Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1864-07-15
From the Cincinnati Price Current, July i3, (RepA
Financial and Commercial summary
for the Past Week.

The fluctuations in gold have been rapid
during theweek. but there has been an important
advance. and the average has been fully % per
cent above the average of the previous week
The public mind has been greatly agitated not
only by the further rise in gold. which was
high 295 at one time, but by a formidable
rebel invasion OF MARYLAND, which has cut of
both railway and telegraph communication be-
tween the North and Washington, and done
large amount OF damage to property in Mary
land
What the result of this demonstration against
Washington may be, il is rather difficult TO say,
but there seems to be a sufficient force of the
Government troops in position 10 thoroughly de-
feat the rebels should the movements be well
managed. even though the insurgent force is fully
up To thirty thousand, which is the highest esti-
mate placed upon it. IL is stated that Lee has
left Richmond with a large part of his army and
is coming to Maryland II this is the case, then
he has given up all hope of Richmond. and is
about to make "a final and desperate effort TO de-
strOy life and property before his fall. This,
then as we have already said, has greatly added
TO the sensation caused by the rise in gold, and
has essentially changed the values. not only OF
Government bonds but of all kinds of produce
and merchandise, and rendered them so unsettled
that they change every hour, and in some cases
every few minutes.
The demand for money from spectators con-
tinues pressing but bankers have generally
fused to lend for such purposes This has thrown
quite a number of them into the street. and they
are compelled by necessity to pay high rates, for
otherwise they would have to make sacrifices of
no ordinary character. Whilst this subdues the
speculative demand for some articles. it forces
the prices of others below their actual value very
considerably: whisky, for instance, is dull at
81 40. and If round lots were forced. would not
briRg over 81 Goal 65; ami yet on the first day
of next February il will be worth 81 % pr gal
lon, beyond possible contingency. even though
gold should decline to par: and of no other arti
Gle OF merchandise can this be said. We are
promised great results from Grants inactivity
and if they are not realized we must expect gold
will advance: no other power but that of the ar
nv can prevent this The policy which the new
Secretary of the Treasury intends TO pursue has
been a subject of general speculation. That he
will not increase the volume OF currency seems
to be generally admitted; and that he will. If
possible, avoid issuing long bonds bearing high
rate of interest. payable in gold. His only
then, would seem TO be 10 borrow money on Ger
tifcates or Treasury notes bearing high rate of
interest payable in currency and the securities TO
be redeemed in regular or per cent. bonds.
after three wears II this should succeed, then
we may look for tight money market.
We are not one OF those who suppose that
there is too much currency in circulation To meet
tue Vi COHlIltIGC Tue tuu
we have vet to see why the issue of the legal
tender currency should create feeling of dis
trust more than the issue of United States bonds,
| because the security in both cases is the same
and regards the interest this is in favor of the
currency in point OF ultimate security.
! Ii the 500. 900 900 OF legal tender notes in cir
/ cuaton were the bona fde representatives OF the
same amount in gold, in the possession Of one in
whom the people had the most unbounded con
| vvouia tbara ha pamnlaiDf ahout in
hationl Not a word And supposing the circu
| latiop was doubled the same basis, would il
! cause anv alarm? Not in the least. Then the
trouble is about the security, and this security
question is to be decided in the field. not in the
Cabinet, as We have often taken occasion to
| state since this war commenced-by the sword,
| and not by the Secretary of the Treasury.
We would invite those philosophers who have
| been grooming under the burden of paper money
to behold the position they occupy. 1t has long
| since become an axiom to our mind, since the re.
i belon assumed such proportions. that all
the gold. silver currency in the United States
in 1861, put into circulation was not half enough
| of a circulating medium to carry il on; or, 10
\ use term common to merchants, when speaking
!: of the purchase and sale of produce. 'to move
it, and hence the currency had to be creased
and increased largely, and one of the blunders
made by Mr Chase was in promulgating the the
ory regarding the evils of State bank circulation
and expensiOn.
The demand for exchange has been about
/ equal TO the supply. and rates have not changed
essentially Orders on Washington and vouch-
I. ers have further declined ana quotations tor
them are little better than nominal. Our quo
stations for gold are rather more of an estimate
than a reality as there is not enough doing in il
here to establish rates There being but LITTLE
offered, and there is no counter demand, what
dealers buy il shipDed to New York
The following were the rates at the close foi
/ exchange and government paper:
BUYING. SELLING
| New York............... clio dis. 50ds a pa
God....... i7o9lT5 prem. l7591s5 prem
Orders or washington, s3 4 a9l
Quartermasters'
Aswe have already stated. the market for al
kinds of goods has been greatly unsettled, and
as a general thing the quotations for one houI
aave not been good for the next, holders no
Knowing whether ii was better TO sell or TO for
bear
Flour advanced to 80 80 for superfine. anS
FELL back 70 50 -: sgain advanced TO 80 80, bu
ut the close yesterday this a nominal rate
lnd extra could be bought AT il TO a limited ex
ient. at least.
Wheat advanced to - O5 for red. and 81 L.
for white. but was offered at 81 90 aud 81 II
yesterday without finding buyers. owing to th'
.nfavorable news from New York and the de-
sline in gold.
Shelled corn haSteen in speculative demand
Cor shipment TO Toledo and Chicago. and .O0'
bushels sold at 81 Is to 81 20. but at the clOs
il was offered at 81 20, aud no BUYERS Ear dull
tai % Oats dull and prices declined 10 I'll q
re. The demand for them has been light
In burlaps they would not bring over zoe. Rv,
dull. aud prices nominal at 81 53GSl %
Whisky fat and so closed 1t 81 20 Tn
speculative demand has ceased, and some partie
Who bought on speculation have been compelle'
to sell m consequence of the stringency of th
money market.
Butter in light supply, and firm Cheese ad
vanced lie per pound
Mess pork adynced u S45.
Bacon and bulk meats are held higher, but
+ is difficult 10 give accurate quotations for them
. The Commissariat at this place has advertise
for lot OF bacon. but owing TO the depreciation
in orders. he will have TO pay pretty high price
: for H. Nothing keeps prices Of bulk meat an
bacon down but the absence OF demand for then
For the prices are vastly lower in proportion tina
mess pork
! Keg lard sold al 2Oc. and at the close terc
was held at this rate. bat we did not bear of an
E demand for H.
Sugar cured hams may be quoted al 25@26'