The Ouachita telegraph. [volume] (Monroe, La.) 1865-1889, 1873-09-26
GONE UP AT LAST.
(St. Louis Republican,

York and Philadelphia, dragging along
with them or seriously embarrassing
the dependencies OF Washington and
London, creates but little surprise in
this quarter and less sympathy. This
was one of those gigantic houses whose
fortunes grew out Of the misfortunes of
the nation. Granting all that may be
asserted of Jay Cookies services In
placing the seven-thirty loan at time
when tho Government was an urgent
borrower, it must be said after all that
he received his reward in immediate
and ample muniflcence. If you call
Jay Cooke patriotic, we retort that the
potriotism which paid commission of
from one to five per cent. was Of q kind
which any manner of man would be
glad to devote to any sort of a country
If he could only get the chances and the
special privileges that were accorded
to Jay Cooke. But the colossal fortune
which this ring of thrifty Philadel-
phians wrung from the agony of the
nation has been squandered, as was
filing, in a futile effort to to foist upon
the capitalists of the world ono of the
of the sublimest financial frauds that
has been seen since the South Sea Bub
BILE of Walpole's time.
There was n time when Cooke might
nave lUAu0 Ills u11AA1OIlS I'LL
of real good, ofsubstantial public benefit.
But the way to do 1t was not by bury
ing them in the Arctic snow drifts or
scattering them to the boreal winds
that sweep across the sterile table-lands
of Northern Dakota. 1t is now about
three years since 1t was announced
with flourish. of trumpets and clash
ing of ink-horns, that Jay Cooke, the
daring and successful flnancier who
rescued the nation from the jaws Of
bankruptcy, would build railroad
from the head of Lake Superior to
Puget Sound. From the city of Duluth
to the metropolis of Seattle. Grand
inception. Magnificent undertaking.
But there were those who looked on
the map, and when they had vaguely
traced with doubling finger the proba-
BILE route OF this railroad, that began
nowhere; ran through an unknown and
trackless land and ended where it began,
shook their heads. The loyal heart
was beating high then. Colfax had
been lecturing the people on the holy
duty Of aiding the Union Pacific Rail-
road, and nobody dreamed that a Credit
Mobilier was using the glamour of
smooth phrases rs a cover
under which to appropriate the money
they might invest. What was to him
der Jay Cooke from getting up Credit
Mobilier of his OWN His name was
dear to the patriotic heart of
the plethoric Northeast. Schuyler
would lecture for a reasonable per noe
tenn and the agents of Jay Cooke & Co.,
could go to Europe, backed by the pres
tige OF Il house that had been the accred-
tied financial agent of the Government.
a limitless land grant could be got.
H.
sidy. Everything could be organized
on scale of grandeur commensurate
with the sublimity Of the game that
was to bc played. a few hundred
miles of road would be built-pOssibly
the entire line-at IL cost of about half
tho Government subsidy. Tho other
half and the proceeds of all tho bonds
that could be negotiated in this country
and Europe, would be clear profit.
Hero was II giant fortune, and Jay
Cooke IL Co., graspctl at it, slipped and
fell.
For Il time things had gone on quite
swimmingly. Tho reports Of the pro-
gross of the rond from day to day point
ed conclusivcly to the final discovery,
somewhere in the midst of the "Bad
Lands" Of the Unkkappa Sioux, of the
long-sought Utopia. The bonds were
porter stole the records of a Pennsylva-
mia court. Then came tho Credit Mo-
bilier expose. And then inquisitive
people began to inquire If 1t would not
be well to look into this other Pacific
Railroad Il little. Tho pretensc of in
vestfgatfon, thrilling as 1t was, which
followed, gave tho keen nostrils of n
newspaper the scent of the corruption
that had been whitewashcd but not
The result was that a
correspondent went there to
see, and when he had told the truth of
what he saw, there was no moro ready |
sale for Jay Cooke & Co.'S, Northern
Pacific bonds. This is all about the
failure OF Jay Cooke & Co., of New
York and Philadelphia, and the Wash
ington house of Henry ID. Cooke. Ono
thing may be said ut tho close: Mr.. |
II. V. Reslileld, of the Cincinnati Com
lncrcial, has brought his game at last,
and ii Is IL pretty big game, too.
THE PARISHES.