[Geo. P. Rowell & Co's American Newspaper Directory, containing Accurate lists of all the newspapers and periodicals published in the United States and Territories, and the Dominion of Canada, and British Colonies of North America; together with a description of the towns and cities in which they are published, 1870] Page: 60
872 p. : ill. ; 28 cm.View a full description of this book.
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THE MEN WHO ADVERTISE.
greater debt than had then been incurred or proposed. A series of questions
relative to foreign countries, involving the amount of their indebtedness,
their development, the proportion which their indebtedness bore to past
and present wealth, etc., were submitted to the librarian of the Astor
Library, who employed his assistants to search out the facts desired. The
result was embodied in a series of articles widely published, tending to
restore confidence, and to prove that although our debt might amount to
15 per cent. of our assets, yet so rapid would be our national increase that
the ratio would be greatly reduced before the maturity of the liability.
Pointed and skillful advertising accompanied these articles, and both were
published in nearly all the newspapers of the Northern States, English and
German, secular and religious, Republican and Democratic, political, litererary,
professional, and manufacturing. The press, without distinction of
party, aided in the work, the public mind responded to its influence, and the
bonds began to be taken rapidly. The advertising was done on a liberal
scale, as was needed, when the required results were so important; yet it was
conducted so thoroughly and systematically as to be the most truly economical,
and the result was satisfactory to the Secretary of the Treasury. It is
worthy of note, as showing the conversion of the officers of the Government
to the wisdom of employing advertising agencies, that all subsequent
loans were put before the public through the same firm as had the above
work in charge. It was found that gentlemen who made advertising a study,
and the use of newspaper columns a science, alone had the knowledge and
tact necessary to secure the greatest effect for any given sum of money.
In the summer of 1864 Secretary Chase resigned, and was succeeded by
Mr. Fessenden, much against the personal wishes of the latter, he protest'ng
that he did not feel himself qualified for the exceedingly responsible duties of
the position. The two men differed widely. Mr. Chase was a positive man.
Having examined the bearings of any question, he quickly decided, and
executed his decision with prompt energy. Mr. Fessenden, always distrusting
himself, also distrusted the plans of others. He brought out the 7-30
loan in August, 1864, and authorized Mr. Shattuck to spend a certain sum of
money in starting it. That expended, he determined to leave the advertising
to the National Banks. The experiment failed, as it had failed before. The
banks had no concerted plan of action, their efforts were desultory, and the
success was small. It became evident that more vigorous efforts
must be made to place the bonds, and in February, 1865, Secretary
Fessenden made a contract with Mr. Cooke to undertake the negotiation of
the loan. The aspect of the war had now wholly changed. Grant and Sherman
were closing in upon the hitherto strongholds of the Confederacy and
the rebellion was on its last legs. People were hopeful, and at no time during
the period when the Government was a borrower was there so good a
time for a Government loan to "run itself" as then. But even under
these favorable auspices the Secretary found it wise to secure the services of
so active and experienced a negotiator as Mr. Cooke, and the latter, in turn,
felt the necessity for an advertising agency in placing the features of the loan
before the people. He authorized Mr. Shattuck to spend seventy-five
thousand dollars in starting the bonds. The arrangement having been60
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Geo. P. Rowell & Co. [Geo. P. Rowell & Co's American Newspaper Directory, containing Accurate lists of all the newspapers and periodicals published in the United States and Territories, and the Dominion of Canada, and British Colonies of North America; together with a description of the towns and cities in which they are published, 1870], book, 1870; New York. (https://digital.library.unt.edu/ark:/67531/metadc9264/m1/58/: accessed April 25, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; .