The Weekly Perrysburg journal. [volume] (Perrysburg, O. [Ohio]) 1861-1???, 1865-08-22

Mr.. Jay Cooke, a,i onterprising and usuo.
cesaful Philadelphia banker, has always
been one Of the most efficient negOtiators
of public securities. Four years ego, when
PENNSYLVANIA State stocks were down to
95, he worked aud bought them upto par,
aud at that rate ho obtained three million
dollars for the State, for raising and equip.
ing her troops. When the Secretary of tho
Treasury gave various bankers throughout
the country commissions to- negotiate his
first loans, Mr. Cooke was always among
the most sucocssful He infused a portion
of his own great energy into his subAgents,
and seemed to best understand how to pro- I
sent the claims Of the Government to tho
people. When the 500 Loan was author
lied, it was before the public many months
without attracting any attention, and
tho total sales by the Govern1ent wero
only about eighteen millions. The war ex-
pcnges were 50 vast that banks and bank
ers were no longer able to supply money in
sufficient amounts, and the Secretary of tho
Treasury was compelled 20 adopt some plan
for appealing directly TO the people TO sup
ply the means for sustaining the Govern
meut. Popular loans had never been tried,
and their nature was not generally under
stood. Capital is always sensitive, and
capitalists, large and small, were not only
to be told that there was a $40 Loan on the
market, but were TO be convinced =thetit
was the best as we'll as the most patriotic
Investment. Mr.. Cookies high -ohartctcr
and previous successes induced the Secre-
tary to appoint him General Subscription
Agent The press aud the telegraph were
Immediately put in motion. A large sum
was spent in advertising, the distribution
OF a great variety OF circulars and hand
bills, &C., the employment Of travellers, and
in establishing sub.agencies throughout tlso
loyal States. 1t has always been Mr..
Cookies policy to have our loans taken at
home, aud he has never solicited suhscrip-
tons abroad, believing that our own people
should have tho advantage of the interest.
The result OF Mr.. Cookies efforts for the g.
20s is we'll known. Under his agency, dat.
ing about Feb. l, 1868, aud closing Jan. %,
1854, the Loan was sold UP to S5l4, ,TsO, 500.
AS great success always occasions jeal-
ousy, complaints of favoritsm towards
MIR. Cooke were made against the Treasury
Department, which special report to Con.
gress proved to be without the slightest
foundation. eu v3nHoA
About this time the National Banking
| System was established, and it was a part
of the plan that the National Banks should
be tho financial agents of the Government
gratitude to Mr.. Cooke for his past great
aud successful efforts. the Secretary Of the
Treasury determined TO try the experiment
of placing the l0.aO Loan through tlieir
agency. In four months Int eighty mill.
| ions were sold, On July rs, 1864, The First
Series of 1905 was offered through the
same channel, but, up TO Feb. l, 1865, pc
riod of six months, the sales and payments
to solliers amounted to- only about ono
hundred and twenty millions. This rate
Of subscription not being sufficient to meet
the public wants, II was determined to re-
turn to the agency of Mr. Cooke, under
whose management the sales beganto show
an increase within the first week. aud in
less than two weeks averaged two millions
day. During the FIRST thirty days they
reached one hundred milions--an average
of about four millions for each working
day. The first series was exhausted on the
Both of March, when the sale Of the Sec
ond Sories Of three hundred millions was
begun. This series was all sold on the 9Th
of May, deducting Sundays and holidays,
in the wonderfully short space OF thirty-six
working days---makiug au average of eight
and one.third millions per day. The sale
of the Third Series then commenced but,
owing to the fact that the Treasurer was
unable to deliver the notes, comparatively
little effort was made TO influence snbscrip-
lions until Juno l. when deliveries were
advertised to begin. "h
The series of Government loans, under
Mr., Cookies management as General Sub
scription Agent, have been about thus S
$40 Bonds s......,,.,...,,,S S5l4, 900, 600
7.30 Notes. ....,............. 60,000, 900
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