Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1873-10-01
ALEiA GAZETTE & VIRGINIA ADYERTIS
The Houses of jay Cooke and Henry
CleWS.
From the N. Y. World.l

us, and is now revived, by the breaking of
houses which gained their standing by the
favoritsm of the Government Their power to
iuhict all this appalling mischief was conse-
quence of the Fictitious prestige given them.
The country supposed them the strongest and
soundest of our banking houses, because they
alone stood bef1re the world with a peculiar
Government Endorsement So when they broke
confidence in all the banks was shaken. If the
two houses selected and distinguished from all
others as the financial agents Of the Govern
ment the two whose soupduess was thus GER
tilted by an authority having the greatest 10
terest iu deciding correctly, can so suddenly col
lapse, what ground, the community asks in
alarm, can we have for confidence 10 any other
bauk? Auytwo other banks of equal resources
but not thus favored and indorsed, might have
suspended without spreading such universal
distrust and alarm.
Two wears ago, almost Immediately after the
new house of Clews Habicht & Go. had estab-
lished itselfin London, it was made the hnancial
agent of the Government abroad, ,and the house
of Jay Cooke & Go. has since been promoted to
the same trust; one being the financial agent for
the diplomatic and the other for the naval ser
vice. This business was taken away from the
old and solid house of Barring Brothers who
had performed this service for whole gen
Grafton on terms most favorable to the Govern
meDt and to its entire satisfaction. The i'm
nlense resources of that house, its recognized
standing and wide connections 10 every part of
the world gave great facilities and advantages
to the diplomatic and the naval service for the
prompt payment Of their drafts on London.
But this agency was taken away from the Bar
ings and given to houses which had no such
standing or connections. The Barings were Sc
lected by previous Administrations because Of
their eminent credit and standing these new
houses were selected to give them credit aud
standing. 1t was of little advantage to the
Barngs beyond the simple profits Of the agency,
their reputation being so great and solid that
that this agency could add nothing to it;
whereas the selection Of Clews, Habicht & Co.,
and Jay Cooke & Co., created reputation and
conferred credit which would not otherwise
have existed.
Why did these new houses want this certi6-
cation Of their soundness ty the Government
of the United States? They waDted it be-
cause they could make this Fictitious credit a
substitute for capital in extending their connec-
tlous and enlarging their business 1t em.
boldeued them to embark in undertakings
which they would otherwise have thought
beyond their strength and resources. They
were trading not merely on their capital, but
on the credit and prestige with which theyw g
Invested by Government favoritism. Jay
Cookies attempt to carry the Northern Pacific
Railroad was rash and ill-judged undertaking
but he supposed that the credit and standing
given him by the Government would enable
him to command all the means necessary for
getting through. He was himself mlsled and
the country was misled by this imprudent in-
lorsemeDt, which seemed to make his credit al
most as good as that of the Government itself
From this resulted double evil He was en-
outraged to 60 into chimercal undertakings
beyond his strength; and the public had been
s9deluded by false glamour that when he fell
1t nseeued as if all the pillars Of finance were
giving away. Credit is so delicate, so sensitive
thing that government CAP commit no great
er buuder than that of aiding to build up
houses tempting to 60 into operations beyond
then capital, and putting the whole business of
the country 10 jeopardy if they should happen
to collapse. The government certiheation is
the thing that makes their fall so ruinous, and
II was their chief temptation to do more haz-
ardous business than their resources could ena-
Ole them to succeed 10.
ADVENTURES OF A DRESSING GowN.-A
lady was anxious to make her husband pres
enton the occasion Of his birthday, and as it hap
vehed to tall IN the winter, she thought dress
og gown would be a most useful requisltion to
us domestic comfort She went and purchas-
eua noe Persian pattern, we'll wadded. Not
tuemoerlng the exact height of her husband,
S'e thought it best to purchase it rather too
"lg than too short, to make sure of its useful.
aem' The day was wet; the husband returned
u u 'ae afternoon, and she presented him with
;;as new article Of comfort; and he fancled 1t,
uueed great article of comfort after he had
pu' on his wet garments. But it was about
.! .tu Inches too long "Oh, never mind, said
ue a1ecnonate wife; II can easily shorten it
;vSus ;Uus you They had party 10 the even
@ "s, ana were very merry; and every one ad-
Sa1 Ilea the beautiful dressing gown After they
s'u gone to bed, the wind and rain made such
s,NI suOle that the wife couldn't sleep; her hus-
,u.S uaIl shCred musically. She arose without dis
ma.S %e'oS hlm, took the dressing gown, and COM
as assueed her work, cutting off about the length
n,.. s@u inches to make it suit her husbands
n"a ~,ue, aud then went to bed again. In the
s0'ulog she Was up early to make some ar
;sasements saas1ent with her housekeeper, as several
ls Sa1ss, were expected to dinner that day.
SSas Sase'y had the lady left the room when her
Ssn good natured old lady who lived with
isn.L stepped 10 on tip-toe, n order not to
w 'o os sne Sleepers, took the dressing gown,
.o Ioa WI aoout ten inches, as she knew it was
seD,Iaps %Ius the night before. An hour after the
H irs "so ~ an~oke, and was now anxious to sur
4 I'D ,"sfe ns Tlfe Ringing for servant, he was
AYE !, ,ske the dressing gowD to tailor, and
ste v,s !" snade shorter by ten inches. The good
IS sarcaIr aetalued longer than expected; and
81 lie tail ,aio., Gaa the dressing gown returned from
a,bsnSI' |hen she came into the room. Her
IS NOV h, nau just risen, and proposed now to
sls, us us ,csomort. But how surprised was his
&oonna "ai' to see her husband in a fine Persian
As posn s Jacket instead of a comfortable dress
W PORK STEAK