Secretary Chase became much interested in the measures adopted by this Philadelphia banker. As more and more pressure was put upon him for funds, he often consulted with Cooke, and frequently permitted the latter to buy United States securities to buoy up a falling market. On October 23, 1862 Chase appointed Jay Cooke sole agent for the conversion of legal tender treasury notes into the $500,000,000 six per cent five-twenty bonds authorized by Act of Congress February 25, 1862. By advertising on a larger scale than had hitherto been known, and by employment of 2,500 sub-agents, mostly bank presidents, in every part of the North, Jay Cooke accomplished his enormous task, the loan being finally over-subscribed by $11,000,000. His commission was three-eighths of one per cent on the first $100,000,000, of which one-eighth went to the sub-agent, and one-eighth to advertising and to placating the public press. The loan was sold in small denominations to every class of the population. Cooke patriotically resisted all proposals to sell large blocks of the bonds to European holders. He believed a bond issue held by the people was the safest means of financing and of prosecuting the war. He made the loan a great democratic institution. It is not too much to say that his success in selling this $500,000,000 bond issue “dispirited the South, gave Europe … useful evidence of the determined courage and material wealth of the northern people, and was a factor of vast importance in deciding the fate of the Union.” [2] This article was originally prepared as a memorandum for the information of the Wisconsin State Council of Defense, in response to the request of Charles McCarthy, secretary of the Council. [Illustration: HARVEY REID [From a photograph taken in 1910]] DOCUMENTS THE DIARY OF HARVEY REID: KEPT AT MADISON IN THE SPRING OF 1861 WITH INTRODUCTION AND NOTES BY MILO M. QUAIFE The war time diary of Harvey Reid possesses elements of permanent interest and value. Aside from this, however, it should have a special interest now, when we are still passing through the initial stage of another great war in behalf of human liberty and human rights. With the events and emotions of the past few months still fresh in mind, it is well to relive with our eager diarist the opening scenes of the Civil War at the capital of Wisconsin. Madison is an interesting city, with a rich and interesting history; yet it would be impossible to select, from all its eighty years of life, a period more crowded with exciting events than were the three months of April, May, and June, 1861. Fortunately a bright and eager observer was at hand making his daily record of the thrilling life of this exciting time.