Brownlow's Knoxville Whig, and rebel ventilator. [volume] (Knoxville, Tenn.) 1863-1866, 1864-04-30
seefeiasS Chase and tlle Flrm sf lar
Cooke q Cunlpany.

anu pieler reply y an assault upon .
isisblnl public oniesr nsrer was made. The
great Seere.ary may well be proud Of bic
lrneerd daring his administration Of the Na.
/ lsienal anapses, and the nation may Justly
BE proud of him. Ills name will be ss.ia.
| ins light In our history LstsNery civilian
and soldier peruss this hotter attsHtixeiy
Hos. ssanyisr G!gfar, Speaker ef fAs Roase Of
/ Sh: | have had the honor Of receiving
from The House of Representatives. q copy
lot the fOilUwfng resolution:
- MRssetrsd That the Secretary Of the
TFassaTy he requested b reI ort 10. this
Ionss what have been the services Of Jay
Cooke 4 Co, to the Government ia the sale
lpf United States securities, aud what have
boen the rite and whole amount OF compcn.
EiSstlon thereof, also, whether said services
ElIflght not have beeu successfully pertormed
By the Treasury Department itrslf; also.
what sums Of money, jf any, have been paid
out of the Treasury for advertisements or.
dered by Jay Cookc & Co
Betore prucseding TO answer these iHani.
ries, II IL proper 90 say that Jay Cooke &
CO., have never been employed to render
any service Ia the Government, but a. Mr..
/ Jay Cooke, Of thut firm, has been employcd
as agent far the sale of United States bonds
and Treasury notes, the resolution will br
answered g. it il bad been prepared ia ref
erence TO him individually.
! The whole OF ihe FIVE hundred millions
/ fve.twenty loan being now taken, and the
/ accounts connected with 1t closed respect.
! fully submit the following statements in re-
! spoase Co ths resolution without awaiting
the completion Of the delivery Of the bonds
| subscribed for in excess, which will involve
! no additional payment on account vi com.
| ponsation or expenses
| The Rrst inquiry requires a statement Of
the services of Jay Cooke ia tho sale Of
/ United States securities, and Of the rate and
amount OF his compensation therefor.
j Nv Cookies first services were as sgeht
for the sale of three years Treasury notes,
papularly known ~ seven thirtics
When negotiating the first loan with the
associated banks OF New York. Boston. and
Philadelphia in July 1861, Of fifty millions
OF dollars far three years, seven thirty
Treasury noies the Socretary stipulated 10
open subscriptions throughout the coGnsry
20 effect the sale and distribution Of these
nptss hy agents acting ander the direct su
| poryisi2n OF the department the process OF
saek sale and disiFibutioU to be paid over
10 the banks In reimbursement ia whole or
IN part OF their loan, in order 10 secure the
prbmpt taking OF q second loan Of eqaal
amount. IN fnltillment OF this stipulation,
the SECRETARY, in addition 10 the regular
officers Of the department. appointed one
hundred and Fofty eight agents, Of whom
Mr. Jay Cooke WAS one 20 res,eiye subserip.
tinhs f0r the sale Of the ssxenslhirties, sup.
piled them with printed blank books of
subscription, blank certificates ef deposit,
blank forms fer corTspon9eine with the
department, aud envelopes with printed nd
dresses tsfertom In adiisinnl 70 these ex-
pcns,s and the expenses IT the necessarily
incrvased force t,s clerks employed. he paid
shese agents. one ,aflh of one per cent. on
the frst one hundred thousand dollars Oh
tanned By them respectfully. aud ohc-eighth
on al sifnts in exeess and allowed for ad-
vertising u stipulated sam- varying accord.
ing TO locality, bur in 40 case exceeding one
hundred and tiify dollars, .q
The several agents thus employed re-
turned subscriptions in the aggregate
amounting to s54 67s.s66 e4, of which Mr. |
Jay Cooke obsained 5.2s4 $50, or nave
than one,fiflh oil the whole, for which be
was paid the axed percentage, AMOUNT |
ing 70 SG6S066, and. for advertis.
ing, $50, making his total allowance for
the saie OF teven. thrties S5S38.e0 Mr. !
Cooke at the close OF his labors in obtain
ing subscriptions 10 The seven-thiFtiss and !
on making his 6nal payments into the Tr,as-
ury. slibmtted an account. substantiated by |
vouchers, showing Disbursements by him
for advertising anIouating TO SStAf44, not
including sums paid Cor sllislr be bad no
specliie ssliehsrs. he was allowed only1
si5o, or less than one.twenteth OF his ex-
penditure
The services Of Mr., Cooke, III connection
with the seven thirty loan, were valuable
and Important bRt ct little magnitude e0at.
pared with those FnpdervL in tiIe nsgotia- |
tion vi The laaD OF i've huadrsd millioas of
dollars for londs commonly kn9wn as The I
siive-twenties" When this ioan wgs aii-
thosis.id by CongIrss, many experienced
aud able financial men Expressed their bs.
lief that it would hs impossible 10 Begetsate
bonds, rsdeemable aflei. 50 short . period Is
fiyu years, and bearing an Interest Of only 4
six per cent, aud for q time appearance /
ware decidsdiy Agaipst the sacesss oi the
loan .egfussi go
Under the Ian. evsry holder sf United
States notes had the right 10 eonvert them
1t his pleasure Into the hve-twenty bonds Il /
par a privilege which ean Be nsoa Il any /
time Is often not used 1t all. and Il soon bs. /
came clear that voluntary c0AveFsiops woald
supply otsIy q Iiilall pr6p6tlisH Be Tho large
slia reqHirsd Or ths dishnreelnehte &C ahs /
war, 10 excite and premola better de,
position, The assistanf treasulefa, deeiahatsil /
depositariss, aad special hgsnss y se ahthdr.
issd 70 receive deRaslls u Notes and issae /
ssffihcsfas snlIesir thesdepositsra u teaa.
bearing ialesekt npH sbs Gate a esfpaltsse
Still. eonyefsiees iaegesis ass Nele aEfngefA- /
&c inadsaaaaa e tie depanda ppeH She
Treasury 49,