THE PROPELLER MERCHANT. - The condition of the propeller Friday night is thus reported by the Chicago Post and Mail: "She is breached clear through and the rocks have knocked out her bottom, not a living soul was on board, and it was more than probable that she would be a total wreck. The Merchant was built in 1862 by David Bell, of Buffalo, was lengthened and fully repaired, and originally cost $125,000, but the registered valuation is only $85,000. The cargo was valued at $12,000, and was fully insured, as was the vessel.