Indiana State sentinel. (Indianapolis, Ind.) 1861-1865, 1862-07-21
From Cincinnati Price Current July Is.
Financial and Com I'm rcial sum mary
for the Past Week.

not been correct for the following one, in many
cases. The bill authorizing the issue of the ad-
ditiona 81 so 900 900 treasury notes alluded TO
in our last, passed both Houses on Tuesday even
ing; but the announcement thereof by telegraph
did not reach us until after our paper went to
press. Ii authorizes the issue of s37 600 900 in
Is, "a and IS, and $50, ,000,0 600 must be reserved
for the payment of temporary deposits This,
like the previous issue is fundable in 5 per cent.
stocks, redeemable in 1862 absolutely, but OF
any time after five years, at the option OF the
Government. The passage Of this bill, together
with the reyerses at Richmond, has depressed the
market for Government securities generally,
caused large advance in gold and sterling ex-
change. and produced regular panic in the New
York market, on more than one occasion. Gold
went up to 90 and silver to IL per cent. premium,
but subsequently back 10 10 premium for silver
and IA for gold. closing yesterday as in the dis
patch above. buoyant and higher.
There can be no doubt, we think, in the minds
of any one unprejudiced, that the defeat of Nc
Clellan had about much 70 do in this deprecia-
ton OF Government securities as the new Trea-
sury note law and it is quite certain that the
capture of Richmond would cause a large ad-
vance IN the securities, or, in other words, de-
cline in coin and sterling exchange. IL is, there
fore, to the failure before Richmond we NAV
attribute the trouble in financial matters. This
has been great loss to the Government cause,
has changed the whole aspect of the war and
prolonged it for another year; whereas, defeat
would have so discouraged the rebels and crippled
them that they would not have been able TO bring
another formidable force into the field.
The demand for money has been moderate,
and the market is easy at S@l0 per cent for sixty
and ninety day paper, while short loans are OBJ
tainab,e at per cent.
In this market, gold has been bought at rates
as high as l6@l7 prem, but fell back to IL, and
oHu H.. -.
below, which were the closing rates last evening.
The demand for gold from merchants, they
wanting to use it in the purchase of cotton and
sugar, in the South, fell off towards the close
because OF general alarm i'm consequence of
rebel guerrilla bands, which had appeared in
Tennessee and Kentucky, thereby endangering
the safe transmission of money or merchandise
from o. to the South. The high price of silver
has caused great inconvenIence, in the retail
trade, and meetings of the retail merchants have
been held to take Into consideration plans to
remedy the evil They we're in favor Of issuing
checks, commonly called shinplasters, but it was
found that there is law on the statute book of
this State prohibiting this. AT present dealers
add the premium TO the silver given or taken,
and this seems to work WE'LL for instance, if a
buyer pays fifty cents in silver it is called fifty
five cents, and rice UeTsG.
The demand for exchange has been quite mod
crate, but the supply being light, the market has
ruled steady. The following were the closing
quotations last evening, for exchange. coin and
demand notes:
Buying Selling.
New York.. ..1s@Adis. par
Gold. S@l6prem. IL prem.
silver. ...-..-.......o . prem. lO prem.
Demand Notes. ....... 6Hprem.
The exhibit of the leading Western banks,
made up TO the lst inst, show that these insttu-
tons are in very safe condition; that, instead
of general expansion, they have been contract
ing in many cases, and IN none has the expan-
sion been large, ano contraction is now the rule.
The Treasury notes are now being paid out free
ly by bankers, ceasng to be a select currency.
The fear that England and France will recog-
nize the Southern Confederacy and thereby bring
on war with this country, is now. since the re-
verses at Richmond, pretty generally entertained,
and many think that there is great danger of this.
Both England and France will be guided by poll
cy in this matter instead of passion. Of this all
may rest assured, and as soon as they suppose
their interests will be promoted by il they will in
terfere, but not till then. Both countries know
very well that recognition ofthe so called South
ern Confederacy will not bring them any nearer
to getting supply of cotton, but the reverse;
and more than this, that a with this country
would place the cotton supply still further from
their grasp-that the aristocrats of England are
in favor of humbling the United States, there
can be doubt, but this is the offshoot of pride.
The prompting of policy is quite another thing.
So far as heard from, the wheat crop is very
good, and the quantity and quality of the crop
far above the average. The oat crop is failure,
partly owing to the late spring, but chiefly to
rust, which has destroyed il in various sections.
The grass crop is very large. The wheat crop is
generally cut.
The demand for flour has been very light, and
the market dull and heavy. Inspectors stand
s0fc Io rhf lo9
and of extra at 50 90a4 90; fancy, 81 l0a4 50.
A lot of so brls fancy brands, made from new
wheat sold at 81 25.
Wheat has been good deal unsettled. There
has been a good deal of new received, and sold,
at 75aeOc-, the range for red, and S5a9Oc for
white, on the spot. 1t is chiefly tnken for ex-
port. Prices of old are about the same as new.
The new wheat now arriving is of most supe-
rior quality; we never saw any to excel it in this
respect. sample of white is now before us,
from Fayette county, Kentucky. Ii weighs six
ty six pounds per bushel, and the berry is Of
unusual size. 1t was raised from seed imported
from Spain two years ago.
Corn declined TO 32c, ana is dull. Oats dec
ned to 34c. We may look for an advance in this
article as soon as the failure of the crop becomes
generally known. Rye declined TO 45c, and is
dull Dstillers buying grain now sparingly.
A very erroneous impression went out through
the country last week TO the effect that the tax
law, by virtue of an amendatory act, would 60
into effect on the 2lst inst IL proves 20 be that
the act authorizing the appointment of assessors
was not to go effect until after the 2lst inst.
instead of after the bill was signed by the Presi-
dent. 1t is somewhat singular that more correct
information could not be obtained Of the change:
even parties in Washington were deceived by Is,
and distillers and manufacturers have been busy
all the week removing their goods from the fac
tories.
Whisky remained at 2sc all the week. with an
active demand at tines the market closing rather
weak
In groceries there has been quite a buoysnt
feeling and prices Of all advanced-sugar lc and
coffee ] 15c per lb., and molasses &c per gallon.
Spices are all higher-pepper 22a23c, pimeuto
l6a20. cassa 40a42c and nutmeg 60a90c The
thrift and high price Of gold have led to this. and
the end is not yet, further advance in all
kinds of foreign goods seems inevitable.
Dry goods of all kinds are advancing and are
sold sparingly.
In the provision market. with the exception Of
lard and hams, there is nothing doing, and prices
remain nominal. Lard advanced 10 Sc. There
is good demand for sugar cured hams at 5 70
SIZE. Mess pork advanced SOC per brl in New
York during the week, closing at Sill. This Is
in consequence Of the advance in gold.
Beet cattle declined 25c, aud are dull. Sheep
scarce and rather higher Hogs unchanged and
firm The butchers now Strengthening freely
and trying out the whole carcasses for the lard,
as manufacturers have been buying freely.