Indiana State sentinel. (Indianapolis, Ind.) 1861-1865, 1864-05-30
From the Cincinnati Price Current, Nay %.
Financial and Commercial Summary
for the Past Week.

Financial and Commercial summary
for the Past week.
The supply Of currency is light, and c0nse-
quently the money market has been rather strin-
gent during the week. though the demand has
not been large. The street rates have ruled
firm at SOLO per cent and even at these rates
the demand exceeSed the supply. In the Eastern
cities the money market ruled easy at 5 and Z per
cent.
The rates for coin, exchange and govern
meut paper, at the close last evening, were as fol-
lows:
BUYING. SELLING.
New ork.............1- LILO dis9par. par9I-l0 prem.
prem. S5@s6 prem.
Silver..-..-..--"-7097I prem. 7l974 prem
Orders or Washington ,ssh
Quartermasters'
Vouchers, city------sI9S7%
limitations have been made that Mr.. Chase is
about issuing a new kind Of 6 per cent legal
tender, interest payable semi-annually, and to be
compounded. 1t is contended that this will not
increase the circulating medium 10 any extent,
but we think it will Indirectly, just as the first
issue of interest bearing legal tenders did.
That the amount o paper money now in circu-
lation is more than is necessary to meet the wants
of the IN or than can be used in n legit
innate manner, no one will deny. who knows any
thing about political economy: but that this is
the chief cause for the late advance in gold, OF
the present high prices paid for it, as Is claimed
by "A large portion of the press, we think Is not
the case. There can be no over-burdeuiug sup
ply Of currency whilst the whole amount OF legal
tenders and National Bank paper In circulation
can be funded in United States Jper cent stocks.
in a month, at pr. This being the case. we re
gard it very foolish to complain Of the expansion,
as the great cause OF all our woes. Give victory
in the field, by which the public will be satisfied
that the public credit is sale beyond contingency,
and then the ghost of expansion will melt into
thin air.
Mr.. Chase says the expansion OF the State
Banks is the trouble. Whilst it is true that the
Eastern banks have increased their circulation
largely since the war, yet this increase, or indeed
their aggregate circulation. is but small com
pared with the amount of government paper now
ahOat.
Now, whilst this expansion is dangerous to
those who hold this currency when the crash
comes. vet we say the total increase has been,
compared with the amount of currency in circu
lation. relatively small. But whilst the Eastern
banks have been thus expanding, the Western
banks have been contracting largely. We do
not mean to intimate by these remarks that we
are in favor of State and local banks, for such is
not the fact, because We have always favored a
uniform national currency, regarding il the only
safe and rational system for this or any other
people.
The campaign in Virginia has not progressed
much during the week, and il has become more
clear from day to day that Grant has a terrible
conflict before him yet before the rebel force
under Lee is subdued. OF this there can be no
doubt, and this suspense IS what put gold up, and
caused the Government loan Ia lag. On Mon
dav and Yesterday. we have been assured that
Grant has made an important and successful
harkiHg movement against Lee, but the details
are being kept private, and the country is in
great suspense consequently.
The weather has been quite warm-the TEN
perature during the last three days being up to
summer heat. On Sunday and Monday, about
noon, it reached Sc TO IS. Monday night and
yesterday morning there were heavy rains, which
with the warm temperature, brought vegetation
on rapidly, and We may say that the agricultural
prospects are now excellent.
The general markets have been very quiet du-
ring the week, aud with the exception OF mess
pork, but a limited business has been done.
Flour has been held rather higher, but specula
tors would not operate at the advance. Wheat
has been held higher, and an advance Of Toe has
been established, but the rates We give, as those
current at the close, were paid reluctantly. Corn
and oats both dull, without essential change.
The market has been bare of rye. and prices adj
vanced TO 81 T00I rs. but il was offered 10 ar
rive at 81 90. Whisky has advanced to 81 25, be-
cause, as we minated in our last, the Senate
Committee has rejected the project of taxing the
stock on hand. Now that the tax on whisky six
mOnlnS nence Will not De less tnan 81 ~ per Ral
lon. we have no doubt, which will make the cost
price Of il, under any circumstances 81 10 per
gallon. and it may be 81, because it is not prob
able that corn will be low enough to make it at
the former raie, so that there can be no loss in
holding the article at the present rates.
Butter has been in light supply, aud prices
ruled frmer and rather higher. Cheese declined
re. Hay unchanged. There has been an &C
tive demand for mess pork, and prices advanced
fully 50 per barrel during the week. The sales
reach IL. 900 barrels, of which 5000 barrels was
taken by Canadian parties. OF other articles in
the hog produce there has been no animation,
and bulk meats have been offered rather pressing
ly aad at low rates. especially sides, which have
been offered at a decline of fully 1Sc. Lard has
been held firmly. but only n small business done
in it. In our general market review We give
quotations., and further particulars.
The grocery market has been dull and prices
of sugar and molasses are lower hut notwith-
standing the dizziness in the large way, a very
good jobbing business has been done at our quo
tItions, and the amount of sugar and coffee taken
by the country in small parcels. has in the ag-
gregate been quite large, as will be seen by our
table OF exports.