The Jeffersonian. [volume] (Stroudsburg, Pa.) 1853-1911, 1865-08-10
Jaw Cooke, Subscription Agent.


cessfnl Philadelphia banker, has always been
one of the most efficient negotlators of pub
lie securities. -Four years ago, when Penn
sylvania State stocks were down to So, he
worked and brought them up 10 par, and at
the rate he obtained three million dollars
for the State, for raising and equip
ping her troops. When the Secretary of,the
Treasury gave various bankers throughout
the country commissions to negotiate his
first loans, Mr. Cooke was always among
the most successful. He infused portion
of his own great energy into his suh-agents,
and seemed TO best understand how to pre-
sent the claims of the Government to the
people. When the 5.2G loan was author
lied, it was before the public many months
without attracting any attention, and the to-
tai sales by the Government were only eigh-
teen millions. The war expenses were so
vast that banks and bankers were no longer
able to supply money in sufficient amounts,
and the Secretary of the Treasury was COM
PEELED to adopt some plan for appealing d.
rectly 10 the people to supply the means for
sustaining the Government. Popular loans
had never been tried, and their nature not
generally understood. Capital is always
sensitive, and capitalists, large and small
were not only told that there was $50
loan on the market, but were convinced tha:
it was the best as well as the most patriotic
investment. MIR. Cookies high character
and previous successes induced the Secreta-
ry to appoint him General Subscription A
gent. The press and the telegraph were
Immediately put in motion. A large sum
was spent in advertising, the distribution of
a great variety of circulars and handbills,
&C., the employment Of travellers. and in es-
tablishing sub-agencies throughout the loyal
States. 1t has always been Mr.. Cookies
policy TO have our loans taken at home, and
he has never solicited subscriptions abroad,
believing that our own people should have
the advantage of the interest. The result
of Mr.. Cookies efforts for the 5.20s is well
known. Under his agency, dating about
Feb. lst, 1e63, and closing Jan. %, 1864,
the loan was sold up to S5l4, $50, 500.
As great success always occasions jeal-
Gus complaints of favoritism towards Mr..
Cooke were made against the Treasury De-
partment, which a special report to Congress
proved TO be without the slightest foundation.
About this time the National Banking
System was established, and it was part
of the Plan that the National Banks should
be the financial agents of the Government
While publicly expressing the warmest
gratitude to MIR. Cooke for his past great
and successful eff1rts, the Secretary of the
Treasury determined to try the experiment
of placing the 10 40 loan through their a
gency. In four months but eighty millions
were sold. On July 25th, lc64, the First
Series of 7-30s was offered through the same
channel, but, up TO Feb. LIST, 1865, period
of six months, the sales and payments to SOL
diers amounted to only about one hundred
and twenty millions. This rate of subscrip-
ton not being sufficient to meet the public
wants, it was determined TO return to the a.
gency Of Mr.. Cooke, under whose manage
lnent the sales brgun 10 show an increase
within the first week, and in less than two
weeks averaged two millions dav. Du-
ring the first thirty days they reached one
hundred millious-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 Second Series of three
hundred million was begun. This series
vas all sold on The 18th of May, deducting
Sundays, and holidays, in the wonderfully
short space of thirty-six days-making an
average of eight and onc-thirt millions per
lay. The sale of the Third Series then com
nenced, but, owing to The fact that the
Treasurer was unable to deliver the notes,
little effort was made to in-
iuence subscriptions until June 1st. when
deliveries were advertised to begin.
The sales of Government loans, under Mr..
Jooke's management as General Subscription
Agent, have been about thus:
$50 Bonds S5I4.OOO 00O
I3O Notes 760,000,000