The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1865-05-27

ThtFt1e0.
The great success of the 7.30 Loan must
always be looked upon % one Of the most
powerful evidences of the strength Of the
United States Government, aud of its strong
hold upon the confidence ant affection of the
people. On Saturday, May 18th, the sub.
scr;psions were over thirty million dollars,
and for the wssk ending on that day, over
hihetyeiSa Mii,ieA dSildrs, and in the three
months that The Loan has been 10 charge Of
Mr.. JAZZ COOKS, ooer flee hundred ".iil;on
doiidrs Those large receipts will enable the
Treasury TO pay of our armies As they are
disbanded, and to rapidly discharge the
various eh!;agations that have been incurred
during the war. History will show that
great war-debt to individuals has never be.
fore been so promptly paid; and we think all
will agrse that Secretary 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 direct
Ing these vast receipts and disbursements as
not for a moment to disturb the equilibriam
of commerce, embarrass individuals, or in
any way tighten the money market. 1t is
doubtless true that the Secretary Of the Treas
ury might have negotiated the remainder of
his oans at six per cent. interest instead OF
7.30, but SD much time would necessarily
have been lost in popularizing new loan
that the great object ofthe Government, viz,
an immediate supply of money sufficient to
pay all the debts incideu. to the war, would
have been defeated and besides, the differ
AnoA Af-;..aArest would not have hoo ~-r.-i
to three days expenses. The policy may
have looked @penny wise," but the best
financial aut .orities, as well as common
sense, pronounced it pound foolish As it
is-and will be, no soldier will go home with
out his greenbacks, and the floating debt in
the shape Of vouchers requisitions, &c, viii
be wiped out as rapidly as the proper officers
can audit and adjust the accounts.
The Second Series of the 7.30 Loan was
exhausted on Saturday, May 18th. On Mon
day, the Secretary ofthe Tr asury authorized
JAY Cooke, the general Subscription Agent
for the United States Securities, to receive
subscriptions for $50, O0o, 900 of Third Series,
which is all that is authorized by Congress,
and is without doubt the last loan at this high
rate of interest tn will be offered by the
Government.
There is no c,ange in the terms OF condi-
tons of this Third Series, except that the
Government reserves the right Of paying in
terest at six per cent. in gold instead ofseven
q I'd three-ten.hs in currency right which
would pre-suPPose a return to specie pay
nents, and make six per cent. in gold even
better sA.x the higher rate in eurrency-a
contamination most devoutly to be wi.hed.
The privilege of converting the notes into
500 six per cent gold bonds at the end Of
three years. or receiving payment at maturity,
at the holders option, is retained.
The first day of the Thiri Series opened
With subscrition within fraction of FIVE
millions, and the mouth Of June will certain
" see the last OF the 1908 out Of market
How early in June we cannot predict, but
! parties who wish to make sure Of . portion
! ou!d 10 well to be in time.
Full particulars may be found in our adver
ting columns.