The weekly north Iowa times. [volume] (McGregor, Iowa) 1857-1867, 1865-05-31
McGREGOR, IOWA, WEDNESDAY, MAY 81, 1865


The Third Series OF the eSeven.Thlrties.
The great success Of tho 7.30 Loan must
always be looked upon as one of the most
powerful evidences Of the strength Of the
United States Government. and of its strong
hold upon the confidence and affections of
the people. On Saturday, May 18th, the
subscripticrs were over thirty million dol
lars, 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, orer fus hundred
million dollars. These large receipts will
enable the Treasury to pay of our armies
as 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 indivd.
uals has never before been so promptly
psid; and we think all will agree that
Secretary McCulloch 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 ard disbursements as not for
moment to disturb the equilibrium OF
commerce, embarIass individuals, or in any
way tighten the money market. 1t is
doubtless true that the Secretary of the
Treasury might have negotiated the remain
der Of his loans at six per cent interest in.
stead Of 730. but so much valuable time
would necessarily have been lost in popular
izing = new loan that the great object Of
the Government, viz an immediate supply
Of money sufficient to pay all the debts in
cident to the war, would have been defeat
ed and besides, the difference of interest
would not have been equal to three days
expenses. The policy may have looked
"penny wise," but the best financial author.
tiles, as we'll 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 debt in the shape Of
vouchers requisitions, &C., will be wiped
out as rapidly as the proper officers can
audit and adjust the accounts.
The Second Series Of the 7.3O Loan was
exhausted on Saturday, May 18th. On
Monday, the Secretary of the Treasury
authorized JAY Cooke, the general Sub
scription Agent for U. S. Securities, to re-
coivc subscriptions for $23O,O0o,ooo 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 char &c in the terms or con-
di,ions 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 tcnths in currency-a right
which would pre-suppose return to specie
payments, and make six per cent. in gold
even better than the higher rate in cur.
rency-a consummation most devoutly to
be wished.
The privilege of converting the notes
into 5 90 six per cent. gold bonds at the
end Of three years, or receiving pay
ment at maturity, at the holders option,
is retained.
The first day Of the Third Series opened
with subscription within fraction Of Eve
millions, and the month of June will Ger
tainly see the last Of the 73Os out of mar
ket. How early in June We cannot predict,
but parties who wish to make sure Of a
portion would do we'll to be in time. e.-Neac
Yorker.
Full particulars may be found in our
advertising columns.