Chapter XI

           Itwaswhilethewarwason,andafteritwasperfectlyplainthatitwasnottobeofafewdays’duration,thatCowperwood’sfirstgreatfinancialopportunitycametohim.Therewasastrongdemandformoneyatthetimeonthepartofthenation,theState,andthecity.InJuly,1861,Congresshadauthorizedaloanoffiftymilliondollars,tobesecuredbytwenty-yearbondswithinterestnottoexceedsevenpercent.,andtheStateauthorizedaloanofthreemillionsonmuchthesamesecurity,thefirstbeinghandledbyfinanciersofBoston,NewYork,andPhiladelphia,thesecondbyPhiladelphiafinanciersalone.Cowperwoodhadnohandinthis.Hewasnotbigenough.Hereadinthepapersofgatheringsofmenwhomheknewpersonallyorbyreputation,"toconsiderthebestwaytoaidthenationortheState";buthewasnotincluded.Andyethissoulyearnedtobeofthem.Henoticedhowoftenarichman’swordsufficednomoney,nocertificates,nocollateral,noanythingjusthisword.IfDrexel&Co.,orJayCooke&Co.,orGould&Fiskewererumoredtobebehindanything,howsecureitwas!JayCooke,ayoungmaninPhiladelphia,hadmadeagreatstriketakingthisStateloanincompanywithDrexel&Co.,andsellingitatpar.Thegeneralopinionwasthatitoughttobeandcouldonlybesoldatninety.Cookedidnotbelievethis.HebelievedthatStateprideandStatepatriotismwouldwarrantofferingtheloantosmallbanksandprivatecitizens,andthattheywouldsubscribeitfullyandmore.

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