Smyrna times., 1865-05-31
The Third Series of Seven -Thirties,

The great success Of the 7.30 Loan must always
be looked upon Of the mos; powerful evidences
of the strength Of the United States Government, nd
Of its strong hold upon the confidence and affections
of the people. On Saturday, May l3Ih, the sub
scrptions were over thirty million doIlIrs, and fr
the week ending that day, over nintfy-eigh mil
lion dollars and in the three months that the Loan
has been in charge Of Mr.. Jay Cooke, ortr fire hun.
dt ed million dollars These large receipts will enN-
bic the Treasury TO pay off our armies they are
distanded, and to rapidly discharge the various obl
cations that have been incurred during the
History will show that great war-d,bt to indiVdu-
als has never before heon promptly paid; and we
think 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 directing these vast
ceipts and disbursements not for = moment to
disturb the equilibrium of commerce. embarrass in
divduals, or in any way tighten the money market.
1t is doubtless true that the Secretary of the Treasu-
nv might have negotiated the remainder of his loans
at six per cent Interest instead Of 73O, but SO much
valuable time would necessarily have been lost in
popuarzing a new loan that the great object Of the
Government, viz: immediate supply of money
sufficient to pay all the 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, well az
common sense, pronounced it "pound foolish" Al
IT is-and will be-no soldier will go home without
his greenbacks, and TIC doating debt in the shape o.
vouchers, rcquistiOns &c, will be wiped out as rap
idly as the proper officers audit and adjust tbs
accounts.
The Second Series of the 730 Loan was exhaust
ed on Saturday, May 18th. On Monday, the Secre
tary of the Treasury authorized Jay Cooke the gen
eral Subscription Agent for L. S. Securities, to re
ceive subscriptions for $3.50 ,0O0,O00 of Third Sc
res which is all that is authorized by Congress, anC
is without doubt the last loan this high rate Of in
terest that will be offered by the Government.
There is no change in the terms conditions o
this Third Series, except that the Government re
the right of paying interest at six per cent il
gold instead Of and three.tenths in currency
right which would pre.suppose a return to spsci
payments and make six per cent in gold better thai
the higher rate in currency-a contamination mos
devoutly to be wished.
The privilege of converting the notes into $40 r
per cent gold bonds at the end of three years. or
ceivng payment at maturity, at the holders option
are retained.
The first day of the Third Series opened with
subscription within fraction of five millions, ant
the month of June will certainly see the last Of tn
7.3Os out of the market. How early in June we can
not predict, but parties who wish to make sure of
portion would do we'll 10 be in time.
4 Full particulars may be found in our advertisnl
T columns.