The Ashland union. [volume] (Ashland, Ashland County, Ohio) 1854-1868, 1865-05-31
The Third Series,Of the Seven.
Thirties.

Thirties.
The great success Of the 7.30 Loan
must slways be look ed upon as one Of the
most powerful evidences Of the strength
Of thu United States Government, and Of
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 week
ending on that day, over ninety.eight
mi lion dollars, and in the three months
that the Loan has been in the hands of
Mr.. Jay Cooke, over five hundred mil.
lion dollar s. These large receiptsIwill
enable the Treasury TO pay off our armies
as they are disbauded, and to rapidly dis.
charge the various obligations that have
been incurred during the war. History
will show that great war-debt to indi-
viduals has never before been SO prompt
ly paid and we think all will agree that
Secretary McCulloch deserves great cred
it for the ability he has manifested, not
only in securing the means, but for the
financial skill he has displayed in SO di-
recting these vast receipts and disburse-
ments as not for moment to disturb the
equilibrium of commerce, embarrass indi-
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 7.30, but
so much valuable time would nece ssarily
have been lost in popularizing q new loan
that the great object of the Government,
viz, an immediate supply of money suffi.
cient to pay all 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 sol.
dier will go home without 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 7.30 Loan
was exhausted on Saturday, May 18th
On Monday, the Secretary of the Treas
ury authorized Jay Cooke, the General
Subscription Agent Of the U. s. Securl-
ties, to receive subscriptions for $780,
100000 of Third Series, which is all
that is authorized by Congress, and is
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 OIL
conditions of this Third Series, except
that the Government reserves the right
of paying interest at six per cent. in golG
instead of seven and three-tenths in cur
reucy-a right which would pre.suppOsC
a return to specie payments, and maxi
six per cent. in gold even better than thu
higher rate in currency-a consumma
ton most devsutly to be wished.
The privilege Of converting the note
into $40 six per cent gold bonds at tn
end of three years, or receiving paymen
at maturity, at the holders option, is re
tanned.
The first day of the Third Series open
ed with subscription within q Fraction
of FIVE millions, and the month Of Jun
will certainly see the last Of the 7.3O
out Of market. How early in June "
cannot predict, but parties who wish
make sure Of portion would do well t
be in time.
Full particulars may be found in ou
advertising columns.