Indiana State sentinel. (Indianapolis, Ind.) 1861-1865, 1862-11-24
From Cincinnati Price Current, Nov 10.
Financial and Com I'm rciaI Sum mary
for the Past Week.


From Cincinnati Price Current Nov. TO-
Financial and Com rciaI Sum ma ri
for the Past Week.
Nothing has transpired since our last to disturb
the quiet in financial affairs, which they had as
sumed at the close of the previous week Gold
the great regulator, has changed but little. Ii
another part of our paper will be found memo
rial to Congress of some NeS York merchants
asking a new financial policy. The policy o
issuing bonds of $50 denomination and upward
bearing interest at the rate of = per cent, anC
making them legal tender, so that they nigh
be used as a currency instead Of the legal tende
notes now in circulation, which they propose
seems pretty plausible in theory, but we think
that the practicable feature is somewhat absurd
tor, in the first place. in any transfer made Of
them the interest would have 10 be calculated
. and that which had accrued be paid back 10 the
holder of the bond. The truth is, the banking
and moneyed interests of the country do not like
Mr. Chase's policy, simply because the Govern.
ment is having the advantage of an immense loar
from the people without interest. If any of them
wish to fund these notes in U. 5. bonds, they car
do so in the ive-twentys, bearing six per cent
The statement of the memorialists, that after the
war business will become very active and the
rates for money high, we regard the reverse o
what will be the case, for there to us to be
no doubt that is after the that its real efec
on all kinds of business will be realized Tine
basis of the activity in commerce in the Northern
States, just now, is. to great extent, the enor
nous army expenditures Take away the de
mand for Quartermaster and Commssary stores
and the vast snms of money being circulated
through the hands of million of men-who spend
it, as general thing, with prodigality peculiar
to those not accustomed to have money at their
command and who are excited by the "pomp and
circumstance of war'-and how would our com
merce bel Is not the commercial prosperity OF
a nation dependent upon the prosperity and happi
ness of its people? Ii so, will the basis exist
when the war is overi The banks have expand
ed enormously during the last nine mantns-we
refer TO the Eastern banks-when they should
have contracted, if our views are correct, and
therefore impending ruin awaits them Now is
the time to take in SAIL" to contract our liabli-
ties, to avoid going in debt or giving credit. All
should keep "snug" for as ever cause led TO a re-
suit, financial storm is impending, and a day of
reckoning is coming, which will overwhelm all
who are not prepared The financial policy of
tie Government is one of necessity, and it is this
only which justified it, but, under the circumstan-
ces, was the best which could have been adopted
for, if the Government had thrown its bonds on
the market, they would have gone down to fifty
cents on the dollar beyond doubt; this, how
ever, was what the stock jobbers hoped for, onged
for, and fought for; but they were disappointed.
If our army succeeds, the demand notes will be
"select currency" but if not, it would be diff
cult to say what would be secure outside of coin
The demand for money has been of limited
character, and the mal ket is quiet and easy at
sal0 per cent
Quite an active demand has prevailed for OK
change during a portion OF the week, but the
rates did not undergo any changes. The notes
of the Tennessee aud Kentucky banks are in ac-
tive demand at prem. for Kentucky and / dis
to par for Tennessee. Preparations are being
made to follow the army now pressing southwark.
with the hope that cotton will be for sale in
abundance. as soon the cotton region is placed
within our lines The quotations for coin and
exchange at the close last evening were as fol-
lows:
BUYING. SELLING
New York;. 80. 11dis par
Gold ... .29@30 prem. 32@33 prem
Silver er........ .2O@23 prem. 26@27 prem.
Demand Notes. :. .22@24 prem.
The long continued draught which has parched
and destroyed vegetation in all this region of
country the last three months. has at leagth ter
minated, and rain has fallen to some extent pretty
generally over the entire valley of the Ohio, with
indications that enough will fall to raise the rivers
to a navgable stage, and give facilities to COM
merce so long needed and furnish transportation
for men and military stores to oIr army in Ten
nessee and Mississippi.
The temperature has been mild, and too
high the last three days of the week for curing
pork
The receipts of hogs have been large, being
over 81 900 head: this, witt: the weather
toward the close, produced a dull market, and
prices gave way to some extent The decline
in this product had also a depressing influence,
and, in short, viewed in any aspect, the facts
are against the present prices, and the univer
sal conclusion is that they are above those
which can be realized for the product. A large
number of the hogs arriving here are light,
they not being fully fed, which is owing to the
short crop of corn within the range of this
market, which compels farmers to sell their
hogs earlier than they would have done had
corn been plenty. There is no doubt that the
average weight of the hogs packed here the
present season will be below last seasons aver
age The course of the market during the
week was as follows:
Tuesday the weather being unflvorable. moist
and warm, the thermometer up to "a, the market
ruled dull and heavy. though prices were nomI
nally unchanged; holders were willing to sell at
S4 25a4 so. but not disposed to make any con-
cessions below those rates. The pens are now
full, there not being less than % 900 i'm them,
which is owing to the bad weather which prevents
slaughtering.
There was no sales of Importance, as buyers
are disposedto hold back.
The receipts during the week by the various