Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1865-05-22
QDRllo(I. q. Statle;ssJn.lllal)nl.,: 81 III M:
The Third series OF seven Vhirties.


The great success of the 7-30 Loan must
always be looked upon as one OF the NEST
powerful evidences of the strength of the
United States Government, and of its strong
hold upon the confidence and affections of
the people. On Saturday, May 18TH the
subscriptions were over htrtymllton dollars
and for the week ending on that day, over
ainety.eigM million 0Olla1S, and in the three
months that the Loan has been in charge of
Mr.. Jay Cooke, OUer fce hundred milton aol-
lars These large receipts will enable the
Treasury to paw Off our armies as they are
disbanded, and to rapidly, discharge the
various obligations that have been Incurred
during the war. History will show that
great war-debt to individuals has never be-
fore been so promptly paid;- and we thiEk
all will agree that Secretary McCulloch de-
serves great credit for the ability he has
manifested, not only in securing the means,
but for the financial skill he has displayed
in so directing these vast receipts and dis
bursements as not for moment to disturb
the equilibrium Of commerce, embarrass
ind Viduals, or in any way tighten the
money market. 1t is doubtless true that
the Secretary of the Treasury might have
negotiated the remainder of his loans at six
per cent. interest instead of 7-3O, but SO
much valuable time would necessarily
have been lost in popularizing anew loan
that the great object of the Government
viz, an immediate supply of money sutfi-
cient to pay all the debts incident to the
war, would have been defeated; and be-
sides, 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 tool
ish.p AS it is-and will be, no soldier will
20 home without his greenbacks, and the
floating debt in the shape of vouchers. re-
quistiohs, &C., will be wiped out as rapidly
as the proper officers can audit and adjust
the accounts. ..a., ...J5l...5 ... ....
The Second Series of the 7-30 Loan was
exhausted on Saturday, May 18th. On
Monday, the Secretary of the Treas
ury authorized Jay Cooke, the gen
eral Subscription Agent for U. $.
3O,00O,0OO of Third Series, which is all
that is authorized by Congress, and is with
out doubt the last loan at this high rate of
interest that will be offered by the Govern
ment. q
There is no change in the terms or eondi-
tions Of this Third Series, except that the
Government reserves the right of paying
interest at six per cent. in gold instead Of
seven and three-tenths in currency-a right
which would pre-suppose return to spe-
Gle payments, and make six per cent. in
gold even better than the higher rate in
currency-a consummation most devoutly
to be wished.
The privilege of converting the notes in
to 500 six per cent. gold bonds at the end
of three years, or receiving payment at
maturity, at the holders option, is retained.
| The first day Of the Third Series opened
with a subscription within a fraction of
five millions, and the month of June will
certainly see the last of the 1905 out of
market. How early in June we cannot
predict, but parties who wish to make S0re
| of portion would do well to be in time.
Fufl particulars may be found in our adj
vertising columns.-EcchDa9e.