds have
market; but the Nrm, with Its immense re-
sources and justlGablc pride In It's own
strength and power, determined TO carry 1t
to success. The result Is told in our dis
patches this morning. The house has failed,
and its failure is very great misfortune.
At the present writing it Is not possible to
estimate the losses OF the firm; but there Ii
reason to believe that they arc not 80 large
as is popularly believed. Wall street II
the best and surcst commercial inde'
of the feeling of the moncyed classes, and. a
will DO soen by our reports from New fork
there has been no substantial variation In th
quotations of the leading stocks. The fiue
tuation in gold, Notwithstanding the. effort
to "bull" the market, was comparatlvel!
trining-not more than the average fuctu
alton almost every day in the week for year
past. Several Of the fancy stocks are "oif,
but the decline is attributable to causes en-
tircly outside of the suspension, All thes
atcd temporary panic In New York AM
in other cities among the speculative classes
ii did not touch the solid business and com
merclal community; that there Is III
reason whatever why public conildcnc
should bc shaken in the stabilit.
OF our banking institutions. III
wild rumors OF the street prove, when iuvcs
tigated, to he without the least foundation II
fact. II the losses are no larger than cigh
or ton millions OF dollars-and there is N
reason to suppose that they arc-ll Is com
paratiyely trihing matter. Only yeal
ago we saw eighty millions of dollars swep
away In q single night in the Boston fire. 5,
far as the business Of the country Is con
cerned 1t had no pcrceptblc influence. Th'
moral effect Of the failure Is the worst aspec
of II. II seems strange that q house so old
so well established, so strong in all Ia rcla
tions, should suspcnd but when the i'm
mense obligations which II undertook Il
carry are taken into consideration, IL cal
hardly be matter Of surprise. During tn
last few years there has been entirely to-
much speculation, especially on the part o
some Of our leading bankers. Jay Cooke 4
Co. unfortunately yielded to the temptation
and they have been swept away in the cur
rent. They were so strong and so conhdcn
that they undertook Of themselves and b!
themselves to carry out the most gigantic en-
tcrpriscs, enterprises which would tax the
strength of Government even as strong a
our own. But in their fall it Is to their homo
that they alone are the sufferers. The North
ern Pacific disaster does not involve any ma
terial loss TO anybody excepting to them
selves. Their suspension is one forwhich the!
need not blush. The latest information Ol
the subject is to the effect that the pending
trouble Is only temporary, and that the firm
will resume business in a few days, an expec
tatlon which II Is TO be hoped will be realized