The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-09-03

our foreign txade--we 6rd nothing save a tenn.
porsry cause Of embarrassment We have over
bought ourselves this year, and the balance must
be paid in specie, at whatever cost, even though
our banks have to suspend. But eyen If il
Came to this aud the banks did suspend and half
the merchants too, it would still be a very tri-
ding matter to the country at large. By Janu-
cry Gil would he right again; and even if it wasn't
the stcppsge Of all the banks aud merchants Of
New York wouldn't prevent the county from
growing rich with the corn Of the West, the cot
the centre, tie manufactures aud shipping Of the
East, There is nothing to warrant alarm among
prudent uen who have cot specialized, or dab
bled In railway stocks or railway paper. The
beart OF the country is sound. We must suffer
for our oyer-importations; We must BIZ punished
fer Our over sanguine specula'iOos Of various
kinds; the railways must 60 to pieces, and so
must the banks which have become entanglcd
with shem; but honest, prudent men need not
break their hearts after oil because few score
Of SPECTATORS are going to the wall.
THE ATLANTIC TEIEGRAPH--THE OFFICIAL
RrpoRr.-ln the HERALD Of yesterday we urged
the necessity of the engineer Of the Ataatic Te-
legraph Company issuing au official repor. de-
failing tic circumstances Of the late accident to
the cable. The steamship Vanderbilt, which ar
rived yesterday, brought that report, aud it ap-
peais III our columns this morning.
is highly satisfactory to have all the facts in
this case lad before us. /. viii alay distrust,
calm anxiety and Impair. strength to The hopes
of success so abundaniiy eltertaincd ia both ne
mispheres.
70 will be seen that two most important points,
upon which much doubt eXieteu, have been de-
cided by the recent experiment. 1t has been
proved II ,he FIST place, that the ship can lie to
in deep water without continuing 10 pay on the
cable: this feat having been accomplished by the
Niagara when The cable slipped oil the aheages,
the cable being held By shoppers mean zhile.
Again, il Was Supposed that some trouble would
aJise after Joining The portion Of the cable on the
Agamcmnon 10 that Of the Niagara when the
latter lad paid out her share, from the fact that
the two portions had been made with the t-ist OF
the vile different wa2s. But Mr.. Bright says
shat he tried an experiment on this after the
mishap, and found that the cable paid out aud
In this official report We have some Interesting
admissions, the most Important of which is that
an inexperienced person had charge of the ma
chine when the cable broke. Mr. Bright states
that he went forward to see after the speed of
the ship, leaving the machine in charge of me-
chanic--his own regular staff having retired from
eyhsustion-and when be returned the cable
was broken. IL was obliged for the time" he
says, Ito leave the machine without as it proves
sufficient intelligence to control it,
We hope no one without sufficient intelligence
to control it will be trusted with this sllimpor-
tant duty in the next attempt
Mr.. Bright freely admits that his machinery re-
quires alteration add modification. There can be
no doubt OF it. To its deficiency is attributable
the fact that we are not now in Geographic COM
munication with Europe.
However, we repeat what we have SD before,
that the results Of this first trial are OF most
cheering character. Every opinion we expressed
On the matter is confirmed by the official report
of the chief engineer. A few triAng deficiencies
in the mechanism Of the appliances for paying
out the cable (easy Of remedy and al uupardon-
able want OF caution in employing the proper
person 10 take charge of EASILY rcmedicd. TOO
arc the only obstacles to success Short Of the
actual accomplishment Of this magnificent feat.
We could hardly expect from first trial more
satisfactory contamination.
We have no positive information ye. as to the
intention Of the company TO resume the enter
prise; but we are glad to perceive that they have
gone to work earnestly and with promptitude.
appointing cub committees to investigate the DIFF
terent points where difficulty is supposed 10 ca
ist, ard consulting men Of science and naval
fk,ll--in short, taking such measures az beft
body charged with the management OF an under
taking for which history records no parallel.
For, after all, what are the stupendols works oil
antiquity compared with this: The Pyramids,
to raise whose gigantic structure the labor OF
whole generations Of men we've absorbed, serve
but TO enshrinc handful Of dust which once
called itself royalty. The magnificent palaces
Of Luxor and Palmyra, which in their palmiest
days were bat the abiding places Of luxury aud
.ofcminscy. maintained by the suf.ring and tue
blood OF Oppressed nations are today but gloomy
landmarks 10 Indicate the spot where human
pride and passion once ran riot, rearing their
broken columns above soil where the yivifying
influence Of nature cannot win flower to bios
sora or a blade Of grass 10 grow. Even the grea!
viaducis Of the Roman empire, which have with
stood the shocks Of centuries OF time, though
great national works a, the time they
were constructed, and essential to the
transit Of vast armies, and wthal no
mean commercial highways, were, after ALL
comparatively Of value only TO section OF one
continent and the interests Of one people. Bus
the Atlantic telegraph, which, il 1t fals its pro-
mists, is destined to uuitc, by mysterious ele-
ment, continents, nations and races-to establish
harmony aIunnm mcn-lo cnnNnrI the "a ord inin