The Grand Haven news., 1865-05-24

'A'~Ss 80 " soS~ou uPou no ooo VI soo
most powerful evidences of the strength
Of the United States Government, and Of
its strong bold 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
nsillion dollars, and 10 the three months
that the Loan has been in charge Of MI.
Jay Cooke, over fee hundred million dol
lars. These large receipts will enable the
Treasury TO pay off our armies as they
are disbanded, and to rapidly discharge
the various obligations that have been in
Cured during the war. History will
show that great war-debt to individu-
ais has never before been SO promptly
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 f.
naucial skill he has displayed in so d.
recting these vast receipts and disburse-
ments as not for moment to disturb the
equilibrium Of commerce, embarrass in
dividuals, or in any way tighten the mon
ey market. 1t is doubtless true that the
Secretary of the Treasury might have ne
gotiated the remainder Of his loans at six
per cent. interest instead of 7.30, but so
much valuable timc would necessarily
have been lost in popularizing new loan
that the great object Of the Government,
viz, an Immediate supply of money suffi'
cient to pay oil the debts incident to the
war, would have been defeated; and be-
sides, 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 soldier will 60 home without his green
backs, and the floating debtin the shape of
vouchers, requisitions. DC, 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 ofthe Treasury
authorized Jay Cooke, the general Sub
scriptiou Agent for U. s. Securities, to
receive subscriptions for $23o,ooo,00o
of Third Series, which is all that is au.
thorized by Congress, and is without
doubt the last loan at this. high rate Of
interest that will be offered by the Gov
ernment.
Il
The is no chance in the terms or con-
ditions Of this Third Series, except that
the Government reserves the right of pay
ing interest at six per cent. in gold, in
stead Of seven and three-tenths in curren-
cy--a right which would pre-suppcse a
return TO specie payments, and make six
per cent. in gold even better than the
higher rate in currency-a consummation
most devoutly to be wished.
The privilege of converting the notes
into 500 six per cent. gold bonds at the
end of three years, or receiving payment
at maturity, at the holders option, is re-
tanned.
The first day Of the Third Series open
cd with a subscription within fraction Of
FIVE millions, and the month Of June will
certainly see the last Of the 7.30s out Of
market. How early in June we cannot
predict, but parties who wish to make
sure Of a portion would do well to be in
time. D''@ ' M t''n s'
Full particulars may be found in our
advertising columns. ~ =
f,as ----------------- 81,
The managers Of the North Western
Sanitary Fair are making strenuous ef-