Indiana State sentinel. (Indianapolis, Ind.) 1861-1865, 1864-02-08
From the Cincinnati Price Current, Feb. 8.
Financial and Commercial Summary
for the Past week.

Financial and Comm ercial Summary
for the Past week.
Since the date Of our last weekly review, the
demand for money has increased somewhat, and
with a decrease rather than an increase of the
volume of currency. the market il somewhat
closer. and rates of interest 6rmer than on last
Tuesday The drafts of depostors have been
heavy, and there not being corresponding in
crease in receipts. balances are lower than they
we're a 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 a degree OF closeness, not so great
perhaps that which characterized the market
three weeks since, but sufficient to embarrass
borrowers With reference to the future, how
ever, il may be said that the prospects point to
larger supply Of currency. The Secretary of
the Treasury is now paving out freely to credit
ors, and selling to the public the interest bearing
legal tender notes. Ii is assumed by the Treasury
Department that these securities will noe increase
the volume of currency, since they win be held
as investments rather than circulated as money.
To some extent, this result will be realized; but
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 500 000, 900 of greenbacks, previously
held, necessarily, will be set sfoat. 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 issues
will cause an actual addition 10 to the currency.
The first effect of this will be to ease up the
money market: the next will be to initiate prices
and then currency will be practically as scarce as
it is now; for one of the features of irredeem-
able currency is, the of it is issued the
more 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 be allie to
place at five per cent interest. In the meantime
however, prices of all commodities advance, and
without takieg into consideration the evil conse-
quences of thus Initiating and unsettling the
markets, the increased cost to the Government of
the commodities il is so largely consuming, will
neutralize 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
now require. not an increase, but contraction
oil the currency, and every dollar added now, di-
recily or indirectly, TO our paper issues, drifts US
farther away from specie standard, and renders
more difficult return to that basis Ii is very
pleasant. we are aware to glide along on the
smooth surface OF an easy money market. and to
accumulate large profits by what is popularity
supposed to be an 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 US 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 to the receipts One of the
banks draws for depositors, to a limited extent ut
par, but this is arbitrary rate and is no indi-
cation whatever of the market Gold is firm at
56@561a prem. buying. and silver 47@50 Or
ders on Washington are in good demand at 9S(9
9o14 The city Quarter masters are paying up
to date, and there therefore no vouchers of
ferng They would bring $685. The quo
tatons ut the close were as follows:
New YORK.. par. lilo prem.
Silver. 1880 prem. 53a54 prem
Orders or Washington, 7S92 dis.
Quartermasiers'
Vouchers, city,. 9T997z
| We have the monthly statement Of three of the
National Banks, the principal items of which are
as follows:
Loans .......I,6i6,69s45 2OO5O9.7s 5ss.ss2 Ga
Deposits. l,s7473921 2O5, 954.ls 3O3. 400 -
Legal tender notes 447.s4as5 4s765s4 ssi '6S5 IS
Circulation. l5,4l5OO 100000 800.
The provision market generally, under heavy
demand for bulk meats, is very strong and pri
ces of shoulders, sides and hams are higher Mess
cannot be moved for less than 800 80 for new
city mess, and there are not many sellers at that
| New country may be quoted at Sl9 50020 90.
Last seasons packing sold Yesterday at Sl7 for
country. Bulk shoulders are in active request at
714c loose, for fair weights, and 715c. for extra
heavy Sides, &C. for 35 10. averages, and 80 %
914c. for 40 to 45 Id. loose short rib, 931c and
clear lO14c. Cumberlands sold at Sc. loose
equal to 95sc packed. This is an advance OF
fully lc from the lowest point Bulk hams are
in active request at l014c. loose Very little ba-
con in market The last sale of shoulders was
at &c Sugar cured hams are in good demand
at l4@l41sc for canvassed. but some brands are
held at l5:. and small sales have been made at
this figure. Lard is dull Mt l35a@l33lc foI
city. 1t Is not offered freely, but there is not
much demand for it He'd and GU ll15@ll56c
The United States Commissary to day awarded
contracts for $500 bris prime mess pork at pri-
ces ranging from $40 40 to $50 %
These awards include all the tenders made
The awards for bacon have not yet been made
The heavy purchases by government and the
large demand for bulk meats on European &C
count, taken in connection With the great def
cheney in the hog crop. cause iucre ised confidence
on the part Of holders.
The stock of pork in the New York and
Brooklyn inspection yards compare as follows:
February ], 1864. ls0 bbs
January i; $50: ..-......-.-..-.'-.. ".1s9SS
Under the news from Washington regarding
the status of the tax question: holders of whisky
put up the price to- day to 9oc in New York, AND
oOc here Private dispatches say the bill agreed
upon by the Senate Finance Committee is to IN,
stocks on hand 2Oc. and mrke the duty on al
manufactured after the 18th of January 60c
This is "A compromise. and if supported by III,
committee. it may be adopted. The bill. how
ever, has not yet been reported to the Senate anC
this statement as to its provisions may not b,
correct.
Flour is inactive at SIS 1905 go for superfine
Wheat. corn and oats are lower. Groceries rul,
steady with fair demand