Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1865-05-24
The Third Series of SaYen-Thirties.

Inc ll1ru S6r16S OF D6V6u-1 ulFtloS,
The great success of the 80 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 affec-
tions of the people On Saturday, May 18th,
the subscriptions were over thirty million
dollars, and for the week ending on that
day, over nnety-ejght million dollars, and
in the three months that the Loan has been
in charge of Mr.. JAY COOKE, orer .hce hup-
dred million dollars These large receipts
will enable the Treasury to pay off our
armies as they are disbanded, and to rapid
ly discharge the various obligations that
have been incurred during the war. Histo-
ry will show that a great war-debt to indi-
viduals has never before been so promptly
paid; and we think all will agree that Sec
retary 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 and disbursements as not for a
moment to disturb the equilibrium of COM
merce, embarrass individuals, or in any way
tighten the money market. 1t is doubtless
true that the Secretary of the Treasury
might have negotiated the remainder of
his Loans at six per cent. interest instead of
80, but so much valuable time would ne
cessarily have been lost in popularizing
new Loan that the great object of the Gov
" Of,
ey sufficient 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 COM
mon sence, pronounced it pound foolish"
As it is-and viii be, no. soldier viii go home
without his greenbacks, 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 ac-
counts.
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-
ton Agent for u. s. Securities, to receive
subscritions for $3.50, 600, 900 of Third Sc
ries, which is all that is authorized by Con-
gress, and is without doubt the last loan at
this high rate offered by the Government.
There is no terms or conditions 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 right which
would esuppose a return to specie pay
ments, and make six per cent. in gold even
better than the higher rate in currency-a
consumation most devoutly TO be wished
The privilege of converting the notes into
so six per cent. gold bonds at the end of
three years, or receiving payment at maturi
ty, at the holders option, is retained.
The first day of the Third Series opened
with a subscription within fraction of five
millions, and the month of June will GER
tainly see the last of the 7.30s out of mark
ct How early in June we cannot predict,
but parties who wish to make. sure of por-
ton would do well to be in time
Full particulars may be found in our ad-
yertising columns.