Year: 1862

!


From the Cincinnati Price Current, Jan. II
Financial and Commercial Summary
for the Past Week.


Tie first act in the drama of the past
week was the surrender of Mason and Sill
dell, and the consequent adjustment of the
existing difficulty between this country and
Great Britain, and the next was the suspen-
sion of specie payment by nearly all the
banks in the country, beginning with those
of New York. These important facts pro-
duced the most profound sensation among
the people generally, but on the whole, the
prevailing feeling was one of relief That
a war with England would have added to
the troubles and disasters Of our country in
frightful degree, ali admitted, and there
fore the feeling was one of relief but it
cannot be denied that there is a good deal
of disappointment exhibited, because the
public mind had been educated into the
belief that in the Trent affair, law and
order were on our side, and that conse-
quently, in surrendering them, we have
been guilty of humiIiating act in the eyes
of the world, driven to it by fear of Eng
land; but it seems that this is false the
ory, and that the public mind has been mis-
led. The suspension Of specie payment did
not produce the surprise and disappoint-
ment it would have done under other cir
cumstances, because all intelligent parties
knew very well that this course was not
only necessary but inevitable, and was
simply d question of time. The conse-
quences resulting from the suspension can
not be injurious or disastrous, to any ex-
tent, as the amount of gold in the country
is enormously large, and it cannot, there
fore, be sustained at any high rate of pre-
MUM, so that there cannot be over to
per cent. difference between gold and our
currency, unless this domestic war is car
ried on for more than year. The balance
of foreign trade is all in our favor, and will
continue to be so, as long as we are blessed
with fruitful seasons The high prices of
foreign goods will lead to falling off in the
consumption, and then, in addition to this,
we will have a uniform national currency,
based upon the credit of the nation, in
stead of the infinite variety of bank
issues with which the country has been
swindled, the last thirty years, out of
over two hundred millions of dollars, and
an army of brokers sustained which was q
disgrace TO any intelligent people anu liv-
ing sarcasm upon the common intelligence
of our citizens. Those parties who have
within the last two OF three weeks turned
their balances into gold, and placed it snug
ly away before the storm would come, will
find that the thing will have to be used to
make the speculation profitable and to use
it is equivalent to circulating it, and then it
will be found that the supply greatly ex-
ceeds the demand, at anything beyond a
mere neminal premium, aud the whole mat
ter will be regulated by those inevitable
laws of trade-supply and demand. On
Monday, when the news came to this city
that the New York banks had suspended, it
unsettled the minds of the business COM
munity to some extent, and disturbed the
money and exchange markets, for the day.
Five per cent. premium was asked for gold,
but the demand was extremely limited, and
but little sold at this or any other price. 1t
will take about a week to arrange matters
and adapt them to the new system, but after
tnat, there will be a greater care. All the
banks that can do so, will formally suspend,
but those which are prohibited by law, and
who, by suspending, forfeit their charters,
as is the case with the banks of this State
and Indiana, will manage the matters as
they did in 1857. In this State the Legis-
lature cannot provide q remedy, as the con-
stitution prohibits a suspension of specie
payment; but in all those States where
legislative enactment can relieve the banks.
this relief, no doubt, will be granted. The
great danger to be apprehended is an adj
vance in values, produced by speculative
feeling, induced by great abundance of
money, and after this a general collapse.
One thing may be regarded as certain, that
the resumption Of specie payment will not
take place while the war lasts, and perhaps
not till long after. Having suspended with
a large supply of gold, the banks have been
guided and Influenced altogether by pru-
dence instead of poverty, and therefore the
result cannot be disastrous.


The money market will rule easy, as
soon as there is a general understanding be-
tween bankers East and West; bat for the
present there will not be much done. The
market for change has been unsettled, and
will remain so for some days. The few
transactions taking place at / prem. buying
and prem. selling. Gold was dull yes
terday at prem, and hardly any demand.
Brokers and bankers were not buying it ct
over 4(9I prem.


The important events above alluded to
had favorable influence on the markets for
all kinds of produce. and prices offour and
grain advanced in New York, and of -four
and pork here-the feeling among business
men generally being quite cheerful and
/ buoyant; at the close the news from Eng
/ land by the Asia and the Etna which arriv-
/ ed, the one at Halifax and the other at New
York, yesterday, bada favorable effect on
the markets at New York and here, and
produced considerable activity. English
troops are being landed in Nova Scotia rap
idly, and vast preparations are being made
for war, but, as the matter now stands, all


for nothing.


The receipts of hogs have been quite


light, the last three days of the week.


though the weather was highly favorable


but prices did not suit owners and feeders


they having declined at one time to S3@


8 TO- SO that tha hogs were held back; bu


yesterday and Monday prices advanced l5t


per GENITAL, and there was a very genera


disposition displayed to sell for future de


livery at the quotations, So 1903 50. Th
/ cnnrsA of the market the mast week ha