Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1864-02-05

Lard quiet and steady nj i312c; small lots very
choice at 1880.
Money continues easy at per cent Gold
quiet; opening at 5s1s. declining to 575s, and
closing dull at 577s@5oc prem.
From the Cincinnati Price Current Feb g.
Financial and commercial Summary
for the Past week.
Since the date of our last weekly review the
demand tor money has increased somewhat, and
with decrease rather than an increase of the
volume of currency, the market Is somewhat
closer, and rates of interest frmer than on last
Tuesday. The drafts of depostnrs have been
heavy, and there not being corresponding in
crease IN receipts balances are lower than they
were week ago In regard TO the supply of
money, therefore, the situation Is such that any
great increase in the demand for loans would be
attended by degree of closeness not so great
perhaps as that which characterized the market
three weeks since but sufficient to embarrass
borrowers. With reference to the future how
ever, it may be said that the prospects point to a
larger supply OF currency. The Secretary of
the Treasury is now paving out freely credit
ors, and selling the public the interest bearing
legal tender notes It is assumed by the Treasury
Department that these securities will increase
the volume of currency, since they will be held
as investments rather than circulated rs money
in an important degree the theory will prove fall
lacious. Banks and bankers, for example will
put their reserves mainly into these notes. and
thus over 800 600 900 OF greenbacks, previously
held, necessarily, will be set adoat The same
rule will be adopted by the people. who are in
the habit OF boarding money. Thus, it is safe
to conclude that fifty per cent of the new issues
will cause an actual addition to to the currency.
The first effect of this will be to ease up the
money market; the next will he 10 initiate prices
and then currency will be practically as scarce as
il Is now for one of the features of an irredeem-
able currency is, the more OF it is issued the
is required Mr.. Chase's object we sup
pose, is to ease up the money market by these
issues, and then TO open the 10 40 loan which
under these circumstances he hopes to 0e able to
place at five per cent interest. In the meantime,
however, prices of ali commodities advance. and
without takeg Into consideration the evil conse-
quences OF thus initiating and unsetting the
markets the increased cost to the Govern ment of
the commodities it is so largely consuming, will
neutrallze the advantages to be gained by the
lower rate of interest on the permanent debt.
1t must be apparent TO every experienced
fnancier that the interests of the country just
require. not an increase, but a contraction
OF the currency and every dollar added now, di-
rectly or indirectly, 10 our paper issues drifts US
farther away from n specie standard, and renders
more difficult return to that basis Ii is very
pleasant, aware. to glide along the
smooth surface OF easy money market. and to
accumulate large profits by what is popularity
supposed to be ali advance in prices but it should
be borne in mind that we must come back TO the
| point from which We are steering; and while our
outward passage is calm aud pleasant, the inward
| trip must be through rough and stormy weather
that will deprive OF that pleasure now expert
enced. and render our passage very dangerous be
sides Shoals will appear then where there now
seems TO be deep water
The exchange market rules firm. and the de-
mand is fully up 10 the receipts. One of the
banks draws for dep0sltorS, to Il limited extent al
par but this is arbitrary rate, and is no indi-
cation whatever of the market. Gold is firm a
56G561l2 prem. buying and silver 47@5O. Or
| ders on Washington are in good demand at 9S@
$50 The city Quarter paying VI
to date, and there are therefore no vouchers of
fering. They would bring $685. The quo
tations at the close follows:
| BUYING. SELLING
Cold prem S prem prem
| Silver....... 49e,50 prem. 5394 prem
Orders or Washington, u a. dis.
! Quartermssters'
| Vouchers, cty.......- 9T9971z
We have the monthly statement of three of til
National Banks, the principal items of which ar
follows:
First Second. Third
Leans. Gle 62s.4j POO 50979 5s5, 322 6
Deposits .....i ,s74,7ss2i 2o5,a5a.ls sOs.isO.l
Govt deposits. 24s,Jol 4
Legal tender notes ~, 9i2 So 1854 23l $685.
Circulation. l5,4l5O0 100000
The provision market generally, under heav
demand tor bulk meats, Is very strong, and pr
ces of shoulders, sides and hams are higher Ne:
cannot be moved for less than 800 50 for ne
CITY mess, and there not many sellers ut tina
New country may be quoted at Sl9 50620 N
Last seasons packing sold Yesterday at ST. f
H.. -.
| TIC. loose, for fair weights, and lie for ext
heavy. Sides, &c. for 35 10. averages, and 81 {
SIC. for 40 to 40 10. loose: short rib, 931c. an
clear lO11c. Cumberlands sold at &C. loos
equal to 95sc packed. This is an advance
fully lie. from the lowest point. Bulk hams al
in active request at l014c. loose. Very little b.
con in market. The last sale of shoulders WI
. at e1ac. Sugar cured hams are in good demar
at l4@l412c for canyassed, but some brands a
held at l5c. and small sales have been made
this figure. Lard is dull at I35a6l33Ic f
city. 1t Is not offered so freely, but there is n
much demand for it Head and gut Il1s@lI5s
The United States Commissary to day awards
contracts for ), 800 brls. prime mess pork at Or
ces ranging from SIG 40to 500 %
These awards include all the tenders mad
The awards for bacon have not yet been mad
The heavy purchases by government and q
large demand for bulk meats on European a
: count, taken in connection with the great de
cheney in the hog crop. cause increased confden
on the part OF holders
: The stock of pork in the New York al
y Brooklyn inspection Yards compare follows:
February j, 1864. $50 bb
January I, 1864. 1888 :.
February L, looS $50 q
Under the news from Washington regardi
the status of the tax question: holders of whis
. put up the price to day to 90c in New York, a
soc here. Private dispatches say the bill agre
upon by the Senate Finance Committee is TO {
stocks on hand Doc. and make the duty on
manufactured after the 18th of January o.
This is a compromise, and if supported by I
committee. il may be adopted. The bill, no
ever. has not vet been reported to the Senate, a
this statement as to its provisions may not
correct.
Flour is inactive at S. 1895 60 for super6
Wheat, corn and oats are lower Groceries r,