East Saginaw courier. (East Saginaw, Mich.) 1859-18??, 1865-08-09

Jay Cooke, inc oupSc1Ptioh A6oH@
Mr.. Jay Cooke, an enterprising and
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 SO, he worked
and brought them up to par, and at
that rate he obtained three million
dollars for the State, for raising and
equipping her troops. When the Sec
rotary of the Treasury gave various
bankers throughout the country COM
missions to negotiate his first loans,
Mr.. Cooke was always among the
most successful. He infused portion
of his own great energy into his sub
agents, and seemed to best understand
how to present the claims of the Gov
eminent to the people. When the
500 loan was authorized, it was be-
fore the public many months without
attracting any attention, and the fatal
sales by the Government we're only
about eighteen millions. The war
expenses were so vast that banks and
bankers were no longer able to sup
ply money in sufficient amounts, and
the Secretary of the Treasury was
compelled to adopt some plan for APP
pealing directly to the people to sup
ply the means for sustaining the Gov
eminent. Popular loans had never
been tried, and their nature was not
generally understood. Capital is al
ways sensitive, and capitalists, large
and small, were not only to be told
that there was 500 loan on the mar
ket, but were to be convinced that it
was the best as well as the most patri-
otto Investment Mr.. Cookies high
character and previous successes in
duced the Secretary to appoint him
General Subscription Agent. The
press and the telegraph were immedi-
ly put in motion. A large sum spent
in advertising, the distribution of a
great variety of circulars and hand
bills, &C., the employment of travel
ers, and in establishing sub-agencies
throughout the loyal States. 1t has
always been Mr.. Cookies policy to
have our loans taken at home, and he
has never solicited subscriptions
abroad, believing that our own peo-
pie should have the advantage of the
interest. The result of Mr.. Cookies
efforts for the 5-20s is well known
Under his agency, dated about Feb
1st, 1868, and closing Jan. %, 1864
tic loan was sold up to 1914, $50, 500
As great success always occasions
jealousy, complaints of favoritism to
wards Mr.. Cooke were made agains
the Treasury Department, which
special report to Congress proved t.
be without the slightest foundation.
About this time the National Bank
ing System was established, and j
was part of the plan that the Ma
tional Banks should be the financial
c~ents of the Government. Will
publicly expressing the warmest graf
itude to Mr.. Cooke for his past go;
md successful efforts, the Secretary O
the Treasury determined TO try tn
experiment of placing the 10 40 LOAF
through their agency. In four month
, but eighty millions were sold. d
5 July 25th, 1854, the First Series G
} 1895 was offered through the sam
4 channel, but, up to Feb. LIST, 1868,
. period of six months, the sales an
A payments to soldiers amounted to onl
i about one hundred and twenty mi
. I-...r,- -.sI,..~.vae- go irct.p- the puUn
I wants, it was determined to retur
a the agency TO Mr.. Cooke, under who's
0 management the sales began to sho'
: an increase within the first week. an
: in less than two weeks averaged tw
: millions day. During the first THU
ty days they reached one hundre
: millions-an average of about fou
? millions for each working day. Tn
first series was exhausted on the GOT
y Of March, when the sale of the Secon
: Series of three hundred millions wa
: begun. This series was all sold o
: the 18th of May, deducting Sunday
4 and holidays, in the wonderfully shoi
space of thirty-six working days
Y making an average of eigh. and ont
|, third millions per day. The sale {
the Third Series then commenced, bu
owing to the fact that the Treasure
was unable to deliver the notes, CON
paratively little effort was made to il
huence subscriptions until June Is
when deliveries were advertised TO be
gin.
/, The sac Of Government loans, un
| der Mr.. Cookies management as Ger
eral Subscription Agent, have bee
> about thus: 81.
30 Bouds. ..S5l4, 100000
, 7.30 Notes. ......... 760,0J0000
u |