Sunbury American. [volume] (Sunbury, Pa.) 1848-1879, 1865-08-12


public securities. Four gears hgo, heh
Pennsylvania State stocks were down to 3d.
be worked and bought them up to pas ane
at that rsse he obtained thres million doi'1
lars for the State, for raising and equipping
her troops. When the Secretary OF the
Treasury gave various bankers throughout
the country commissions to negotiate bic
firs. loans, Mr.. Cooke was always among the
n,o,t successful. He infused portion OF
his own great energy into his sub-agents,
and seemed to, ,tss. unf'sEsssnd nv fpl lpss-
sent tn, Claims Of the Government to the
people When the g. 90 loan was authorized,
it was before the puelic many months with
out attracting any attention, and the total
sales by the Government were only eighteen
millions The war expenses were so vast
that banks and bankers were 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 sustain
ing the Government. Popular loans had
never been tried, and their nature was not
generally understood, Capital is always
sensitive, and capitalists, large and SMALL
were not only to be told that there was
$40 loan on the market, but were to be con
vinced that it was the best as we'll as the
most patriotic investment MIR. Cookies
high character and previous successes in
doced 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 grea. variety of circulars
and handbill, &C., the employment os travel
ers, and in establishing sub-agencies through.
out 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 people
should have the advantage of the interest.
| The result of Mr.. Cookies efforts for the s.
EOS is we'll known. Under his agency,
dating about Feb. 1st, 1868, and closing
Jan. 90, 1865, the loan was sold up to $514,.
7sO,5O0. a' 7 Ht ta1a'I
AS great success always occasions jealousy,
complaints of favoritism towards Mr.. Cooke
were made against the Treasury Department,
which special report to Congress proved
to be without the slightes. foundation.
About this time the National Banking
System was established, and it was part
of the plan that the National Banks should
be the financial agents of the Government
While publicly expressing the warmest
gratitude to Mr.. Cooke fur his past grea,
aud successful efforts, the Secretary of the
Treasury determined to try the experiment
of placing the 1910 loan through theil
agency. In four months but eighty million;
were sold. On July Goth, 1864, the Firs,
Series of 7.30s was offered through the same
channel, but up to Feb. LIST, 1865, periot
Of six months, the, sales and payments tC
soldiers amounted to only about one hun
dred and twenty millions. This rate o
subscription not being sufficient to NEE
the public wants, it was determined to re
turn to the agency of Mr.. Cooke, unde
whose management the sales begun 20 show
an increase within the first week, and in les
than two weeks averaged two millions
day. During the first thirty days the.
reached one hundred million-an average
of about four millions for eacli working day
: The first series was exhausted on the 3Otl
of March, when the sale of the Second Sc
ries of three hundred millions was begun
: This sari4s 5000 eil so,u the ON or may
: deducting Sundays and holidays, in tn
wonderfully short space of thirty work
; ing days making an average of eight ant
one-third millions per day The sale Of tn
Third Series then commenced, but owing t,
the fact that the Treasurer was unable t,
deliver the notes, comparatively little eifor
was made to influence subscriptions unit
June lst, when deliveries were advertise,
= ~ OIL UT @J'Ii|N. 'N4 llH.Il u
to begin. j ,i M uI.ra of 5aj,ro.s,f r5I
The sale of Government loans under Nj
Cookies management as General Subscrip
, tion Agent, have been about thus N
4 $50 Bonds ---- --7rs514 900, 900 >
} 730 Notes ~ .-g-- 81 100000, 600 f.
| u,. .lI. ..t 1000 u.r7 NaT -----------------.