Ashtabula weekly telegraph. [volume] (Ashtabula, Ohio) 1853-1873, 1865-08-12
jay ooont, th. saberrs,,.m Assu,.

Jay occEe, ths subcffptiSm hsewt.
Mr.. Jay Cooke, 40 euerprAisg and success.
ful Philadelphia banker, has always been one
Of the = o. ost ,fficent nego,iators Of public
securities. Four years ago, wbcbPennsyivab
State stocks we're down TO sJ,, be worked and
ofotght ,bemupto rnr, aud a, tbat rate, Ne
obtained three miou.dollars fJr tfie State, for
raising aud eqnipping her ttoops. When the
Secretary OF the Tredsdry gave various bankers
throughout the country commissions 10
negotiate bis fret loans, Mr. Cooke was
always among the most successful He Infused
a portion OF his own great euergy into his
sub-agents, and seemed to best understand
how to present the claims ofathe Government
TO the people. When thu, 0 20 loan was
authorized il was before the public many
months without attracting any attention, and
the total sales by the Government were only
about eighteen millions. The war expense es
were SO vast that banks aud bankers were no
longer able to supply mouey in sufficient
amounts, aud the Secretary of the Treasury
was compelled to adopt some plan for appealing
directly to the people to supply the means
for sustaining the Government. Popular
loans had never been tried, and their nature
was not generally understood. Capital is al.
ways sensitive, aud capitalists, large aud small
ware not only to be told that there was 5 20
loan on the market, but were to be convinced
that it was the best as well as tie most patriotic
invest meut Mr.. Cookies high character and
previous Successes ioduced the Sgcreta rs to sps
point him General Subscription Agent. The
press and the telegraph were Immediately put
in motion. A large sum was spent in adver-
tisiug, the distribution Of great variety OF
circulars aud hapdbiIls, &C., the employment
oil travellers, and 10 establishing sub-agencies
throughout the loyal States. 1t has always
been Mr.. Cookies policy to have our loaus
taken at home, and he has never solicited
subscriptions abroad believing that our own
people should have the adV r,tavse Of the 10.
interest. The result Of Nc. Cookies efforts
for the 5 20. is well known. Under his agency,
dating about Fob. lst, 1863 aid closing Jau'
%, 1864, the loan was sold up TO S5l4,7 500
As grea. success always occasions jealousy
complaints OF favoritsn towards Mr.. Cooke
were made against the Treasury Department.
which special report to Congress proved TO
he without the slightest foundation. .a.
! About this time the National Banking
). System was established, and it VS. part OF
the plan that the National Banks should be
the financial agents OF the Governments
Whlle publicly expressing the asarmest graft.
tude to Mr.. Cooke for his past great and sue
determined TO try the experiment OF placing
the 0 40 loan through their agency. In four
months bit eighty millions were sold. On
July 25th, 1864, the First Series Of 30s was
offered through the same channel, but, up to
Feb. Isl. 1865, period of six months. TIE
sales and payments to soldiers amounted 10
only about one huudred and twenty millions -
This rate of subscription not being sufficient to
meet the public wants. it was determined 10
return To the agency of Mr.. Cooke. under
wboae manag einent the sales begun to show an
increase within the first week aud in less than
two weeks averged two millions day. Dur.
ing the irst thirty days they reached one hun
dred millions.saL average of about f0ul
millions for each working day. The fri
'ries was exhausted on the 30lb of March
when the sale of the Second Series of thr, g
handred millions was begun. This series was
all sold on the 18Th OF May deducting Sunday 5
"iid holidays 10 the wonderfully short space
of ihi tyi,ix working days-making an average
Of eight aud one third millions per day. The
sale of the Third Series hen con menced, bu'
owing to the fact that the Treasurer was un abl
to deliver the notes. comparatively little effor
was male to Influence subscriptions until June
lst, when deliveries were advertised to begin.
1he sales of Governuieht loans. under Mr.
Cookies management as General Subscription OF
gent have been about thus, t'
$40 ..t$5l 100000
T30 Notes. IG0,0o0.9o0