The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1865-05-26
Tho Third Series of seven.Thir,ies.
The great success of the 7-3O Loan must al

Auo Sio"s ouSS0oo VI TIC I-oU Loan must al
ways be looked upon as one of the most DOW.
erful evidences of the strength of the United
States Government, and its strong hold upon
the confidence and affection of the people. On
Saturday, May 18th, the subscriptions were
over thirty million dollars, and for the week en-
ding on that day, over ninety-eight million dol
lars, and in the three months that the loan
has been in charge of Mr.. j. Cooke ocer fire
hundred millions 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 incur
red during the war. History will show that
great war.debt to individuals has never be-
fore been so promptly paid and we think all
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 moment to disturb the equilibrium of
commerce, embarrass individuals, or in any
way tighten the money market. 1t is doubt
less true that the Secretary of the Treasury
might have negotiated the remainder of his
loans at six per cent. interest instead of 7,SO,
but so much valuable time would necessarily
have been lost in popularizing new loan that
the great object of the Government, VIZ, an
immediate supply Of money sufficient to pay
all the debts incident to the war, would have
been defeated :, and besides, the difference of
interest would not have been equal to three
days expenses. The policy may have looked
penny wise," but the best financial authori-
ties, as well as common sense, pronounced it
pound foolish" As it Island will be, no
soldier will 60 home without his green backs,
and the floating debt in the shape of vouchers
acquisitions, &C., will be wiped out as rapidly
as the proper officers can audit and adjust the
accounts.
The Second Series of the $50 Loan was ex-
hausted on Saturday, May 18th. On Monday,
the Secretary of the Treasury authorized Jay
Cooke, the General Subscription Agent for q.
s. Securities, to receive subscriptions for $780,
authorized 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 eondi-
ditions of this Third Series, except that the
Government reserves the right of paying inte-
rest at six per cent in gold instead ofseven and
three-tenths in curreacy-a right which would
pre-suppose return to specie payments, and
make six per cent. insgold even better than the
higher rate in currenoy-a consnmmation most
devoHtly to be wished.
The privilege of converting the notes into
s 20 six per cent. gold bonds at She end of three
years, or receiving payment at maturity, at the
holders option, is retained.
The first day of the Third Series opened with
a subscription within fraction Of five millions,
and the month of June will certainly see the
last of the 1905 out of market. How early in
June we cannot prediet, but parties who wish
to make sre Of a portion would do well TO be
in time.
Full particulars may be found in our sdyer-
Using columns.