| Show REGULAR MERRIMAC lay Jay Chokes Choke's Share In iii the tue Cr Crisis Crisis- is of or and April J 1801 1811 From Ellis Hills Paxson Jay Tn Cooke and the tho Financing of the Civil War Val In the January Century In Inthe Inthe Inthe the spring of 1864 the markets were so excited that Mr Ir Chase repeatedly re r- re- re telegraphed to Jay Cooke ur urging him to come to Washington to map mal out a plan of or campaign At t t the tm- w wend end of ur 1862 the price had stool J at which means that 13 of or greenbacks were required to bu buy of oC gold while on the last day dar of 1863 the thc yellow yel- yel ellow el el- ellow low metal was quoted at In March and April 1861 I gold began a anew now new u upward movement t. t M Many any were wen predicting that its price would go to GOO when Old Chases Chase's greenbacks would be as worthless as Confederate Jay Jar Cool Cooke e wl he hed congress congress con con- gress to pass laSs a u bill clothing the secretary see sec rotary of oC the treasury with authority to sell soli specie as he pleased thus com Coin batting balling the speculators on their own ground with their own weapons weapon To his brother Henry he wrote If this power were given ghen to me I would agree to forfeit a a. million dollars if I failed falle to put gold down wn to 33 and keep it about that for a n year yeal as steady stead as a clock On March larch 1 17 FT j con congress did aut authorize I the tue secretary hl 1 to anticipate the payment payment pay pay- ment abut of the interest on the tho public debt from an any gold old lying hIng Idle In iii the treasury treasury treas treas- ury urr an and in ill April when the premium rose above e 75 by 75 by a 1 kind of or common consent regarded as the point danger Chase made u use e of Mr 11 Cookes Cooke's proffered offices Co for I an operation which was Immediately effective e The banker and the secretary were elo both bolh in Now New York an and Cooke Coole declared in hits his convincing wa way that ho Ito would make mak the gol gold men squeal before beCore Saturday night If ho were supported by the agencies of uC tile the government go Chase had about of specie in ill the tIle treasury sub in that city and iii hc somewhat nervously and doubtfully authorized the experiment For this thil Important secret operation the Philadelphia Phil Phil- adelphia lla financier took law Into his hlll confidence con con- David Da told Crawford of the tho friendy friend friend- l I ly y house of or Clark Dodge Co Tho first day a they told sold about of oC gold the time price to the complete amazement of or time the Street StreeL falling b falling Calling from rein to 1 1 It was deliverable on the morrow morlow und and In Inthe Inthe t the ime morning before fore the city a wa was astir the he t metal under unel Cool Cookes Cooke's personal di direction direction di- di section was carted from the sub sub- treasury to Clark Dod Dodge e Co s. s to tu tobe tobe be he stored under their counters awaiting awaiting await await- i ing n the disposition of tho the purchasers purchase In payment Cooke demanded greenbacks greenbacks green green- backs and find at the end of or three da days day s bu buyers offered a n. premium for fOI the the privilege of using other forms form of currency cur cur- rency while tome Borne Copperhead hems firms suspended For FOI the time time being the tile power of the tho government was vas uppermost uppermost upper upper- most and arid the speculators knowing that many more millions would be besold besold sold If It It were welt necessary sar were thoroughly frightened Wall Wail all street was full Cull of or rumors and gold moved up or down excitedly us as Mr lr Cooke came or 01 orent ent WeIlt He was ivas a regular ono One of ot his hla partners who wished to know want ho was goIng goIng go- go In Ing to do next In order that the firms firm's affairs might bo be managed more pro pro- But to so o Irreproachable was the bankers banker's course e In tho the execution of or these confidential commissions for the treasury that not oven his closest In Intimates itt itt- could draw advantage from Crom hl his movements |
