New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-01-06
Salmon p. Chase, Secretary of the
Treasury, and Jay Cooke, Philu-
delphia Banker, Then Invented
Spectacular Bond Selling Crusade
Their Financing Won War and
Founded National Bank System

his pay with this remark: If / fight
hard enough my bonds will be good
Another soldier wrote: 4 am willing
to trust Uncle Sam; If he is not good
nobody else ISL"
From 1.-THE Philadelphia Inquirer"
one gets this item:
cone man had big sum slunr
over his shoulder. Another offered
$4,000. All classes may congratu-
late themselves that they have here
found stock that will be perfectly
safe.'
Jay Cooke lent encouragement with
interviews in all the newspapers. Our
1917 campaigns only perfected the ex-
ccllent Cooke methods, as for example:
'In the last six days 500 persons
have subscribed in PHILADELPHIA,
nearly amounting to a regiment.
Their charge Of money-bags is quite
as efficient as a charge of bayone.s"
Cooke organized the forces Of the
railroads, securing subscriptions from
thousands of employees on each roao.
He raised flags over the doorways &,
his agency Offices. He advocated the
paying Of munition contractors in ma
tional bonds. He sent his brother,
Henry. through the West with the in
Junction: Keep the newspapers fired
up daily"
An example Of newspaper appeal is
found in "the Hollidaysburg Register
strikingly suggestive Of the Liberty
Loan appeals Of to-day, thus:
"Our administration wants money
to perpctuatc the best government
that the world ever saw and asks us
TO loan it money at per cent. Are
we less patriotic than the French?
Never was there time when there
was so much money in Blair County
seeking investment as at present.
Here is rare chance to show our
loyalty and profit ourselves. Then
come on with your spare cash and
help your country give rebellion the
finishing stroke"
Cooke, one discovers from his inter
views. was bent on placing these bonds
with "the rank and file of the people
war as they bore the knapsack and the
musket."
"Money," he said, as the great power
in the war and will win the war at
last"
"To farmers, mechanics and capital
ists!" thus ran his display advertise
ment appeal. Under this caption he
made this argument:
"You have a solemn duty to perform
to your government and to posterity.
"Our gallant army and navy must be
supported by every man and woman
who has any means, large or email.
"What our revolutionary fathers are
to US we will be to the coming genera
tions. Talk not Of taxes; they secure
loans. Take the loans and the taxes
will fall more lightly"
So tremendous was the appeal that
S12O00,000 week was soon pouring
into the Treasury. On November J,
1868, 5000 persons, farmers, workmen,
women, capitalists and Congressman,
subscribed S5,000,000. So large were
the subscriptions on the last day that
the loan was over-subscribed by $11,-
100000.
This feat was acclaimed as being
without parallel in the history Of
finance. These bonds presently sold
at premium. The New York tribune
later, in 1873, at the time Of Cookies
later losses in Northern Pacific, paid
this tribute to the mans triumphant
career as the financier of the Civil
War:
Nothing can wipe out the debt
the country owes the patriotic and
the marvellously energetic banker,
Jaw Cooke"