Indiana State sentinel. (Indianapolis, Ind.) 1861-1865, 1862-06-23

and for that reason 1t was omitted from the 18th
of June platform.
From the Cincinnati Price Current, June Is.
and Commercial Summary
for the past week.
The rumor to which we referred in our last
that the Secretary of the Treasury was about
asking Congress to authorize an additional issue
of $50 900 900 Treasury Notes proving correct,
a letter from the Secretary TO the Chairman of
the Committee on Ways and Means, making the
request and giving his reasons for it having been
made public since our last, great excitement en-
sued in Fl lancial matters, and a sweeping specu-
lative demand for stocks, gold and sterling ex-
change set in soon after the date of our last is
sue, and rates rapidly advanced. Gold went up
to 1917 premium in New York, and sterling
exchange to III. or to about s per cent. above
par. State and United States stocks advanced 3
to 5 per cent, and there was a general and in
tense anxiety to get rid of bank paper and the
new treasury notes, or in other words, ''to stand
from UNDER" the prevailing belief being that
all kinds of currency, except the old demand
notes, would rapidly depreciate, and so it has,
as the advance in gold indicates. An immense
amount of arguments being used to show that the
request mace by Mr. Chase is not a wise one, and
that it is not necessary to grant; but it seems to
US to be a necessity which will lead to another
necessity, namely, the suppression of the ciIcu-
latiOn of bank notes throughout the country, by
taxing them. The first is necessary to enable
the Government to prosecute the war to a
successful termination, and the other. to
save the people from immense losses by means
of ir~redeemable bank paper, when specie payment
shall be resumed. as well as to give free and gen
efal circulation to the Treasury notes, as bankers
will surely discriminate against them, or hoard
than, in nrIar n loon nrnf fbair GUN ofa N y n
redeem their own notes when it became neces-
sary. That this rebellion is a gigantic one, all
admit. but many seem to be unconscious OF the
fact that its suppression will and must lead to 81
gantic necessities.
There has been a good deal more activity in
money matters in our city within the week. The
opening of commerce between this city and Mem
phis, and prospectively thence to New Orleans,
created a demand for gold from merchants with
which to buy sugar and cotton. The 1910 and
old demand Treasury notes have been largely
dealt in, and rates of premium under the advices
from New York, advanced from day to day, the
latter running up to 21a premium and the former
to 5ba6.
Gold advanced to 615a7 premium, but fell back
to 615 premium on Monday. Yesterday the
closing rates were as we give them below.
Exchange has ruled dull and heavy and rates
lower, which has induced many dealers to dis
crimimte against Eastern currency; and should
exchange remain down it will necessarily be
placed at IA discount. We quote:
Buying. Selling.
New .Sdis@par. Is prem.
Solo. .312 prem. b@o12 prem
Sllver.........-. prem. > pIem
The demand tor money has not increased, but
the supply of currency has beed diminished some;
the market is very easy, however, at Gas per
cent. for good paper having thirty or sixty days
to run, whilst 10 per cent. is obtained for 9O-day
paper. There is little or no use for money among
business men, and hence but little demand for it.
Should paper money continue to deDreciate, an
active demand must soon arise for real estate,
and a consequent rapid advance in It's value.
This seems extremely probable, for it is much
better to have property that will pay 3 or A per
cent. on the investment than gold that pays
nothing, aside from the speculative feature in it.
The high rate of sterling exchange must increase
the value of all kinds of imported goods, as well
as all domestic produce needed in other coun
tries, and should the export of gold from the
United States be prohibited. which, as we noticed
in our last, is not an Improbable contingency, it
would be difficult to say how high sterling ex-
change may advance, and this would lead, ire
sistibly. to a corresponding advance in the pro-
duce and merchandise already indicated.
The war news of the week has not been of
special Importance, ana with the exception o I a
defeat which a NAL detachment of our troops
experienced. in following the rebel General Jack
son, no engagements have taken place. This,
however, took place ten days ago. The Missis-
sippi is not vet opened, and at the last accounts
the rebel forces were concentrating at Grenada,
Mississippi. Generally speaking, the indications
are not as favorable to a speedy prosecution of
the war to a conclusion as they were two weeks
ago.
The weather has been all that could have been
desired for maturing the wheat crop-warm and
dry-and the harvesting of that kind >alled Ala
bama has commenced. A. L. Bramble, Esq, of
Plainville, sent us a sample from his farm. The
heads are short, but well filled, and the berry
very good. In Southern Illinois, the wheat har-
vest is progressing, and we learn that the crop is
very good. Corn has done well so far, and the
weather has been quite favorable for 1t.
In the general markets there has been no spe-
cial activity, and with the exception of whisky,
which has been in active demand, the last three
or four DAYS the business done has been quite
light.
Flour lost the buoyancy noticed at the close, in
our last, and the market became again very dull
and heavy. S~uperfne So 90a4 90; extra 81 2Oa
4 25, and fancy, including family, "a 3Oa4 IS are
the rates asked Wheat has been rather dull
though there has been some export demand for
red. which may be quoted at SOas5c; white goa
w. Odto ftT1 0uis dhu CSihC W ~ OOtA
declined to Gle, and is dull; and rye is down to
46c. and very dull.
Whisky has been in active demand, and adj
vanced to 2lc. IL has become more probable
that the stock on hand will not be taxed, and the
Doc a gallon duty on all distilled will be retained.
There is more faith in the article, however, and
there has been a demand for it, the greater por-
ton of the week, exceeding the supply.
Linseed oil is dull, and has been sold at SIC,
a - - ~ - A-e-t
Butter and cheese are higher. The opening Of
trade with Memphis produced some demand for
various articles, including butter and cheese; and
a considerable amount of goods have been shipped
thence and to a market.
The manufacturers have again got up supplies
of cotton yarns, but prices are unusually high
pound yarns up to 44c. There being no indica-
tons of the trade expected from the South when
the Southern rivers were opened. The provision
market has been quite depressed, and during the
last three days there has not been enough done