Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1865-08-08
Jay Cooke, the Subscrintion ApAnt.

Mr.. Jay Cooke, an enterpfising and success-
iql P%hl!adelE hil banker, has always been one
OIL the most elhelent negOtiators Of public secu-
lltles' -Four years ago when Pennsylvania
otate stocks were down 10 50, he worked and
pousht them up to par, and at that rate he OBJ
tanned three million dollars for the State. for
raising ana equlpplng her troops. hen tho
secretary OF tue Treasury gave various bankers
throughout the country commissions to nego-
tlale his first loans, Mr.. Cooke was always
among tho most successful. lie infused a Dor.
uon OF his own great energy into his sub-agents,
ana seemed to best understand how to Iresent
the claims Of the Government to the people
W hen the 20 loan was authorized, 1t was be-
lore the pubic many months without attract.
iug any attention, and the total sales by the
Government were only about eighteen millions.
The war expenses We're SO vast that banks and
bankers were 40 logger able to supply money in
sufficient amounts, and the Secretary of the
treasury was compelled to adopt some plan for
appealing directly to the people to supply the
means Tor sustaining the Government. Popular
iOans mad never been tried, and their nature was
NOT seneraIey understood. Capital is always
sensitive and capitalists, large and small, we're
not only TO be tout that there was a $50 loan
IN the market, but were to be convinced that il
wa the best as well as the most patriotic invest
nent Mr.. Cookies high character and preyi-
ols SUCCESSES induced the Secretary to appoint
hlm General Subscuptjon Agen'. The preas
ana Clio Telegraph were Immediately put in mo-
,i0n. a idrge sum was spolt in advertising.
The distribution Of a great variety Of circulars
and bauabllls, &c, the employment OF travellers,
anu ~ Is ablshlng sub-agencie- thr0 Ighout the
loyal oAtgs II has always been Mr.. Cookies
pJiiey Ply have our loans taken at home, and be
has noy-r s%JIcitcd subscriptions abroad, bel.ey-
lng ta4i .ur Own pe0p.e should have the adyan-
tage Of .ae Interest. The result Of Mr.. Cookies
efforts tor tbe 5 20s is well known. Under his
agency eating about FEB. lst, 1863, and clos.
my Jan -, l6o4, the lIaa was sold up ~ x5l4,-
ISO, 500.
A. sra.t success alwsys occasions jealousy,
complaints Vi layuriIsm towards Mr.. Cooke
~cru ma4c against the Treasury Department,
with ID ap-o.ll report % Congress, which proved
u Ne 8i.hou. tls slightest foundation.
About this time HE National Banking system
waa established, and it was u Jltt Of the plan
that tue National Banks sh0ul4 BE- the financial
agents % tha Government. While publich e1-
pross.og Che YatmesJ gratitude To Mr.. Cooke for
bus past great and successful c%ifIits, the Secretl-
- % "H A''1HAJ "Nh tAhHNA w. W tuG upper
iment ID, placing The l04O loan through their
agency. lu four months but eighty millions
we're sJl1. On Ju.y 2jh, 1854, Tho First Series
oi $50, was offered through the same channel,
but, up to Feb. lst, 1865, a period OF six months,
be sl,gs and payments u soldiers amounted to
uulY .'lat one hundred and twenty millions.
lNls r.t- 40 subscription not being sufficient 10
meet tho pdO4lo wants, 10 was determined to re-
urn tJ tne agency % Nh. Cooke, under whose
management t1c safes 114un 10 show an Increase
within tle hf 3 week, aud ia loss than TWO
~eaSs aver Eri tNO millions d day. During
me hi,t thirty days they reached one hundred
million An average % about four millions for
zach working DAY. Tine lrst series was exhaus-
rcd Oh Tie JO.h u MlIun, when the sale Of The
Second Series VI three hundred millions was be-
gun. lbls series His all sold un the 18th VI
May, dslucuug sundays and holidays, IN the
WONDERFULLY short space Of t%hirty-slz working
l.ys-mlklug Au a'elage vi eight aud one. third
millions per day. lAe sale vi the Third Series
thee commenced but, owing 90 the fact that
tue treasurer was unable " deliver the notes,
comparatively uttie riJIt vas made to influence
subscriptions until June lsi, when deliveries
were advertised o. begin.
The sales oil Government loans, under Mr..
COOS mana.em no a. General Subscription
Agent, have been about thus
. 20 Bonds Sjl4 900, 900
7.30 Notes 700, 100000