The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1874-11-07
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nuaAnfNN III ~ tau uVW Aook pdcA luctutAy
upon the time when they were taken in on
the specious representations Of Mr.. Jay
Cookies instruments. Tho great banker
whose excessive shrewdness and boldness,
in an Legitimate line Of business sapped
the foundations Of his own fortune and
brought him 10 ruin, was choice and astute
in the selection Of his agents. The throng
Of clergymen and rural journalists sum
moned TO partake of the pleasures Of the
Lake Erie palace Of Gibraltar were dined,
wined and feted, until they went home
with grateful sense Of their obligations
to their host to help him sell his railroad
bonds to the eager multitude, who should
hurry to exchange their hoardings for
promises to pay that carried along with
them the suggestions assurance of more
than seven per eentum gold interest. And
so in country meetings and in the rural
press the glittering prospects Of investment
in the Northern Pacific Railroad were set
forth with such feryor and JUNCTION That
the little fund in the savings bank, or
perhaps slowed away in an old stocking,
was depleted or entirely exhausted for the
purchase Of the promising paper issued
over Mr.. Cookies counter We all know
the sequel-the total loss of these accu-
mutations Of years Of slow and painful
thrift, the hard necessities brought home
to firesides previously comfortable, and the
subsequent financial crash that spread over
the whole broad surface Of the country.
Perhaps Mr.. Cooke unwilling instruments
now blame themselves more severely than
anyone else can reproach them for their
part in the imitation Of the bubble that SO
disastrously collapsed.
But there were other influences con-
cerned that are not thus to be acquitted
of innocent participation in national
fraud. Mr.. Cooke bid high for the aid
Of the religious press, aud unfortunately
he was only too successful in securing il
The Independent early became the most
persistent and eloquent advocate of the
company, and no one can tell how many
persons were beguiled into Northern Paci.
&c Investments BY its persuasions. As q
journal supposed to be conducted on high
moral principles, it had all the more weight
its gullible readers never dreaming that il
had aught else than disinterested motive
lin diverting their hard-earned dollar into
the Northern Pacific treasury. Itlabored
week after week to induce the purchase Of
the bonds Of the new enterprise. II en-
ployed the pens Of graphic writers and men
Of national influence to convince its con.
stituents that the financial status of the
road was certain; that its promises to pay
were as good as gold; that there could be
no doubt of its early and successful CON-
pletion, nor Of the remunerative tide Of
traffic to flow over it. 1t told them, with
all the power that il had been accustomed
to exert upon them as an oracle upon po-
litical, moral and social questions, that
they had never Ind such an opportunity
for realizing vast profit as BY placing
their money in the Northern Pacific Rail-
road. The skepticism Of the secular press
went for nothing. Although the leading
newspapers in the cities doubted that the
road was either likely to be soon built, or
that il would pay when it was finished, the
enthusiasm OF Mr. Cookies organs dwarfed
into nothingness their incredibly as to the
realization Of the brilliant promises to
which the public were being deluded
!neir WARNINGS were was.ed-iorg0'Ien,
lnueea un'n 'nae caalnilyus Jay, now
more ehan Z year gone py' "nen .he uoo,s
:, Gay oooses sslaD oi.s.1 were nnaliy
eioseu anu Tue neui,i'uuS oi ereai.ofs
Iemelnpereu ,nas n 'sey Iad listened 70
eooier counse.s lucy might nave nau 'neir
money IN tner pocAe's ins'eaa OF ciamor,
ihg IN VAN ior y from creu,'or VINO nau
iaIen py 'he asencies 'ha' ne hau pro
sohea,
SUI however, tne l"aePenaem mish,
nave neen heia guh'iess o. an intentional
deception were II mot ior the reseiations
that have been maze IN the course OF the
legal proceedings that nave ioiiowea the
Cooke bankruptcy we now learn that
the influence OF tnat journal was simply
bought, ana that LOT certain considera-
ton It consented TO become a party to the
fraud. Inc manner OF the development
Is tins Mr., Robinson, the counsel Tor the
trustee IN bankruptcy IN New York, has
instituted proceedings against Mr.. Henry
Y. Bowen, proprietor OF the Independent,
to recover from him the bonds and stock
Of the Northern Pacific Railroad WHICH
Mr.. Bowen accepted as payment for the
sale Of his editorial columns to Mr. Cookies
enterprise IL appears that Mr., Bowen
entered into contract with Mr.. Cooke to
give him sthe exclusive interest OF his
money and editorial columns under an
arrangement which was falhlled by Mr..
bowens subscribing to so6,ooo IN bonds
without paying for them, and subsequent
y receiving s5o,opg more IN bonds and
s4oo, oo0 IN stock, Bowen receiving re-
eeips IN full, as u for cash, from Cooke .
short time before the latter's failure. Il
must be understood that Bowen paid no
actual money for these stocks and bonds,
the compensation being the perversion Of
the influence o. the Independent to the
service OF the Northern faciiic- The
in hd nj FfIF n m n