Lamoille newsdealer. [volume] (Hyde Park, Vt.) 1860-1877, 1873-10-08
The President and The Panic

Amaar he srosHsai ezoousi's quAi'u'' . -.
Pu-iaeat thsrr l. one uhisA has Ai"As'
pl.as.nsly imprrs--i tho-s sho kno~ hi'n' 80
ia, !, his Tranquil krmBoss vhsn has aa'
-. a hiu wa.t eio.r. Thoss Sho ref'ea
ns.r-s, him IN the ssii ~ that IN The -i'lss'
uhirI q battle h. uAs nessr knoSn 10 % M
s.leps~-es.ion. nor b. swosE HehAs an ain'''-
abe tsmpsramoni Cor President. ospociAiiy Al
tim. whsn every bs.l: Ia dis'Fuss turns 70 'h'
rorsrnmsut Coz hSp This sss s'nkins'y n
ias,raisd during the late panic. on The sunday
TIA. n, and the socrrsary 4 the Treasury came
a The city 10 eon,uli uigh the bankers upon the
situation. The excitement that morning A. ths
Finh Avenue Uoicl W.s unprecedented lhe
corridors and p.rlOrs swarmed with mui'i,u''
Of frisnricd people, Who supposed that inoai'a-
Liable disaster impcndei, and that the PrSsiden,
had the power Of staying it by a wOr'i' AMI Of
saving the country from financial, as he had al
ready saved it from political, ruin. Among the
crowd were many Of the men who are famous as
capitalists, and who are supposed to be masters
Of finance-a supposition not based in every IN
stance upon the most accurate knowledge. There
was also in the throng distinguished lawyer
Of politics opposed to thOseof the President, Mr.
Reverdy johnson, whose advice and opinion
were eagerly sought. IL was crowd OF
speculaiors and gamblers in railroad stoeEs.
with some Of those whom they bad involved
all passionstolyi desiring that the President
would use the public money for their re-
lief.
The President asked for the law that would
authorize him 70 touch il for such n purpose
The distinguished lawyer instantly conceded
that there was no lawful authority TO do IL, but
that the situation Of the country was 50 threat
enine that the President ought to assume the
power Of dispensing with law, and trust to Con-
gress to approve his course. Even the habeas
corpus act. he said. is suspended in moments OF
extreme urgency, and is the Treasury reserve
more sacred than personal liberty IL the dis
tinguished lawyer said this to the President, the
President probably replied that the habeas cor
pus is suspended under the express authority Of
the Constitution, and that while in the existing
emergency he was anxious to do all that he
possibly could under the law, he was unwilling
at such a moment to put the law aside and os-
tablish a PRECEDENT Of such mOmentous conse-
quences. But whatever he said, his decision
was fixed from the first lie went to the
verge of his undoubted authority, but he refus-
ell to dispense with the law.
1t is another of the many proofs which the
President has constantly given of his sincere
patriotism. lie came to the Presidency a victo-
rious soldier, peculrly unfamiliar with civil adj
ministration, and tainted with maintaining
headquarters at the White House. But among
all American Presidents there has been none
more scrupulously loyal to law than General
Grant. And never was that fidelity more desr-
able than during Presidency Immediately fol-
lowing war, which always diminishes the sane
tity of civil authority. Usurpations and dis
peusations with the law might have been ex-
pccted from military President, and at time
when an abnormal situation would have seemed
to justify them. But General Grant has shown
no such disposition. He has not only not as
sumed extraordinary power, but has sought to
avoid even the opportunity OF exercising lawful
authority, as in the case Of emergencies in the
Southern Ststes. If there has been fault, it is
not his, but the laws. Among the great SER
vices which General Grant has rendered to the
country, not the least is the tranquil and mod
est firmness with which he has maintained the
authority of law.-Hdrper's Weekly.