The daily Evansville journal. (Evansville, Ind.) 1862-1863, 1863-02-13
[From the Cincinnati Price Current, Feb IL.
Financial and Commercial Summary
for the Past Week,

IOr Ehe PaSt week.
The quiet in the market for public
securities and for gold, noticed in our
last, continued undisturbed during the
week, and the result of this was a calm
in the markets generally We are told
that merchants, bankers, and stock lob
bers generally are lying on their oars,
waiting to see what Congress will do
with the bill now before it. 1t is sup
posed that if the policy of borrowing by
the sale of Government stocks for what
they will bring is adopted, the money
market will become stringent, and gold
decline; but if it is decided to continue
issuing legal-tender currency, gold and
its equivalents will again advance. Now,
this may all be very plapsible, but we
think not very logical. This deprecia-
ton Of the currency is not in conse-
quence of its abundance, but of its char
acter. 1t is the fear that this war is to
be managed badly, and prolonged in
definitely, which depreciates Government
securities and all obligations based upon
them. Now, if United States stocks are
put on the market at what they will
bring, it will not increase confidence in
the least, but will only change the posi-
ton of the money market, and, by in
creasing the rate of interest," will, no
FOR firi 6oetffhleh he FsfUtKt5 Win g6 down 25 3:
to 80 per cent, and even more perhaps,
and they, instead of gold, will become
the Indicator of the public pulse.
The project of taxing sales Of gold
might have a dampening influence upon
the gold gamblers, but it would be but
partial and temporary. Nothing can
stop the downward current of Govern
ment credit, and arrest its consequences,
but the decided success of the army, and
therefore 1t is not in Congress or the
Cabinet that this can be done, but on the
field.
All know very well that it is not a
scarcity of gold nor an over-abundance
of paper money which made gold go up,
because there is no operator in Wall
street or out of it who does not know full
well that the quantity of gold in the
country is larger now than 1t was year
ago, or that currency Is not IN over
abundant supply; this is all we'll under
stood by them, and therefore the con
verse opinion cannot be the cause OF the
trouble. If the existing facts indicate
that this war is to drag on its weary
| lenoth for years at such an enormou!
expenditure of treasure, it is out OF th'
| mower of the President or his Cabinet
or Congress, or any other earthly agent
to resist or conceal the logical conclu
sion; so that we must look to our arm
for the indications of the future of tn
market instead of to Congress. L
Charleston or Vicksburg or both OF then
are taken, then up goes the Government
credit, and gold will go down, but II W
attempt and fail, then the reverse viii
he the case, and no human skill or argu
ment can successfully resist the one n
more than the other result.
Gold declined about per cent. i
New York within the week, closing ther
Yesterday at l54; Government stocks ac
yanced a shade, and at the close, Stat
and railway securities were dull and rate
| iOWer IliD
tho General aspect of affairs are MOI
favorable. Our forces are concentratin
Of Vicksburg, and also in the vicinity
Chorleston. and the indications are
yorable that an attack, now. contel
Mated on both places, will prove succeS
Ful and it is this as much as any 9th
thing which is operating fagorably up'
the market for Government securities;
Our money market continues easy
all the good business paper offering
2 10 per cent. .lo
ing but little change in rates since
s last, though at the close the demand "
quite active and the tendency was
Yard bankers refusing to sell, except
- their customers, at par. An active
mand for Kentucky and Indiana ba
- naper, and rates have advanced matt
to ll ally closing at per cent premium!
Kentucky, and 3@4 do, for the India
CLOSING rather heavy for the latter.
When we mention Indiana bank
ner. we refer to that of the Bank OF
State only. The bankers IN those ola
are anxious to take in their clrculatl
in order to be prepared tor such EN- n
gencies as may arise. The issues Oh
Rev York City Banks advanced
prem. there, but as soon as 1t dld
hanks ceased paying out, simply, oeca
for thew expect day Of settlement. u
lity hanks, which are expecting to outllye
n%t iI%I storm that is to come, will now take
eet, their circulation, just as discreet
die; de, will avoid going in debt, or II he
debt, will get out OF 1t; while BANKS