The Butler weekly times. (Butler, Mo.) 1881-1918, 1905-06-22
Jay Cooke.

Fortwogenerstions Nr. Jay Cooke
dessrvedly filled a foremost posi-.
ton in the business world. he
was a great inancier; and more, he
was q noble patriot; and more, be
was q great man. He was all these,
for he was man OF large faith-frm
faith In God and Astounding faith In
his iellowmen. 1t was this faith that
enabled him successfully TO float the
immense war loans OF 1S61-1S65, In
spring the people to take the gov
eminent bonds to the unprecedented
amount OF 81, 500, 900, 900, when the
bankers OF the country declared that
$50, 100000 would be the utmost
limit they could advance. His won.
deriul sagaeity, faith and patriotism
kindled hope and enthusiasm
throughout the North, and funds
poured into the government treasury
through his banking Offices, millions
OF dollars In day. To him, more
than to any othar one man, does this
country owe II debt Of gratitude for
preserving it from ACKNOWLEDGMENT
during the Civil War.
As Robert Morris was the financier
who sustained and saved the Colonies
in the Revolution, and Stephen
Girard advanced millions In the
struggle OF 1912, so In the greater
struggle OF the Civil War, Jay Cooke
was the great financier to whom Lin
coin and the government looked for
the millions required to support the
Union cause, and did not look In
vain.
But great as Mr.. Cooke was a sue
cessiul finsncier In raising money for
the government, he really became a
greater man in adversely. At the
close OF the Civil War, his banking
firm undertook to finance the build.
ing OF the transcontinental railway
from Lake Superior to the Pacific
He was successful In securing pledge
OF $50, 100000 from German bank.
ers, and Of $40, 100000 from Eng
land. But the France German wal
coming suddenly, prevented the for
mer from redeeming their pledges
and the strained relations between
Great Britain and America growing
out OF the Alabama claims, caused
the London bankers to Withdraw
their deposit. In the consequent
panic, Mr.. Cooke was compelled tt
suspend. He had such faith in tn
great west, and in the recupsrativ
power OF this nation, that he urget
all the creditors to hold their claims
assuring them that they would event
ually be paid In full. Meanwhile b,
turned over all his possessions to hi
creditors, again starting as a poo
man, yet rich in experience, sagacity
and friends, to recover from his mis-
fortunes. His greatest concern wal
to be able to reimburse those whit
had lost through his personaliailure
In a few years these personal obliga
tions were repaid In full with inter
est.
Jay Cooke was born in Sandusky
Ohio, August 10, 1921. At eighteeI
years OF age be came to Philadelphia
and was a newspaper reporter ant
writer OF money articles; he was il
the banking house Of Z. W. Clark 4
Co. until the breaking out OF the Civi
War, when he founded the banking
firm OF Jay Cooke 4 Co., which at
tanned q worldwide reputation, ant
had branches In New York, Washing
ton and London. For the last iey
years Mr.. Cooke had nominally re
tired from public business, yet fe,
men have led a more active an
strenuous life.
He died at the home OF his son-ir
law, MIR. Barney, February 16, 1905
aged eighty.three.
Ed.-Jsy Cooke was an uncle {
the editor Of The TINES, and iror
family history we know the above t
be a true brief biography of Nj
Cookies financial biography.
Feud Costs Four Lives.