Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1865-08-10
Jay Coke. the Subscription Agent.


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Jay Coke. the Subscription Agent.
Mr.. Jay Cooke enterprising and successful
Philadelphia bunker has always been one of the
most efficient nego;iators OF public securities
-Four years ago. when Pcnns ylvania State Stocks
were down to -, he worked and brought them up
20 par, and 1T that rate he obtained three million
dollars for tie State, for raising and equippns her
troops. When the Secretary Of the Treasury gave
various bankers throughout the country commits
sions to negotiate his FIST loans, Mr. Cooke was
always among the most successful. He infused a
portion OF his great energy into ais sub agents
and seemed II best understand hon to present tie
clainis Of the Government 70 the people When
,hc $50 loan authorized. it was before the
public many mcnths without attracting attent II.
ana the total sales by the Government were only
about eli ghteen millions. The war expenses
20 vast that banks and bankers were no longer able
20 supply money in sufficient amounts. and the
Secretary OF the Treasury was compelled to adopt
some plan for appealing directly TO the people to
supply the means for sustaining the Government.
Popular loans had never been tried, and their M
ture not generally understood. Capital is al
WAYS sensitive, and capitalists, large ard small,
we're hot only TO be told that there was a $50 loan
on the market, but were 20 be convinced that it
the best we'll as the most patriotic invest
ment. Mr. Cookies high character and previous
successes induced the Secretary TO appoint him
General Subscription agent. The press AMI the
telegraph were Immediately put in motion. y
mr-e spent in Advertising, the dis.r.bu
ton of great variety of circulars and handbi.s.
&c, the employment of travellers, and in estab-
fishing sub agencies throughout c loyal States
IL has always been Mr.. Cookies policy TO have orr
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. Conke's efforts for the 52ls Is
well known Under his agency. dating about Feb
lst, le63. and closing Jan. % 1854, the loan
sold up to s5l4,1o0 500.
As great success always occasions jealousy, com
plants of favoritism towards Mr. Cooke were made
against the Treasury Department, which a special
report 70 Congress proved be without the slight
e., foundation.
.tbout this time the National Banking System
established and ii WAS part of the plan that
the National Banks should be the financial agents
of the Government. While publicly expressing
tie warmest gratitude to l1r. Cooke for his pls,
great and successful effJrts, the Secretary Of the
Treasury determined to try the experiment of
placing the 1910 loan through their agency Ii
four months but eighty millions were Sold On
July 18th, l,6l, the First Series of 130s was of
fered through the same channel, but, up TO Feb.
lst, lse5, period of six months, the sales and
payments to soldiers amounted 10 only about one
hundred and twenty millions This rate of sub
scriptiOn no: being sufficient to meet the public
wants, it determined return to the.agcncv Of
Nr. Cooke, under whose management the sales
begun to show an increase within the first week.
and IN less than two weeks averaged two millions
i day. During the first thirty days they reached
one hundred millions-aL average of about four
millions for each working day The fl It series
was exhausted on the 30th of March, when the
sale of the Second Series of three hundred mi
lions was begun. This series was all sold on the
18th Of May, deducting Sundays and holidayS.+in
the wonderfully short space of thirty-six working
days-Inakns an average o. 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, com
paratiyely lutte effort was made to influence sub
scrptons until June lst, when deliveries were ad-
vertised to begin.
The sales of Government loans, under Mr..
Cookies management General Subscription
Agent, have been about thus
80 Bonds. .............s SSH 100000
80 Notes. go 900 600