M'arthur Democrat. (McArthur, Vinton County, Ohio) 1853-1865, 1865-08-17

S''N"'NN III lllIOIi SOhJt1, , NIlbs
and in Dent and Shannon counties,
Missouri. These Missouri Ian do aro
Offered low.
~~~~-,sNs>s~>~~s>.~,,.
Jay COOKE, THE SUBsGRIPTIoN
AdENT.--Mr. Jay Cooke, an enters
ptlsing and successful Philadelphia banker,
has Ulways been one of the most efficient
negOtiators Of public securities. Four
years ago, when Pennsylvania Slata stocks
were down to So, he worked and brought
them up to par, and al that rate he obtain
cd three million dollars for the State. for
raising and cquippng het t.uups. when
the Secretary Of the Treasury gave various
bankers throughout the couutry commissions
to negotiate his first loaas, Mr Cooke was
always among the most successful. lie
infused portion Of his own grcat energy
into his sub agents, and seemed to best
Understand how to best present the claims
OF the government to the people. When
the $40 loan was authorized, it was before
the public many months without attracting
any attention, and the total sales by the
Government were only about eighteen
millions. The war expenses were so vast
that banks and bankers were no longer
able to supply money in sufficient amounts,
and the Secretary of the Treasury was
compelled to adopt some plan for appeal
ing directly 10 the people to supply the
means for sustaing the Government. Pop
ular loans hal never been tried, and their
nature was not generally understood. -
Capital is always sensitive, and capitalists,
large and small, were not only 10 be TOLD
that there was $50 loan on the market,
but were TO be convinced that ii was the
BEST us well as the most patriotic invest
ment. Mr. Cookies high character and
previous successes induced the Secretary t.
appoint him General Subscription Agent.
The press and the telegraph were immed-
lately put in motion. A largo sum was
spent lii advertising, the distribution OF u
great variety Of ci. cuiars aud han bill Is,
&c, the employment of travellers, aud in
establishing sub-agsncies throughout SIC
loyal States. It has always been Mir
Cookies policy to haveho our loans taken at
home, and he has never solicited subsc-ip.
tions abroad, believing that our own people
should have the advantage of the interest.
AhC lIJuis W nlI CUNNt tlOl ID IOI lIlS
520s is well known. Unlerhs a{rncy
dating about Feb. lst, 1868, aud closing
Jan p, 1861, the loan was up 10 55l4,
7 $500.
As great success always occasions
jealousy, complaints OF fayoritsm towards
Mr. Cooke were made against the Treasury
Department, which special report tu
Congress proved to he without the slightest
foundation.
About this tine the National Banking
System was established and it was par
ofthe plan that the National Banks shoulJ
be the financial agents Of tha Government
While publicly expressing the warmes
gratitude to Nj Cooke for his past great
and successful efforts, the Secretary OF the
Treasury determined to try The exporimch,
OF placing the 10 40 loan through thci
agency. In four months but eighty
millions were sold On July 25th, 1864
the First Series of 7.3Os was offered through
the same channel, but, up TO Feb. lst
1868, period of six months, the sales and
payments TO soldiers amounted to only abou
, one hundred and twenty millions. This
rate OF subscription not being sufficient t
meet the public wants, it was determined
to return to the agency of Nj Cooke, unde
whose management the sales begun to SHOW
an increase within the first week, and il
less than two weeks average two million
day. During the first thirty davs the,
reached one hundred millions-an averag
of about four millions for each working
day. The first series was exhausted OF
the Both Of March, deducting Sundays ant
holidays, in the wonderfully short space O
thirty six working days-makine an aver
age of eight and one third millions per day
The sale Of the Third Series commenced
but, owing to the fact that the Treasure
was unable to deliver the notes, compare
lively little effort was made to infIenc
subscriptions untifJune LIST when delivene
were advertised to begin.
The sales of Government Loans, unde
Mr. Cookies management as Gencr;
Subscription Agent, have been abOu
thus: {.
$40 Bonds S5l3. 900 900
7.30 Notes 760. 1000 600