" the
power of production and the power of consumption will properly
balance each other; but in traversing the long road and enduring
the painful process by which that end shall be reached, the
protectionist claims that his theory of revenue preserves the newer
nations from being devoured by the older, and offers to human labor
a shield against the exactions of capital.

CHAPTER X.

Presidential Election of 1860.--The Electoral and Popular Vote.--
Wide Divergence between the Two.--Mr. Lincoln has a Large Majority
of Electors.--In a Minority of 1,000,000 on Popular Vote.--Beginning
of Secession.--Rash Course of South Carolina.--Reluctance on the
Part of Many Southern States.--Unfortunate Meeting of South-Carolina
Legislature.--Hasty Action of South-Carolina Convention.--The Word
"Ordinance."--Meeting of Southern Senators in Washington to promote
Secession.--Unwillingness in the South to submit the Question to
Popular Vote.--Georgia not eager to Secede.--Action of Other States.
--Meeting of Congress in December, 1860.--Position of Mr. Buchanan.
--His Attachment to the Union as a Pennsylvanian.--Sinister Influences
in his Cabinet.--His Evil Message to Congress.--Analysis of the
Message.--Its Position destructive to the Union.--The President's
Position Illogical and Untenable.--Full of Contradictions.--Extremists
of the South approve the Message.--Demoralizing Effect of the
Message in the North and in the South.--General Cass resigns from
State Department.--Judge Black succeeds him.--Character of Judge
Black.--Secretaries Cobb, Floyd, and Thompson.--Their Censurable
Conduct in the Cabinet.--Their Resignation.--Re-organization of
Cabinet.--Dix, Holt, Stanton.--Close of Mr. Buchanan's Administration.
--Change in the President's Course.--The New Influences.--Analysis
of the President's Course.--There were two Mr. Buchanans.--Personal
and Public Character of Mr. Buchanan.

The winter following the election of Mr. Lincoln was filled with
deplorable events. In the whole history of the American people,
there is no epoch which recalls so much that is worthy of regret
and so little that gratifies pride. The result of the election
was unfortunate in the wide divergence between the vote which Mr.
Lincoln received in the electoral colleges and the vote which he
received at the polls. In the electoral colleges he had an aggregate
of 180. His opponents, united, had but 123. Of the popular vote,
Lincoln received 1,866,452; Dou