The Nashville daily union. [volume] (Nashville, Tenn.) 1862-1866, 1865-05-26
The YhLrd series Of seren-rhIrtIes.

The great success Of the 7-30 Loan must
always be looked upon as one of tie most
powerful evidences Of the strength Of the
United States Government, and its strong
hold upon the confidence snd affections Of
the people. On Saturday, May 18th, the
subscriptions we're over Iiry millions dol
lsrs, end for the week ending on that dsy,
over ztnefv-ciglt millions aolGrs, and N the
three months that the Loan hiss been in
charge OF Mr.. jay Cooke, over fire hundred
-fvion dollars. These large receipts viii
ensble the Treasury to pay of our armies
rs they are disbanded, and to rapidly dis
( charge the various obligations hat have
been incurred during the war. History
VIII show that 6 great war debt to individ-
nails has never before been SO promptly
paid: aud we think all will agree that Sec
re,a-v McCulloch deserves great credit for
the ability be has manifested, not only in
securing the means, but for the financial
skill he has displayed in 50 direct
ing these vast greceipts and disburse-
ments as not for 8 moment TO
disturb the equilibrium Of commerce, en-
barass individuals, or in any way tighten
the money market. 1t is doubtless true
that the Secretary Of tho Treasury might
have negotiated the remainder Of his loans
at six per cent. interest instead Of 100, but
20 much valuable time would necessarily
been lost in popularizing 2 new loan that
the great object OF the Government, viz:
an Immediate supply Of money sutsclent
TO pay all the debts incident to the war,
would have been defeated and besides, the
difference Of interest would not have
been equal 10 three days expenses. The
policy msy have looked "penuy-wise,"
but the best financial authorities, as well
Is common sense, pronounced it "pound
foolish" As It is-and will be, no soldier
will 90 home without his ~greenbacks, and
the floating debt in the shape Of vouchers,
acquisitions, etc, will be wiped out as rap
idly as the proper officers can audit and
lust the accounts.
The Second Series Of the 100 Loan was
exhausted on Saturday, Nay 18Th. On
Monday, the Secretary o fthe Treasury an
thorized Jay Cooke, the general subscrip-
ton Agent for U. 8. Securities, 70 receive
subscriptions for $3.50, OOO, 900 Of a Third Sc
ries, which "a 81 that is authorized by Con-
Cress, and IS without doubt the last loan st
this high rate OF interest that viii DO offer
ed By the Government.
There Is no change in the terms or cona.-
tons Of this Third Series, except that the
Government reserves the right Of paying
interest at six per cent. in gold instead OF
seven and three-tonths in currency-ari right
which would pre-supPose a return to specie
payments, and make six per cent. in gold
even better than than the higher rate in
urrency-a contamination most deyoutl
10 be wished for.
The privilege Of converting the notes
into $40 six per cent. gold bonds at the end
Of three years. or receiving payment at ma
turity, at the holders option, is retained.
The first day Of the Third Series opened
with q subscription within a fraction Of
Eve millions, and the month Of June will
certainly see the last Of the 1905 out Of
market. How early in June we cann0t pre-
dict, but parties who wish 10 mako SIRE Of
q portion would do well TO be in time.
Full particulars may be found in our ad-
vcrtising columns.