Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1864-07-07
FROM the CINCINNATI Price current, july 3, Rep
Financial and Com m rciasi Su ,
for the Past eek.

Financial and COmme rciaI summary
for the Past week.
The excitement in the unsettled state Of Gnan
ca affairs which have existed for some time be
came more intensified, ii possible, since our last
by the resignation Of the able Secretary OF the
Treasury. The announcement made on last
Wednesday, and coming, as it did. wholly unex-
pected, produced immense sensation. and the eel-
ing of gloom dark than IL wonld
have been in consequence of the report being ac-
companied with the intelligence that the Presi
dent had nominated Ex-Governor Tod of this
State ~ Mr. Chases successor II the Presi-
dent was in earnest in making such IN appoint
ment. he has stamped himself political trimmer,
but IL it was intended as JOKE we think il was
in bad taste, II not an outrage upon the whole
country. The public mind was relieved by the
announcement that the Senate had minated 10
the President thit his appointment would not be
confirmed, and Mr. Fessendea. an experienced
and able statesman, and the Chairman of the
Senate Finance Committee was appointed.
I There seems 10 be general confidence IN Mr.
Fessenden. but at the same time il i regarded by
the masses of the people. most unfortunate
thing that Mr. Chase has resigned AZ this time
Various causes are given for the act, but there
can be no doubt that the basis OF the trouble
which led 10 it vas the intrgues OF politicians
and the unfortunate competition for Office, which
! is at once the cuIse OF our country and tie dis
| grace OF our people. Ii is clear that il Is the i'm
peratve duty of our citizens 10 discard all office
seekers. and change the spirit of the whole mat
ter of office so that office shall seek the man IN
stead OF the mau the office This is essential to
| the prosperity and the perpe,uity OF a republican
| government
| sThe extent to which office seeking has been
carried BY our citizens, is the most melancholy
aspect in which tie future OF our country can
be contemplated That NJ Chase was man
/ 4
| that he had some failngs none will deny; the
| chief and most unfortunate OF which was his
thirs, for office His desire to be President was
! 50 great that il Overcame his good sense and he
betrayed this weakness whenever an opportunity
offered
Gold ran up to 277 on the heels of the an
nOuncement and all kinds of merchandise be-
came unsettled that tor some days the prices
OF goods could not be ascertalned with any de-
gree OF accuracy
The people now feel better Congress has
adjourned, and Mr. Fesseuden has consented to
be the Secretary OF the Treasury The first
thing he will do probably l. to raise the interest
of the 10 40 loan to per cent, and thus correct
the first and great mistake that Mr Chase made
namely. in attempting to put ont a loan al
lower rate Of interest. when the army was mae
tive and new draft in progress
The s:ringency of the money market has been
great during the entire week. and II per cent for
the best paper offered outside has been an inside
rate. and in some cases lls602 per cent. pei
month have been paid for short loans Thi,
want o money has wholly grown OUT of the exteu-
sive business which has been done, but We NAV
soon look for more ease in the market. a. this
money so used will shortly find it, wa7 in the
regular channels OF trade again. Thi, scarcity
OF currency is singular fact. taken in connec-
ton with imitation of the currency TO which many
have been Mtrbutng AL our financial woes
Whilst il J. true that the amount Of paper cur
rency in circulation. Is too great for the wants OF
commerce. it is not too great, indeed not great
enough to 30 he business connected with keep
ing an army OF three quarters ct million men
Ia the field. IL takes long tine iOr the money
{ paid TO the soldiers TO come back into the chan
nels of trade This all who know ANYTHING
about the matter, can easil, comprehend
The demand for exchange has been better, and
rates are shade higher.
r Government paper has been dull. aud rate.
ere nominal the greater portion OF this week
= but at the close there a hrmer feeling
, owing 70 an Improvement in certificates in New
I York
E The subscription TO the 10 40 loan has beer
: quite small. not exceeding $50 900 during IN,
! week The Secretary OF the Treasury has with
drawn the advertisement for S33 600 900 OF To,
long SIX per cent loan. which had been called for
this being the amount not taken of the SO 600. :
D 900 called for some weeks ago.
The quotations for all at the close were as fol-
lows:
BUYING. SELLING
> New Nork....-.-........s a. dis. l-lnli> q par
Gols........ 10000. lao prem. l6J prem
c Silyer...................ll lis nrem l40 prem
Orders Washington 95 S95i
5 Quarterrnasfers
Vouchers. ciiy....... 81 G@2
: Under the excitement, government securitie
largely declined : 2l'- declined u par and T.
premium and coupon sixcs TO 1921, but this de
; cline has been removed % crelt extent. as vii
: be seen by referring 90 the telegram from New
= York
= The weather has been quite warm. with cop-
Gus rains ia all the districts OF country tr.butar
= 70 tins CITY The wheat harvest q now IN Dro
-res-. and both as regards quantity aud quality
l. n good one
Samples OF new wheat have been seat u. an,
We think We never saw heics 81 well filled
whilst they long a. We have ever notice
them In many places where farmers though
they would no. get the seed in Nav. they At
now they say. reaping good crops
e General business during The week has bee
a.. IA Hn IN fthf