Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1864-06-02
From the Cincinnati Price Current, June l.
Financial and Comm rcial Summary
for the Past Week.

The efforts TO keep gold down, aside from vic
tories OF decisive nature. have all proved vain.
simply because they DO not touch the source of
! trouble They resemble efforts to stem the tor
rent, or stay the waves of old ocean The last
one OF these is the attempt made by patriotic wo
men TO stop the importation of foreign goods so
as to diminish the demand for gold Whilst we
admire the spirit which has dictated this move
ment we must confess that we feel rather amused
ut the simplicity displayed in urging the execu-
ton OF it. We should have supposed that at
/ least, the men who have mingled In the assem-
bCs OF these worthy ladies' would have seen
that by diminishing the importation they would
nave been reducing the vital resources OF the
| government in prosecuting the war: namely. the
receipts of gold from custom duties. And more
than THIS, the balance OF trade is against US, not
because of the much As because OF the
| short crops OF 1868, which have been aggravated
to a very considerable extent by the general and
wide spread disposition to- speculate in all kinds
of produce. partly on account of this short crop
but more especially owing to the desire to invest
in some tangible article in consequence of the
deprecated currency, all OF which have led 70 the
singular fact that prices of produce whilst there
is in fact no actual scarcity of any kind are
ABOVE Shipping p0iut; and, taking gold as the
standard. -four and pork rather dearer in our
markets than IN England. This is an evil, how
ever. which cannot be remelied. and is one of
the consequences of the distortions produced pv
the war upon finance and commerce, and these
distortions cannot be rectihei bnt by the com
plete success Of our armies and the re establish
men; of constitutional government in place of
7 military rule. As is now ana must be the case un
til those who are in arms against the government
are defeated.
In time of peace the substitution OF home
made goods for those of foreign make might be
experimental IN. - it would cherish our home
manufacturers ~ the expense of the consumers
but We presume there are few who would be viii
ling to make such sacrifice The natural poll
cy of this country is free trade and direct taxa
ton, because our national resources are so much
greater than those of any other country. and far
ahead of our wants. that there can be no sound
reason tor preventing the influx of the fabrics of
foreign manufacturers into our markets To
buy where we can buy cheapest. and sell where
we can sell To the best advantage has ALWAYS
been the maxim and the axiom of commerce in
all ages, and cannot be successfully disregarded
either by nations or individuals
The demand for money has been but moderate.
Rates, however. remain unchanged, and 10 10
per cent have been those current in the street.
though there has not been much good paper sold
AZ the latter rate.
The market has been dull for exchange. with
supply in excess OF the demand. AT our quota
tons. Gold advanced steadily from day to dav,
and reached 81 "a in New York on Monday. but
Tell back Yesterday. closing at 81 90 at noon
There has been quite an active local demand for
:, here. aud the rates have been l TO per cent
ahead OF those current in New York The bu-
Slness done in Government paper has been small,
but rates have not changed essentially
The quotations FOR all at the close " ere as fol
lows.
New lork.-.... ........l-iO dis par. para5O prem
uola........ 80 prem. 9aQ2 prem
silver --74a)76 prem. 7sas0 prem
Orders or Washington ,ssis
QuArternasters'
vouchers, city......9sGS7a.
Government stocks declined in New York YES
terday The coupon skies OF ISL fully per cent
This Is IN consequence of the announcement that
the Secretary OF the Treasury Is about 10 place
Sl5OO0.OOO OF per cent stocks of 1881 on the
market This. We presume. had become reces
sarv or raise the interest on the l0-40s 10 6 per
cent. which would have involved some difficult
points: but money must De had fro n some source
and the course most likely 10 Weld il must be
adopted. That this will cause further decline
there can be no doubt, only in these bonds
but the ) Dos.
In the general markets there has not been |,
much excitement, far less than might have been