Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1862-08-07
From the Cincinnati Price Current, Aug 6.
Financial and Commercial sum mary
for the past week.

A very general and rather unexpected calm
has pervaded the financial market since our last
The large decline in coin has lot been recovered
and there has been a general want of confidence
that any reaction will take place, the indica-
tons are that our army in Virginia may ma Ike
successful movement on Richmond soon; in such
case 1t is generally admitted that coin would
largely decline. The whole matter is regarded
in IL precarous light and hence the pause in the
excitement which had previously pervaded the
market.
The prohibition of the use of specie in the pur-
chase of cotton has stopped IA large demand which
had arisen for gold and thrown large amounts on
the market which had been bought to buy cotton
and sugar.
There has been marked falling off in the
exports of gold abroad and large increase
in those of agricultural products, that. with
Il successful movement of our army in Virgin
in, the way has been prepared for large lie
cline, aal this is seriously apprehendei
The market has ruled dull Tor exchange and
raies are lower. The decline in coin and de
mand notes is equal to ? per cent since our
last The closing quotations las, evening we've
as follows:
Buying Selling
New York -. 49,. ads. par
Gold. =. ............ljpr prem. 10 prem.
Silver. .........5@6 prem. e@lO prem.
Demand Notes. .......1 prem.
The new scale OF duties laid upon the importa-
ton of foreign goods amounts To high protec-
tive tariff. and will remain in existence. doubt
less. for long series of years, and thus afford a
good opportunity tn test the old Wing doctrine,
which the leading Wings SO ably advocated iii
teen or twenty years ago. Certainly the man
uiacturers of the United States could not de-
sire better protection than they have now.
As soon rs the i over, the various branch
e. of industry must increase in an unusual
manner, and as we have already stated. this
high range of duties not be an ephemeral
thing the national debt now rendered inev-
table, can not be lqudated for thirty years,
and To pay the interest upon il an impost duty
rather than direct taxation will be resorteI to
and relied upon.
The order issued by the Secretary of War yes
teriay calling for 800 0O0 men T. serve for nine
months, unless previously discharged, produced
immense sensation, and renders the question OF
drafting a liked fact. his draft will have a
marked influence on business as il will leave the
different departments very short of hands but IL
Is indispensably necessary, for. IA we remarked
IN our last. the time has come when this wa-
must cease To be considered an outs de business
by the North. and when it is to be regarded "a
the great business OF the day, all other consider
atiOns being merely collateral ones. Tue Gov
erDment seems to have arrived at the determine
tiOn that the gigantic power OF the Northern PEG
pie shall be developed.
\ marked advance in rates of freight on all
the railways has diminished business in produce
somewhat. and prevented the advance which
would otherwise have been established under the
favorable news from England by the Arabia All
the railways are crowd with freight far beyond
their capacities, showing very clearly that they
are utterly unable TO do the business resulting
from the unusually abundant crops of this sea
son
The weather has been warm, with some show
ers. To force the corn To a continued rapid growth.
For this purpose the weather could not be more
favorable.
Flour was shipped of largely in the early part
OF the week. anticipating the contemplated adj
vance in freight, that the market was left bare
of stock. and towards the close a frmer market
was the result. supertine being ia good demaud at
81. and ia some cases 81 % Was obtained Ex-
ira 81 1914 %, and fancy 81 3oai 30 The re
cepis of wheat have been very large, aud prices