Orleans independent standard. [volume] (Irasburgh, Vt.) 1856-1871, 1865-05-26
IRASBURGU, FRIDAY, MAY &c, 1866.
r IL IL M s..
Third Series of Seven Thirties.

Inc great success vi tuo ''oV Loon
must ways be looked upon as one Of
the most powerful evidences Of the
strength Of the United States Govern
ment, and Of its strong hold upon the con.
fidenco and affections OF the people. On
Saturday, May 18th, the subscriptions
were over thirty millions dollars, and for
the week ending on that day, over ninety
eight million dollars, and in three months
that the Loan has been in charge Of Mr..
JAY Cooke, ouer fire hHndred million
dollars. These large receipts will en-
able the Treasury TO pay off 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 indl
viduals has never before been so prompt
ly paid and we think all will agree that
Secretay McCulloch deserves great cred
it for the ability he has manifested, not
only in securing the means, but for the
financial skill he has displayed in SO di-
recting these vast receipts and disblrse.
ments as not for a moment to disturb the
equilibrium of commerce, embsrrass indi.
viduals, or in any way tighten the money
market. 1t is doubtless true that The
Secretary of the Treasury might have
negotiated the remainder of bis loans at
six per cent. interest instead of 7.30, but
SO much valuable time would necessarily
have been los. in popularizing a new
loan that the great object of the Governs
meni, viz, an immediate supply of money {
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 three days ex-
oenses. The policy may have looked II
penny WISE" but the best financial au- =,
horties, as well as common sense, pro- r.
lounced it "pound foolish" AS it is tt
md will be, no soldier will 90 home with OF
ut bis greenbacks, and the floating debt D !,
a the shape OF vouchers, acquisitions, &C.,
will be wiped out as rapidly as the pro- m
'er officers can audit and adjust The &C. ia
cunts. n
The Second Series of the 730 Loan y
vas exhausted on Saturday, May 18th. /
On Monday, the Secretary Of the Treas i:
ary au,hotized JAY Cooke, the general il
Subscription Agent for U. S. Securities, !
to receive subscriptions for $3.50, 100000 y
Of Third Series, which is all that is au- a
Ihorized by Congress, and is without 8
doubt the last loan at this high rate of o
interest that will be offered by the Gov :
There is no change in the terms or b
of this Third Series, except ?
that the Government reserves the right 7
Of paying interest at six per cent. in !
gold instead Of seven and three>tenths in c
currency--a right which would pre-sup- 7
pose return to specie payments, and :
make six per cent. in gold even better ,
than the higher rate in currency--s con. {
summation most devoutly to be wished r
The privilege of converting the notes v
into $40 six per cent. gold bonds at the Il
and Of three years, or receiving payment t
at maturity, at the holders option, is re- 5
tanned. b
The first day ofthe Third Series OPEN $
ed with subscription within q fraction e
of five millions, and the month of June il
will certainly see the last of the 1905 n
out of market. How early in June we n
cannot predict, but parties who wish to n
make sure Of portion would do we'll to S
be in time. e
Full particulars may be found in our 0
columns. ii
ORLEANS COUNTY MARBLE Works.
Il II Rnular &c ,ha IR