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


iesaastE enfissiksts4 lss ssssiis II aaois
sl.Iga ssiax kssalid s.kas ssft
-
weHla iavplvs lsss sa each hundred NIL.
loss Of The lesn froal lMo. p three pillions
Of dollars
UnvIliing 70 submit ID thIs Ioss, tbs See
setary, HI 0esobsr 1859. determined 20 sp-
point general a9snt with sathopity % ap-
point sab-agepfs thFpaKhout tAe RIslseean-
try. for whom he shonld be personally re-
stonsible. and In this way to .ofgariss q di-
rect appeal % tho Wh0le pecpie He &C.
eoFdiHgly selected ~ general agent iaff Jay
Cooke. who,wus s,rerommended for prefer.
ence hy his responsibility. hF bic integrity.
aHd bY his energetic and eneeesefal services
IN The neRosiation Of the fFst national loan.
and committed the whole work 10 him Il
was agreed that his commissioners. fbr eeF.
sieea.a and 10 cover disbursements, st8uld be
ene.haH Of one per cent. on the first ten
millions. and three -eighfs on subscriptions
beyond that amount Ofthese three eighths,
Mr Cooke was bound 10 pas one.egiIth 20
snlseripeiOp sub.ageufs and another eighth
70 travelling agents and for advertising, and
other expenses 0f making the loan as widely
and favorahly known as possible. lie was
allowed 10 retain the other eighth ~ COM
pensation for bis own labor and risk. an
FIR expenses ehargeable 70 his own proper
ton.
His responsibility covered aH acts Of bis
sHb-agents until payment int, the Treasury
~ all moneys Subscribed. and delivery to
subscribers of all bonds subscribed for No
liability and no duty except that OF furnish.
ing the bonds, was assumed by the GsyePn.
ment, while TO insure the faithful perf0Ym-
Rrce Of the dnty OF the general agent and
tho full satisfaction Of sli demands upon
himself aud his sab-aeents bonds were re.
guired aud 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 Joan
The Treasurer the aesiAtant tseasnrers, and
several Of the designated depositaries were
also directed to ase their beat endeayoFS to
obtain subscriptions, and were anthnrized
% allow one e-eighth, and, in some eases one
fourth ofone per cent 70 purchasers Ibr re,
Having undertaken the work. Mr.. Cooke
proceeded 70 erganize q general system Of
agencies. For u time. the result seemed
dbubtftii Whom, however. at the next ses-
sion Of CangVe<s the ahsoIuts right of esn-
version was limited ta the ist af Inty 1853.
and the system nf suhvagencies had been
thoroughly organ ized and extended fhrsugh-
ont the country, subscriptions gradually In
ereased, until. al ienssth the nuwearied Ia
bors bf the geaerhl ansnt and his sllbsagrbts
were crowned with complete .aueoesa. Not
only was the whole loan taken. bas sal.-
seriptions were made on the day II was a.
pafIy~eiascd fsr 1rarly eleven snifisons OF
dollars 10 excess ef che ansoant authorized,
for which exccss the eeneFd agent Vas a.
lowed 90 compensation.
i is impossible to exhibit Ia detail the
services TINS rendered, or TO estimate their
value IN money. Il may be sufficient 70
state that the number Of sub-agents employ
cd BY the general agent and for xhoIa he.
Was responsible, was about twonty live han
dred that the work Of the Agsney extend
ed into almost every c8npty AMI town ofthe
laval Ssatea, and eniodg al classes ef-.tbe
pepulafisn; that rits fruits weps shtSsefips
tions far twenty-five bonds, amounting. 10
the aggregate, toths sam Of 1851 ,es2, ESQ;
and that without these subscriptions neither
the army nor the navy, nor the general
creditors Of the Government, could have
been paid. ssesa s.aal
The beaeat Of the work wss rot linlits.l
by is direct results. The interest in the
han, excited By the efforts Of the agent and
operated powerfully apon sub
rrip,ions with the assistant treasappfs aiR! |
the designated dep0sitariss Thess sub |
seriptioas amounted In the aggregate 20
si4S.s 500. OF which Sa2 1fe.300 wer.
subs ribed by purchasers for fekale, aid |
Sc 646s s200 for direct investment.
The whole compenaation 90 the general |
agent and snb-agrnt for services aud iof al |
expenses incarrea in ehtaining aud paying |
over subscriptions. amounting. as already /
stated 70 1851 .G52 $50, was 81 $50 Oi3 rs /
OF Witch eI35, 100 81 was paid to the gen
sral agent as compensation for respoasibil |
lty, fhrseFyie iess, ami 6rexpenaea ehaRgeable |
upon the ene-0igtth allowed "a him. 60
To the cast Of the agencies. IN order To
The total expenses OF the loan, mnst
be added tho eosasaissihhk all0Wcd to par-
ehasers for resale, hy the assistant treasar-
ers and other oiIieeys Of the Goyerpmsnt, /
these eohfn Issiotis amounted 10 S123, 800 80 /
making the rlitirc cost uf The whole fost /
81 ,a5e .aaa 81 fhis epsi i alittls lsss thsh 1
Ghree-fenshe of one per e4us. Ter eighteen /
days9 inierest en- shA whole hmeant, aad /
as II is believed, q iess fhan fAe cost of any
ssksr srsaf ltdA. sitAet AAeffepa Or LagtIsk, /
hfraofsrs ae4okS6fsz - -
The Heerefary he alrsady stAissl that tle /
bas terms he was rssoaraged ~ hspa f9r
in case Of reseftink 10 tie negptiatlsn Ell
IiiEy millions with eaDlbslsts. IN The ortlin,uy |
way, wsre from ninety seven tDninety eight /
estss isfa dsilar. and there was every r<as0h i
10. bellsss that 81 sAeiaailtisual sams NJ
QviFndta eampieaa fhe lean he weald b.
atligpd ta submit to much mora disadfan. /
lageous rates Had be negotiated flily Iail- 1
|l6hs ak ninety SOW sensi- i half peF cent /
lie e6ss Of 0liss tentli "a che I9aA Wssald have
iasn 81 80 Gee 4 sasil neAsly eqaal 81 .tlf
EheIp eesi ef tie wltale & tani iiaaH af ekia.,
f1a Ahil IIrof IL s.llt slaa....ll.. ,,llar.isl -