ily and so perfectly. This was the most striking instance of
disunion between the President and the Congress that has ever yet
occurred, and which probably will ever occur. Probably for very many
years the United States will have great and painful reason to remember
that at the moment of all their history, when it was most important to
them to collect and concentrate all the strength and wisdom of their
policy on the pacification of the South, that policy was divided by a
strife in the last degree unseemly and degrading. But it will be for a
competent historian hereafter to trace out this accurately and in
detail; the time is yet too recent, and I cannot pretend that I know
enough to do so. I cannot venture myself to draw the full lessons from
these events; I can only predict that when they are drawn, those
lessons will be most important, and most interesting. There is,
however, one series of events which have happened in America since the
beginning of the Civil War, and since the first publication of these
essays, on which I should wish to say something in detail--I mean the
financial events. These lie within the scope of my peculiar studies,
and it is comparatively easy to judge of them, since whatever may be
the case with refined statistical reasoning, the great results of money
matters speak to and interest all mankind. And every incident in this
part of American financial history exemplifies the contrast between a
Parliamentary and Presidential government.

The distinguishing quality of Parliamentary government is, that in each
stage of a public transaction there is a discussion; that the public
assist at this discussion; that it can, through Parliament, turn out an
administration which is not doing as it likes, and can put in an
administration which will do as it likes. But the characteristic of a
Presidential government is, in a multitude of cases, that there is no
such discussion; that when there is a discussion the fate of Government
does not turn upon it, and, therefore, the people do not attend to it;
that upon the whole the administration itself is pretty much doing as
it likes, and neglecting as it likes, subject always to the check that
it must not too much offend the mass of the nation. The nation commonly
does not attend, but if by gigantic blunders you make it attend, it
will remember it and turn you out when its time comes; it will show you
that your power is short, and so on the instant weaken that pow