Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1862-06-19
From the Cincinnati Price Current, June Is.
Financial and Commercial Su an "A ~
for the pIst week.

The rumOr 10 which we referred in our last
that the Secretary OF the TreaSu ' was about
asking Congress 10 authorize IN additional issue
OF l5J, 0J1, 900 Treasury Notes proving correct,
Il letter IrUG the Secretary 10 the Charm IN OF
the Committee ON Mays and Means, IN ikIng the
request and giving his reasons for it having been
made public since our last, great excitement ell
sued ia II .anciai IN itters, and a sweeping specu-
lative demand tor stocks, gold and sterling ex-
change set in soon alter the date OF our last Is
sue, ani rates rapidly advanced. Gold went up
to 1@74 premium IN New York, and sterling
exchange 10 III. or to about . per cent. above
par. State ana United States stocks advanced 3
90 , per cent, ana there WAS a general and III
tense anxiety 10 get rid Of bank paper and the
new treasury notes, or in other words. ''tc stand
from under the prevailing belief beng that
all kinds of currency. except the old demand
notes. would rapidly deprecidte. and 80 II has,
as the advance IN gold indicates. An immense
amount of argument ~ being used to show that the
re quest maue 10y Mr.. Chase l. not a wise one, and
thai il IS not necessary to grant; but 1t seems 10
Us To be a necessity which viii lead 10 another
necessity. namely, the suppression OF the ciicu-
lation OF bank notes throughout the country by
taxing them. The first IL necessary 10 enable
the Government to prosecute the war 10 Il
successful %terminltiOn. and the other. TO
s.ve the people from immense losses by mems
OF irreieemable bank paper, when specie payment
shall be resumed, a well ~ To give Tree and gen
eral circulation to the Treasury notes, as bankers
will surely discriminate against them. or hoard
them. IN orler TO keep out their own notes or 10
reieem their own notes when It became neces
sary. That this rebellion Is a gigantic one, all
admit. but amy seem 10 be unconscious OF the
fact that is suppression will and must lead to Il
gantic necessities.
There has been a good deal more activity in
none, mttters in our city within the week. The
oYeuing OF commerce between this city and Mem
phis, and pro>pectiyely thence to New Orleans,
created a demand Tor gold from merchants with
which u buy sugar and cotton. The 1910 and
old demand Treasury notes have been largely
dealt in. and rates OF prem um under the aivIces
from New York, advanced from day TO day, the
latter running up to : premium and the former
to Jisa6.
Gold advanced TO 61s,7 premium. but fell back
to 6ts premium on Monday. Yesterday the
closing rates ere n we give them below.
Exchange has ruled dull and heavy and rates
lower, which has induced many dealers 10 dis
crimina,e against Eastern currency; and should
exchange remain down il vail necessarily be
placed at discount. WequCte:
New York ...... .lsdis@par Is prem.
prem. o9ot2 prem
prem 5 plein
Inc ucUlluu Ut money Ut> Hol mcItd>tu, bul
tie supply OF currency has beed diminis Ell some;
the market IS very etsy. however. at Gas per
cent Tor good paper having thirty or sixty days
q run. whilst ID Ter cent i obtsned for 90-day
paper. There Is little OF no use for money among
business men, and herce but little demand for It.
Should pap r money continue 10 cenreciate. an
active demand must soon arise for real estate,
and a consequent rapid advance in It's value.
This seems extremely probable. for il Is much
better 10 have property TINT viii pay 3 OF 1 per
cent. on the investment than gold that pass
nothing. aside from the speculative feature IN II.
The high rate OF sterling exchange must ~iucreg>e
the value oi all kinds OF imported goods, rs well
rs all domestic produce needed IN other coun
tries. AMI should the export OF gold from the
United States be prohibited. which. a We noticed
in our last, i not an improbable contingency, il
would be difficult to say how high sterling ex-
chance NAV advance. and this would lead, ire
sistbly, - a corresponding advance IN the pro
Gace and merchandise already indicated.
The war news OF the week has not been OF
special Importance. and With the exception OF a
ceieat which a small detachment of our troops
experienced. IN following the rebel General Jack
Ion, no engagements have taken place. This,
however. took place ten days ago. The Nlssis-
-ppi i not vet Openei. and e the last accounts
the rebe. forces we're concentrating at Grenada,
Mississippi Generally speaking. the indications