Brownlow's Knoxville Whig, and rebel ventilator. [volume] (Knoxville, Tenn.) 1863-1866, 1864-04-30
Secretary Chase and the Firm of Jay
Cooke d COMPANY.

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"''e"''N'S'
Hon' % '>'"'y'" '"g"' HPed"fr u ne Howf Of
h'P'S''''"',S
F SIR l have had the honor Of receiving
from the House OF Representative, a copy
. OF the following resolution;
"HeS0hth That the Secretary Of the
/ Treasury bc requested TO rcrort to this
| House what have been the services OF Jay
/ Cooke y Co., to thcGoycrnmcut in the sale
/ OF United states securities, and what have
. p'ch the rate aud whole amount Of compcn-
Naloh lhereoi also whether said services
might not have been successfully performed
by the Treasury Department itself; also,
what sums oimoney, nmy, have been paid
ont oi the Treasury for advertisements or
dercd 10y JAY Cooke n Co.
Before proceeding TO answer these inqui-
rlcs il is proper 10 say that JAY Cooke x
Co., have never been employed to render
any service 10 the Government, but rs Mr.
Jay Cooke, OF that firm, has been employed
as aIgnl for the sale Of United States bonds
and treasury notes, the resolution viii be
answered as II 1t bad bccn prepared ID ref
crrnc' To nm individually,
IhewhoIr ot She tiv" hundred millions
hve-twnty loan beng now taken, ana the
accounts connected WIlh 1t closed, respect
iuIIy submit the following statements IN re-
'ponSeto the resolution without awaiting
the completion ot the delivery OF the bonds
subscribed for IN excess, which VIII involve
no additional payment on account OF com
pcnsalon or expenses.
Iheiirnt inquiry requires a statement Of
the services OF JAY Cooke IN the sale Of
OhltedNtateS securities. ana ol the rate ANA
amour OF his compensation therefor
Mr. Cookies first services were ms agent
Ior thrSale OF three years lreasnIy notes,
popuIa"y known rs Feycn-thlrtes.
Nhel negotiating the first loan with the
associated banks ot New York, Boston and
IhlIad'phla IN July, 1861, of fifty millions
ot dollars Tor three years, ScVcn-ihnly
Treasury notes. the Secretary stipulated To
open subscriptions throughout the country
to ehcrt the sale ANA distribution oi these
notes by agents acting under the direct su-
pcYlSion OF the department, the process Of
such sale and dlNlnbutl"n to bc paid over
4" b"" hanks in reimbursement in whole or
IN part 4" 'neir 'o"h' III or9er 10 secure thG
l'l"hPt '"E'hg o. second ioah "i '4uaI
an"'.n" III l'."II'l''mt ol In'' S'P0'a''0n'
'nc secretary IN "ddliIoh 70 thr regular
o'h'rrN 81 'le department. apro'htra one
nuhIr'o ana lor'N-'ISl' aEoht"' oI W"oh
Nr' Jay cooke was one to receive s"hS'rIp-
lluns lof tne NaIe 81 inc SeVelI-'hHtlcN, sup
PI,'' thrm win printed hiank BOOKS OF
SuO7CrIpu oIaiN oei""'4''S oi 'GPoSl''
mahN 'orms Tor correspondence "ith the
/ I'Par'mth'' ana envelopes WIN lHFh''o AT
dresses thereon IN addition TO these cNN-
peh>r" ana the expenses OF the necessarily
increased iorce OF clerks employed, he paId
these agents one min oi one per cent. on
the first one hundred thousand dollars OBJ
tanned by them respectfully ana one-eghrh
m "a IA I4I far al