The Iowa transcript. (Toledo, Tama County, Iowa) 1858-1866, 1865-05-25
The Thifrs Series Of scvcn-Thir-


sics.
The great snccess Of The 40 Loan
mus, Away, ,, looked upon as ono Of
tho most powerful evidences Of the
strength Of the United States Govern
ment and of Its strong hold upon the
confidence and affections Of the people.
On Saturday May 18th the snhsrrip
tons were over thirty m,l'j, n r'oiia"s,
and for the week endirr on that day
over ninety eight MILL n ,;nsiC,rs and in
the three months that Tic Loan has
been in charge of Mr. .tAs Cooks otter
FIRE hundred MIX m rt,R.,,.. These
large e-ceip's viii enable the Treasury
to pay on Our armies rs they are dis
handed and to rapidly discharge the
va-ious Obligations that Lave been in
CURED during the w,r. History will
show thata grce. war.debt to injivid
Al, has neve: before been SO promptly
paid; ard we think all will agree that
Secretary McCnlloch deserves great
cred,. for the ability he has manifested
cot only in securing the means but for
the financial skill he has displayed in so
directing these vast receipts and dis.
bnrscmen,s as not for moment to dis
turb the equilibrium Of commerce EN-.
barrass individuals or in any way
tighten the money market. I, is doubt
less true that the Secretary Of the
Treasury might have negotiated the re-
mainder Of his loans at six per cent
interest instead OF 80 but so much
valuable time would necessarily have
been los, in popularizing anew loan
that the great object Of the Govern
u,ent viz. an immediate supply Of
rncucy sufficient to pay all the debts
incident to the war would have been
defeated, ond besides the difference Of
ar interest would net nave been equal
to ,h,ce days expenses. The policy
may have looked @'renxy wise, bu, the
best financial authorities rs well rs
common sense pronounced it "pound
foolish" As it is-and will be 40 sol
der will 60 home without his green
backs and the floating debt in the shsre
Of vouchers acquisitions &C., will be
wiped out as rapidly as the proper
officers can audit and adjust the &c
counts.
! The Second Series Of the so Loan
| was exhausted on Saturday May 18th
On Monday the Secretary Of the Trea'
snry authorized JAY Cooks the gener
al Subscription Agent for u. S. Secur,
ties to receive subscriptions for $3.50,
900, 900 of Third Series which is al
that is authorized by Congress and il
without doubt the last loan at this higi
rate ofinterest that will be offered b,
/ the Government.
There is no change in the terms Of
conditions 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 specie payments
and make six per cent. in gold even
better than the higher rate in currency
"a consummation most devoutlg to be
wished.
The privilege of converting the notes
into so six per cent. gold bonds at
the end Of three years or receiving pay
ment 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
| 3os on, Of market. How early in
June we cannot predict but parties who
wish to make sure Of a portion would
do we'll 10 be in time.
Full particulars may be found in our
advertising columns.