Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1864-04-29
From the Cincinnati Price Current, April u.
Financial and Com me rciaI Summary
for the Past week.

The news from the army during the past week
has been unfavOrable, and consequently the de
cline in gold noticed in our last has been fully
recovered: and that nervousness consequent upon
the advance in gold is again observable in taSi-
ness circles Produce is held more firmly. and
parted with more reluctantly. and painful suspense
is visible in all faces Mr.. Chase. after rec aptu-
latng all his plans to prevent gold speculation,
truly says: "All will prove useless unless there
is success in the field
The money market continues close in New
York. and there more strngeucy in this
market during the past week with an increased
den ard. A new rule promulgated by The Sec
REAR, OF The Tie asury. 10y VII ch distillers
compelled To pay The tx on all whisky which is
distilled. each ten DAYS. has not only created u
large demand tor money To pay back duties, but
has IemOved 80 much currency out OF circulars n
and thus increased the stringency. The demand
for exchange has heen nc i've. but rates are IN
changed There has heen quite a large business
done in GOLD, partly speculative but a cousidera-
Die portion is taken by spectators South, with
which To make purchases. notwithstanding the
order of the Government prohibiting it. Not
much Government paper Offering orders on
Washington have been sold at better prices
OWING advance certificates ia New York.
The rates tor com, exchange aud govern
ment paper, al the close last evening, were tol
lows:
BUYING. SELLING.
GioIs...-.... 7sca79 prem 50 prem.
Silver...................6 3G65 u-em. 70 prem
Orders or Washington, ss54 a9S1
Quarter erS'
Vouchers, city. 975a
Tnomp>on's Reporter thus describes the trouble
aiming he b inks consequent upon the stock panic
IN New Y"rk:
"A panic N the fancy stock market was the
feature of the street this week and several fancy
spectators have failed by the fall of shares
some ct which have run down 80, 40 and 30 per
cent
Money Is quite tight. and the old clearing
house banks ire re>Orting To unfnancial expedi-
ent> To meet checks aud drafts upon them Bil.
anceS aIe settled at the clearing house with to
kens called per cent misunderstanding
house certificates. The have their origin in tins
wise: Il bank belonging to clearing house that
gets short, takes TO clearing house committee
some OF IL choicest assets. and gets 80 per cent
ot their market value in certificates bearing D
per cent interest With tie it paws its balances
10 the other btnks Practically, "A snug sound
bank is comneed To loan to a weak. expansive
concern. all balances AT per cent. interest. for
an indefinite length of time Hence. If a bank
contracts its loans. il gets these tokens. The
National Banks DO not belong to this per cent
panic. the B ,nk of Commerce broke loose from
the clearing house certificate dodge. and demanc-
Ell greenbacks in it, large transactions. This
alarmed many OF the other clearing house banks,
and they attempted TO screen themselves from
greenback payments by certifying checks aud
drafts good through the exch inses; thus yirtu-
ally admitting their inability 20 pay money. That
portion OF the pup ic who understand the lodges
of 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"
The reaction in gold and rapid advance have
kept the market agtated for all kinds of produce,
40 that there has been considerable esuarity in
prices Flour virtually advanced Csc. per barrel
during the week. closing quiet but hrn. Wheat
advanced lOc per bushel. but was quiet at the
close Corn has ruled dull and Is lower. Dis
tillers are buying sparngly. in view OF the proos
bility that the new excise bill now before Con-
gress will soon PISS, etfectng whisky upon It's
massage; this bill taxes whisky 81 per gallon.
and renders for at least six months the suspension
of distillaton an absolute necessity. Oats al
vAnced TO s4@S5c, and have been IN good De
mand
Rive declined to 81 40. but again advanced TO
Sl45 Barley has been in better demand, and
crime to choice fall sold At 81 Asa so.
Whisky has been greatly unsettled. An effort
To add an amendment To the bill now before Con
gress, taxing the stock on hand. depressed the
market and on last Wednesday, sales could not
have been made at more than 5 %. Thursday
iuiimations circulated that the amendment would
be rejected by large majority. caused great ex
element, and the price advanced to 81 80; but it
closed firm at D.
The bill now beiere Congress taxes all whisky
distilled after the first OF next month. 81 Der
gallon but does not tax the stock on hand The
indications are that the rate will not be less than
this, but NAV be more--it ought to be more, and
there should be sliding scale. Ii tax vas
l 4 l. -. L.. Z. H..