Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1865-06-02
neferred 8'atter,
The Third Series Of Seven
Thirties.

The great success of the 80 Loan must
ALWAYS be looked upon AS enc of the most
powerful evidences of the strength oil the
United States Government, and of its
strong hold upon the confidence and aifec-
tons OF the people. On Saturday, May
18th, the subscriptions were over thirty
million dollars. and for the week ending
on that day, over niaety-e ight million dot
lars. and in three months that the Loan
has been in charge of Mr.. Jay Cooke, over
fire hundred million dollars. These large
receipts will enable the Treasury to pay
off our armies as they are disbanded, and
to rapidly discharge the various obligations
that have been incurred during the war
History will show that great war
debt to individuals has never before been
so promptly paid; and We think all will
agree that Secretary Mcculloch deserves
great credit for the ability he has mani
tested, not only in securing the meaas, but
for the financial skill he has displayed in
so directing these vast receipts and dis
bursements as not for moment to disturb
the equilibrium of commerce. embarrass
individuals, or III any way tighten the
money market II is doubtless true that
the Secretary of the Treasury might have
HCyOtIdlGu tIic iNtiiftlh'1i VI ib'ho ~
six per cent. interest instead of Z, 80, but
so much valuable time would necessarily
have been lost in popularizins a new loan
that the great object OF the Government,
viz, an immediate supply Of money suii-
cient to pay all the debts incident to the
war, would have been defeated; and be-
sides, the difference OF interest would not
have been equal to three days expenses.
The policy may have looked penny wise
but the best financial authorities, as well
as common sense, pronounced 1t pound
foolish" As it is-and Will he, no soldier
will go home. without his greenbacks, and
the floating lebt in the shape Of vouchers
requisitions. &C., will be wiped out as
rapidly as the proper officers can audit
and adjust the accounts.
The second series of the go Loan was
exhausted on Saturday May 18th. On
Monday, the Secretary of the Treasury
authorized JAY COOKE. the general Sub
scrption Agent for L. S, Securities. TO
receive subscriptions for 30,000,o0o OF
Third Series, which is all that Is author
lied by Congress, and is without doubt the
last loan at this high rate of interest that
will be offered by the Government.
There is no change in the terms or con-
ditions of this Third Series, except that
the Government reserves the right of pay
ing interest at six per cent. IN gold instead
Of seven three-tentlis N currcncy-a right
which would pre-suppose return to specie
payments, and make six per cent in gold
even better than the higher rate in eurren-
eva consumnation most deyoatly 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 open
ed with subscription within fraction OF
FIVE millions, and the month of June
will certainly see the last of the Z,
3Ots 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 particular. may be found in our
advertising columns.