The Washington times., 1902-02-23

development-my mother objected TO the
further bos;owal of the names of great
men upon her children and he was called
Henry ID. COoke-a name which he made
famous enough"
Coming to Philadelphia in 1883 as a boy
of Il. Jay Cooke became a clerk in the
banking house of f. " Clark & Co.
where at the age of twenty-one he was
made a partner. and before which lime he
had written the lest financial article that
ever appeared in a local paper.
At the beginning of the war of the re-
bellion Cooke withdrew from tire Clark
firm and organized another house with
himself as its head. Speaking of his con-
nectiOn with the finances of the Govern
mont at this time. he remarks:
Probably realized from the first more
fully than others did the vastness of the
undertaking that we had on hand Early
in the war. when some of the bankers of
the country at my solicitation had raised
$50, 0G0.0 coo for the Government. one of
them practically said TO Secretary Chase:
That's all we can do-you Will have to
finish the war on that But l knew bet
ter. l knew that amount wouldn't go far.
Why. il wasn't as much as was raised
for he Mexican war;
First Great War Lonn.
ana ne u!u Know ictteT- ne III -
great war loan had to be issued in 1862
$500. 0C0.C eco Of "fye-twenties. " Mr. Cookies
success in negotiating some of the previ
Gus small fiscal measures authorized by
Congress now drew to him the attention
of Secretary Chase. BY the opening of
1868. said Mr. Cooke. the paymaster of
the army was in arrears probably to the
amount OF S5GCCO.CC0. Some of the sol
diers had received no pay for three
months. and many of them not a cent
for nearly six months It became evident
that extraordinary means must be resort
cd &c in order to meet extraordinary con-
litions."
Thereupon Mr.. Cooke entered upon a
scheme Of wide advertising. and appealed
to both patriotism and self-interest. In
4 short time the bonds began to sell rap
idly. BY July l, 1858 sl6S. coo 600 had been
sold. The sales increased daily, and by
he opening of the year 1864 the entire
$500 OO0. coo had been disposed of. This,
it may be thought was great work, but 1t
was only beginning
The Firms Modest Profit.
The Cooke firm negotiated nearly all |
he war loans. including the greatest and |
asst OF the series. the $3.50, 200. coo loan.
And what was the profit to his firm in
handling these immense sums. amounting
o over Two billion of money? Only some
hink like 100000.
One Of the classes not reached by our |
outline appeals" says Mr. Cooke. was |
he Friends or Quakers. Knowing them /
o be both rich and patriotic. but with
leld by conscience and consistency from
to funds for purposes of war
and blCodshed. while ready to assist the
Governments humane measures for ale
rating the wees of war, / made arrange
nents at Washington that their contribu-
ions should be thus employed.
Millions Of dollars came from this source
llone"
Another credit that must be given the
inancier is that to his influence was
mainly due the adoption OF the present
national banking system.
His Greatest Service.
1t was the summer of 1854 that the
greatest test was made OF MIR Cookies /
financial ability In July of that year
the nations credit was so uncertain that /
gold reached its highest point. 1t was /
selling at $3.50. Just prior to this Chase .
had given up the Secretaryship of the |
Treasury. and Fessenden took his place.
The latter tried to do without the SER
vices of fiscal agent. and the result was
failure. The bonds of the latest loan
we're not taken. This did not reflect upon