Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1894-09-16

Secretary chaae's great surprlse both
houses 0f Congress al once tell lnio llno
and passed tho national banking act WIN.
out division Within an hour We had
organized tho lliEt National Hank Of Phll-
adelphia. and va went on authorizing them
until the system hsd absorbed every other
species Of bank"
"Dld you make money as the financial
agent OF the uoyernmentr'
Directly, no; Indirectly yes. Soon after
the close " the war asked tho Complrullur
Of tho Treasury for a statement OF the OK.
ponBcs attendant upon the negotiation OF nil
the loans noatod while was agent Thla
statement was duly furnished and showed
the total aggregate 10 be less than elght
millions or negotiation Of over two hil-
Hons, This aggregate included the cost or
printing the bonds, as woil ns all the eNncn-
SEES Of advertising and tho like Less than
100000 represented the profits OF our hrm
though we made money by the reputation we
secured with the people IN whom we had
put faith They found that our forecast OF
the future had boon q correct one, ana con-
aequently gave US great deal OF business
10 do"
what Is your estimate OF Secretary
Chaser"
MY brother Henry had been tho editor
OF Mr. Chase's State organ at ColumbuH
and through him l made his acquaintance
soon after the war opened. lie was an
able, and. IN many respects. an admirable
man. His character was pure aud his mind
omlnontly lofty, but az nnaucier he was
In no way the equal a. MIR, Fossondcn, who
hueccodce him. The latter part Of bis life
vas rendered miserable by his consuming
desire Tor tho Presidency, / met Mt.
Chase often during tho war. but never
went to Washington while In tho Govern
mont service unless aont for. When he
NaNfa 10 N.T4
cratic nomination for President. | went
IN him and told him that | could not vote
for him. othcra who had his real interests
nt heart also attempted TO dlHsuade him,
but he ncrseyorod In his ill-timod ambition,
and as result his last days were full
OF bitterness and ohagrln Fossonden. who
succeeded Chase, had no Hiding Cor the
petty details OF finance, but was man Of
broad Vows, and, under more favorable
conditions, would have gained reputo as
one ot the greatest Secretaries Of the Treas
ury. After Mr.. FoaBcndcn took charge ot
tho department. ho decided to use tho banks
% tho country as agents. and for several
months possovorod IN this plan with dls-
couraglnR results. Finally he sent for mo
aud said that he would Hike me to vet to
work again whenever he ahould give tho
word, | replied that whenever ho was
ready he would ind us ready. Ten days
lRtor he telographcd mo to como to Wash
lNNANllf ! fNHNhNlNl NA NnNN 10 WIS NNfh~
mons aud called upon him the next morn
Ing al tho Treasury Department. lIo told
mo that he was I'm great financial straits.
Ho had no money with which to pay the
Army Of the Potomac, and tho men were
almost mu'in0uB, He added that no had
Just returned from New York. where he had
failed IN IN attempt to sell 1000, 900 worth
Of bonds.
without a moments hesitation asked
him what he wanted for these bonds, His
answer was that he wanted par, and that
our commission would be the accrued In
terest. | told him that would take them.
aud gave him a draft for 81 1000 900 on our
rhlladelphia house, ngreolng to pay tho
balance within four days. This entire
transaction conaumed lous than Ave miu.
utos. | wont to New York that after
noon, aud next day called q meeting VI all
the bankers. told thum that tho Gov
ornmcut needed money, and that n II did
not succeed In negotiating ita bonds, the
war would end. tho Government would be
brokon up, and their property would be
worthless. | Informed them that | had
tnkon $4,000 900 worth NJ tho bonds, and
now proposed TO apportlon them out among
them rcHerving a portion OF them myuolf
In this way IN less than week I cou-
vorted the ontlro Issue into cash. | then
returned to Washington and assumed au-
other block n $50 900 900 which / disposed
OF In the same way. Thus Mr., Fosaendcn's
administration was as thoroughly cstah-
llshed as had been that OF Mr.. Chase"
Mr.. Cooke came out Of tho war with tho
very highert standing M banker and
nnancler His mere Endorsement could COM
mand millions for any enterprise Among
the many vonturca In which he was invited
TO become Interested was the construction
OF the Northern Pacific Railroad, lmpcned
by patriotic motives. he In the end con.
scented 70 give this enterprise tho benefit
u his great abilities aud commanding prca-
tlge. nut unforeseen complications IN Eu-
rnprnn finances, proclpitated by the Franco
Prusslan war. In 1873, forced the failure
" his firm. 10 the financial world news
" tho failure came like thunderbolt from
clear sky, Il took I'VE years to sottle
the pfars u the Arm, but not once during
all that period was Mr. Cookies honesty or
integrity quOatlouCd
In the twenty years that have elnpseA
sluco the dark days Of is7a MIR Cooke has
moro than recovered oil that ne lost BY tho
failure and Is once more a many tines MILL
lonairo. II rccuperatcd my fortune" said
him. "hy mover changing tho Temperament
and mind | derived from my father and
mother and from my oarllcst experiences
IN life l am glad 10 say that I have ever
been Of hopeful temperament ard have
always taken men and the times at bot.
ter estimate than harsh criticism gave them.
I believed that this continent OF ours termed
With wealth and that all that was needed
was to 80 To work and find II. Tho host
advice ! can give to any one aOtting out In