Lexington weekly intelligencer. (Lexington, Mo.) 1871-1887, 1873-09-24
Financial ron,boss.
s..p....on II ssy Cooke y co.

80 9S.-- Z
ssspea.,en sf ssy Cooke = TO. u
Tho suspension Of several houses !
by Jay Cooke Co, in aiE"r. 7,
IN, Eas,Srn cities, was. announced :
last Thursday. We suppose the !
GREATER pJttfon OF business rren hav,
iuy accurate tuowicdsc6 Of laws cov~:'
ern:ug legitimate banking anil com /
aot eeSse Graucicriuy were rot
Surprised by the news. This firm
! as been aa ovcrshadowiHs II for
several, ycars, aud probably was more
than ordinarily indebted to priu,cr's
lux for extended fame. 1t had the
luck 10 get into favor at Washing
,ou, aud the witto turn the luck to
good advantage. We suppose il Its
chief Lad rested where he was two
years ago the house .Htu.a have be- i
strong to day. The source Of it. ,
trouble IS the Northern Pacific ~ l.
road, which it has pushed H.ip great
NlHoS> DNt - Ssk S&N - L iCskS |
railroad timisl,cd aud aa~ ..,cr besides !
the Northern uudsr Say. The ma
tion tas been snasr'..y strained. hy the
great aMoumt OF work ti,at has been
done. and besides the taking un the
Nurtbcru line [not .ccond in marni-
tudc to the iirstlindcr this disad"au-'
~> tln a,,Ns,ros sc , communities,
that grew out of the l;rs..-iiie
.'Crcdi, Mob;licr''-have been scri-
uusly, no doaht detrimental TO ttc
financial strategy of JAY Cooke &
Co. \ banking house that was four
ishipg has had its back broken by
trying to rua 4 traMs-contirental rail
way. We have locked lul,or that
loai f en- the first rs a gigantic
fraud, intcricd to sell immense sec
tons CT public lands, high up ahcve
the 18th parallel of latitude. in Z.
climate a taptrd only TO reindeer.
a.aplarGcrs and white bears. 1t WA
declared that this !;nc was :no:c mild
in ter pGcaturc than Il,ai Il the
I;n:ol Pacific ami Ccp.ral l;ncS. al.
assertion that could not be credited
by any individual possessed Of com
mon sense and ordinary Information
touching the physica! geography OF
the continent. In November list.~it
is notorious fact, that the work oil
the road was abandoned after well
nigh 1000 hands at work ont G..
capcd freczin; and starvation By al.
most 4 miracle. All tic beautiful
descriptions of the i nc written Ivy
Mr.. Garfield: ofOhio. to sell IL. lands,
were little less than fable. The road
now n,vcr vii! be built. 10 villa,
extent the failure ofCookc 6 Co. may
affect capitalists a:Id trade remains to
he seen. The mou Of money ap-
propriatcd to railways in the country
i'll the last few years III simply pre-
, ,digious. Gnt it has all been put in
local circulation save that expended
for iron abroad. The Dispersion @! a
sum so great wcakcns the sources O.
loans, tightcns the markets. cn!bar-
rasscs corporations aud affects their
credit. at such a time, without fer.
g.. bearaHcc and c~a!u.GsS. these car ses
may e!ll in aggravated Gisastc:. l,
:. IS TO b" hoped. and SD far thtrc seem:
TO be no rcasoa TO doubt. that In,
causes arc wcltun4c-s;oou, and tina
capitalists know their mutual infer
rsts loo we'll TO mike things wors,
by ra.hncss ana foi!-.
One Thing is every way gratifying
to tie country, and that is the Fed
cra' currency is too well based to l.,
d's;Nl bed by these %ifnauci. / flarrics
''hc:i the country was full of Stat.
hanks, a.panic cause l"immcGiaic dis.
trust of the currency, and tha, wa.
followed by Il ran upon the bam
and q general snspcus:ol.. The pal
then became &C ,crai, distrust Ire
vailed crcrywnere, and failures i
business. swept down thousands
c.usirs's!agnatioa and wide sprca,
itiisi:css.
Wiz. this great a~dyantaGs in on
favor, and II moderate y else @
COED judgment and 10: ocarauc
amongst capitalists, We he'll eve thcr
will he 10 serious and proiractc,
embarrassment in the 1:,onc an,
commercial world from The failure
ihat have occurred. The relations G
jay Cooke q Co. with our section
'hc West were very liL,itct, and W
Lave nothing directly to mp orcl,eHd
hut anything that produces rcssui
i'll New York be felt I, som
..x,clt in all parts of the Union. ETII
RESOURCES o. the country are immrens,
and financial depression cannot Ion
endure even il it should succeed hi
little furry. Tic laws of trade AZ
immn!ajle. The Old laws of fin ;,1c
by which the commercial world va
governed when 4 pondcr0us met:
was the basis of credit, instead of / h
measure of value as now, are J,
longer applicable, aId like causes ar
not operating under ike condition,
for The production of efforts wit
which a past bitterqxpcr1lnce mad
AS familiar. So-Rfuch for IN, Bit:
pension of specie. payments ald ID
-nhs;is ptioa ofgoscrnincnl credi, f.
gold.
-------
lac proposed fight between Ale,
and McCoolc. two noted St. Loui
row lies, stands adjourned. both par
h.cs having been arrested and lodg,