The Jeffersonian Democrat. [volume] (Chardon, Ohio) 1854-1865, 1865-08-18
Jaw Cooke. the Subscription Agent.

Mr.. Jay Cooke. an enterprising and
successful Philsdelphis banker, has al
wavs been ono OF tho most efficient re.
potistors OF public securities. Four years
ago, when Pennsylvania State stocks were
down to IS, he worked and bought them
up to par, and at that rate he obtained
ahree million dollars for the State, for
raising and equipping her troops. When
tho Secretary OF the Treasury gave vari.
Gus bankers throughout the country com.
missions TO negotiate his first loans, Mr..
Cooke was always among the most snc.
cessful. He Infused portion OF his own
great energy into his sub.agents, and
seemed to best understand how to present
the claims OF the Government 10 the peo.
pie. When The s 20 loan was authorized
il was before the public many months
without attracting any attention, and the
total sales by government were only
about eighteen millions. The war ex.
penses were SO vast that banks and bank.
ers were no longer able to supply money
in sufficient amounts. and the Secretary
Of the Treasury was compelled to adopt
some plan for appealing directly 10 the
people to supply the means for sustain
ing the Government. Popular loans
had never been tried, and their nature
was not generally understood. Capital is
always sensitive, and capitalists, large and
small, were not ouly to be toki that there
was 20 loan on the market, but were
10 be convinced that il was the best as
well as the most patriotic Investment
Mr.. Cookies high character and previous
successes induced the Secre'ry to appoin,
him General Subscription Agent. The
press and the telegraph were Immediate.
ly put in motion. A large sum was
spent in advertising, the distribution OF a
gieat variety OF circulars and hand bills,
DC, the employment Of travellers, and in
establishing sub b,agencies throughout the
loyal States. 1t has always been Mr..
Cookies policy 10 have our loans taken at
home, and he has never solicited subsorip-
tions abroad, believing that our own peo.
pie should have the advantage Of the in
terest. The result OF Mr.. Cookies efforts
for the COS is well known. Under bis
agency, dating about Feb. LIST, 1868, aud
closing Jan. 22. 1864, the loan was sold
upto S514,78O, 500.
AS great success always occasions zeal.
ousy, complaints Of favoritism towards
Mr.. Cooke were made against the Treas.
ury Department, which a special .repor
to Congress proved to be wi,hou. The
slightest foundation. r>.. ,l.....t,
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 warmes
gratitude to Mr.. Cooke for his past great
and successful efforts. the Secretary ol
the Treasury determined TO try the exper.
iment Of placing the 1914 loan through
their agency. IL four months but eighty
millions we're sold. 90 July 2sib, 1884
the First Series OF 7.3Os was offeret
through tie same channel. but, up t.
Feb. Let. 1865. period Of six months, th,
sales and payments 10 soldiers amounted
10 only about one hundred and twenty
millions. This rate Of subscription not
being sufficient TO meet the public wants,
it was determined to return to tho agency
Of Mr.. Cooke, under whose management
the sales begun to show an increase within
the first week. and in less than two week.
averaged two millions day. During
the FIRST thirty days they reached on,
hundred millions--an average of abou
four millions for each working day. Til,
first series was exhausted on the 3Oth O
MARCH,, when the sale Of the Second Serie
OF three hundred millions was begun
Tnis series was all sold on the 18th O
May, deducting Sundays and holidays. il
the wonderfully short space OF thirty .s1
working dsys--making an average O.
eight and one third millions per day.--
The sale OF the Third Series then com
menced. but, owing to the fact that the
Treasurer was unable to deliver the notes
comparatively little effort was made tc
Influence subscriptions until June Let,
when deliveries were advertised 10 BEGIN,
The sales Of government loans, under
Mr.. Cookies management as General SUB.
scription Agent, have been about thus:
6.xO Bonds S514 100000
1.3o Notes $1,000, 900
l.......... ..... $l,274. 600, 900
to say nothing Of his earlier undertaking
Nv lar Il