The Portland daily press., 1865-05-19
The Third Series Of sexen-IThirties

The great success OF the Z 80 Loan must al
ways be looked upon as one OF the most pow
erful evidences of the strength of the United
States Government, and its strong hold upon
the confidence and affections of the people.
On Saturday, May 18th, the subscriptions were
over thirty million dollars, and for the weeks
/ ending on that day, over ninety. eight million
dollars, and in the three months that the
Loan has been in charge of Mr.. JAY COOKE,
0uer fue hundred million, dollars. These
large receipts will enable the Treasurer to pay
of our armies as they are disbanded, and TO
rapidly discharge the various obligations that
have been incurred during the war. History
vii! show that great war debt TO individuals
has never before been SO promptly paid; and
we think all will agree that Secretary Nc
CulloCh deserves great credit for the ability
he has manifested, not only in securing the
means, but for the financial skill he has dis
played in so directing these vast receipts and
disbursements as not for moment to disturb
the equilibrium OF commerce, embarrass indi-
viduals. or 10 any way tighten the money mar
ket 1t is doubtless true that the Secretary of
the Treasury might have negotiated the re-
mainder of his loans at six per cent. interest
instead of 730, but so much valuable time
would necessarily have been lost in populariz-
ing a new loan that the great object of the
Government, viz, an immediate supply OF
money sufficient TO pay all the debts incident
to the war, would have been defeated; and
besides, the difference OF interest would not
have been equal to three days expenses. The
policy may have looked penny wise" but the
best financial authorities, as well as common
sense. pronounced it "pound FOOLISH" As it
is-and will be, no soldier will go home with
out his greenbacks, and the floating debt in
the shape of vouchers acquisitions, &C., will
be wiped out as rapidly as the proper officers
can audit and adjust the accounts.
The Second Series of the Z 90 Loan was ex-
hausted on Saturday, May ID h. On Monday,
the Secretary of tie Treasury authorized JAY
COOKE, the general Subscription Agent for u j..
s. Securities, to receive subscriptions for
$3.50, O00, 07O of Third Series, which is all that
Is authorizediby Congress, andis without doubt
the last loan at this high rate of interest that
will be offered by the Government
There is no change in the terms of condi-
tions of this Third Series, except that the
Government reseryes the right of paying in
tesest at six per cent. in gold instead of sew
| en- and three tenths in eurrency--a right
which would pre-suppose return to specie
payments, and make six per cent. in gold
even better than the higher rate in currency
cohsumation most devoutly to be wished.
The privilege of converting the notes into
5 20 six per cent gold bonds at the end of
three years, or receiving paymentat maturity,
| at the holders option, is retained.
The first day the Third Series opened with
subscription within traction OF five mil
lions, and the month of June win certainly
see the last of the 1905 out Of Market. How
early in June we caanot predict, but parties
who wish to make sure of portion would do
| well to be ia time. t 1914 EioLq sl1 pfA
Full particulars may be found in our adver-
| Using columns.