Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1862-11-20
prom Cincinnati Price Current. Sov- To-
financial aud Com M rciai sum mary
far

rial TO Congress IL some Ne~ York merchants.
asking new financial policy. The policy Of
issuing bonds of $50 denomination and upward.
bearing interest nj the rate of - FER cent and
making them q legal tender, - that they might
be used rs u currency instead of the legal tender
Votes ia circulation. which they propo-e.
seems pretty plausible in theory. bat We think
that the practicable feature j. s0mewhat absurd.
foE- in the first place. in any transfer male o.
them the interest would have 10 be calculated.
and that which had accrued be ptid back . the
holder OF the bond. The truth l.. the banking
bind moueyed interests OF the country do not Ike
Dir ChaSes policy. simply because the Govern
hent !. having the advantage of an immense loan
from the people without interest. IL ans OF them
with 10 fund thee notes IA u ; bonds they can
do 80 in the hsetwenty's, bearing six per cent
The statement Of the memorialsts. that after the
war business will become very active. aud the
rates foi money high. we regard the reverse Ot
what will be the case. for there seems % W. 10 be
no doubt that Il j. after the that il real effect
on all kinds Of business will he realized. Tine
basis Of the activity in commerce in the Northern
Statez, Just now, Is TO "A great extent, the enOr
nous army expenditures. Take away the de
nand for Quartermaster aud COmmissary stores
and the vast SIMS OF money being circulated
through the hand- of million OF men-who spend
t, general thing, with a prodigality peculiar
20 those not acc ustOmed TO have money NJ their
command, and who are excited by the "pomp and
circumstance of war'-and how would our com.
merce Del l. not the commercial pros eIity Of
a nation dependent upon the prosperity and happ
ness OF its peoplei Ii so. will the basis exist
when the war IS overg The banks have expand
Ell enormously during the last nine msntns-we
refer the Eastern banks-when they should
have contracted IL views Correct. and
therefore impending ruin awaits them. Now is
the time To take in sail" to contract our liabi-
ties, To avoid going in debt or giving credit. All
should keep "snug " for a. ever cause led To a re-
suit financial storm is impending, and day of
reckoning Is coming, which will Oyerwhelm all
who are not prepared. The financial policy Of
tie Government il one OF necessity. and il is ths
only which Justified IT, but, under the crcumsran-
ces, was the best which could have been adopted;
for If the Government had thrown It's bonds ON
the m ,rket. they would have gone down To fifty
cents ON the dollar. beyond doubt; this, how
ever, ives what the stock obbers hoped for, longed
for and fought for; but tsSey were disappointed
If our army succeeds, the demand notes will be
"select currency" but IL not, il would be diff
cult To say what would be secure outside of com
The demand for money has been of a limited
character, and the market is quiet and easy at
sal0 per cent.
Qnte an active demand has prevailed for ex.
change during portion OF the week. but the
rates did not undergo any changes. The notes
OF the Tennessee aud Kentucky banks are IN nc
tive demand AT 1 prem Tor heutucky ana
TO par for Tennessee. Preparations are being
made To follow the armynow pressing southwark
with the hope that cotton will be for sale in
abundance. a. soon as the cotton region il placed
within our lines The quotations Tor coin and
exchange Mt the close last evening were as fol-
lows:
BUYING. SELLING
New York -. lads par
Gold ............ a9@30 p,em. 32@33 prem.
Silver ............20 @23 prem. 26@27 prem
Demand Notes. .22d2l prem.
The long continued draught which has parched
and destroyed vegetation in all this region of
country the last three months. has at length ter
minated, and rain has fallen to some extent pretty
generally over the entire valley of the Ohio with
indications that enough will fall raise the rivers
to a navigable stage, ard give facilities 10 com
merce so long needed and furnish transportation
for men and military stores to oEr army in Ten
nes.ee aud 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 81 600 head: this. Wit: the warm weltlier
toward the close. produced dull market, ana
prices gave way TO some extent. The decline
in this product had also a depressing influence.
aud. in short viewed in any aspect. the facts
are against the present prices, and the unver
which can be realized for xe product large
numuer 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 c0mpels farmers 10 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 dnrng the
week follows:
Tuesday the weather being univOrabe. moist
and warm, the thermometer up To 81, the market
ruled dull and heavy. though prices were NOM
nally unchanged: holders were willing TO sell at
81 25i4 80. but not disposed To make any con
cessions below those rates. The pens are now
full there not beng less than $4,000 in them,
which is owing 10 the bad weather which prey ents
sliughtering.
There was no sales of Importance, as buyers
are Disposed Ia hold back
The receipts during the week by the various
routes follows: