Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1851-11-20
Money Matters.

For the information of that portion of our readers in.
terested in business and commercial operations, we pre-
sent the suhloined review Of the Money market iu Gin
cinnaii and New York.
The Price Current says, that in Cincinnati, during the
past week or two, money has been somewhat easier, but
symptoms Of tightening up have again commenced, and
we cannot expect any dimiBution OF the pressure until
the close OF our pork and beef packing Season. Eastern
Exchange still continues firm at /. The market appears
fully supplied, but there is no o~verplus. Southern Ex-
change has become very scarce. Checks of Banks
and Bankers sell at from to premium, and private
bills at sight, and a few days sight. sell readily at par.
The demand for specie has fallen off S~ome1chat, but gold
still sells at 2 and silver at 1 to 2.
In New York no material change seems to have taken
place in the money market. On Saturday there was
less inquiry for business paper, hit no further change in
rates. There appeared TO be sufficient capital for all the
real wants of the community, and the large exports Of
specie during the week were not likely 10 have any inju-
rious effect upon business, except in disturbing public
confidence. The Pacific, on Saturday last. took out
5000. 900 in specie. including STA 500 in American gold
and S25. 304 sovereigns. An order for 500, 900 in silver
was not filed it, time for the steamer.
In the Express of Saturday last, we find the following
general remarks ON the condition of the Money market,
&c.:
"The position of the Foreign exchanges points to the
fact, that our remaining Indebtedness to Europe, in the
absence of cotton bills, must he sent forward in the pre-
ciOus metals. But it will exhibit to the European world
the elasticity and strength of onr domestic resources,
when upward Of thirty three millions Of dollars can he
distracted from the basis of credit and circulation. in
the short space of ten months. and the business interests
Of the country stand on a trmer foundation than ever.
California, no doubt. has been the prolific source from
whence those means of shipment have been derived.
From the vast labor and the capital employed. the pro-
duction Of gold will he stimulated until it becomes as
much an article OF necessary export. as any other of the
staple products Of the soil. Hence, we have felt no nm
easiness about the present export Of the precious metals,
conceiving that it will not he very long before we shall
surieit the European money markets with the new Ame-
rican staple. The effect will he tn cheaper the value of
money abroad, and foreign capital will gladly come to
us for security and investment. II was Impossible for
our financial vision to perceive originally the extent and
influence Ct this new element. and hence irregularities.
expansions and contractOns, grew ont of it. But when
its whole bearing is correctly ascertained. who can doubt
what its ultimate result will be on the prosperity and
greatness of the country The movements in the stock
market, constantly show the impulse arising from these
Of coin Temporarily affect prices. Int as soon as they are
made, the rebound instantly carries them considerably
beyond the prices of the last depression. Each turn up
ward is beyond what the last had reached. The domes-
tic circulation was never before so largely infused with
gold as at present. and hence the flow Of coin from point
to point, always tending to this centre Of exchange. is
much beyon1 what is generally supposed. The banks
in this city are stronger in specie than they were a year
since, when money ruled lower. There is every pros
pect of their possessing more coin at their next quarter
ly statement, than at any other vet made"
The receipts of gold from California during the past
month, amount to So 600. 900. including $500. 900 brought
nv the Promctheus at New York on Saturday.
Elapire.