Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1862-01-16
From the Cincinnati Price Current. JA-, Is
Financial and Commercial summary
for the Past Week


The advanced rates Of prices for gold and ster.
iing exchange IN New York. ard a pressing de
mand which existed for both during the whole of
last week ~ to Friday. kept our money m arke,
IN q eontianal state OF agitation Cold went uD
TO &c premium, though the demand for il was
very light, and whilst bankers refused to sell at
less than this rate - any extent, shey would not
buy It at over lie premium.
he conflict which seemed 10 be pending be
tween the Governmera and the New York bank
ers since our last, added greatly TO the unsettled
state % Affairs and increased the want of conf.
dence in the future.
Towards I've close Of the week a committee
depnted by the New York bankers went to Nash
iiIgton and have been in conference with the Sec
rotary OF the Treasury aud the House Com miitee
on WAYS and Means, and the indications ere that
plan for raising funds and sustaining the credit
OF the Government will be agreed upon, mutual
ly acceptable. which will be similar to that no.
ticed in our last; namely, the issue Of treasury
notes 10 a sufficient extent % meet the demand OF
the war, making them redeemabe in ten year
United States or percent stocks. The bank
ers and capitalists want twenty year per cent.
stock, for reasons which obvious. but the Gov
ernment refuses 10 ISSUES any stock bearing over
s per cent. of longer date than ten years. The
floating debt Of the Government is now over one
hundred million dollars The treasury notes will
be made legal tender, and there can De no doubt
that they will become the currency of the cOun-
try, and we understand that the Attorney Gene
raj and other lawyers have given it their opin-
son that the fact of making these notes legal
tender Is not contrary to the spirit OF the Consti
tuition
The Ohio bankers are pressing the Legislature
FOR permission to suspend specie payment. and it
will doubtless be granted. the bin has already
passed the lower House Ii should De stipulated
4 ~ l.. -.
from flooding the State with their notes, which
will be done if the time of suspension is not made
short and specific by fixing the date of resump-
ton within the current year ut least. The ex-
penseS OF the Government are enormous. and this
will lead TO acts of taxation not vet intima;ed, If
the war continues for two years, or even one year
longer There are some points the Secretary Of
the Treasury to have overlooked namely:
that it does not cost as much TO keep an army in
the field As to put il there; that the present war
has destroyed an immense amount of the basis of
taxation he draws from the last census; and that
the act OF taxation, IN many cases, destroys the
bash of that taxation. or the source from whence
the revenue is expected to be derived.
The demand for money continues very light.
and strictly inst class paper is taken ut IDOL
per cent; but owing to an extreme scarcity of
currency, the ability of bankers TO DO business in
the discount line has been greatly crcumscribed
This scarcity 0f currency is attributable to the
large amount of Treasury notes sent East some
ten days ago. the withdraw of the Indiana, Ken
lucky and Ohio currency. which has been sent
/ home for redemption, and the large amount going
into the interior in payment for pork.
! The market for exchange has been extremely
dull, and rates declined To Is dis. and par buying
rates. and par to l8 prem. selling rates.
Gold is bought by the bankers at prem. and
sold at q @3Is ,. but the advices that the Boston
banks had thrown out the demand Treasury
I Notes caused more hrmness in the market at the
close
/ II seems TO be an assumed fact with the mer-
camille community that additional duties will be
placed on all descriptions of foreign goods, and
hence general speculative movement in such
goods has prevailed in New York arj other
Eastern cities the past week, and prices have
generally advanced. Spices and all kinds of
foreign drugs have largely advanced. Tin and
teas higher. Coffee is lie per pound higher
in New FORK than it was a week ago. and as il
is deemed certain that whisky will be taxed,
prices advanced in New York TO DC and in this
market 10 Doc, with sweeping speculative de-
mand, until Saturday, when reaction set in,
and prices declined &c in \ ew York and DC here
per gallon This article will bear tax of 25c
per gallon well as sc, if drawback is allowed
on all the alcohol exported but if this is not al
lowed the manufacture will fall off one half and
this should be borne in mind by the Secretary
and Committee on WAYS and Means
The weather has been quite changeable, but
generally cold enough for pork packing. There
have been rain and sleet and snow and, at the
close. cold. freezing weather the thermometer
down to IL degrees. The receipts of hogs the
past week have been quite liberal, and the dc
mand being but moderate, prices declined the
first three days of The week under review fully
25c per GENITAL; but subsequently this decline was
recovered, and the closing quotations are the
same they were a week ago.
Tuesday yesterday this demand continued
and prices were again DC higher The sales
were: