The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1865-05-25
The Third Series of Seyen-ThirtieS.

The great success of the 7;30 Loan must
always be looked upon as one of the most
powerful evidences of the strength of the
United States Government, and of itsstrong
hold upon the confidence and affections OF
the people. On Saturday, May 18th. the
subscriptions were over thirty million dollars,
and for the week ending on that day, over
ninety. eight million dollars, and in the
three months that the Loan had been in
charge of Mr.JA Cooke, ouer fue hundred
million dollars. These large receipts will
enable the Treasury to pay off our armies
as they are disbanded, aud to rapidly dis
charge the various obligations that have
been incurred during the war. History
will show that great war-debt to individ
uals has never before 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 Sc
curing the means, but for the financial skill
be has displayed in so directing these vast
receipts and disbursements as not for a
moment to disturb the equilibrium of com
merce, embarrass individuals, or in any way
tighten the money market.I 1t is doubtless true
that the Secretary of the Treasury might
have negotiated the remainder of his loans
at six per cent interest instead of 100, but
go much valuable time would necessarily
have been lost in popularizing a new loan
that the great object of the Government,
viz, an immediate supply of money sufi-
Gent to pay all the debts incident to tn
war, would have been defeated; and besides
the difference of interest would not have
been equal 10 three days expenses. The
policy may have looked Penny wise,'' but
the best financial authorities, as we'll as
common sense pronounced it ''pound
foolish" As it is and will be, no soldier
will go home without his greenbacks, 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 73O Loan was
exhausted on Saturday, May, 18th. On
Monday, the Secretary of the Treasury au
thorized JAY Cooke, the General Subscription
Agent for U. S. SECURITIES, TO receive sub
scriptions for $780, 100000 of Third Series,
which is all that is 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 con
ditions of this Third Series, except that the
Government reserves the right of paying
ieterest at six per cent. i'll gold instead Of
seven and three tenths in currency-a right
which would pre-suppose return to specie
payments and make six per cent. in gold
even better than the higher rate in currency,
a contamination most devoutly to be
wished.
The privilege of converting the notes
into 500 six per cent. gold bonds at the
end of three years, or receiving payment
at maturity, at the holders option, is re-
tanned nt.as.s tat
The first day of the Third Series opened
with subscription within fraction Of i've
millions, and the month of June will GER
tainly see the last of the 7.30s out of mar
ket. How early in June we cannot predict
put parties who wish to make sure of a
portion would do we'll to be in time.
Full particulars may be found in our
advertising columns.