Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1864-04-22


CAP people 10 know that they nav not at any
moment ee plunged into financial disaster. mill
tary defeat and national runl-l Chicago Post.
From the Cincinnati Price Current, April 20
Financial and Comm rcial Summary
for the Past week.
The excitement in fancy stocks and gold, in
produce, and 10 most articles which 90 20
compose the commerce Of the country. has cul-l
minated anu collapsed. since our last; all knew
IL would sooner or lster-eyen those who partici
pated in the speculative mania most deeply
The result has proved most misunderstanding
seriously the credit of bankers and stock dealers
IN New York; many of the stock dealers have
failed. As high as one per cent day was paid
for the use of money in New York, on Monday
which clearly indicates the terrible straits To
which spectators were driven. The credit OF
some OF the New York banks was two per cent
below par Now of course, the fallen will blame
Mr.. Chase for all this-what business had he to
come 10 New York, and pass down Wall street.
last Friday. and there brighten operators out of
their wits, put down gold Ii per cent in half that
number of hours and transform millionaires to
beggars in dayf Those who engage IN spec
ulatye business which will result IN financial
ruin TO them, in case Mr.. Chase visits New York
and passes through Wall street, cannot logically
blame any one but themselves Spectators
never look to the ultimate results; the import
ant question with them being how long will the
excitement continueg All those who buy seem
TO feel confident that they 'get from under"
before the crash" comes, notwithstanding all
experience shows that this is the most difficult
thing imaginable to do, and that but few succeed
In doing so. Speculation. when prices are rising
rapidly. and when men are making thousands of
dollars hourly, possesses fascination perfectly
irresistible, it would seem, attracting into the
immense whirlpool all classes and conditions OF
men; and we told that even women have
been largely involved in the stock madness,
which reached its hight in New York. the past
week. There is nothing new, however, in the
crash; such things have happened thousand
times before aud will continue to occur periodi-
cally while the world lasts
Cod at one time high as lS9, and as
low as loo Congress is passing bill as speedi-
~ as possible which makes buying selling
gold, without the actual delivery of the coin Is
made at the time. penal ofeise. Ii seems to
Us that the effect os such law this will be to
increase the demand for gold, whilst il diminishes
the number of those who can sell We hold that
gold cannot be permanently depressed but by
successes in the field; that tits not to Congress-
but TO Grant. We must look Tor the power to put
down the price of gold effectually. Surprising
the campaign now about opening should prove a
failure To the Government arms, does any one
suppose that the price of gold would not go up
rapidly. AMI to point far above what il has vet
reachedI Doubtless no one; and ,et il is the
possibilities the probabilities of such "A failure
which have furnished the lever power bv which
such excitement has been got up in the gold
market and the stock market, and : necessary
consequence put up the price of all kinds of
produce.
Our money market has been quiet during the
excitement; the demand has been but moderate
and good paper negotiated freely at to 8
per cent
Tie demand for exchange has been active
wi hout important change in rates
Gold has iluctuated in response to the New
York quotations, but the business which has been
done IN il has been very small indeed There
has been local demand of consequence and
but little offering. The lake cities having in
contemplation the rejection OF Eastern bank cur
rency, it has led to increased disposition TO
steer clear of il, though it has not been bankabe
here for long time. The project now before
Congress tO tax the issues ot State banks j. be
coming quite popular. and there is little doubt
chat such measure will become a law There
has not been much done in vouchers or orders,
owing 10 the small amount offered-or1erS are
a shade easier than tley were a week ago-5-20's
have tluctualed consider bly,. aud closed NJ 100
VI,
averaging about one hundred thousand dollars a
day.
Mr. Chase has discontinued the sale OF gold
certificates. having disposed of about eight mil
lions. The measure had not he desired effect.
for pending the sale gold advanced.
The rates for CON, exchange aud govern
ment paper, at the close last evening, were fol
lows:
BUYING. SELLING
New York.............. par. lilo prem.
God.......... ats prem. 6S prem.
Syer..... 50 ass prem. 81 prem.
Orders Washington, g9G99A
Quartermasiers'
Vouchers, ity........9 81 900
Tic excitement in the produce market no.
ticed in our last. aud the sweeping speculative
demind. continued up to Thursday enins. and
during that day assumed q character OF perfect
madness All wanted To buy. aud few tn SELL I
aud those who held desirable articles of produce /
were unwilling 10 name price lest the offer
should be accepted
Superfne -four reached 81 25. wheat 81 500 /
Oh. corn 81 %, oats s5c. rye 81 81, whisky /
81 25 mess pork S25: but ~ the de-
cline of gold Friday announced, the I
speculative demand ceased, and an expression OF
disappointment was visible all faces. with f
now and then an exception An immense
amount of Hour and wheat had been bought up
during the ruth. The sales at -four reached So (
900 barrels Wheat being offered less freely than .
flour there was not much done IN il. On (
Saturday the sad change was fully realized by T
those who bought whilst sellers were congratu-
lating each other upon their good fortune IN 4
"getting out" Flour declined until 50 was the \
best offer made for ,upertne Wheat declined 4
TO 81 36Gl 30 for red aud 81 45Gl % for /
white Co declined TO 81. Oats TO o0Gol. .
Rye TO 81 10. Whisky 10 81 l26l ID. And |
all closed irregular. AMI prices unsettled that
these rates were to some extent. nominal.
he speculative demand for provisions ceased. I
but. excepting lard. there has been no DISPOSE
ton manifested Ia make important concessions
Prices OF mess pork and lard have been nominal 4
for some DAYS anu the demand tor bulk or ia
con SIDE. has been light, but shoulders and hams,
in all shapes meet with continued good con-
sumptive demand shoulders selling at lO1c a
IL l5c in bulk aud smoked. and hams at l6d &C .
Tor pain and sugar cured. Lard could have
been bought at 1919.
Better has been in better supply. aud prices
are Sc lower
Cheese iirm aud the stock Of old exhausted or
nearly so. Small lots OF new have been re-
ceived
Clover seed declined to s. IS. and is dull.
Cotton advanced to 75c for middling. but fell
back TO 73a74c.
Wool has been in better demand and prices
advanced to 6O@70c.
The width OF Our Platform.
A II attempts of the Administration leaders TO