Helena weekly herald. [volume] (Helena, Mont.) 1867-1900, 1873-10-09
JAY COOKE & CO.'S SUSPENSION
Opinion Of philadelphia Papers.

The Press expresses strong faith in Mr.
Cookies sagacity and resources, and says
That Dir. Cooke and the Messrs Clark viii
emerge from the fiery ordeal unscathed, we
have not the slightest doubt. TO express
any other opinion would be an imputatior
against the gratitude of the Republic. The
capitalists should and will forward to their re.
llet. The nation owes more to Jay Cooke
than 1t can ever repay. His Titanic achieve
ment in placing its loans, after the repeated
failures OF even so great a man as Mr.. Chase;
when its resources were nigh exhausted and
its bonds were being hawked about the mar
kets of the world ut ruinous discount
when its soldiers in the field and in the face
OF an exulting enemy were unpaid and unfed
won for him the deserved thanks of the
nation. AS citizen he has been public-spir-
tied and generous to fault His counting
room has been an almonry, and his bene-
factions have blessed thousands. Shall such
a man fall for the want of a helping hand
One word about the effects of yesterday 8
sad events. They may be the end of an un-
toward accident, or the forerunner of the
ruin of thousands, and the arrangement of
the business life of the continent, if not of
the world. But everything depends upon the
people; upon their GOODNESS, their prudence,
and, above all things, upon their quietly al
lowing affairs to take their natural course.
There is more cause for sorrow than for
alarm. Jay Cooke s. Co. are confident that
they will weather the storm, and their word
is to the world of commerce what the Bible
is to that of religion.
The Inquirer says: "Whoever says, as
some did yesterday, that the disaster was ow-
ing to gold or stock gambling. says that
which is not true. The house suspended be-
cause its chief essayed to assist to success
full conclusion the great Northern Pacific
railroad. Had it succeeded in thus connect
ing by a new line of rails the two oceans the
honor of doing so would have been equal to
what it achieved in placing the great war
loans, for it is a work for the common good
of the country and of humanity. 1t was a
scheme of such imposing importance as to
be worthy to enlist the genius and sympa-
thies of so public-spirited man as jaw
Cooke. Believing in the good that the North
ern Pacific railroad weuld do, he loaned it
vast sums of money as construction fund.
and hoped to be repaid by the prompt sale
OF its bonds. The loans were made; the
sale of bonds was not made, and the result
was that yesterday the house temporarily
closed its doors. AS for the dauger of q
general financial panic there is no reason
why one should follow the suspension of
this house. We are past the time when Wild
Cat banks were in vogue. Our banks, safety
and trust companies, and saving fund insti-
tutions are in strong and healthy condition.
What is now required to bridge safely over
the financial current of the next few days is
the maintenance of public confidence in our
institutions. Unwise action, re-
sulting from unwise fears, can only embar-
rass the situation. Public GOODNESS and trust
only can improve it.