Brownlow's Knoxville Whig, and rebel ventilator. [volume] (Knoxville, Tenn.) 1863-1866, 1864-04-30


would involve a loss on each hundred mil.
lions Of the loan from two 10 three millions
of dollars.
Unwilling 10 submit 10 this loss. tho Sec.
rourv, in October. lsG2, determined lo up.
point general aren't. with authority 10 M.
point sub.agcnts throughout tse whsle conn.
try. for'whom he ehonld be pcrsopaIlv re.
sponshlc. and in this way 10 orrnnizr'n n di.
rect appeal 10 the whole pcoplr He no.
cordnglv selected ms general aren't Mr. Jaw
Cooke. who was recommended for prefer.
once bv his rpsn,psihilitv bv bi. irtc,,ritv
and bv his cncrtclic and ,urcc.,ful scrvicrs
in thc ro,,oti,tin, ~ ,Lo f,.st ,,,i,,,I I,o,,
and committed tbo whole v,,rl, :, Li,, /,
was o,rreod that his commissioners En-, s,r,
vices and ~ co,.r di.L,,,.,rno,,ts sl,nIl H.,
-holr of one Nor conf nm ,bo Gr., ,rn
millions and ,hrro.cights nm .nI,y,r;n,ians
bevord that omourt 0rtbosot tLr... oii,L,Ls
Mr. Cooke was bound to nav one. c.eioLth 70
.uh-crirtiun .pb. b.oopnts ,ni onothrr .c,ohth
to truyrIlip,, ap,nts oud far ,,ly,r, .in,, and
other rypeuso. of mol;in,, ibn lam ms widely
and tavorably known -, nossihle II. wns
allowed to rctoiu tho othrr oiohtb ps cam.
pcusation for his own labor and risl; nm
for eynenscs chorrpohlc ,o his own ur,nor.
tion
His rcsponsilili,v covcrod MI oc,s or his
sub.prcnts m,il navmcnt into tbc Troosn,,y
Of Mi morc,.s srh.rr;Lod and d.Ii,.or,. T.,
subscribers of all bonds subscribed for, 30
liability md no duty ,yccnt thot of lnrpi.h.
iur the bonds wa, assumed bv tho Gnvr,n.
mcpt. while ,o insure fine faithful rorinrn.
anco of tbc dr,v of the ,cncr,f pl,nt ,nd
the full satisfaction or all demands upon
himself and his suh-agcnts, bonds were re
qured and given to the aggregate sum of
six hundred thousand dollars,
Notwithstanding the magnitude Of the task
imposed upon him, the general agent had
no monopoly in the disposal Of the loan
The Treasurer, the assistant trcasurers. and
several Of the designated dcposiaries were
also directed to use their best eudcavorS to
obtain subscriptions, and were authorized
10 allow onc-cighth, and in some eases one
fourth OF one per cent. 10 purchasers for ro.
sale.
Having undertaken the work, Mr. Cooke
proceeded to organize n general system Of
agencies For time, the result seemed
doubtful When, however, at the next Sos
sion of Congress- the absolute right OF con
version was limited to the lst Of July, 1868,
and the system of sub-agencics had been
thoroughly organized ndcytcndcd through
ont the country, subscriptions gradually in
creased, until, at length, the unwcaried la
borS of the general agent and his sub-agcnts
were crowned with complete success. Not
only was the whole loan taken, but sub
scriptions were made on the day it was fl
nally closed for nearly eleven millions Of
dollars IN excess Of the amount authorized,
Tor winch excess the general agent was al
lowed no compensation.
1t Is impossible to exhibit in detail the
services thus rendered, or to estimate their
value IN money, 1t may be sufficient to
state that the number OF sub-agcntS employ
ed by the general agent, ana for whom he
was responsible, was about twenty five hun
dred; that the work Of the agency rNtond-