Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1865-05-25
The Third Series of Seven ThiI'
Ties.

The q grcat success of the 30 Loan must al
ways he looked upon as one of the most
powerful evidences OF the strength of the
United States Government, and of its
strong hold upon the confidence and affec-
tionsof the people. On Saturday, May
18th, the subscriptions were over thirty NIL.
lion dollars, and for the week ending on that
day, over niney'tiglt million dollars, and in
the three months that the Loan has been in
charge of Nlr, Jay Cooke, ever Jfre hundred
million dollars, These large receipts will
enable the Treasury to pay of our armies
as they are dsbanded, and 10 rapidly
discharge the various obligations that have
been 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 Secretary
McCulloeh deserve great credit for the ability
he has manifested, not only in securing the
means, but for the financial skill he has dis
played in so directing these vast receipts and
disbursements as not for a moment to dis
turb the equilibrium Of commerce, embar-
rass individuals, or in any way tighten the
money market. 1t is doubtless true that the
Secretary of the Treasury might have nego-
! tiated the remainder Of his loans at six per
csnt interest instead of 7-30, but SO much
yalrable time would necessarily have been
lost in popularlzing u new loan that the great
object OF the Government, viz, an immedi-
ate supply cf money sufficient to pay all the
debts inciSent to the war, would have been
defeated; anu besides, the difference of inter.
est would not have been equal to three days
expense. The policy may have looked
''penny wise, !" bat the bSst financial author.
tiles, as we'll as common sense, pronounced
it pound foolish" AS il is-and will be,
no soldier will 20 home without his green.
backs, and the floating debt in the shape OF
vouchers, requisions, &C., will be wiped out
as rapidly as the proper officers can audit
and adjust the accounts i4Jt
The Second Series OF the 730 L5an was
exhausted on Saturday, May 18Th. On
Monday the Secretary Of the Treasuy
authorized Jay Cooke, hegeneral Subscrp-
ton Agent for the U 5. Securities, to re-
ceive subscriptions for $3.50, 900 900 of O
| 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. .uN-
There is no change in the terms or condi-
tions OF this Third Series, except that the
Government reserves the right of paying
interest at SIX per cent. in gold instead Of
seven and three-tenths in currency-a right
which would pre- suppose a return to specie
payment and make six per cent. 10 geld
even better than the higher rate 10 currency
"a oonsammatiun most devoutly to be
wished, ra sH tra (. ts 5qt ,eafsJ
The privilege Of converting the notes.-the
500 six per cent gold bonds at TIE end OF
three years. or receiving payment at matu-
| rity, at the holders option, is retained.
The first day Of the Third Series opened
with u subscription within fraction OF i've
millions, and the month OF june will certain
ly see the last of the 7-30s out of market
How early in June we cannot predict, but
parties who wish to make sure of portion
would do well to be in time. t.l ~.
Full particulars may be found in our ad-
vertising columns. H