The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1862-01-11
From the Indiana Journal.
uONETARY AND COMM ERCiA l..
MONDAY. January [

MONDAY, January 8.
The n-auacemen. that the Bank of the
Stale would no, follow the example of the
Eastern banks and suspend specie payments
gives universal satisfaction. This action OF
the Bank places its notes virtuslly 81 a pre-
MUM, and places the institution in a high
and proud position in financial circles
Bsnssble funds now consist OF the notes OF
the Ohio aud Iniisna banks principally.
with 4 small proportion from Kentucky
United States Treasury Notes, also are in
circulation 10 = considerable extent, and al e
readily al par anywhere. The noies of
Eastern banks are taken at 2 per cent. d $
count. OF Western money there is 50 little
10 circulation that no quotation need. or
can. lie given for it.
The New York Ind, denden, thus speaks
OF he bank suspension East aud of the mon
es market:
Ga Saturday afternoon the city banks
came TO The important resolution OF suspend
iny specie payments. They had recently
found that specie was being Withdrawn fer
boarding. sud commanded even premium
IN the market. The banks hold about Se5,-
100000. in specie, upon which they prefer
stopping rather than wait for The inevitable
result of stopping without any specie on
hand. The import of specie has wholly
stopped, and its export Is resumed. while the
Eastern and Western States were drawing
1t largely, by reason Of the large Govern
ment endorsements IN the West and East
for army supplies. The rate ct which they
were daily losing specie was rapid in the ex-
IRENE, while they only had the California
supply greatly Inadequate to the drain.
The com drawn out of the Subtle sury
! .bah ar ts nd
refused special deposits of specie. the banks
outside oil the city did not.
I be banks therefore have done their Ut
most TO loan the Government, which must
seek other channels to raise fnnis.-
The New York banks held on the 10Th Of
August, before they took any part of the
public loan, $50 900 900 in specie--now
reduced one bali.
This important step OF the banks was not
taken Without strong opposition AMI dis
cussion OF six hours. The bank managers
met on SATURDAY. at the office of the EN-
change Bank. and out of an attendance Of
forty officers twenty five voted tor the meas
ure and fifteen against it.
The growing scarcity of specie Will lead
to greater issue of Government notes now
rendered indispensable. and will raise the
prices of all articles of consumption.
Money is more stringent. The banks and
other ca pitalls,s have been calling in their
loans and the rate is firm at Z per cent.
wiki little, TO be had Commission are
being paid in addition to the rate in many
cases.
The imports continue growing less and
less. while the exports continue very heavy.
For the year 1861 we have imported values
amounting to SI23. GAL. 496; and exported
values amounting.to Sl35 .944, l76; excess
SI9.302, $50.
The exports of last week, it will be oh
served. amounted to 81 295 6 50, while the
imports were only S2,loO.Ol3. The ex
ports. will. it is expected. fall off in Janus-
ry. Receipts of produce are large yet by
railroads but have ceased by water transpor
,ation. New Years W elk in the easiest Of
times is always a pressing one in financial
matters, occasioned by the closing up of old
accounts, the making and paying Of divi-
dends and interest, which occasion the call
ing IN one of money loans; but the New
Year will set in under greater promise.
The Cincinnati Gazette says the Board Of
Control of the State Bank Of Ohio has re
solved to continue to pay specie. This will
piece Ohio currency on footing with In
diana. Both are getting very scarce
Bankers pay out small bills occasionally, !
but b, You'd this a man might put into his
pipe all the Ohio and Indiana notes that
could be drawn on checks, on Third street, |
in the course of day.
Rates OF exchange on New York contin-
ue at I premium. Good paper is freely dis
counted al ! 2 per cent. per annum.
The Trustees of the Grand Lodge of the
Independent Order of Odd Fellows for In
diana have declared dividend Of per
cent. on their capital stock.
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