The Potter journal. [volume] (Coudersport, Pa.) 1857-1872, 1865-08-08
. .-@1@ns - -
.9AY COOK E

President"
JAY COOKE.
. Mr.. Jay Cooke, an enterprising and
successful Philadelphia banker, has always
been one of the most efficient negotiators
of public securities. -Four years ago,
when Pennsylvania State stocks were
dewn to s., he worked aud brought them
up to par, and at that rate he obtained
three million dollars for the State, for
raising and equippiEg her troops. When
the Secretary of the Treasury gave varl,
Gus bankers throughout the country com
missions to negotiate his first loans, Mr..
Cooke was always among the most sue
cessful He Infused portion of bis OVID
great energy into his sub-agen,s, and
seemed to best understand how to pre-
sent the claims of the Government to the
people. When the $40 loan was author.
lied, 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 ex-
penses were so vast that banks and bank
ers were no longer able to supply money
in sufficient amounts, and the secretary
of the Treasury was compelled to adopt
some plan for appealing directly to the
people to supply the means for sustaining
the Government. Popular leans had
never been tried, and their nature was
not generally understood. Capital Is al
ways sensitive, and capitalists, large and
small, were not only to be told that there
was a 5 20 loan on the market but were
to be convinced that it was the best as
we'll as the most patriotic Investment
Mr.. Cookies high character and previous
successes induced the Secretary to appoint
him General Subscription Agent. The
press and the telegraph were Immediately
put in motion A large sum was spent
in advertising, the distribution of great
variety of circulars and hand bills, &c,
the employment Of Of travellers, and in ea,
tablishing sub-agencies throughout the
loyal States. 1t has always been Mr..
Cookies policy to have our loans taken at
home, and he has never solicited subscrip-
tions abroad, believing that our own peo-
Bile should hrye the advantage of the
interest. The result of Mr.. Cookies ef-
forts for the 520s is we'll known. Under
his agency, dating about Feb. lst, 1868,
and closing Jan. 22, 1864, the loan was
sold up to $5l4,780,500.
AS great success always occasions jeal-
ousy, complaints of fayoritism towards
Mr.. Cooke were made against the Treas
ury Department, which a special report to
Congress proved to be without the slight.
est foundation.
About this time the Natioal Banking
System was established, and it was part
of the plau,that the National Banks should
be the financial agents of the Government
While publicly expressing the warmest
gratitude to Mr. Cooke for his past great
and successful efforts, the Secretary of
the Treasury determined to try the ezper-
iment of placing the 1910 loan through
their agency. In four months but eighty
millions were sold. On July 25th, 1864
the First Series of 7-30s was offered
through the same channel, but up to Feb.
lst, 1865, period of six months, the sales
and payments to the soldiers amounted to
only about one hundred and twenty mill
ions. This rate of subscription not being
sufficient to meet the public wants, it was
determined to return to the agency Of Mr..
Cooke, ,under'whose management the sales
begun to show an increase within the
| first, week, and in less than two weeks
averaged two millions day. During the
/ first thirty days they reached one hundred
millions-aA average of about foul mill
ions for each working day. The first Sc
ries was exhausted on the 30th of March,
wen the sales Of the Second Series Of three
hundred millions was begun. This Sc.
ries was all sold on the 18th cf may, de-
Quoting Sundays and holidays, in the
wonderfully short space of thirty six
working days-making an average Of
eight and one third millions per day
The sale of the third series then com
menoed, but owing to the fact that the
Treasury was unable to deliver the notes
comparatively little effort was made to in
fuence subscriptions until june lst,when
deliveries were advertised to begin.
The sales of Government loans, under
I Mr.. Cookies management as General
Subscription Agent, have been about
thus
$40 Bonds $5l4,000, 900
7-30 Notes 76O,OoO,OOO
3I,274, ,o0o,O 900
to say nothing of his earlier undertakings
) or the large amounts of bonds taken by