The Providence news. (Providence [R.I.]) 1891-1906, 1896-08-05

JAY COOKE ON THE PLATtOkM.
The name OF JAY CoocE OF Philadel-
pnia, banker and hnsncier, figures In the
history OF our civil war with the names
of the great soldiers that won the battles
for the Union on the field.
General GRANT, at Appomatox, said of
| COOKE: cit is to his labors more than
those OF any other man that the people Of
this country owe the continued life OF
the nation"
JAY COOKE came 10 the relief OF his
country Just as MORGAN and the bankers
have recently done, only the times and
the size OF the financial transaction in
volved demanded more OF him than was
ever called for from any one man in the
history OF the world.
He loaned the government money, he
bought and secured buyers fer the gov
ernment's bonds, at q time when the
government treasury was empty, when II
was heavily in debt, when the soldiers
in the army were unpaid-a time, in a
word, when the Union must have sur
rendered to secession for lack OF money
to carry on the war. There were grea
generals and thousands OF brave soldiers
in the field. There were loyal statesmen
at Washington. But neither military
skill nor bravery nor statecraft could
work without money. JAY COOKE sup
piled the money and saved his country.
lie formed a syndicate Of bankers that
secured for the government the first
loan of ESQ, 900, 600 at the outbreak of the
war. After that was OK hausted, he pro-
cured the enormous sum OF s2, b0o, ,000, 900
for the stranded government. Still again
he raised nearly $50, 100000 moro.
and crash In government bonds
was looked for, threatening renewed
disaster to the already sorely
tried business OF the country, JAY
COOKE used his resources to "bull'' the
market. He supported the bonds, ne
advanced them and panic was averted.
JAY COOKE was patriot, although be.
cause he became wealthy from his tre-
daaI hs,x A.n A tIaa
by the Populists of his day, II there
were any, asa "saark." OF course ne
did not expect to do anything else but
make money from his loans, but it took
business nerve and pa triotism OF tine
best kind d-confdence In ais country and
the American people-to carry the coun-
try through period more critical than
can today be readily imagined. That
was practical kind OF patriotism. A
patriot In need, like a friend in need, is
patriot indeed. There were plenty OF
patriots In war time OF the kind that
wouldn't risk cent OF money or an
ounce OF blood on the doubtful game OF
holding the country together.
JAY COOKE knows mighty lot about
finance. lie has had experience enough,
3, rely, to teach him, for he lost the for
tune he gained In the.'6o' and made an
other from which he paid his every debt,
dollar for dollar. What he says about
the silver question ought to have weis hit.
And JAY COOKE says: ~ regard the
platform OF the late Democratic conven-
tion as revolutionary, snarcb istic and un-
American. 1t is full of financial and
political errors, and, worst OF all, is dis
loyal to the government. 1t Is evidently
bent upon destroying cur grand system
OF national banks and In effect making o
general war upon capital and credit. {"
Neither silver dollars. az cents OF
which would be fiat. nor paper dollars,
100 cents Of which would be nat, could
have saved the Union. II took cold,
hard cash, 100 cents to the dollar, to do
1t. And nothing else can take the place
OF that kind Of q dollar whatever the cir
cumstances.