Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1864-07-21
From the Cincinnati Price Current, July 20.
Financial and Commercial Summa ri
for the pnst Week

The Secretary OF the treasury has been IN
conference with the New York bankers. during
the greater portion of the week and proposed
borrowing 80 600 900 on three year Treasury
notes, bearing interest az the rate Of seven and
three tenths per cent. per anuum: the inieTes; to
be paid in currency and the notes redeemed in
per cent bonds Of 1881; the bankers to paw the
loan in gTeenbacks or national bank notes. The
bankers were willing TO make the loan, but con
fessed that they bad not the legal tenders
tonal currency with which TO paw il, and as Mr.
Fessenden could not take their own notes or GER
tiled checks, nothing was done. The Secretary.
We are told, will now appeal to the people max
ing the same offer he did to the banks and if he
succeeds. well: if not, he then must issue more
legal tenders so far As he has the power 10 do so
ard If Grant succeeds and Sherman takes At
lanta this can be done without putting up the
price Of gold, or uflting prices, and We believe
this must be done eventually. simply because
there is not enough currency nov IN circulation
to carry on the aud meet the enormous in
creased expense OF the additional half million
OF men just called for Ii the currency is to be
increased, it is FAR better that the Increase should
be in Government; than in Stale Bank issues. In
our last we stated that one OF the mistakes made
BY Mr.. Chase was in promulgaing his theory Of
regarding the evils of State Bank circulation ard
expansion. II will be remembered that he attri
buted all the "inHatiOn" 20 the increase in State
Bank circulation This is what referred to
/ The week has been an unsettled one in fnan-
/ cal "a well "a commercial circles The belief
that the New York bankers would make a loan
To The Government, made the money market
very stringent there and, in order TO carry pro
/ duce, or in other words, TO keen up margins a.
/ high as l., to | PER cent per day were paid tor
money in the fore part of the week, and even this
/ did not save spectators. for mess pork defined
/ sl2 per Dbl. lard 262isc. per 10, and -four
\ 81 80 per bbl; and about the middle OF this
week. matter looked bad for those who held pro
duce, in the extreme, and the ONLY thing which
prevented u further heavy decline was the failure
of the loan. Gold defined tor the same cause,
and was one time as low as y a., but all are
again on the upward move;
The stringency of the money market has been
undated, and il has been next to impossible 10
borrow money for speculative purposes, 50 that
rates have been nominal The large decline in
prices of produce articles which had been
speculated in mos, stopped the supply of money
effectually, by creating an impression that there
might be a general ''crash" Toward the close
! the feeling more subdned, ami restoration
of confidence had set in. Bankers are lending
to their customers at to IL per cent, according
/ to the existing circumstances.
The quotations for exchange, coin, &c. at the
close. were:
/ New Yvrk.............. par Clio prem.
Gold. 2es prem. 275 prem
] Silver. .245 prem. go prem
Orders or Westinghouse
Quartermssters'
The weather has been intensely hot during the
/ week, without any rain in this vicinity, and We
understand that corn is suffering for want of il
Up the Miami valleys The thermometer has
been ranging from s. TO 60 including the nights
aud at Z. VI Monday il stood at % in airy sit
uations The river is very low and the railways
are T-crowded with business; indeed 1t has
become quite difficult to make shipments east, as
the amount of freight offering exceeds the capac-
ity of the railways
The stringency in the money market at New
York, and the consequent decline in gold, caus-
ed -four TO decline 81 30 per brl. in New York
and pork Sl2 per bril-. lard &c per pound, wheat
Acc per bushel, and whisky DC per gallon. This
unsettled market that prices of these things
could not be given with any degree of accuracy
during the greater portion OF the week. Ga
Monday and yesterday, owing to reaction II
New York. there was a firmer market for whea
! and -four with good demand, but prices remain
unsettled. for though holders were firm Their,
was no demand. and therefore quota tons cOul,
not be established with any degree of accuracy
The advance in gold, toward the close, hav-
ing its effect upon all articles, and the tendenc,
OF prices decidedly upward
Inc Interpretation Wnicn CoiG missioner Lew
has given the new tax law is producing goo,
deal Of sensation The law says that all manu-
featured articles on the premises where manufac
tured, and upon which the tax has not been paid
on the LIST of July shall be subject to the new
rate Of taxation: but Mr.. Lewis says that al
manufactured goods, which is legally in tn,
possession of the manufacturer, matte
whether on the premises where Manufactured, o
in any other place, and matter whether th
old tax has been paid them not. shall b,
subject 10 the new rate of duty, deducting an
tax which may have been paid on them. Or. il
other words, all manufactured goods. which Ia
not actually passed out of the possession of TN
manufacturer before the first. is liable as stated
This has caused great sensation among dist
lers, as they own an immense amount Of whisky
upon which they had paid the old duty and sen
to their commission merchants or hold in ware
houses in this and other cities The decision o
. Mr. Lewis is so different from the wording of tn
law, and there being such immense amour
involved, there is no doubt that il will be con
? tested i'm the courts should it be pressed
Tie grocery market has been frm and the lie
mand good.
? Coffee i higher, but sugar and molasses ar
unchanged
Butter and cheese higher md the deman
good.
Feathers, ginseng and beeswax have all ad
! vanced. and the demand is good
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/