, 1873-09-20

dependencies in Washington and London, eroatea hut
WI ono of thoha a'aaIa o',sca wloso fortunes grow
ont Of e mtsforln!ea Of tho naton; Granting e TINT
7-a01onn At t'n,o w,on c Government was urgent
hHrruwor, II mus 10 said, after TIL, tint io received
Il es y e sroe s oS NJ se9s @ H.
patriotism which paid a commission et from
70 psr cont sa Of , ln Witch ,ors sny
country II lo conll only eot tho chances mud tlo
fee; s prsse; that ofe assoFsa a to ay GoG
has noen sausn,erot ns w n!ing, i, futile oort
snbes nanca frauds s haa Ioe Moss sosn sneo ho
the :'E South h. &c., Bubble Of W.lnoo's Tine.
public boneft: but tho WY q, ID it was not
~ srns s them II H. Tho AreS or
across tho storilo tabio-iands Of Northern
Dakota. It ia now about throo yoara since 1t was
os inkhors. that Jay Cooke tho dsring and ao cess.
papqkssspsoy would build railroad from 10 i,cad q
Magnificent undertaaingi hut thoro were thoae who
with d9ubtlna augor ho probab!a route u Tho rail-
road that began nowa!crc, ran through m unknown
@ SaSSa w'ts beus %sas ahsh saSek thon
Colfax Ind be0n locturlng tho people On the holy
ss ssy Ss a f. Ss fS %ss59 ass' 5s Ia e.
glamour Of Bchuylera smooth phraaos a. cover 1n-
dor which 10 appropriate tho 1noncy they might in
doar to Tho patriotic hoa1t Of tho pethoEio Northeast
and tho agents Of Jay Cooks d. could 90 10 EUROPE
hacko1 BY tho prestige Of housc that bad been tho
S the tamil
vote nanincont subsidy. ETerything could he Or
ganizod on scale Of grandeur oouamcnaurato with
10 played. a fsw hundred mica Of road would bo
hilt-possbly tho entire ltncat cost OF about half
as so 'Sss ond: a % so Sas :. h sas %
giant fortune and Jay Cooke Co. grsspod II it,
Fes ! limo, Inn thinga had gone on ewimn,nsly. Tho
EePoste Of tho progress Of Tug rosa from day to day
n tho midst Of tho " Bid Lands oi iho Unskappa
sioux, OF the iong-aought Utopia. Tho bonds vero
selling well. But IN IN ov hour reporter stolc tho
rocords Of Pennsylvania COURT Then tho Credit
to inquire i { would AZ 10 ven to look into tba
gaion 1ing It wus which followed, gave the keen
noztriis Of newbraper The scent Ct ths corruption
that had becn .hitowashcd but not dle!nfoctcd The
result waa that newspaper correspondent wont there
70 500, and when ho had told tho truth o what he saw
there was no moro ready aale for Jay Cooke Co.'s
failure Of jay Oooko Co.. Of Now York and Philatcl-
phin, md the Washington house Of Henry D. Cooke.
aa of ho cpsnnaa s s sess has brought M
game at 1ast, and ii Is pretty big gamo, too
FT01n The st. Louis Democrat.
Careful aud sagAcions hnv0 been predicting for
some tnc that bnnking which wont aside from
is legitimate business for the purpose Of building rail-
laing in stocks of lueating valuea, would sooner or
lator end In bankruptcy. We no cause for nppre
en- dsPssss99 Of
occurrence It not for the peculiar character Of
national currency. We recall the crash Of b7 following
and Trust Company, at Cincinnati, and its Now York
branch. Then there Was an imitation Of tho free bank
os
the Trust Company EXPOSED tho rottonucss OF QUE
currency syste1a and nearly $500 900 ooo bank bills
every mnu who had a. much is dollar Of tho slim
pastor Issues Erorybody was frightened and every
wllcro. Tho very nfo-blood Of our commerce was
poisoned and lccauo stagnans. Not 80 now. Jay
Cooke & Co.. md . dozen other banking houses of
q onr currency will not be materially affected
thereby 1hrS e a. nny - % and
thoro viii b. no wild hnrrylng to and fro upon tho
naeE u
sandH tho pghted faith Of tho milton, and, wero ho
nor, bettor than they wore before.
From tho st. Lolita Globe.
Co. can Hardly ii fs to hava I'D eoet on e pns se
eral feeling with which American securities and Amer
lean e 8 M dng hu,ness M be
such result, because the failure dinars In no re-
dlnary suspension OF q private banking Arm:
For some timo past, it han been no secret
that tho Hoouritica Of the Northern Pacific Iload
w.rc not selling fnvorably and !. was msrcy qnss
road would ruin the bank Tie latter alternative hha
occurred, and it will excite universal regret among
those who renrmbcr tho patr1otiu cxerunH by which
the firm roso to succoss, to honor and wealth aud good
repute IN the nnanca! world It ia tho habit to say
and yet there was tmc in tho history Of the war when
d 1nau who acted on conviction Of the ultimate
cess Of tic Government incurred a. heavy risk -
tho language Of buBncsa can express. And, II
there was pluck and patriotism in the why in which
Jay Cooke took hold Of the loans Of tho United States
tnero less practical wisdom in the methods by
which he contributed largely to their succoss. Io
was equally deserving OF credit for tho ventures to
which ho owed biz 1iset and for The venture which hos
dragged him down. Tho Northcrn Pacific Road wus q
1atake, chiefly because the tnlo not ready for It,
but It In dseredit for any to have undertaken
It. IT. failure, lowever, will diminish our regret
the other n,istMto which made when tho money
which might have opened central route to the Pacific
lost in rroblemattc undertaking too to tho
North pplc.