American citizen. [volume] (Butler, Butler County, Pa.) 1863-1872, 1865-06-07
The Third Series Of the 7.9O Loan,

The great success of the 80 Loan
must always be looked upon as one of the
mo,t powerful evidences of the strength
of the United States Government and of
its strong hold upon the confidence and
affections of the people. On Saturday,
May 18th, the subscriptions were over
Thirty mHi,on doIlars, and fog the week
ending on that day, over ninety eight mti
lion dollars, and in the three months that
the Loan has been in charge of Mr. JAY
COOKE, ouer fce hundred million dollars.
These large receipts will enable the Treas
ury to pay off our armies as they are dis
handed, aud to rapidly discharge the va
rious 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 all will agree tnat Secretary Nc
Culloch deserves great credit for the abil
ity he has manifested, not only in secur-
ing the means, but for the financial skill
he has displayed in so directing these vast
receipts and disbursements as not for Il
moment to disturb the equilibrium OF
commerce, embarrass individuals, or in
any way tighten the money market. Ii
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 100 but so much valu-
able time would necessarily have been lost
in pqpdlarzing a new loan that the great
object of the Government, viz, an imme
diate supply of money sutiicientto pay all
| the debts incident to the war. would have
been defeated; and besides, the difference
of interest would not have been equal to
the three days expenses. The policy
may have looked penny wise" but the
best financial authorities, as well as com
mon sense, pronounced it pound foolish. :"
As it is-aud will be, no soldier will go
home without his green acks, and the
Coating debt in the shape of vouchers
acquisitions, &c. will be wiped out as rap
idly as the proper officers can audit and
adjust the accounts.
The Second Series of the 730 Loan
was exhausted on Saturday, May 18th
On Monday. the Secretary of the Treas
ury authorized JAY Cooke, the general
Subseription Agent for U. s. Securities
to receive subscriptions for $3.50, 900, 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 tie Coy
ernment
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 in
stead Of seven and three tenths in curren-
cy.-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 contamination
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-
tai.ed
The irst 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 7.3Js out
of market. How early in june we can
not predict, but parties who wish to make
SIRE ot portion would do well to be in
time.
Full particulars may be found in our
advertising columns.