The Jeffersonian. [volume] (Stroudsburg, Pa.) 1853-1911, 1865-05-25
The Third Series of -Thirties.


The great success of 7-30 Loan must
always be looked upon as one of the most
powerful evidences of the strength Of
the United States Government, and of its
strong hold upon the confidence and af-
fections of the people. On Saturday,
May 18th, the subscriptions were over
thirty million dollars, and for the week
ending on that day, over ninety-eight mil
lion dollars, and 10 the three months
that the Loan has been in charge of Mr..
Jay Cooke, oUer .fUe Hundred nailLton dol
lars. These large receipts will enable
the Treasury to pay of our armies as they
are disbanded, and to rapidly discharge
the various obligations that have been
incurred during the war. History will
show that a great war debt to individuals
has never before been so promptly paid /;
and we think al will agree 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 directing these
vast receipts and disbursements as not for
a moment to disturb the equilibrium Of
commerce, embarrass individuals, or in
any way tighten the money market. 1t
is doubtless true that the Secretary Of the
Treasury might have negotiated the re-
mainder of his loans at six per cent. in.
terest instead of 7-30, but so much valua-
bic time would necessarily have been lost
in popularizing new loan that the great
object Of the Government, viz, an i'm
mediate supply of money sufficient to pay
all the debts incident to the war would
have been defeated and besides, the diff
ference Of interest would not have been
equal to three days expenses. The poll
cy may have looked ''penny wise," but
the best financial authorities, well as COM
mon sense, pronounced it ''pound foolish" +"
As it is-and will be, no soldier will 90
home without his greenbacks, and the
hOathing debt in the shape of vouchers
acquisitions, &C., will be wiped out as ra-
pidly as the proper officers can audit and
adjust the accounts.
The Second Series of the 7-30 Loan
was exhausted on Saturday, May 13th.-
On Monday, the Secretary of the Treasuy
authorized Jay Cooke, the generel Sub
scription Agent for U s. Securities. to
receive subscriptions for $3.50 ,OO0, 900 Of
Third Series, which is all that is au
thorized by Congress, and is without
doubt the last loan at this high rate of
interest that will be offered by the Gov
ernment
There is no change in the terms or
conditions of this Third Series, except
that the Government reserves the right
of paying interest at six per cent in gold
instead of seven and three tenths in cur
rency-a right which would pre-suppose
a return to specie payments, and make
six per cent. in gold even better than the
higher rate in currency-a consummation
most devoutly to be wished.
The privilege of converting the notes
into $40 six per cent. gold bonds at the
end of three years, or receiving payment
at maturity, at the holders option, is re-
tanned.
The first day of the Third Series opened
with subscription within fraction OF
five millions, and the month of June will
certainly see the last of the 7-3Os out of
market. How early in June we cannot
predict, but parties who wish to make
sure of a portion would do well to be in
time.
Full particulars may be found in our
advertising columns.