Evansville daily journal. (Evansville, Ind.) 1863-1866, 1865-08-08
Jay Cooke, The SabscrIptIon agent.

. - y
successful Philadelphia banker, has al.
ways been one Of the most efficient ne
gotiators of public securities. -Four
PEARS ago, when Pennsylvania stocks
we're DOM to IS, be worked and brought
them up to par, and at that rate be OBJ
tanned three million doliars for the STATE,
for RAISING aud sqoipping her troops
When the Secretary Of the Treasury
gave various bakers throughout ths
country commission TO negotiate his
frst loans, Ne c 'oke was always among
the most successful He Infused por
zion Of his own great energy into his
sub-agents, and seemed best TO und-r-
stand how 10 present the claims Of the
Government TO The people. When the
$40 loan WAS suttot'zsd, Il was before
the public many mouths Hiihnut attract
ing any attention., and the total GALES By
the Government were only about eigh-
teen millions Tie war expenses were
so great that banks and bankers were no
longer able 10 supply money in sufficient
amounts, aud tbs Secretary Of the Trea
sury Was compelled to adopt some plan
for appealing directly to the people 10
supply the means for sustaining The Gov
ernment Popular leans bad never
been tried, and their nature was net
generally understood Capital is al
ways sensitive, aud cspi'alls,s, lsrse a. d
small, were not only 10 be told that there
was 20 loan on the market, bat we're
10 be convinced that il was the best IS
well as the most pa rotie investment.
Mr.. Cookies high charaf3er and previous
successes induced the Secretary 10 ap.
point him General Subscription Agent.
The press and the telegraph we're i'm
medistely put In motion A large sum
was spent in advertising, the distri.
burton Of a great variety of circulars
aud handbills, &c, the employment Of
travellers, and in establishing sub agep-
ciss throughout The loyal States. Il has
always been Me-. Cookies policy 70 have
our loans taken a. homs and be has
never solicited subscriptions abroad, be-
hsving that our own people should have
the advantage Of the interest The re-
suit of Mr.. Cookies efforts for the 5-20s
ars we'll known, Under bis agency,
dating aboat Feb, lsi, 1868, and closing
Jan. %, 1864, the loan was sold up 10
4 $514, $50, 5O0a~ sfe4 gr r-7 ef
As great success always occasions
jealousy, complaints of fsvoritism to.
yards Mr.. Cooke were made Against the
Treasury Department, which q special
report TO Congress proved TO be without
the slightest foundation. bee
About this time the National Banking
System was established, and il was q
part Of the plan that the n stionaI Banks
should BE- the financial SCENTS Of the
Governmans While publicly express
ing the warmess gratitude 10 Mr.. Cooke
for bis past great and successful efforts,
the Secretay Of the Treasury determined
to try the experiment Of placing the
1910 loan through their agency. In
four months but eighty millions were
sold. On July 25th. 1864, the First
Series Of 730s was offered through the
same channel, but, up to Feb. LIST, 1865,
period Of ak months, the sales aud
payments to soldiers smouuteGbto only
about one hundred and twenty millions.
i This rate Of subscription not being suf-
] 6cient % meet the public wants, IL wss
determined to satnrD to the agony OF Mr..
Cooks, under whose management the
sales begun 10 show an increase within
the 6rst week, and in less than two
weeks averaged two millions day Du-
ring the 6rst thirty days they reached
one hundred millions--an average Of
5 ahoRt four millions for each working
day.w The 6r,t RE, was exhausted on
B the 30 b OF March, when the sale Of the
secsad series OF three hundred millions
was begun This series was ell sod
On the 18th Of My, deduetiag SAN
dasn. aud holidays, in the wonder
fully short space Of thirty six working
dsys--makinK an average Of eigbs and
one-third millions per day. The ale Of
the Third Series then commenced, b9is
owing TO the fact that the Treasuur vas
unable TO deliver the notes, comparative
~ little effort vas made 10 inhusnee sub
scriptions until gane 10 when dedFerlsa
vsre advertised 10 begin. &4s4 Z
The sales Of Goyernnent loans, unceE
Mr.. Cookies management as oensral
Subscription Agent, have been about
thus: sN
$50 Bonds. coo COO.
100 Hotes... -.-..-s'--. 100 .VOOs0VO-
p !