Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1863-03-12
From the Cincinnati Prios Current. March II
Financial and Comm rciaI summary
for the Past Neek

The past week has been one OF frightful disas-
ter 20 those who had gone into the gold specula-
ton. ~ all who bad speculative turn aud lev
spare dollars IN our leading commercial maris,
had done 90 gre ter or les extent. throughout
the loyal States. and rs the bankers and brokers
OF New York were disposed 20 encourage this
speculative business, they permitted thousands OF
the unfortunate operators 20 take turn at Wall
street, at i've or ten per cent margins, and up 70
last Tuesday matters looked favorable, indeed
rather hopeful. and with their light margins they
seemed 70 De on the high road 70 fortune but
Mr. Chase. with the power of Congress at his
back and experienced Wall street operators for
counselors destroyed the bright dreams OF wealth
the spectators were reyeiing1n. and scattered
themselves and their margin chaff before the
driving tempest On Tuesday, the Sd, gold
closed At III 5sal72. but on Wednesday morning
the following appeared in the New York papers
as law of the land, and produced immense
sensation. The bankers stopped oaning and be
gan to call in their loans already made. and the
result was general fright on the part Of all, but
particularly those who had been operating on the
narrow margins, and the rush and anxiety TO sell
became Undesirable. This was embodied in the
Internal Revenue Amendment bill:
That all contracts for the purchase or sale of
gold and silver coin or bullion. secured by pledge
or deposit, or other disposition of gold or. silver
coin OF the United States if be performed after
period exceeding three days. shall be in writ
ing or printed, and signed by the parties or Their
agents attorneys, and shall have one or more
adhesive stamps, as provided i'm the act TO which
this Is an amendment, equal in amount to the
Onehaii of one per centum, and interest ut the
rate Of six per centum per annum on the amount
so loaned, pledged or deposited; and il any such
loan. pledge or deposit made for period not ex
dav hall hsl pl a n any
way extended, for any time whatever, said loan
pledge or deposit shall be subject to the duty m
posed on loans exceeding three DAYS; and no loan
of currency money on the security OF gold OF
silver coin of the United States aforesaid. shall
be made exceeding in amount the par value OF tn
coin pledged or deposited as security: and am
loan so made. or attempted TO be made, shall IL
utterly void .
This act went into effect Immediately, and wa
signed by the President with the greatest expedi
ton The rush and anxiety TO sell gold con
tnued during Wednesday, Thursday and Friday
and the rate went down 10 AZ being declin
of twenty four per cent. and swept away all tn
margin operators
On Saturday gold began to advance again, a
ali those not in the fright knew it would, and
though huctuatng rapidly each day reached l62t
ut noon yesterday, and general reaction tool
place in the markets for all kinds of produce am
merchandise and prices advanced. The ten
dency of this break down is to make operators il
gold, for u rise, timid and more cautious for
time, but eventually his will disappear. aud mat
tiers will again assume their normal state. and tn
legitimate consequences of existing circumstance
will again take their place; for, as we have aga
and again stated. no law legislation can sue
cessfuy resist this.
The decline OF gold unsettled the markets gen
orally. and business was to some extent sus
pended; hence, but a limited demand for money
and the market has been very easy 1T . 10 10 pc
cent for business paper Gold followed in th
wake of the New York markets, aud rose an
fell from time to time, with more Offering. ES
change ruled steady
The following the quotations for coir
bank paper commanding premium, &c, at tn
cioSe.