The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-09-01
Jay Cooke, One of the Greatest FL
nanciers Of Modern Times,
Is an Optimist. \
GREAT FUTURE FOR NATION"
Declares Constant Cutlery Against
Wealth Merely Because 1t Is
Wealth Is Wickediy Nrong'-
His Views on Coal Strike.
REPUBLIC SPECIAL

New York. Aug. 31-"Present prosperity
is but the beginning Of things. and is des-
tined to carry us forward TO wealth and
power that We do not yet realize. We have
not measured our possibilities. Our coun-
try has just begun TO grow"
This is not the enthusiasm of unbalanced
youth. but the sober u%tterance Of wise old
age. 1t is the estimate of Jay Cooke, for
sixty years a man OF affairs and, by meas
ure OF achievement. she greatest financier
of modern times. II is sublimated opti-
mism. but it is founded upon a long and
active experience which gives weight 10
the words.
4 banker at twenty-one, he was an i'm
portant figure in the financial world for
more than half 4 century At forty-two
years Of age. he financed the greatest war
in history. BY his daring initiative, his
splendid executive ability and MS iInpreg-
nable confidence. he provided the Sinews OF
strife for the Government in the Civil War.
At a time when the nation was almost
PROSTATE and even the Government fall
tered in contemplating its gigantic task.
he turned into the National treasury
&,E0J.e0.0y0. a stream Of gold which carried
the Union armies TO victory and saved the
nation whole.
Jay Cooke does not need this introduction
TO men who have studied history, but IL
will serve TO recall that he is familiar
will serve TO recall that his Is familiar
with great forces. No longer striving in
N"N S "a 49,
now in the quiet waters of retirement. but
his interest Is as keen and his observation
as close as ever
GOOD THAT SPRINGS FROM TRUSTS
When seen by a reporter at his home in
cgontz. Pa, to-day, Mr.. Cooke had just
returned from one OF his long vacations
ct his estate in Lycoming County, and his
hair and beard showed clear white against
the healthy bronze gained by his outdoor
life. He readily consented to discuss pres
ent national prosperity and its future.
aI nnE from this U1nnnu Nnn Gan q
beautiful park, with fine roads leading
through L, pretty residences. trees and
Elkins-a trust. in other words-made this
charming residence spot from the wild coun-
try. And all the millions or so he spent
went right back to the people. some Of
whom. no doubt. like to join in the clamor
against the capitalist.
Men like Morgan are making this coun-
and money in useless pleasure. they are de-
voting labor and brain power TO organizing
great enterprises and developing forces
which Increase the wealth OF the nation.
The greatest danger to our national pros
perity is the spreading of the idea that
capital and labor are antagonistic, They
mon good, and one without the other Is
useless. 1t is a grave pity that men should
seek to stir up enmity between them"
HOW HE WOULD END COAL STRIKE.
You suggest the coal strike, Mr. Cooke?
Now, in your active days you occupied a
position in the financial world similar to
that now held by MT. Morgan
II did more business than Morgan ever
did" interrupted the veteran with a smile.
We'll, how would you settle this striker
Surprising i had been in the position Of
men up and said: Well. boys. what do you
Am elsht-hour day and % cents more
THAT'S too much. boys. We employers
get our bread and butter. just as you do.
All the rest Is vanity: But let US say q
H hnSs tben "a rdy ssd sh tbat 20 ee cents on 70 the pG'cs
OF coal and the public would pay 1t There
would be no strike.
such common-sense way had been chosen
But the intrusion of the labor sgitstors
made the operators impatient. and the for
properly the blessings Of freedom, proved a
disturbing element So the war was on.
.,o Ut s Is THESE hs;as iaS Ssnd dlsPuf les - que to , Hgifa-
ism. which contain the only threat TO ma
tlonal prosperity. They engender strife be
be prosperity only when these great forces
work in harmony. We should always strive
to. bring about better feelings: ON both
Dor and capital are banded together, both
working for the common good
PROSPERITY WILL BE PERMANENT.
Our friends on the other side ars look
the issue 10 looking for them. Prosperity
is the issue, and Al other questions are
aThis prosperity. then, will last7"
TT win endure so long as the American
people are true to the principle OF protec-
ton. The natural wealth Of the country Is
ed, great storehouses Of power undeveloped.
Have I not grounds for my confidence?
It has been my fortune to see the country
grow. I went 10 s. Louis as q boy OF 10
when IL. had Q population Of 1900 and Chica-
go was still Fort Dearborn and q few shan
population was rs 900. while that of New
York was only 1s5.oo. My father obtained
the first charter for O railroad granted any
where n the world, and I have had some
thing to DO with nearly every railroad since
built In the United States"
DO you see danger In the trustsT" was
asked.
None that will not correct itself. I can
not share the alarm expressed by Russell
Sage in this regard. This Is a big country
and big capital is needed to operate its
industries. Combination necessarily works
toward the general wealth. The constant
outcry against wealth merely because Il is
only a few men can be capitalists and X
they use their capital for the development
of the country's resources they should be
encouraged and not antagonized."
You do not agree with the view that the
piling. up of vast Individual fortunes holds
a national menace?"
Not a BIT OF # Rockefellers money Is all
here. Morgan won't eat his millions. These
fortunes could not have been built up ex-
cept through the prosperity of the people
as a whole. and to the people the money
will eventually return"
And this fine old optimist smiled with
CHEEKY confidence