Delaware State journal and statesman., 1865-08-08

should now unite in keeping the Republi.
can party in power, and in preventing
the restoration of Democratic ascendency.
JAY COOKE, THE SUBSCRIPTION AGENT.
Mir Jay Cooke, an enterprising aud successful
Philadelphia banker, has always been one Of the
most efficient negotiators of public securities.
Four years ago. when Pennsylvania State stocks
were down to s5, he worked and brought them
up 10 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 frst
loans, Mr.. Cooke w0s always among the most
! successful. He infused a portion Of his own
| great energy iuto his sub agents, and seemed to
best understand how to present the claims Of the
Government to the people. When the 20 loan
J 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 expenses
were so vast that banks and bankers we're no
longer able to supply money In sufficient
amounts, and 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 gen
orally understood. Capital is always sensitive,
aud capitalists large aud small, were not only to
be told that there was q g 20 loan on the market,
hut were 10 be convinced that it Was the best as
well as the most patriotic Investment. Mr..
Cookies high character aud previous successes
induced the Secretary to appoint him General
Subscription Agent The press and the telegraph
were Immediately put in motion A large sum
was spent in advertising, the distribution OF a
great variety Of circulars and hand-blls, sc.
the employment of travellers. and iu establishing
I al 7.
has always been MIR Cookies policy 10 have our
loans taken at home, aud he has never solicited
subscriptions abroad, believing that our own
people should have the advantage Of the interest.
The result of Mr.. Cookies efforts for the 620s il
well Known. Under his agency, dating about
Feb. lst, 1863, and closing jan. %, 1864, the
loan was sold up to S6l4, $780, 600.
As great success always occasions jealousy,
complaints of fayoritism towards Mr.. Cooke were
made against the Treasury Department which 8
special report to Congress proved to be without
D the slightest foundation,
About this time the National Banking Sys,eu
was established, and it was part Of the plar
that the National Banks should be the fnaDcia
agents of the Government While publicly eK-
pressing the warmest gratitude to Mr. Cooke fol
his past great and successful efforts the Secretary
Of the Treasury determined to try the experiment
Of placing the 10. 40 loan through their agency.
Gu July 25th 1864, the First Series Of z 30
was offered through the same channel. but, uE
: to Feb. let, 1855, period Of six months, th'
sales aud payments 70 soldiers amounted to only
, about one hundred and twenty millions. This
rate of subscription not being sufficient TO meet
n the public wants, it was determined to return tC
the agency of MIR. Cooke, under whose manage.
l. ment the sales begun to show an Increase aIhiI
a the first week, and in less than two week
averaged two millions day. During the hrs
J. thirty days they reached one hundred millions
n an average OF about four millions for eael
working day. The first series WAS exhausted O
II the Both OF March, when the sale Of the seeont
@ Series Of three hundred millions was begun
This series was all sold on the 18th Of May
% deduotiug Sundays and holidays, In the wonder
e fully short space Of thirty-six working days
making au average of eight and one-thir
= millions per day. The sale Of the Third Seris
n then commenced, but owing to the fact that tb
N Treasurer was unable to deliver the notes. com
p" paratvely little effort was made to inAuene
r, subscriptions until June LIST, when delivers
v were advertised to begin.
= The rules Of Government loans, under MI
Cookies management as General subscriptie
d Agent, have been about thus:
/. so Bonds $6l4. 900, 900
y $50 Notes 100 0OO. 900