The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1865-06-08
The Third Series of Seven-Thirties


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
itedStates Government, and ofits 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 ninety eight million dOildys and in the
three months that the Loan has been in
charge of Mr.. Jay Cooke, over fre hundred
million dollars. These large receipts will
enable the Treasury to pay off our armies
az 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 individ-
uals has never before been so promptly
paid; and we think all will agree that Sec
rotary Mccullough deserves great credit
"a Cor the ability he has manifested, not only
in securing the means, but for the tinan-
cial skill he has displayed in so directing
these vast receipts and disbursements as
not for moment TO disturb the equilibri-
UNI Of commerce, embarrass individuals,
Or in any way tighten the money market.
1t is doubtless true that the Secretary might
have negotiated the remainder of his loans
at six per cent. interest instead Of 7-30, but
90 much valuable time 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 all 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 greenbacks, and
the floating debt in the shape OF vouchers,
acquisitions. &C., will be wiped ont rs rap
idly as the proper officers can audit and
adjust the accounts.
The Second Series Of the 80 Loan was
exhausted on Saturday. May 18th. On
Monday the Secretary Of the Treasury au-
thorized Jay Cooke, the general Subscrip-
Il n Agent for Z. s. Securities, to receive
subscriptions for $3.50, 600, 900 of Third Sc
ries, which is all that i authorized by Con-
greSS, anu Is "ltHout uOuDt IIlc Iast lOoIl NJ
this high rate Of interest that will be offered
by the Governments.
There is no change In the terms or con-
ditions 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..a return tospecie
payments, and make six per cent. in gold
even better than the higher rate in curren-
cy-a contamination most devoutly to be
wished. ..
4 The privilege Of converting the notes in
70 800 zig par cent. gold bonds at the end
Of three years, or receiving payment at
maturity, al 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
tainly see the last of the 1905 out Of mar
ket. How early in June we cannot pre-
dict, but parties who wish to make sure OF
q portion would do well TO be in time.
Full particulars may be found in our adj
ysrtising columns. 4'-