. Jay Cooke, financier of the Civil War . ,Subscription Agent. This plea does riot seem to have been granted and thediscussion centered about the commission to be paid onthe new series of notes. On March i8th Henry Cookewrote his brother: I telegraphed you this morning that the Secretary had agreedto allow you in addition to the ^ per cent, commission an addi-tional commission of 1-16 upon the whole of the new series, viz.,530 millions. This was after a full and free discussion with himthis morning and is conditioned upon your keeping up the salesto 100 millions per month. A memorandum of our
. Jay Cooke, financier of the Civil War . ,Subscription Agent. This plea does riot seem to have been granted and thediscussion centered about the commission to be paid onthe new series of notes. On March i8th Henry Cookewrote his brother: I telegraphed you this morning that the Secretary had agreedto allow you in addition to the ^ per cent, commission an addi-tional commission of 1-16 upon the whole of the new series, viz.,530 millions. This was after a full and free discussion with himthis morning and is conditioned upon your keeping up the salesto 100 millions per month. A memorandum of our verbal under-standing was taken down and instructions were given to preparethe necessary docs. Harrington said he would get them off to-day if possible, but they should certainly go Monday, and said that meanwhile you could go ahead. Before settlingdown upon the 1-16 % commission additional I hung on for thefull ^, but the Secretary said he had studied the matter care- 114 SOUTH THIRD STREET. ( /X (O)^ n/^r, r\^^ <8^. OOo. ooo. A BHi AND RECEIPT FOR JAY COOKEs COMMISSIONS 512 JAY COOKE fully, that an increase of }i over your present commission would-ive you $662,500, and he had concluded that half of that sum,$331,250, was a liberal allowance to cover the extra expenditurewhich you proposed, especially as it involved no increase m therate of commissions paid by you. Against this I urged thatafter the certificates of indebtedness were taken up and the float-ing vouchers and suspended requisitions paid, etc., the govern-ment wouldnt want the lOO millions per month and it wouldbe impossible to continue at that rate to the end of the loan be-cause the government disbursements would cease in a greatmeasure, contraction in money markets would follow, and sub-scriptions fall off, etc. But he considered the additional 1-16 aliberal concession and of course we couldnt refuse it. The panic in the stock and bond markets preventedthe execution of this contract and Mr. Cookes ser
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