Dodgeville chronicle. [volume] (Dodgeville, Wis.) 1862-current, 1865-06-01
The Third Series Of Seven Tnirties.

The great success Of the 7-30 Loan must
always be looked upon as one OF the most
powerful evidences Of the strength OF the
United States Government, and offs strong
hold upon the confidence and affections OF
the people. On Saturday, May 18th. the
subscriptions were over thirty million DOL
lars, and for the week ending on that day,
over nt,aety-eiqbt million dollars, and in the
three months that the loan has been in
charge Of Mr.. Jay Cooke, oper .1frs hnndred
million dollars. These large receipts VIII
enable the Treasury to pay off cur armies
rs they are disbanded, and to rapidly dis
charge the various obligations that have
been incurred during the war. History
will show that great war-debt to lndlvld-
nails has never before been so promptly
paid and We think all will agree that Sec
retary McCaIloch deserves great credit for
the ability he has manifested, not only IN
securing the means, but for the financial
skill he has displayed in SO directing these
vast receipts and disbursements as not for
"A moment to disturb the equilibrium Of
commerce, embarrass individuals, or in any
way tighten the money market. It is doubt
less true that the Secretary Of the Treas
ury might have negotiated the remainder OF
his loans at six per cent. interest instead OF
7.30, but so much valuable time would nee
cessarily have been lost in popularizlng a
new loan that the great object of the Gov
eminent, viz, an immediate supply ofmon-
ey 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 the three days expcn-
ses The policy may have looked penny
wise" but the best financial authorities, as
we'll as common sense, pronounced 1t
'pound foolish" AS it is-and will be, no
soldier will go home without his greenbacks,
and the floating debt in the shape of vouch-
ers acquisitions, &C., will be wiped out as
rapidly as the proper officers can audit and
adjust the accounts.
The Second Series Of the T.30 Loan was
exhausted on Saturday, May 18th. On
Monday, the Secretary Of the Treasury aU-
thoriz2d Jay Cooke, the general Subscrip-
ton Agent for T. S. Securities, to receive
subscriptions for $3.50, 100000 Of Third
Series, which is all that is authorized by
Congress, and is without doubt the last
loan at this high rate of interest that will
be offered by the Government.
There is no change in terms or conditions
of this Third Series, except that the Gov
eminent reserves the right Of paying inter
est at six per cent. in gold instead of seven
and three-tenths in currency right which
would pre-suppose return to specie pay
ments, and make six per cent. in gold even
better than the higher rate in currency-a
contamination most devoutly to be wished.
The privilege Of converting the notes into
$40 six per cent. gold bonds at the end Of
three years. or receiving payment at matu-
rity, at the holders option, is retained.
The first day of the Third Series opened
with subscription within fraction of five
millions, and the month of June will GER
taialv see the last of the 7.30s out of mar
ket How early in June we cannot predict
bat parties who wish to make sure of por-
ton would do we'll to be in time.
Full particulars may be found in our ad
vertising columns.