The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-01-04

continued firm, with sales Of about 800 hhds at rates
given in another column. Coffee firm, but quiet.
Freight engagements very Light and rates I'M
changed.
The Re-assembIing OF Congress-The Pros
poets OF the Session.
The two houses Of Congress, after their ten
days recess, re-assemble to-day. In the interval
since their last adjournment, the members with
in striking distance of their constituents have
pretty extensively distributed themselves among
the sovereign people. In the way of Presidential
candidates, the city of New York has been
honored by the presence of fair proportion,
including Mr.. Douglas, Mr.. Speaker Orr, and
General Sam Houston. At the same time, the
party managers and pipe layers for the success
sion who have remained at Washington, have
doubtless been busily employed with their con-
situations, conversations, plans and calculations
in reference to the perious contingencies of 1860
And yet we apprehend that none of these Pre-
sidential aspirants or party managers of any
party, or from any quarter, will be any the wiser
today, regarding their chances for the spoils
and plumber of the next administration, than
they were month ago.
And so with regard to the recommendations
of the President touching the great practical
domestic and foreign questions of the day, we
fear that, with the re-assembling of ''the wisdom
! Of the nation,' we shall not discover any en-
couraging symptoms in favor of the public bust
ness pending before the two. houses, but among
all parties, sections and factions, state of econ
| fusion worse COMPOUNDED" than ever. The
| Treasury is short of funds; the demands
upon it are heavy; they have increased
and are increasing; and Mr.. Cobb's
sources of supply have diminished to that
| low ebb from which there can be no sufficient
reaction short Of a radical change of our whole
revenue system, beginning with the tariff In
default Of some reconstruction of the tariff sche-
dulles of 1857, there must be- at the tail end of
the session, new loan bill passed, or q new
issue of treasury notes of ten, fifteen or twenty
millions, to meet the current and anticipated ne
cessities of the ensuing fiscal year. And another
loan, or another issue Of treasury notes. will
most probably be the alternative, from the appa-
rent impossibility Of harmonizing the demo-
rallied and dscordant President-making parties
and sections of the House, or the Senate either.
upon the specific duties recommended by the
President or upon the ad valorem system so
earnestly pleaded for by the Secretary of the
Treasury.
In view Of this lame and impotent conclu.
sion" on the great and momentous subjects of
the finances, and the financial commercial and
business affairs Of the country, the first prospect
for the next Congress becomes general assess
ment Of the people under law of direct taxa
ton, to meet the accumulated liabilities of the
Treasury; and the next necessity, general re-
construction of our whole financial and CONNER
cial fabric, including the tariff, corporations,
banks bankruptcies, and uniform system of
financial checks and balances throughout the
Union. The recommendations of the Message
upon these subjects would doubtless prove to be
too large and comprehensive to be met within
the limited term of short session by
the best disposed and most harmonious
Congress that could be picked out by the
President himself; but still the immediate wants
Of the Treasury are within the reach Of the two
houses as they stand; and their failing to act in
the premises so as to save the treasury during
the ensuing year from absolute bankruptcy, or
from loans or treasury notes at losing rates of
interest may possibly result in the alternative of
an extra session.
The chances Of this alternative are increased
from the gloomy prospects of any definite Con-
gressional action this session, one way or the
other, touching our relations with Mexico, Cen
trail America, Cuba, Spain, England and France,
the flibusters, and the slave traders. There is
every reason TO expect that the suggestions of
the President in favor Of a temporary protecto-
rate over the northern provinces Of Mexico in
behalf of the re-opening Of the Central American
lsthmus transit routes, and in behalf of renewed
negotiations with Spain for the purchase of
Cuba, will all fall through. Thus left untouched
by Congress, it is highly probable that the inter-
national endorsements involved in these mat
ers, which the President desires so earnestly to
settle, will go on during the approaching nine
months vacation Of Congress from bad to
worse, until, upon some exigcncy, Mr.. Buchanan
will be left to choose between the expedient of
assuming the responsibility Of decisive line of
action and an extra session of the two houses
Indeed he may be required to anticipate an OK.
ira session by some bold stroke Of active inter-
vention, here or there, and to convene Congress
to confirm his proceedings, and to determine
whether the policy thus adopted shall be prose-
cuted to the end or abandoned.
The Pacific Railroad scheme, in all It's various
shapes and by all its various routes, may be ju-