Indiana State sentinel. (Indianapolis, Ind.) 1861-1865, 1864-05-02
Receipts lighter and the demand is good but prices
are unchanged. We quote:
From the Cincinnati Price Current, April 81.
Financial and Com rciaI Summary
for the Past week.

The news from the army during the past week
has been unfavurable. and consequently the de
cline in gold noticed ia last has been fully
recovered; and that nervousness CONSEQUENT upon
the advance in gold is again observable in bust
ness circles Produce is held firmly, am.
parted with more reluctantly and painful suspense
is visible in all faces Mr.. Chase after recapitu-
lating all his plans TO prevent gold speculation,
truly says: "All will prove useless unless there
is in the field
The mUney market continues close in New
York, and there was mOre stringency in this
m'rket during the past week. with an increased
demand. new rule promulgated by the Sec
rotary OF the Treasury. 10y which distllers are
compelled to pay the tax on all whisky which is
distilled, each ten DAYS, has not only created
large demand for money to pay back duties. but
has removed so much currency out of circulation
aud thus increased the stringency The deman nj
for exchange has been active. but rates are IN
changed. There has been quite large business
done in gold, partly speculative, but a consdera-
ble portion is taken by spectators South, with
which to make purchases. notwithstanding the
order Of the Government prohibiting il. Not
much GOvernment paper offering; orders On
Washington have been sold at better prices.
owing To an advance in certificates in New York.
The rates for coin, exchange and govern
ment pat er, at the close last evening, were fol
lows:
J.
New York........... par. $50 Lilo prem.
Goia........ SOD prem. 50 prem.
Siiver..... ........ 63G65 prem. 20 prem.
Orders or Washington, sS1< 99sX
Quartermasiers'
Vouchers, city........yx
Thompson's Reporter thus describes the trouble
among the INKS consequent upon the stock panic
in New York:
"A panic IN The fancy stock market was the
feature of the street this week and several fancy
h.Vq fail. al INV no fall nf Il.
some of which have run down 81, 40 and 50 per
cent
Money is quite tight. and the old clearing
house banks are resOrtng 10 untnancal expedi-
ents to meet cheeks aud drafts upon them Bal
ances aIe settled ut the clearing house with to-
kens called > per cent Notwithstanding
house certificates The have their origin in this
wise: bank belonging to clearing house that
gets short, takes ~ clearing house committee
some OF its choicest assets. and gets 30 per cent
of their market value in certificates bearing 5
per cent interest. With these il pays its balances
to the other banks Practically, a snug, sound
bank is comnelled TO loan to a weak expansive
concern. all balances. at per cent. interest for
an indefinite length Of time. Hence il bank
contracts its loans. il gets these tokens. The
National Banks do not belong to this per cent.
token ring: aud on Monday. in the midst of the
panic. the Bank of Commerce broke Loose from
the clearing house certificate dodge. and demand
ed greenbacks in its large transactions. This
alarmed many of the other clearing house banks.
and thew attempted to screen themselves from
greenback payments by certifying checks aud
drafts 'goJd thrposh the exch ngcs:' thus virtu-
ally admitting their inability TO pay money. That
portion OF the public who understand the lodges
VI the street. Immediately bid one or two per
cent. premium for the money. in exchange for
checks on the banks that showed this white
feather" f.k4 k4
The reaction in gold and rapid advance have
kept the market agitated for all kinds of produce
that there has been considerable irregularity in
prices. Flour virtually advanced Csc. per barrel
during the week. closing quiet but firm. Wheat
advanced IOc per bushel, but was quiet at the
close. Corn has ruled dull. and Is lower. Dis
tillers are buying sparinely. in view Of the proba
bilIty that the new excise bill now before Con-
gress will soon pass, elfecting whisky upon ia
passage; this bill taxes whisky 81 per gallon
aud renders for at least six months the suspension