The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1905-02-17


that time seventy-six banks and brok-
to the people of the country had
mounted up into the hundreds of
millions. It took years for the nation
10 recover from the disastrous effects
of those seven days
Kind Words for Mr.. Cooke.
1t was one of the most significant
features of that time OF stress that
not one word was uttered in deroga-
ton Of the personal honor of Jay
Cooke, the author of all the ruin. On
the contrary, the bankers and the
press OF the country, with almost
complete unanfmity, expressed the
opinion that Mr.. Cooke was a man
who had deserved we'll of his coun-
try, and that it was the duty of the
government to come to his assistance.
Jay Cooke & Co. s difficulties were
ton with the Northern Pacific Rail-
road company Mr.. Cooke was a firm
believer in the future of that portion
of the United States which the road
was to traverse. and in spite of the
opposition of his partners, undertook
the work of raising funds for its con-
struction. AS the fiscal agent of the
company, his firm had advanced to
the road up to that time over 49,
100000, taking in return the bonds of
the road, which Mr.. Cooke was san
guine he could place at figure which
would yield a magnificent profit to his
of the bonds when a period of f1nan-
cial stringency came on, and the
bonds lost favor with investors. The
banks also looked aSkance at them
when borrowers offered as collateral
for loans. But Mr.. Cooke never lost
faith in their ultimate value and of
change in the financial situation
which would enable him to get out
whole. The result was that he
drained his resources to the limit for
advances to the road, and when he
failed had on his hands over $1,000
900 of its securities, for which he
could not obtain rs cents on the
In the war Of the rebellion-a war
ern times in the extent of the forces
brought into the field, or the vast scale
time fearfully near the vortex of national
bankruptcy. The currency was greatly
deprecated, the paper dollar being at one
in coin, and the prices of all goods of
permanent value being inflated to such an
extent as to alarm the cautious and por-
tend speedy ruin. Meantime the exigen-
cies of the war demanded a. constantly
increasing force in the field, and the ex-
the army and navy, was enlarging until
it approached 100000 a. day.
Comes to Governments Aid.
At this juncture, when Secretary Chase
was almost in despair, Jay Cooke brought
to the aid Of the government his enter
prise, financial skill and extensive credit,
and undertook for a pittance which, if he
had failed of complete success, would not
have been sufficient to have saved him
from utter ruin, to negotiate and sell a
loan of $500 ,000 amount which
would have staggered the Rothschilds.
He not only accomplished this, but sub
sequently, to meet the present wants OF
the government, sold $3.50 100000 more.
More fortunate than Mr.. Morris, in that
he did not in the final result lose his own
fortune, but by the extraordinary enter
prise he manifested paved the way for
other and more profitable undertakings
with private corporations, Jay Cooke yet
manifested a spirit as truly patriotic as
Mr.. Morris, and like him is entitled to the
honor of rescui1g the nation from threat
ened bankruptcy.
Jack Cooke traced his lineage back to
Francis Cooke, who was one of the COM
pany which landed from the May1oWer
at Plymouth in 1920. Jay Cookies father
was born in New York, but moved to
Ohio and settled in the vicinity of San
dusky in 1917. He represented his dis
trict in the state legislature for several
terms. and in 1881 was elected to congress.
Masonic grand lodge of Ohio.
Jay Cooke was born at Portland, now
Sandusl1y, Ohio, in 1874. His early edu-
cation was obtained at home, for there
were few good schools in that region at
that early period. His father was very
anxious to have his children well edu-
Gated. When at home he instructed
them himself, and when absent his wife,
a well educated woman, undertook the
work. In his more distant legal or po-
litical excursions, whenever he found
book store, he laid in a supply of books
for the household at home.