Year: 1874




nized limitation to Presidential reslegibility,
aud the Office would at once go upon the
market, and be sold for its pecuniary value. The
combination of hundreds of millions Of capital in
gold railroad speculation is no longer rare ex-
perience; conceive who can the pool that would be
raised to win the indefinite Presidency of this Re
public.


We believe we state a fact within the KNOWLEDGE
Of all who have watched the progress Of this third
term movement from the beginning, that it owes its
origin and aliment mainly to knot of capitalists
having their headquarters in New-York and Phiia-
dephia. who. during and since the war. have traded
manly the credit of the Federal Government,
and who had many reasons some of which were be-
trayed to the world by the great financial conyul-
sion of 1873 for wishing to prevent any change In
the fiscal policy of the Government, at least until
some time after the next Presidential term COM
mences .t.


II there was ANYTHING calculated to mitigate the
distress produced by the financial crisis OF 1873 II
was the fact that its bolts fell heaviest upon those
who most active in this conspiracy for wrestling
the Federal Government from the final control OF
the people and left them for the present at least
more of terror to each other than to the country.


But what they sought to do there are others
equally capable of undertaking, if countenaced by



which like divinity now doth hedge the popular
sovereignty OF the country. and before which,
till now, every President of the United States has
inclined himself in respectful homage. Every
country abounds in men ready to reason like the
tyrant Of Thebes in Euripdes:


Be just. unless kingdom tempts to usurpaton;


For that sovereignty alone Is adequate temptation.


Nor must we forget that the country is all the time
growing richer; the facilities for amassing capital
a IL
of the old world is less tributary, are an
nually multiplying and the value of the Presiden-
tial position as financial engine is steadily becom-
ing greater temptation to the desperadoes of the
Exchange. Meanwhile, the relative proportion of
our people who occupy themselves with political
matters is diminishing. Time was when all the
leading men of the country more or less poll
ticians that is longer the case, and every year
other more grateful employments absorb larger
proportion of superior minds while political busl-
ness falls to the charge of lower average. hence
the greater need of guarding against losing our con-
troll of the key to our Republican position.


"No man who has thoroughly read the human his
tory and especially the history Of republics saws
Justice Story in his Commentaries, but has been
struck with the consciousness how little has been
hitherto done to establish safe depository OF power
in any hands and how often in the hands OF one,
or few or many. of an hereditary monarch or OF an
elective chief the Executive power has brought ruin
upon the State OF sunk under the aggressive burden
of its own imbecility. Perhaps our own history
hitherto does not establish that we have wholly
escaped all the dangers aud that here is not to be
found as has been the in other nations the Yu
nerable part of our republic"


This was written in 1882, and under sense OF the
like anxetes with those which inspired President
Jackson for eight successive years to urge Congress
by a Constitutional provision to render our Chief
Magistrates ineligible, even for second term
There unauestionably, is the vulnerable feature OF
our Government as it il of all Governments. That
clause of our Constitution which limits the term OF
Presidential service obscure it is, is vital to our
republican system. 1t implies everything which IS
opposed TO dynastic government; 1t implies popular
instead of personal sovereignty it formallzes the


motives for the Revolution of 176 and the fruits OF
the seven years war which ensued. To waive our
right every four years to review the conduct or our
Chief Magistrate we should do II we were now
TO allow the boundaries of his term OF service
which have been cOnsecrated by time and Oy tne
counsel and example of our greatest statesmen, 10
be passed, would be to condemn the example OF our
revolutionary forefathers to proclaim their zeal for
human liberty. fanaticisu and folly, and the Con-
stitution they left us, the stuff that dreams are
IL.
longer worthy of the ennobling privileges which
they secured for us at such fearful sacrifices, and
through winch, for hundred years, we have
been blessed as a nation beyond example.


If we can be made to surrender this fortress OF
popular sovereignty if there is any one in the repub-
lie bold enough and strong enough to pass the
line which the Constitution and prescription nave
fixed as the limit of Presidential ambition. instead
of making our approaching Centennial an occasion
for commemorating the wisdom and courage of that
august assembly which first proclaimed TO the world
mans equality before the law. and pledged their
lives their fortunes. and their sacred honors 10
maintain IT, we should make il rather day for tast-
ing, humiliation, and PRAYER; we should cover our
yes like Job with sackcloth and ashes and curse
the day we were born a. nation.


Plutarch tells us that the night before CPsar
passed the Rnbicon he dreamed Of debauching nls
mother. On the following day, when he crossed the
narrow water from the side on which he was
soldier TO that side on which he could only he
traitor and took his first irrevocabie step toward
the overthrow of the Government which had clothed
him with it's power and honOrs he deliberately con-
summated the revolving and abominabe crime fore
Swallowed IN his dreams.