Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1862-01-10
From the Cincinnati Price Current. Jan.
Financial and commercial Summary
for the Past Week.

The dsordered and unsettled state of financial
affairs, consequent upon the suspension of specie
payment by the Eastern banks, and the United
States, regards the redemption of the demand
notes, have 10 some extent passed of, and things
wear a more settled aspect. The currency basis
in New York is composed of the notes of the
suspended banks and the demand treasury notes,
but this settlement is, and under existing crcum-
stances can be. but temporary, because the future
i n mere matter of speculation, and the fate of
both the financial and commercial affairs of the
country depends altogether upon what Congress
will do. Ii seems probable, from present indlca-
tons. that treasury notes will be made legal
tender, and an additional hundred million dollars
OF them put into circulation, and they, conse
quentlv, made the carrency of the country; that
they will be redeemed by United States or I
per cent. stocks at par, and these stocks be sub
sequently used a a basis for banking. This Is
about the plan promulgated by the Secretary of
the Treasury, and the disposition displayed by
Congress Just is to carry il into effect. 1t is
true the Constitution of the United States pro-
vides that specie shall be the only legal tender.
but it is likely this will be evaded dsregarded.
on the ground that the exlsencies OF the case de
mand il.
The settlement of the currency question in
New York Induced dull exchange market, and
rates declined TO the old range, par buying and
a premium selling
The demand for gold has been quite light and
the market is dull at l(62c premium. Bankers
supplying their customers with all they want
at lie premium. but this can not continue 10 be
the case under the advices from New \ ork where
the rates are up TO %. premium buying and 81
selling rates, and sterling exchange not to be had
at ll2@ll4, which are 2ls to Al. above par
This will render the shipment of gold inevitable
aud put up tie rates of premium on il TO CORES
pond with these rates.
s The Board Of Control of this State has passed
a resolution that the banks OF this State will not
suspend specie payments, and the managers of
the Bank of the State of Indiana have arrived at
a similar conclusion. The Northern Bank OF
Kentucky has suspended Now 20 our mind this
alternative OF suspension or no suspension re
solves itself "a this: /. our currency Is TO have !,
PAPER basis a resolution passed by bankers not to
suspend means % eiire from business If they stick
10 their resolution, because il would be simply
impossible TO keep their notes in circulation whilst
they could be redeemed in coin along side of cur
rency one. two or three per cent discount as com
pared with gold. so that ali banks which will
not suspend will have 70 retire their circulation
In New YorA, YESTERDAY, exchange this
city was prem This i strange, but Is caused
by the fact that gold is IA per cent nearer our
currency here than there.
The closing rates Tor exchange and gold are
az follows: s-.se ~.
Buying. Selling.
New York. ........... par. !. prem
Coll. .--..-........ prem prem
Owing 10 the advices from New York on
Change. the above rates were nominal Bankers
we're not buyiug
The merchants ef New York have been greatly
agitated the past week, OWN. 10 the increasing
probability that the uties all foreign goods will
lie largely increased, and such goods are in
consequence being held out OF the market. To
great extent
The weather has been cool and the temperature
sufficiently low for pork packing. and the &c
mand hts been good for hogs and the market
baoyant ali the week, and prices were shade
hi cher.
Yesterday the market opened dull. though the
receipts were light. Dot the news from New YORK
and tie want of shipping facilities, caused pack
e. u Withdraw = great extent and prices .;