. Jay Cooke : financier of the Civil War . fferent circumstances. Besides Ihave lately resolved and determined to relieve myself from theheavy liabilities under which I have been resting. I have beenwarned to this from the late sad evidences we have had of theuncertainty of life. I hope you will not suppose I have any lessconfidence in you personally than heretofore. I am not ambi-tious to make money or take risks. You do not take risks with-out a pretty good prospect of making money. I must thereforeask you to excuse me for declining in this instance for the rea-sons above set forth. Presiden
. Jay Cooke : financier of the Civil War . fferent circumstances. Besides Ihave lately resolved and determined to relieve myself from theheavy liabilities under which I have been resting. I have beenwarned to this from the late sad evidences we have had of theuncertainty of life. I hope you will not suppose I have any lessconfidence in you personally than heretofore. I am not ambi-tious to make money or take risks. You do not take risks with-out a pretty good prospect of making money. I must thereforeask you to excuse me for declining in this instance for the rea-sons above set forth. President Mercer wrote asking Mr. Cooke to re-duce his outstanding account with the Farmers andMechanics Bank. We cannot carry so large anamount with our present understanding without loss andinconvenience, said he. It must come down andwithout smashing any crockery. I ask you to bring itdown so as not to exceed one-half of the present bal-ance. Of this fibre were the financiers in Mr. Cookes owncity, and it is not surprising perhaps that the New. BANKING HOUSE OF JAY COOKE AND COMPANYOn South Third Street, adjoining the Girard Bank, Philadelphia FINANCIER OF THE CIVIL WAR 193 York bankers, of whom his partners sometimes thoughtso badly, did not warmly co-operate in forwarding hismeasures for befriending the government in the time ofits great need. Again, as before and later, frequently,Mr. Cooke permitted no obstacle to interfere with theattainment of his ends. Nor did he harbor ill feelingagainst those who sought to impede his progress. Heswept the firmament with a large glass and the doubts,fears, suspicions and incivilities of those about him werenot allowed to disturb his personal composure. No large operations were possible at this period underthe law of July 17, 1861, although Mr. Chase had thetime limit of the grant extended, but Jay Cooke boughtcoin for the government to enable it to pay the interestupon the public debt,1 negotiated certificates of indebted-ness for the Treasu
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