The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-06-12

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especially for the inferior and lower grades, while
amount Of sases made for home USE including
lots for export Prime qualities q wheat scxroe,
and nts was Offering me sales 70 moderate
TENT u prices given in another column Corn IVES sold q
eskca &C. for New Orleans mixed sound Western do as
$50 TOO, and yellow do ct 76c. TO the supply o.
fsring Wa light Pork wasdull. with sales Of ms~ ..
sr loa s IL, and Of primo a Ga Sugars were steady
but ees active The sales embraced about 500 400 hhds
and 2Ae boxes ct rates given h snsthsr piacs Ooes
quist, whs prices were unchanged The advance noticed
In freghs w sustained, and although lees active On.
gssemsnts were mads 70 fair extent
The Thirty. nfsA C.ngrsss-Clo.e Of tho First
sossaon-stats OF the Treasury and tho
Country.
According to their existing arrangement, the
two houses of Congress will close the present
session on Monday; and according to the reso-
luton of the President, as indicated in his an
nual message of December, all bills of any great
Importance, and requiring any careful over
hauling, If not passed to-day will run the
hazard Of failure to receive the official en-
dorscment of James Buchanan. The warning
to this effect, given BY the President in the
outset, was very wise one; for heretofore the
bulk Of the corrupt speoulators and log rollers
lobby jobs of spoils and plumber have been
pushed through amid the hurry, rush, confusion
and designations of the last night of the session
In this instance the Presidents notification that
he should require at least two days for the con-
sideration of the closing jobs of the session. Is
not been without its good effects The regular
appropriation bills have not all been kept back
to be rushed through in the confused scramble
and jumblings of the last night but have been
taken up, one at time, considered and passed.
in q much more business like way. We appre-
bend, therefore, that to the railroad land grab
bers, patent jobbers, fat contract and bogus
claim and Galphin indemnity men, the present
session will not have yielded very bountiful
harvest.
On the other hand the pressure of the late
financial revulsion upon the treasury, and the
administrative legacies left to Mr.. Buchanan by
his predecessors, Pierce and Fillmore, have re-
suited in the most extraordinary conjuncture of
financial necessities and embarrassments in the
history Of the government. First, the effect of
the late revulsion has been dead loss to the
treasury of from twenty-five to thirty millions
year of its receipts from the customs; second
ly, the enormous area covered by our Terrific
ries, old and new, and the extraordinary ex-
penses they have entailed upon the government
on account of the Kansas Nebraska bills dsor-
derby border rufians, Mormon Governors and
Mormon rebels Indians, Indian wars, army
movements, new forts, roads, explorations, &C.,
&c, have swelled the expenditures, especially
of the War Department, up to the standard of
very respectable frontier war footing Thus with
this heavy depletion of the resources of the trea-
sury on the one hand, and its heavily increased
ordinary and extraordinary expenditures on the
other, and including the moneys paid out and
the debts incurred, on the second year of Mr..
Buchanan's administration they will probably
reach, all told, the magnificent figure of one
hundred millions of dollars
In this view we think it very for
tunate that before the whole contem-
plated war schedule, interior and exte-
rior, was passed, the good news should have
arrived-frst, of the absolute capitulation
of the Mormons to the supreme federal autho-
rity; and secondly, that our apprehended war
with England has turned out only flash in the
pan-"only this, and nothing more" The re-
suits will probably be, from the indications of
yesterdays proceedings in both houses, mate
rial reduction of some of the extraordinary
projected war appropriations, and postpone
ment or reduction of the pending loan bill of
fifteen millions Pesce OF wa, however, and re-
gardless Of the exhausted condition, for the
present, of Mr.. OSbb's sroag boxes, the right
arm Of our nstionaa defence, the navy, should
be promptly strengthened by the addition there
TO Of at least the number of steamers proposed
by the bill Of the Senate. The peace Of Europe
hangs upon the life of one man; and In this
view, should any general convulsion be precip-
tated upon Europe, we can hardly escape being
involved in 1t.
Nor do we think that the administration Is In
that condition Of financial exhaustion, in do
mesic political view, which admits of no hope.
We have two years yet to the campaign of 1860.
In the interval the whole face Of our existing
financial affairs may be changed. The country
is full of specie, full Of resources full Of enter
prise, and the shock which would require
generation in other countries TO repair, may be
repaired In this great fresh, vigorous
and prosperous country within even the
margin of two years. Thus by 1860 the
treasury may be reilled from our Astounding
imports, and such an impetus given to every
branch Of business and trade as to satisfy the
mssse- Of the people that Mr.. Buchanan's ad-
nlinistration, after all, has been the salvation
Of the country. A violent snow storm in No
vember may be followed by mild winter; and
the spectacle of an exhausted treasury, and
bill Of expenditures and liabilities during
general peace Of one hundred millions year In
1858, may be followed In 1860 by large sur
plus Of receipts, and new epoch Of general
prosperity. Let the opposition financial poll
ticians, therefore, be not over sanguine. With
In two years the whole achedule of aur financial