The Jeffersonian Democrat. [volume] (Chardon, Ohio) 1854-1865, 1865-05-26
Chardon, May e5, 1865.
The Third Series of Seven Thirties.

The great success Of the 7, 30 Loan must a /.
ways be looked upon os one Of the most power
ful evidence Of the strength OF the Uuited States
Government, and Of. its strong hold upon the
confidence and affections OF the people On Sat.
urdoy, May 18Th, The subscriptions were over
thirty mdIion doliars, and, for the week en- ding
on that day, over ninety.oght million dollars,
and in the three months that the Loan has been
In charge OF Mr. Jay Cooke, oper fee hundred
million dollars. These large receipts will .ena
bic the Treasury to pay of our nrmes rs they
src disbanded, ind to rapidly discharge the va
Iious obligations thai have been incurred during
tho war. History will chow TINT a great wal
debt to individuals has never before been &C
promptly paid and we think lhnt oil will agre,
that Secretary McCulloch deserves great credit
FOR the ability he has manifested not only in SC.
curing tho means, but for the. financial skill he
has Displayed in SO directing these vast receipt,
and disbursements as not Tor a moment to dis
iurb the equilibrium Of commerce, embnrrnss IN
dividunls, or in any way tighten the money mar.
ket. IL il doubtless true that the Secretary OF
the Treasury nigh. have negotiated the remain.
der OF loans at six PERCENT nte est in ste ad oil
7.3o, bnt SO much valuable time would neccssa.
flly hnve been los, in popularizing q, new loan
that the great object of The Government viz, an
Immediate supply OF money su lTiclent 10 pay all
the debte incident TO the war, would have been
de lcaied; and, besides the difference Of in tcres,
would not have been equal to three days expcns
-. The policy may have looked penny wise ~
but thebest financial authorities, rs well ns com.
mon sense, pronounced il "round foolish" As
Ills, and will be, no soldier will 20 home with.
out his greenbncks, and the floating debt in the
'hnpe OF vouchers, requsitions, &c, will be
wiped out as rapidly us the proper officers ca n
audit and adjust the accounts.
The Second Series of the 7.3O Loan wa 8 OK.
haustcd on Saturday, May 18th. On Monday,
tho Secretary OF the Treasury authorized J Jay
Cooke the General Subscii iption Agent for U. S.
Securities, 10 receive subscr pions for 1890 OOO.
900 ota Third Series, which is all that's author
lied by Congress-, and is without doubt the last
loan at this high ra tie OF interest that will he OF.
fered by the Government.
There Is no change in the terms or conditions
ofthis Third serios, except that the Government
reserves the right Of paying interest at six per
rent in gold instead OF seven aud rec tenths in
surency-a right which would pro suppose
return to specie payments, and make elk per
cent in gold even better than the higher rate il,
currency-u consumma,ion most devou,ly to he
wished.
The privilege OF converting the notes into S 52l
six per cent gold bonds at the end of three ven ;.
or receiving payment at maturity, ai the holder
option, is retained.
The first day OF the Third Series opened will
nsubscripton within fraction of i've millions
and the mo tn OF June will certainly see the las
o. tho .3os out of market. How enrly in. Jun.
we cannot predict, but parties who wish to max.
sure ol portion would do well to be in time.
Full particulars may be found in our adver
iiaing columns.