Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1863-07-24
Prom the Cincinnati Price Current, July y.
Financial and Commercial Summary
for the Past Week

i Under the cheering news from the Ioxer
Mississippi. and the fact that this great channel
OF commerce - now o zen. and the back bone
OF the rebellion broken, gold declined largely
reaching point a. low as 1921 on last FRIDAY
bat the market snce then has been buoyant ADD
rates nnctnaied. reaching 29lS yesterday. and
again ell BACK u l2o5z which was the closing
rate al noon IN New York. In this market rates
resi- ooded 10 the above fluctuations. and yester
day bankers paid as high as I26@l27 in the lore
noon' but fell back TO l244l25 which we're the
rates at the close Of bank hours A very gen.
eral impression prevails that the premium on gold
Is below what II ought to be. notwithstanding the
great successes of the last few weeks in putting
down he rebellion, and even If the Rebels had
become thoroughly vanquished. and all the for
;hcations and cities in the country in possession
OF the Government. gold would necessarily
bring higher premium than l25. because Of the
great imitation ofpaper money or. in other words.
OF Government currency, assuming that the
case Is the same II the per bad been issued
by individuals or corporations. This We regard
"a an erroneous conclusion, unless the credit of
the Government is Deprecated: but In case that
the United States stocks are in demand after the
rebellion Is put down. At par from abroad payable
in gold or sterling exchange, whv then the Coz.
eminent credit would be regarded gone. and Of
course the securities for all it, obligations equally
so, aud this would enable the United States
Treasurer to resume specie payment, without be
ing called upon for il to any extent A soon as
the people we're convinced that the security was
good, they would not want gold for the legal
tender notes: nor would il be needed for foreign
export, as our shipments Of domestic produce.
together with the sale of stocks TO foreign capital
lists would keep the balance of trade in our favor
Gold, owing TO the great abundance of il. would
drop down TO par, or nearly So without an eff
fort We hold that the entire success of the
Government arms is the only thing necessary to
bring about this; and IL the people feel satisfied
that this Is simply question of time, then gold
has lower point 10 90, and its normal value will
soon be to &c premium In this country. the
best security has been that Of the Government,
and there is nothing in the present aspect of the
case to lead US to suppose that notwithstanding
the great rebellion, and the doubt thereby thrown
upon IL, it will resume it legitimate normal posi-
tio1 again as sool as this trouble il past Indeed
the natural resources Of the nation guarantee this
beyond possible contingency
And it this shall be so. all obligations having
the credit of the United States as security will be
as good as gold. and such of them "a bear ) to 6
per cent per annum interest better than gold, as
they bad been before the rebellion. The great
victories gained since the first Of the month.
ought to satisfy the statesmen of England and
France of two very important facts which they
seem not to know. namely: that the energy and
resources of the people of this country AS far
transcends their conceptions of them as the super
fetal area of this country does that of Great
Britain and France; and that if the force of the
Northern or free States, divided as it was and
but partially developed. has defeated nine mil
lions OF whites who were fired by as wild an EN-.
thusiasm that which animated the crusaders
and who were in fact, united as one man, what
would il accomplish if fully and unitedly put
fOrthf These are thoughts which those who
have derided the efforts of our Government 10
conquer the Rebels, ought to seriously consider.
and then behold how far they have fallen short
in their estimates of human progress, and of hu.
man power. when freed from the letters of con-
ventiOnal aristocracy.
The demand for money has been of the most
limited nature. and the market Is very easy at
cos per cent. Exchange has ruled firm at n
premium selling, and par buying We quote: