The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-11-04

I
while, ON the contrary, should II have neglected
to make these preparations is failure to do
so will heighten the injury which its in
action will infict upon the republic,
Trem this combination Of circumstances
it will be seen that II the Cabinet
of Vera Cruz has not prepared to take tho field
with energy at an early day, 1t has resigned it,
self to accept the overthrow which an active
movement of the other party must bring upon
it.
| On the other hand, the course of the Miramon
government exhibits evident signs OF weakness
1t has not been able to attack Degollado in San
Luis, Robes has not been strengthened at ia
lapa, and Marquee is clamoring vainly for as
sistance in Guadalajara It may have been
outstanding its resources for the winter opera
tons, aud if this is SO, it will derive palpable
advantage from being the first to take the field
in any active way Some of the means it has
resorted to for the purpose Of raising money are
Of very doubtful character. A short time
since our city Of Mexico correspondent informed
us that it had raised three hundred thousand
dollars by issuing three millions of bends of the
domestic debt to an English house. If it can
raise money in this way it is perfectly safe, for
the principle has already been established that
bonds thus issued are worthless. A few
years since the house of Lizard, as agents
of the Mexican government, and under
its direct authority, issued quantity Of
Mexican bonds in London in precisely the same
way. The English bondholders complained of
this unlimited issue, and it was declared null,
but the money was never returned, though the
, bonds were cancelled. Miramon knows this,
and it would be supposed that parties in Mexico
would be fully aware of the fact.
The whole question Of Mexico turns, there
fore, on the preparations which have been made
during the summer for the approaching winter
campaign. Whichever party has been most
successful in preparation will be the one to tri-
umph If the Juarez government has failed in
its duty in this respect, we shall not be surprised
to see it overthrown at an early day. Should
this not be within the power of Miramon, it
will be in that of some Of its own partisans,
whose hopes have been kept alive by promises
of action ON the part of the cabinet at Vera Cruz
1t will be well for our government and for Mr..
McLane, now that he is about to return to his
post to see that we are not committed too far
in support of government which may be, after
all, but a mere shadow, and destined to come to
an early end.
HEAVY IMpoRTATIoNs AND THEIR EFFECT UPON
THE BUSINESS OF THE CoUNTRY.-The reac-
ton in business for the past year, which fol-
lowed the revulsion of 1857, taken in connection
with the recent European war, has naturally,
though not wisely, led to very large importa-
ton of goods into this country, the inevitable
result Of which has been, as we predicted, to q
great extent, an overstocked market, forced
sale and an extended credit. tits true that the
lessons learned in 1857 have not been without
good effect on the credit system, and have
kept buyers GENERALLY within hounds; still, the
consequence of largo importatons is visible
now, as it always has been in many branches o.
| commerce, in Overstocks and considerable
failures. The effect Of the undue importationf
of the past spring is only beginning to be felt
! is imminent at present, we must be prepared
for great deal of smashing up all through the
country during this fall and next spring.
The imports at New York for the past ten
months Of this year amount to nearly hundred
millions of dollars, On increase over the same
| period last year gilmore than fortysix millions,
and an increase over the same time in the year oil
the panic, 1857, of nearly twelve millionA The
result Of this, as we have said, has not yet been
generally felt throughout the country, but il
undoubtedly will be in the coming months Of
January, February and March. Tho importers
however, will be considerable losers, and still
heavier loss must accrue to the foreign manu-
facturcra
Up to this time the state of trade has been
healthy enough. The leading Western
cities, however, are already giving indi
cations Of coming trouble. Within the
past month, as we learn from the OK
cellent mercantile agency of McKillop
Wood, there have been forty failures reported
in the three cities of Chicago, St. Louis and
Cincinnati alone-a few Of them for large
amounts. In New York there have been
few failures, but none of any note. Several
ness, have failed; but though the importations
in calfskins here have been very large oul
"men of the Swamp" have not suffered very So
verely, and are still quite strong
Upon the whole, Notwithstanding the tempta
tons to which our importers have been sub
jected, and the encouraging state of trade gene
rally for the past year, we see no reason to an
ticipate another financial panic, for, happily
the banks are sound, and hold good deal O.
| specie, though many heavy failures may occur
between this and next summer
SENATOR HALE AND COLONEL FORBEs.-Wt
have published card from Senator Hale, pur
porting to be denial Of the charge that ht
was aware Of the intention of Brown ani
Others to make the insurrectionary attempt a
Harper's Ferry. The card of the Senator il