The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1873-10-03

made a campaign speech at Alliance, Ohio, in
winch he dealt out some plain truths with tell
ing effect on the Salary Grab question. We
quote the following
/" AS to the salary bill, believe it was bad
bad In It's inception, bad in the manner OF it's
passage a. the heel of a session, by a Congress
just expiring, as an amendment to an amend
ment OF au appropriation bill. IL was bad in
it's revolutionary influence on political life in
the United States. Ii follows many degrees 1t
n true. behind the Tammany politicians ia New
York, who undertook to make men honest by
high salaries, and established the greatest col
lection OF rogues in the history Of mankind =
High salaries in republic tend to broaden the
distinctions between man and man in social life
Though $4,000 is Tar from being what some
members can earn in private llfe yet 1t is more
than the average compensation OF skilled and
able lawyers, doctors, and merchants. II was
enough; aud the old salary OF member OF
Congress should be returned to-"
The war of tho Rebellion brought to the
surface many most excellent men who did good
service for their country, and many who have
since been disgrace, aud whose conduct have
brought reproach to all with whom they we're
associated. 1t also brought out men of dashing
brlliancy, who shone with meteorlc brliancy
\ uuu tutai SuDbiucu III sui VI COudpso aui
suddenly disappeared from public view. OF
the latter class We regard Jay Cooke.
Among his fret performances was the "plac-
ing" Of the ivetwenty and other bonds Of the
United States, which was principally accom-
plished through the medium OF extensive and
persistent advertising. The boldness and dash
OF his measures, adopted for the purpose of
- A..
and his enthusiasm raised the operation out OF
| ordinary business channels and infused tue
whole transaction with . sort Of romance that
made him famous, but by no means demon
s,rsted that he was good fnancer and one
whose leading would tend to anything but
disaster IN the end.
Having made for himself "good thing" a.
the phrase is, he conceived the idea Of gaming
the reputation Of being the greatest fnancier
and RAILROAD magnate Of the country. Adopting
something OF the same measures used IN dis
posing OF the Government securities, he enter
sd upon the Northern Pacific Railroad specula-
} tons, and by means OF extensive advertising
sold It's stock IN Immense amounts, from which
ne realized immense sums OF money. But, III
ENSdd " q IuIiSlOub ahl NCOhOiAAiCoi SApCtQiIutt
[ OF the funds, the construction Of the road was
J SO badly managed that the six hundred miles
now completed Las cost fifty thousand dollars
3 a mile, and over and through u country 10 which
. no engineering difficulties had to be overcome
The completed portion runs through wilder
r ness yet undt yeloped and of necessity Yielding
but lanited traffic ARD short revenues, The
investors III the stoc lad been promised gooC
dividends for their money. 1t turss out tina
lie whole thing is huge and monetrous bubbi,
!, which tue firm of Jay Cooke II Co. undertook
TO float; and Ia their efforts in that drecnol
have used up all the money oil themselves
: their friends and the stockholders, aud now to-
whole thing turns out TO have been the mos
extensive ssinde OF this swindpg aye.
This failure is but the leg timAte result of tb
want of ability 70 manage successfully ars
{ business. 1t has brought rain to hundreds O
persons, who were induced by them 30 pu'
their money IN + speculation Of such msgn
: tude as to require Lesrly all the money m til
D country and so badly managed the failure wa
d inevitable. The only wonoer is, that the col
q lapse did not take plsce sooner The victim
D ized bond holders will probably find this enor
a nous bubble the worst Case VI railroad faiur
ever experienced in this country. We expec
to see powerful combination bessechng Col
!, gress thus wnter to assume the Indebtedness
!, OF this road, and to endose new issue o. Bond
:. for Its completion
\ Jay Cooke hAs now become famous q sccep
y tine,-tameus ~ the greatest swndler Of tn
j, age.