The representative. [volume] (St. Paul, Minn.) 1893-1901, 1896-05-13
Startling Facts Told by Jay Cooke
Source of Our Wealth Would
be Killed by Demonetizing
Silver.
HOW THEY KILLED THE GOOSE THAT LAID
THE SILVER EGG.
Some New Views Of the Subject by One Of the
Best Posted Men in the World-Blunder-
ing Stupidity by One of Our So
called FinancierS.
The Asiatic Countries-Their Present and Fu-
ture Relations to the United States as
Manufacturing Rivals.
("Gath" in Cincinnati Enquirer.)


Philadelphia, March 2S.-Having
known Jay Cooke, the seller of the
government loans during the war,
since he began that work in 1861, and
having in recent correspondence dis
covered that he was not on the side of
other bankers as to discountenancing
silver, / went to his Office by appoint
ment and spent from 10 o'clock in the
morning until in the afternoon, OBJ.
tanning his argument, together with
interesting "reminiscences of his great
banking career.
Jay Cooke is IS years old. He is a
mild but earnest man, seldom COM
menting upon the motives or behavior
of other individuals. On this particu-
lar subject of silver, however, he was
more excited than I had generally
seen him.
II have tried" said he, mot to fig
ure as disputant on this question.
Letters come to me from all over the
country since you prin ted the fact
THAT WAS DISSONANT
with the banking world on the silver
ques stion, but am too old to neglect
my remaining business to lead any
public cause. l don't want to get
angry at any time of life, and 1 am
sorely tempted to feel SO. One of the
newspaper publishers here. who has
taken up silver as his specific, tempt
ed me to write letter, which will
read to you as beginning,"
Mr.. Cooke read his letter in the pen.
Gil manuscript. stopping at times to
comment on the paragraphs, and only
at such times did he become voluble
and high-colored. led away from the
subject by asking him;
Have you any interest in silver in
any way, as producer or dealer?"
'None. am free to give you my
entire history as connected with sill
yer mining. Out Of hundreds and per-
haps thousands of mines offered me
after failed in 1873, never took up
but two, and then only after an ex-
pensive inquest into their merits, and
with full onviction that l was dis.
posing of the right thing. At my
failure lost my home, Ogontz, in the
environs of Philadelphia, where
buried my parents. l also lost my
place at Gibraltar, on Lake Erie,
which was my summer and fishing re-
sort. To recover those homes and a
few things dear to. me l have set to
work. The two mines l have dealt in
were the Horn silver mine in Nevada
and the Ste. Eulalie silver mine, a
few miles from chihuahua, on the
mountain top. / will tell you about
the latter one first. 1t had produced,
in its history under the Spanish, over
$500. 100000. Under the Mexicans it
was abandoned. l found a Pennsyl-
vania friend of mine, Mr.. Helphin-
ston, had put great deal OF money
into that mine, and he was about to
lose it all. when he appealed to me to
find him some hackers, that by fur
ther expenditure he might work the
property. I met Mr.. Robinson, the
former superintendent of the Batope-
los mine, which Governor Shepherd
now operates. In the change Robin
son had ceased to be Superin tendent,
and was about coming home. l said
to him, turn in here and examine
this mine as an expert before l take
hold Of it to help my friend out
Robinson was SO we'll satisfied that he
said he would stay in Mexico and be-
come the superin tendent there. /
disposed Of that mine in time to in
dividuals, and it is the property Of
the most promising men in the Stand
ard Oil company. who are making a
fine thing or it. l saved my friend
from ruin. and made some money N.Y.
self.'
"What was your relation with the
Horn silver mine:"
THAT was mine about 176 miles,.
south of Salt Lake City, very produc-
tive, but it had no railroad. Every
thing had to be wagoned in there and
out. The miners were taking in so
much silver that they hung on des-
perat tely. II they could only get
railroad they would be rich. and offer
ed to enrich whoever brought the
railroad there. They agreed to sell
the controlling interest for 100000
to pay a considerable portion of
building the railroad spent $50, COO
examining the Horn mine before l
took it. had sold the government
loans, and made everybody happy who
bought them. / made good to every
man who would hold on with reason
able faith his investment in the
Northern Pacific railroad. / didn't
mean. therefore. to throw aWav nv