The Butte inter mountain. [volume] (Butte, Mont.) 1901-1912, 1901-10-15
MONEY KINGS RISE,
Remarkable Career of j. Pierpont
Morgan on Wall Street.

Inc american nation is peculiar IN its
idiosyncrasies. In the past 40 years
there has grown up under it's fostering
care a class of very remarkable men
called money kings" The development
began in 1867 with Jay Cooke & Co.. of
/ Philadelphia, who financed" as the
phrase now is. which means loaned, to
the United States $4,000 900, taking as
security the nations promise to pay in
the shape of a per cent bond. That was
thought to be a tremendous loan. and SO
it was, considering the times and the
condition of things.
| From that we have advanced until now
one man agrees to Finance" the great
steel manufacturing business of the
United States to the amount of $780,.
900. 900. That he will do it seems to be
certain. This man is John Pierpont Nor
gan and he lacks some years of being
60.
Some years ago the writer hereof asked
Hon. George Opdyke an ex-mayor of
New York and the head Of an old and
most reliable financial banking house.
what the greatest financial coup that
could be possible of practical execution
would be. The veteran banker and poll
tician thought a moment and said:
1T would be to borrow all the money
Wall or Broad street has to loan on
ones personal memorandum.
rs there anybody that could do that?"
was the next question.
Yes, there are three men who could
go up one side of Wall street and down
the other and borrow on their personal
memorandum all the money any of the
banks or money loaning brokers might
have on hand that they dare loan. The
three are Moses Tailor, who made the
first of his great fortune out of the
Cuban sugar trade; James NJ. Brown OF
the world famous house of Brown Bros.
& Co., and August Belmont. the repre-
sentative in the United States of the
Rothschilds."
A month ago the identical question
was asked again. us there any one man
known to the business world Of New
York who could borrow on his personal
memorandum to pay on demand all the
cash money the banks and money loan
ing brokers would dare loan?" The an
swer from the president Of one of the
wealthiest railway companies In the
world was: Yes, there is one man here
in Wall street that could do it, J. Pier
pont Morgan" And now an incident IL
| Illustrating the rise and growth OF j.
Pierpont Morgan:
It was a hot morning in June during
Mr.. Cleveland's last presidential term.
| A ring had begun the experiment OF OBJ
| taking great lots Of United States treas
ury notes, calling upon the United States
| treasury to redeem them, and shipping
| the gold thus obtained off to Europe
Just how to check this Mr.. Carlisle did
| not see. The president himself was
| growing very uneasy over the situation.
| On the June morning referred to the Sec
1 rotary Of the treasury had just returned
| from a cabinet meeting, at which the
money and bond question had been dis
| GUESSED. The only thing the president
and cabinet did not agree upon was that
unless something was done speedily to
relieve the treasury it would be obliged
| to pay the nations debts in silver dol
lars, the intrinsic value of which was
about AN cents. Gold would inevitably
go to a premium and the government
finances, as we'll as the national business
interests, would be seriously disturbed
-"
Mr.. Cleveland's administration had be-
gun we'll. It had gradually obtained the
| confidence of the entire country. Must il
go down in wreck of clouds and mist:
These We're the thoughts that We're fore
ing themselves upon the mind of Mr.
Carlisle. The secretarys son, who was of
vast service to his father during Secre.
tary Carlisles administration of the
United States treasury, entered his faith
er's room with a card. Here is gen.
tleman sir, who wishes to see you per-
sonally." Mr.. Carlisle listlessly took the
card. On it was engraved the name, u
Pierpont Morgan, New York city," and
his business address. II think sir" sale
Logan Carlisle, that you had better SEE
this gentleman. He has something o.
very great consequence to propose" 81
Mr.. Morgan was invited into the secre
tary's private Office. He was very brie
and incisive. He said that If the govern
ment would agree to issue per cent
bond, he and his associates would IL
turn agree to buy this bond at 104.49 ant
to pay into the United States treasur!
as fast as the bonds were delivered g..
500, 900 ounces of gold coin, worth $62,
315, 400. And what was of nearly as muc'
Importance, Mr.. Morgan agreed that /
his proposition was accepted, that he
with August Belmont and others. woult
. stop the export of gold for six months
or for a period that would allow the Unit
ed States treasury to get fairly upon it
feet again. 1t was big undertaking
to promise to so manage all the foreigl
exchange of as great a country as this
that the gold paid into the United State
treasury should be kept there for tn
time Observation-Disclosures Post.
Had No Sword.
. Rear Admiral Terry. commandant a
, the Washington navy yard, tells a
E amusing story about court-martial re
r quirements in the navy. Admiral Skier
e rett was then a captain, and an Office
: who had been charged with an offens
: and ordered under arrest presented him
cole xvooripp hiS full Dire Sc Uniform. BIZ