Indiana State sentinel. (Indianapolis, Ind.) 1861-1865, 1863-03-16
WHOLE NO. 1926.
lFron the Cincinnati Prics Current, March II
Financial and Comme rciai summary
for the past eek

The past week has been one of frightful disas-
ter to those who had gone into the gold soecula-
ton, AS all who had speculative turn and few
spare dollars. in our leading commercial narts,
had done TO gT ter or less extent, throughout
the loyal States and as the bankers and brokers
of New York were disposed to encourage this
speculative business, they permitted thousands OF
the unfortunate operators 70 take turn AZ Wall
street. at FIVE or ten per cent margins, and up 70
last Tuesday matters looked favorable, indeed
rather hopeful, and with their light margins they
seemed to be ON the high road 20 fortune. But
Mr. Chase. with the power Of Congress at his
back, aud experienced Wall street operators for
counselors. destroyed the bright dreams Of wealth
the spectators were revelng in. and scattered
themselves and their margin chat before the
driving tempest On TUESDAY, the Sd, gold
closed at l7lssal72. but on Wednesday morning
the following appeared in the New York papers
as law OF the land. and produced immense
sensation. The bankers stopped loaning and be-
gan TO call in their loans already made. and the
result was general fright the part Of all, but
particularly those who had been operating on the
narrow margins and the rush aud anxiety TO sell
became indeseribable. This was embodied in the
Internal Revenue Amendment bill:
That all contracts for the purchase OF sale Of
gold silver coin bullion, secured BY pledge
or deposit, or other disposition OF gold or silver
coin of the United States if to be performed after
period exceeding three days. shall be in writ
ing or printed, and signed by the parties their
agents or attorneys and shall have one or more
adhesive stamps. as provided IN the act to which
this is an amendment, equal in amount TO the
one-half OF one per centum, and Interest nj the
rate of six per centum per annum on the amount
so loaned pledged or deposited; and if any such
loan, pledge or deposit made for period not ex
ceedng three days, shall be renewed or in any
way extended, for any time whatever, said loan,
pledge or deposit shall be subject 70 the duty i'm
posed on looms exceeding three days; and no loan
OF currency or money. on the security of gold or
silver coin of the United States aforesaid, shall
be made exceeding in amount the par value of the
coin pledged or deposited as security; and any
loan so made, or attempted to be made, shall be
utterly void
This act went into effect Immediately, and was
signed by the President with the greatest expedi-
tion The rush aud anxiety to sell gold con
tinued during Wednesday, Thursday and Friday,
and the rate went down to l47. being a decline
of twenty -four per cent, aud swept away all the
margin operators.
On Saturday gold began to advance again, az
all those not in the fright knew it would. and.
though fuctuating rapidly each day reached 1925
at noon yesterday. and a general reaction took
place in the markets for all kinds of produce and
merchandise, and prices advanced. The ten
dency OF this break down is to make operators in
gold, for a rise, timid and more cautious for a
time, but eventually this will disappear. aud mat
tiers will again assume their normal state and the
legitimate consequences of existing circumstances
will again take their place; for. we have again
and again stated, no law legislation can sue
cessfully resist this.
The decline of gold unsettled the markets gen
erallv and business was to some exteht sus-
pended; hence, but limited demand for money.
and the market has been very easy at TO 10 per
cent. for business paper. Sold followed in the
wake OF the New York markets, and rose and
fell from time to time, with more offering. Ex-
change ruled steady.
The following were the quotations for coin.
bank paper commanding premium, &c, at the