There has been loss of some of the original inscription but that remaining reads as follows:
37th ILLINOIS V.V.INFANTRY
Pea Ridge, Prairie Grove, Chalk Bluffs, ------?
For more details on this flag see "The Fremont Rifles, A History of the 37th Illinois Veteran Volunteer Infantry" by Michael A. Mullins and published by Broadfoot Publishing Company, Wilmington, NC, 1990. On page 9-"At half past twelve on that day the regiment marched from Wrights Grove to the front of the Board of Trade building-----Then it was presented with the national flag which displayed "37th Illinois" in letters of gold on one of the white stripes."