Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1865-08-11
JAY COOKE THE SUBSCRIPTION
AGENT.

IA Il COOhE ldE OOboOhlf llON
AGENT.
Mr.. Jay Cooke, an enterprising and sue
cessful Philadelphia banker, has always been
one Of the most efficient negotiators Of pub
lie securities. Four years ago, when Penn
sylvania state stocks we're to IS, he worked
and bought them up to par, and at that rate
he obtained three million dollars for the state,
for raising and equipping her troops. When
the Secretary of the Treasury gave various
bankers throughout the country commissions
to negotiate his first loans, Mr.. Cooke was
always among the most successful. He in
fused portion Of his own gres. energy into
his sub.Agents, and seemed to best UNDER
stand how to present the claims Of the gov
ernment to the people. When the 5 20 loan
was authorized, it was before the public many
months without attracting any attention, and
about eighteen millions. The war expenses
we're so vast that banks and bankers were no
longer able to supply money in sufficient a.
mounts, and the Secretary Of the Treasury
ing directly to the people to supply the
means for sustaining the government. Pop
ular loans had never been tried, and their
nature was not generally understood. Capt.
tai is always sensitive, and capitalists, large
and small, were not only to be told that there
was 5 30 loan on the market, but were to
be convinced that it was the best as well as
the most patriotic investment. Mr.. Cooke :
the Secretary to sppoint him General Sub
.chpuon Agent. The press and the telegraph
we're Immediately put in motion. large
sum was spent N advertising, the disiribu-
ton OF great variety Of circulars and hand
bil s, SC the employ ment Of travellers, and
in establishing sub agencies throughout the
loyal states. IL Las always been Mr. Cooke
policy to We our loans taken at home, and
he has never solicited subscriptions abroad,
believing tnst our own people should have
the advantage Of the interest. The result oI
Nj Cookies Efforts for the 500. are vel
known. Under biz agency, dating about
Feb l,t, 1868. and closing Jan. %, 1864
the loan was sold up to s5l4,7so, 500
As great success always occasions jealousy,
complsint. Of isvori,,m towards Mr.. Cooke
were made sgainst the Treasury Department
which speci4l report to Congress Prove'
to be without the slightest foundation.
About thi, time the National Banking sys
TEN was established, and it was par, Of tn
plan that the National Banks should be tn
financial agents Of the Government. Will
publicly expressing the warmest gratitude t
Mr.. Cooke for bis past great and successful
efirts, the Secretary OF the treasury deter
! mined to try the experiment Of placing tn
10 40 loan through their agency. In fou
months bat eighty millions were sold. o
July 25th, 1864. the First Series OF 7 so
was offered through the same channel, ru
up 10 Feb. lst, 1865, period of six MONTH
the sales and payments to soldiers amounte
: to only about one hundred and twenty mi
= lions. This rate Of subscription not beiu
sufficient to meet the public wants, It VAS d'
term,ned to retutn to the agency Of Mr.Cook
d under whose management he sales begun
show an increase within the hrst week, an
in less than two weeks averaged two miilioi
r day. During the Grst thirty days the
= reached une hundred mdlioas--sn average
T. about four millions for each working day
= The hrst series was exhausted on the 3Oth
March, when the sale of the second Series
> three hundred millions was begun. This 8
;, rlts was all sold on the 18Th of May, deduc
y ing Sundays and holidays, in the wonderful
At short space Of thirty-six working dsys-ms
T. ing an average Of eight and onethird millio
y per day. The sale Of the Third Series tn
commenced, but, owing to the feet that t
Treasurer was unable to deliver the not'
pr comparatively little effort was made to inf
se ence sub ,criptions until June LIST, when
10 lpenes were advertised to begin.
% The sales of Government loans, under
Cookies management as General Subscripti
Agent, have been about thus:
$40 Bonds, s5l4 600 900
Id 7.3O Notes, 760 900 600