. Jay Cooke, financier of the Civil War . He did notknow why, perhaps because of a dread of seeing ourfinances pass under the control of such timid, weak,nerveless hands. If it is to be so, he continued, wemust make the best of it. On March 1st, he was stillrepining for Sherman, whom he considered by far thesoundest and strongest of all our political men. Onthat day, too, he definitely announced that McCullochwould go into the Treasury on the 4th instant, andurged his brother to come to Washington to talk withthe appointee, before he should enter office. As yourrelations to the Department are
. Jay Cooke, financier of the Civil War . He did notknow why, perhaps because of a dread of seeing ourfinances pass under the control of such timid, weak,nerveless hands. If it is to be so, he continued, wemust make the best of it. On March 1st, he was stillrepining for Sherman, whom he considered by far thesoundest and strongest of all our political men. Onthat day, too, he definitely announced that McCullochwould go into the Treasury on the 4th instant, andurged his brother to come to Washington to talk withthe appointee, before he should enter office. As yourrelations to the Department are of a peculiar character,Henry Cooke continued, perhaps he expects it. Heexpresses great satisfaction at our success and anxietythat it may continue. This satisfies us, that he has noidea of making any change. Huntington, after con-ferring with McCulloch, wrote that Jay Cooke need notcome until later, when the new Secretary would betterknow the needs of the Department. He wished to clearit of the load of suspended debt, wrote Huntington,. HUGH McCUIiOCH FINANCIER OF THE CIVIL WAR 497 and he intended to lean upon Jay Cooke almost al-together. ^ Mr. Cookes influences were now freely used to createan impression upon the popular mind favorable to Mc-Culloch,^ and he was the subject of many compliments inthe press which deeply gratified him. The passage of the new loan bill made it feasible tosell the $70,000,000 which Mr. Fessenden had reserved,and increased the total issue of the First Series of 7-3OSto $300,000,000. The orders were so large, that onMarch 6th, the Treasury ran ashore, and there wasa delay in the delivery of the notes, although the en-gravers and printers were working night and day uponthem. On March 4th, the subscriptions had been $4,-130,000; on the 9th and loth, they exceeded $4,000,000daily. On the 13th, they were $5,246,700; on the 14th,$5,127,250; on the 15th, $5,084,250, and on the i6th$4,032,550. After this date, they for a time declinedbecause of a disastro
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