Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1862-01-03
From the Cincinnati Price Current, Jan. LIST
Financial and Commercials ST. nm mary
for the Past Week.

The first act in the drama of the past week was
the surrender of Mason and Slell and the con
seQuent adjustment OF the existing difficulty be
tween this country and Great Britain, and the next
was the suspension of specie payment by nearly
all the banks in the country beginning with those
OF New York. These important facts produced
the most profound sensation among the people
generally, but the whole the prevailing feeling
was one of relief That war with England
would have added to the troubles and disasters of
our country s a frightful degree, all admitted,
and therefore the feeling was one of relief, but 1t
can not be denied that there is a good deal of
disappointment exhibited, because the public mind
had been educated into the belief that in the Trent
affair law and right on SIDE and that
consequently IN surrendering them we have been
guilty OF humilatng act in the eyes of the
world driven to it by fear Of England; but it
seems that this is a false theory, and that the
public mind has been misled.
The suspension of specie payment did not
produce the surprise and disappointment it would
have done ur.der other circumstances, because
all intelligent parties knew very we'll that this
course was not only necessary but inevitable aud
simply question of time. The consequent
ces resulting from the suspension can not be in
furious or disastrous 70 any extent, the amount
of gold in the country is enormously large, and it
can not, therefore, be sustained at any high rate
of premium, so that there not be over y to
per cent. difference between gold and our curren
c. unless this domestic war is carried on for more
than wear. The balance of foreign trade is all
in our favor and will cnptinue to be so as long as
we are blessed with fruitful seasons The high
PRICES OF foreign goods will lead TO falling off in
the consumption and then in addition to this We
will have a uniform national currency based upon
the credit of the nation. instead of the infinite
riety of bank issues with which the country has
been swindled the last thirty years, out of over
two hundred millions of dollars, and an army of
brokers sustained which WAS disgrace to any in
tegent people and living sarcasm upon the
common intelligence of our citizens.
Those parties who have within the last two or
three weeks turned their balances into gold and
placed il snugly away before the storm would
come, will find that the thing will have to be
used TO make the speculation profitable. and 10
use il is equivalent to circulating il, and then it
will be found that the supply greatly exceeds the
demand. at anything beyond mere nominal
premium, and the whole matter will be regulated
bv those inevitable laws of trade-supply and de
mand.
On Monday when the news came to this CITY
that the ew Y DIRK banks had suspended IL unset
tied the minds Of the business community 70
some extent and disturbed the money and ex-
change markets for the day Five Pc cent. pre-
MUM was asked for gold bat the demand was
extremely Elnlteu. ana out lttte SOLD AZ this or
any other price. 1t viii take about week to
arrange matters and adapt them to the new svS-
tenn but after that there will be greater ease
All the banks that can do will formally sus-
pend, but those which are prohibited by law, and
Who, by suspendng. forfeit their charters. rs is
the case with the banks of this State and Indi
ana, will manage the matter as they did In 1851.
In this State the Legislature can not provide
remedy, the constitution prohibits 4 suspeu-
sion of specie payment; but in all those States
where Legislative enactment can relieve the
banks, this relief, 10 doubt, will lie granted
The great danger 70 be a0prehended is an ad-
III values, produced by a speculative feel
inc, induced BY great abundance of money. and
after this general collapse One thing may be
regarded certain. that the resumption of specie
payment will not take place while the war lasts
and perhaps not till long after. Having suspend
ell with a large supply of gold, the banks have
been guided and influenced Altogether by pru-
dence instead Of poverty and therefore the result
can not be disastrous.
The money market will rule easy, as soon as
there is I general understanding between bankers
last and West; but for the present there viii not
be much done The market for exchange has
been unsettled. and viii remain 50 for some days.
The few transactions taking place at pre-
MUM buying and y premium selling Gold was
dull Yesterday at 3 prem, and hardly any de
uand. Brokers and bankers we're not buying it
at over sci prem.
The following are the rates of currency;
PAR FUNDS
Ohio. PHILADELPHIA
III, of Tho State oF Ind Rank of p.,shnrr