The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-08-21

that commerce gesera'y uust be largely bene
fitted by it both In the multiplication and greater
certainty Of Vs Operations. The spirit OF specuia-
ton viii, however, receive chtck In the curtail-
meDt Of the intervals of time eiapeDg between the
arrivals Of the foreign stesmers and the reckless
ard imprudent will not IN future have such
vide latitude for the qualification of Their pas
sion for gambling. One of the greatest benefits,
however, which will be derived frem the ocean
telegraph will Ike tbe influence which ii will eX-
ercise over the grain markets Of the world.
Rapid and certain information concerning the
condition OF the crops, the yield of the haryests
and the iulirg prices of brcadstuffs, cannot fail
to control holders and to keep down prices gene
reilly. Were i. attended with no other result
tban this, ii would he worth all the expenditure
Of scientific labor and money which it has cost.
On the political relations Of the world we
believe that these improved facilities Of com.
munication will exercise still happier effect
Ii misunderstanding between governments are
| frequently caused by the difficulty of promptly
| intercbaDgiDg their views, il is Obvious that
| whatever tends to remove taat obstacle and to
facilitate mere frequent exchange of sentiments
| between statesmen will diminish the dagger Of
national differences. How much, for instance of
the irritation and resentment caused by the blau
Gers Of Mr. Champion on the enlistment question
! might have been avoided had the Atlantic tele
| graph been Ill operation!
| There is another interest, however, which will
be mcre largely gratified 10y it than any to which
we have referred, and that is the numerous class
Of ecssips at both sides Of the Atlantic,
70 whom Newspaper is an almost
hourly necessity, and who live upon the
excitement created FOR them by the steamer or
the telegraph. We can picture to ourselves the
all absorbing esgerpess with which these our mos
valued patrons Will look in our columns for the
first operations of the new lne-the price of con-
soils on the London Exchange speech of Lord
Palme1ston in the House appealing for American
sympathy on the Indian revolt--or q success Of
| the AueIican horse PryOr-an occurrences Of the
| previous day. To return we may be enabled to
| forward the London goJe-mouches an account Of
another Burdei baby fatce--the positively last
decision in the Dcvlin and Conovcr case--or the
news of fresh flibusteIing expedition by Walker.
We have Only attempted to shadow out family
the multiplicity Of interests that will be bene.
fitted by the success OF this magnificent en-
terprise. That all the benefits anticipated will
Immediately flow from it would be too much to
expect The rate at which messages will be
| t-ansmitted-a dollar a words too high for
mary 10 be able to prof. By 1t at first When,
however, it is satisfactorily demonstrated that
reduced rates viii pay larger profts-the CON-
pany will not be slow to extend the circle Of
their customers, even though ibis will necesstate
the COL str uciion of additional cables. Until then
| let US be thankful for the important advantages
which VIC shall derive through their efforts.
TIE ARSENAL PHorEErY-SME POSTPONED
CAUSE OF THE DIFrcuITr-We pnblished au
article in yesterdays HERALD, narrating recent
proceedings in relation TO the Arsenal pro.
perty situated within the Central park. The
purchase by the city having been Temporal
rily defeated in the manner described by us,
tie sale by public auction was to have taken
place yesterday at the Merchants Exchange.
or course the Spectators were on hand, anxious
~ awaiting the putting Up Of the property.
They were, however disappointed. The Corpo-
ration Counsel had procured an injunction 90
long ago az the oath Of June last, forbidding The
sale This Injunction is not returnable until the
second day Of the general term of the Supreme
| CouIt, 10 September, unless motion should in
! the meantime be regularly made to remove or
continue 1t. Such motion has not been made
and consequently the Injunction is still in fail
| force. A notification thereof made to the auc-
| toneer prevented the sale yesterday, and ii has
been therefore postponed till the 18th of Sep
| TENDER.
The whole cause of the difficulty In the com.
ple.ion Of the purchase Is tbis--the property he's
been assessed some eight or nine thousand dol
lars for the expenses Of the Central park. The
| question is, which shall pay this assessment the
city or the State The Commissioners of the
Land Ofice Insist that it must b. paid by the
city, because the law under which they act is i'm
perative that they shall convey the property to
the city on pay ment Of $4,000. On the other
| hand the ordinance of the Common Council
directing the purchase, authorizes the payment
Of but $4,000 on the receipt Of valid con-
veysnce Of the property, free from all incum-
braree. OF course, if it be subject to an assess
men, CT eight or nine thousand dollars il is not
free from all incumbrance,' and hence the Cor
pora!ion Counsel cannot approve q deed con.
tanning the condition tha. the city shall pay this
assessment.
The simple and proper course is for the Com.
mon Council Immediately TO take the necessary
steps TO discharge or assume the assessment and
then all difficulty in the matter will have been
removed.
ANOTHER Know NOTHING CALL FOR NEw
PlRrr.-The Louisville Journal, know Nothing)
utterly disheartened by the late Southern cleo
tions, joins the Richmond Wing in calling for
new national party of the conservatives, North
and South, opposed TO the administration and
the further agitation of the slavery question But
these Southern gentlemen are a little too FAST