The Lancaster gazette. [volume] (Lancaster, Ohio) 1863-1886, 1865-06-01
Tho TA,ra ssrlo. OF sevsn.rhlrtlo..

Inc great success OF the 7:3O Loan
muetAlways be looked upon as one Of
The most powerful evidences o. the
of the United States Govern
ment, and Of its strong hold upon tho
confidence and affections of the people.
On Saturday, May 13, the subscrip-
tions were ovor thirty million dollars,
and for the week ending on that day,
over ninety eight million dollars, and in
the three months that the Loan has
been in charge of Mr.. JAY Cooke, ouer
fve hundred million dollars. These
large receipts will ena be Treasury
to pay off our armies aS's1ey are dis
banded, and to rapidly discharge tho
various obligations that have been in
CURED during the war. History will
show that great war-dcbt TO indi-
viduals has novor been 50 promptly
paid; and we think all viii legree tha
Secretary MeCulloch dcse es gree
credit for the ability he has manifest
cd, not only in securing the means,
but for 0Afnancial skill he has dis
played in so directing thcsovast re-
ceipts and disbursements as not for a
woment to disturb the equilibrium of
commerce, embarrass indiSiduals, OF
in any way tighten the money market.
1t is doubtless true that the Secretary
of the Treasury might have negotia-
ted the remainder Of his loans at six
per cent. interest instead of 7:3O, but
so much valuable timo would neces-
sarily have been lost in popularizing
a new loan that the great object ofthe
Government, viz, an immediate sup
ply of money sufficient to pay all the
debts incident to the war, would have
been defeated; & besides, tho difference
ofinterest would not have been equal to
three days expenses. ..Thepolicy may
havc looked "penny wise" but the
best financial authorities, as we'll af
common sense, pronounced it "pound
foolish" AS it is-and will be, nc
soldier will go home without his
greenbacks, and the floating debt in
tho shape of vouchers requisitions
&C., will bo wiped out as rapidly as
the proper officers can audit and ad
Just the accounts.
The Second Series Of the 73O Loar
was exhausted on Saturday, May 18th
On Monday, the Secretary OF th'
Treasury authorized JAY Cooke, th'
general Subscription Agent for U. S
Securities, to receive subscriptions fo
$3.50, 100000 of a Third Series, whicl
is all that is authorized by Congress
and is without doubt the last loan a
this high rate Of interest that will b.
offered by tho Government.
There is no change in tho terms o
conditions of this Third Series, excep
that tho Government reserves th
right ofpaying interest at six per cent
in gold instead of seven and three
tenths in currency--a right whic
would pro-suppose return to speci
payments, and make six per cent. i
gold oven better than tho higher rat
in curroncy--a consummation mos
devoutly to be wished.
The privilege of converting tb
notes into $40 six per cent gold bond
at the end ofthrec years, or receiving
payment at maturity, at the holder
, option, is retained.
Tho first day of tho Third Scric
opened with a subscription within
fraction of five millions, and tho mont
of Juno will certainly SEQ the last O
the 7.30s out Of market. How earl
in Juno we cannot predict, but partie
who wish to mako sure of u porto
would do we'll to bo in time.
Full particulars may bc found j
our advertising columns. 4