The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1865-08-10

"The education Of the freedmen Of the
State"
''Ths relationship of State Teachers As
sociations to County Institutes and Depart
ments OF Public instruction"
Other work will be announced when the
programme of daily exercises appears.
THE citizens Of Oskaloosa have made lib
eral arrangements for the entertainment of
teachers during the week. .-.
+. NJ. WITTER, Chm Ex. CON-,
Muscatine. Iowa.
Jay Cooke, The Subscription Agent.
Mr.. Jay Cooke, an enterprising and sue
cessfnl Philadelphia banker, has always
been one of the most efficient negotiators
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 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 a portion
of his own great energy into his ub-agents
and seemed to best understand how to pre-
sent the claims of the Government to the
people. When the $50 loan was author
lied, it was before the public many months
without attracting any attention, and the
total sales by the 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 to the people to
supply the means for sustaining the Gov
eminent. Popular loans had never been
tried, and their nature was not generally
understood. Capital is always sensitive,
and capitalists, large and small, were not
only to be told that there was a 500 loan
on the market, but were to he convinced
that it was the best AS well as the most pa
triotic investmont. Mr.. Cookies high char
acter and previous successes induced the
Secretary to appoint him General Subscrip-
ton Agent. The press and the telegraph
were Immediately put in motion. A large
sum was spent in advertising, the distri-
button Of great variety of circulars and
&c, unemployment oftravelers,
and in establishing sub-agencies through
out the loyal States. 1t has always been
Mr.. Cookies policy to have our loans taken
at home, and he has never solicited sub
scriptions abroad, believing that our own
people should have the advantage of the
interest. The result of Mr.. Cookies efforts
for the 5.o0's is well known. Under his
agency, dating about Feb. LIST, 1863, and
closing Jan. %, 1864, the loan was sold up
to SSH, 7sO, 500.
AS great successes always occasions
jealousy, complaints of favoritism towards
Mr.. Cooke were made against the Treas
ury Department, which a special report to
Congress proved to be without the slight
est foundation.
About this time the National Banking
System was established, and it was q part
Of the plan that the N National Banks should
be the financial agents of the Government.
While publicly expressing the warmest
gratitude to Mr.. Cooke for his past great
and successful efforts, the Secretary of the
Treasury determined to try theexperiment
of placing the 1910 loan through their
agency. In four months but eighty mill
ions were sold. On July 18th, 1864, the
First Series of 1905 was offered through
the same channel, but, up to Feb. lst, 1865,
n period OF six months, the sales and pay
lnents to soldiers amounted to only about
one hundred and twenty millions.
This rate of subscription not being suffi-
Gent to meet the public wants, it was de-
to return to the agency of Mr..
Cooke, under whose management the sales
week, and in less than two weeks averaged
two millions day. During the first thir-
ty days they reached one hundred millions
An average Of about four millions for
each working day. The first series was
exhausted on the 30th of March, when the
sale Of the Second Series of three hundred
was begun. This series was all
sold on the 18th Of May, deducting Sundays
and holidays, in the wonderfully short
space of thtrty-six working days-making
an average Of eight and one-third millions
per day. The sale of the Third Series then
but, owing to the fact that the
Treasurer was unable to deliver the notes,
little effort was made to in
flnence subscriptions until June LIST, when
deliveries were advertised to begin.
The sales Of Government loans, under
Mr.. Cookies management as General Sub
scription Agent, have been about thus:
DO bonds $5l4, 100000.
100 Notes 60,O0O, 900.
-
Sl,274, O0O,O 900.
to say nothing of his earlier Undertakings,
or the large amounts of bonds taken by his
firm at the lettings 10 the highest bidder
Although other causes than imperfect
agencies retarded the subscriptions in the
and autumn Of 1864, it cannot be
denied that their subsequent success was
chiefly from Mr.. Cookies energetic direc-
ton. His efforts have certainly been as
and his wisdom, skill and ener-
gies have certainly been taxed as much as
those of any commander in the field, and
with results not less important. He has