The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-12-16

Al COO, mixed old and new Southern al Sc,
and old Western was reported at csc. . zoe.
Rye sold Al 75c -6c PORK was frmer, with moderate
sales Of new moss at SIS rs $l6, and old do al el6
Sugars were steady with sales Of TOO 800 hhds Cuba
muscovado and Porto Rico al prices given elsewhere
Coffee was steady Gales OF 800 bags Rio and 500 mats
Java, with 20 do MGacaibo made stated
eser here the stock Of RIO IN this market consisted OF
about lo6,3ss bags, and about 800 mats Java making
total, with ohcr descriptions, Of 1865 packages
frcghts to British ports drmer and to Liverpool
about 10000 bushas OF grain, were taken, in ships
bags, chiefly at I'd, and 200 bbs -four chiefly at
Is 1924 To london 100 bbls pork at s. o 600 boxes
cheese At 90, and -four al ..
Financial Prospects-More Trouble Ahead.
The remarkable admission of the London
Tines that ''the trading classes of England are
rotten to the core is as significant sign of the
times a. the rosec olored adyices from the
Bourse at Paris, according to which all the
storms have blown over, calm has been restored,
and it is high time to set building more Credits
Mobiliers. They have no free press in France,
or We should have very different stery from
there; and no omnip0tent de-pot in England, or
the truth Of the late commercial disasters there
would never have come out. The two-the free
press and the despot-working together across
the little strai; which divides them, make very
pretty picture indeed, and one well worthy of
contemplation from this side of the water. For
we, too, have our prophets who tell us that all
is over, and that we shall have no more failures;
that commerce is about to revive, and the
banks to expand; that the wealth of New York
has received no check at all. and that in few
months we shall look in vain for the last trace
of the revulson of 1867.
This is all wrong. Because the country is
rich and the harvests still lay piled in the gar
ners; because we have got the dry goods and
hardware Of the Englishmen and have not paid
for them and cannot; because the money that
has been lost in our railways is in great part
foreign; these are not reasons why John
Smith or Brown the merchant who
owes 100000 and has, to pay it, goods
which cost him $4,000, but which he could
not sell for $4,000, Will be able to pay his
notes and squeeze through the winter. On the
contrary. the very prosperity of the country
at large will tell against such Smith or Brown
he will not be allowed TO defer the day Of set
Element, but, other, newer and fresher business
men pressing to take his place, he will be
forced to iquidate, al what sacrifice the present
depreciation of property and every kind of
merchandise will readily suggest.
Just a. the news from Europe reports an easier
money market. quieter feeling. and better
market for oonsols and the rente-all of which
symptoms are most obvious indications of lull
IN f,o afr co kau inp tho
mutation of specie in the bank vaults and the
preparation for prosperous business next
spring, are SO many arguments against the es-
cape of the merchants of the seaboard cities
who have any considerable outstanding liabii-
ties. Their day Of trouble is to come. With
January, February and March we shall have
the renewed notes of the panic time coming
due. To meet these notes, the merchants have
goods of various descriptions, and country
paper. As to the latter ii is abundantly evil
dent that but little Of ii can be relied upon, at
least until next summer And as to the mer-
chandise, the depreciation in every variety
of foreign importations is almost equal to,
and in many cases more than half the total
cost
steadily, and disregarding that Of the mer-
chants resumed specie payments last week. and
thus threw the Western exchanges once more
into great confusion. We shall again expert
ence the greatest difficulty in making collec-
tions between this and Philadelphia, Balt-
more and many Western towns. And this is
but the least inconvenience to flow from the re-
sumption. The moment the tide of specie sets in
toward the country, as IL shortly will, the banks
will proceed to straiten the supplies, to prevent
their being caught again a. they were last
October. In February it would appear that q
tight money market is inevitable; and that is
the time when our merchants will need the most
liberality.
The news from Europe, rightly read, indicates
a temporary postponement Of the crash: in
France by the interference of the paramount
despo,ism; in England by the relaxation Of the
Bank act But no postponement can be last
ing. Credit Mobliers, and unduly expanded
commercial houses, princely bankers and re-
publican bankers. all must have their day of
reckoning before long; and If Providence kind
" permits them to enjoy quiet Christmas it
will he a. much as they can expect. Their case
il that Of too many of our own mercantile firms
they are ii il but too sadly true, rotten to the
core"
OFFICE HOLDERS AND OFFICE SEEKING
There is good deal Of trembling and futtering
among the Office holders Of this city, just now.
We allude more particularly to Mr.. Butter
worth, the Superintendent Of the Assay Office;
Mr.. Cisco, the sub-treasurer; Captain Rynders,
United States Marshall Mr.. Hart, Port Survey