Delaware gazette. [volume] (Delaware, Ohio) 1855-1886, 1865-06-02
THE THIRD SERIES OF sEyEE.THIRTIEs.

L
must always be looked upon as one OF
strength of the United States Govern
ment, and of its strong hold upon the
confidence and affections of the people
On Saturday, May 18th, the subscriptions
were over thirty million dO{IaYs and for
the week ending on that day, over ninety
eight nlttttOlt dollars, and in the three
months that the Loan has been in charge
of Mr.. JAY COOKE, OUer fUe hundred
mil ION dollars. These large receipts
will enable the Treasury 20 pay off cur
armies as they are disbanded, and to rap
idly discharge the various obligations
incurred during the war. History will
show that great war debt to individuals
has never before been SO promptly paid;
and we think all will agree that Secreta
rY McCulIOch deserves great credit for
the ability he has manifested, not only in
securing the means, but for the financial
skill he has displayed in so directing these
vast receipts and disbursements as not for
a moment to disturb the equilibrium of
commerce, embarrass individuals, or in
any way tighten the money market. 1t
is doubtless true that the Secretary of
the Treasury might have negotiated the
remainder of his loans at six per cent. in
terest instead of 7.30, but so much valua-
BILE time would necessarily have been
lost III popularizing a new loan, that the
great object of the Government, viz, an
immediate supply Of money sufficient to
pay all the debts incident to the war,
would have been defeated; and besides,
the interest would not have been equal to
three days expenses. The policy may
have looked penny wise" but the best
financial authorities, as well 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,
requisitions, &c, will be wiped out as
rapidly as the proper officers can audit
and adjust the accounts.
The Second Series of the 7-30 Loan was
exhausted on Saturday, May 18th. On
Monday, the Secretary of the Treasury
authorized JAY COOKE, the general Sub
scription Agent for i. S. Securities, to
receive subscriptions for $3.50, 600, 600 Of
Third Series, which is all that is author
lied 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 interest at six per cent. in gold IN
stead of seven and three-tenths in curren-
cy-a right which would pre-suppose a
return to specie payments, and make six
per cent. in gold even better than the
higher rate in currency consumation
most devoutly to be wished
The privilege Of converting the notes
into $40 six per cent gold bonds at the
end of three years, OF. receiving payment
at maturity, s& the Aolders option, is re-
tanned
The first day of the Third Series opened
with a subscription Withie fraction Of
five millions, and the month Of June will
certainly see the last Of the Z .36s out Of
market. How early in June we cannot
predict, but parties who wish to make
sure Of a portion would do well to be in
time.
Full particulars may be found in our
advertising columns