FROM WASHINGTON: Secretary Chase’s Report on the Negotiation of the Five-Twenty Loan; McClellan’s Omitted Dispatches to be Published (3/31/1864)

New York Times - Times Machine ^ | 3/31/1864

[Homer_J_Simpson]

WASHINGTON, Wednesday, March 30.

THE AGENCY OF THE FIVE-TWENTY LOAN.

The Secretary of the Treasury will soon make his report in answer to the inquiry of Congress, in regard to the employment of JAY COOKE, as agent for the disposal of the Five-Twenty Loan. His reply will show that on the ten 'millions, Mr. COOKE received a commission of one-half of one per cent.

For his commission on the balance he was limited in gross to three-eights of one per cent., which he was bound by contract to apply as follows: One-eighth to sub-agents; one-eighth to expenses of publication and other means of popularizing and diffusing the loan over the whole country, and the remaining eighth as his own compensation for the risk, labor and responsibility, for his sub-agents and expenses. Of five hundred and ten millions sold, Mr. COOKE disposed of three hundred and sixty millions, and the Sub-Treasury, at New-York and elsewhere, of the balance. He did not clear expenses on the first ten millions, but his total share of the amount paid by the Government will range somewhere between $440,000 and $450,000 gross, but in no case will exceed one-eighth of one per cent. on three hundred and sixty millions of dollars. By a nice calculation, it is proven that the whole loan cost less than three-tenths of one per cent. paid to agents in effecting it.

It is stated at the War Department, that MCCLELLAN, in his report to the Secretary of War on his operations on the Peninsula, omitted nearly one hundred bombastic dispatches, including his great "push them to the wall" dispatch. It is not at all unlikely that an amended and correct edition of his report will soon be published.

The announcement that Gen. BLAIR will at once resign his seat is premature.

[Homer_J_Simpson]

Free Republic University, Department of History presents U.S. History, 1861-1865: Seminar and Discussion Forum
The American Civil War, as seen through news reports of the time and later historical accounts

First session: November 21, 2015. Last date to add: May 2025.
Reading: Self-assigned. Recommendations made and welcomed.

Posting history, in reverse order

https://www.freerepublic.com/tag/by:homerjsimpson/index?tab=articles

To add this class to or drop it from your schedule notify Admissions and Records (Attn: Homer_J_Simpson) by reply or freepmail.

Link to previous New York Times thread

https://freerepublic.com/focus/f-chat/4227840/posts

[Homer_J_Simpson]

1

2

3

4

5

6

7

[Homer_J_Simpson]

From Washington: Secretary Chase’s Report on the Negotiation of the Five-Twenty Loan – 2
Proceedings of Congress – 2-3
From the South: A Union Advance in North Carolina – 3-4
The War in the West: Capture of Alexandria, La. – 4
The Red River Expedition: Details of the Capture of Fort De Russey – 4-5
POSTSCRIPT-The Illinois Rebellion: Serious Character of the Disturbances – 5
Editorial: The Rebel Army Drawing Supplies From The United States – Important Revelations – 5-6
Editorial: The Richmond Prisons – How Prisoners are Treated on Both Sides – 6-7
Agreement on Essentials – 7
News of the Day: The Rebellion – 7
Amusements this Evening – 7
Confiscation in Kentucky: Important Decision of the Court of Appeals – 7

[BrexitBen]

Kill them damn non-compliant Confederates !

Mr. Lincoln’s Empire must prevail!