The Bedford gazette. [volume] (Bedford, Pa.) 1805-current, 1865-05-26
The Third Series Of gsyeu-Thirties.

The great success of the Z 80 Loan must al
ways be looked upon as one of the most power
full evidences Of the strength of the u States
lGovernment, and of its siroog hold upon the
confidence and affections Of the people. On
Saturday, May l3, the subscriptions were over
thirty ai,iion dollars, and for the week ending on
that day, over nptety-egt million dollars, and in
the three months that the Loan has been IN
charge of Mr.. JAY COOKE, orer .Jice hundred n'it-
lion dollars. These large receipts will enable
the Treasury to pay off our armies as they are
dis5anded, and 10 rapidly discharge the various
obligations that have been incurred during the
war. History will show that great War-debt
to individuals has never before been 50 promptly
paid; and we think all viii agree that Secretary
lMcCulloch deserves great credit fcr the ability
he has manifested, not only in securing the
means, but for the financial skill he las display
ed in so directing these vast receipts and dis
ibursements as not for moment to disturb the
lequilibrinm of commerce, enbaTfaSs individuals
or in any way tighten the money market. 1t IS
doubtless true that the Secretary CT the Treas
ury might have negotiated the remainder Of his
loans at SIX per cent, interest instead Of 7.3C,
but SO much valuable time would necessarily
have been lost in populariziDg 4 new loan that
The great object OF the Government, viz: an In
mediate supply Of money sufficient to nay all
! tie dcSis incident 20 the war, would have been
defeated; and besides, the difference Of interest
would not have been equal to three days ex-
penses. The policy may have looked ''penny-
wise" but the best financial authorities, as well
as common sense, pronounced it ''pound foolish"
As IT is-and viii be, 40 soldier will 70 home
II Q,o ~
| the shape of vouchers, requistions &c, will be
wiped ont IS rapidly as the proper officers can
aIdit and adjust the accounts.
! The Second Series Of the 7.30 Loan was ex-
I hlusted on Saturday, May 13. On Monday, tGe
| Secretary Of the Treasury authorized JAY COOKE
! tie general Subscription Agent for u. 5. Secu-
rfies to receive subscriptions for S23G, ,00C, 600
oi a Third Series, which is all that is authoriz
! ec by Congress, and IS without doubt the last
Ian at this high rate Of interest that will be Of
| fred by the Government.
( There is no change in the terms CT conditions
/ cf this Third Series, except that the Govern
nent reserves the right of paying interest at six
/ pr cent. in gold instead Of seven ami three
! tenths in curTency-~a right which would pre-
Suppose a return to specie payments, and make
SIX per cent. in god even be.:sr than the higher
rate in currency-a consummation most deYout-
/ Is to be wished.
! The privilege OF coayerting The notes into $50
/ six per cent. gold bonds at the end Of three
Jaars, or receiving payment at maturity, at The
Iolder's option, is retained.
The first day of the Third Series opened with
a subscription within a fraction Of five millions,
and the month Of June will certainly see the
! hst of the 73Os out of market: How early in
June we cannot predict, but parties wlo wish
to make sure of portion would do well to be
IN time.
Full particulars may be found in our adyer-
tisin0 columns.