The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1891-09-19
SEATTLE, sArURDAY, SEP. 10.
JAY COOKE.

Jay Cooke, citizen worthy Oh nohoEaOio
mention while living and OF grateful men,
DRY when dead for bis patriotic services in
floating the government war loan and in
organizing the first project Of the North
ern Pacific railroad, was in Seattle yester-
day. When the government during the
civil war issued the $50 bonds of 1862. the
bankers Of New York city united could
take but 100000. Jay Cooke was ap-
pointed the governments financial agent,
and before his retirement had placed the
enormous sum of more than two bill
lions of United States bonds in
the financial markets OF the world.
Through the national banks all
over the North and minor financial
agencies Mr.. Cooke made quick market
for our bonds. Every Woodworking farmer
and mechanic; every person of either sex
who possessed savings, large or small, was
made acquainted by Mr.. Cookies judicious
advertising in every country town Of the
nature, terms and advantages Of the gov
eminent bonds. He knew how TO reach
the small investors as well as the great
capitalists. and the governm ent secured
its sinews Of war.
When the war was over, Mr.. Cooke, who
was a modest banker at its beginning, was
a millionaire, but his active and enter
prising mind was not content to sit down
in quiet and enjoy the leisure that his
wealth had procured for him; he planned
in 1869 the Northern Pacific railroad, to
connect Lake Superior with Puget sound.
at that time the project was audacious;
the Union Pacific and Central Pacific sys-
tenn had been pushed across the continent
by the aid of a government loan of
some s60,0Oo,0 900, in addition to an enor-
nous land grant; there was a general
popular belief that q single trans
continental line would prove entirely
adequate to the traffic demands of the
country for many years to come; capitalists
were not disposed to invest in a new trans
continental line, knowing the enormous
difficulties which the indomit BILE energy
Of Cakes Ames encountered in pushing
the Union Pacific to completion. Never
theless Mr.. Cooke organized the Northern
Pacific Company and found the immense
sums Of money that were needed. From
the government no subsidy was obtained,
but liberal land grant was voted. Bonds
to the amount Of $4,000, 900 were
subscribed for by French and
German capitalists, but before the
money had changed hands the
Franco-Prussian war broke out and the
foreign purchase of bonds was never COM
pleted. Mr.. Cooke himself had made large
advances on the bonds and when the panic
Of 1873 burst like storm upon the country
he was unable to weather it. His connec-
ton with the Northern Pacific was severed;
the road was built, but not according to
Mr.. Cookies plans. 1t stopped 200 miles
short of Puget sound, transferring its
traffic at that point TO the Oregon Railway
81 Navigation line. Mr.. Cooke said he
never would ride over the road till he
could travel by il from Lake Superior to
Puget sound, and the western division of
the road having been completed he visits
Seattle after making his first Western trip
over the Northern Pacific.
When Mr.. Cooke was Frustrated by the
crash of 1873 he acted in the most honora-
bic way by his creditors. and his assets
were so prudently managed that he saved
property enough TO resume his banking
business, in which he is still prosperously
engaged ut 20 years of age. AS an ener-
getic man of business and patriotic finan-
cier, Mr.. Cooke served his country well
during the dark days of the civil war. and
after the war he was prompt TO invest his
capital in the original project of the
Northern Pacific railroad. To such
patriotic and public-spirited men of
affairs as Mr.. Cooke our country largely
owes its astonishing business lift and long
forward stride since the war: he planted
and watered the project of the Northern
Pacific, which others who came after him
have pushed forward to completion and
fruitlon.