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March 21.--Old Abe's administration is just now in a most woeful fix. If coercion is attempted [26] towards the seceded States, the Border Slave States will go out of the Union, and the country will be lost. If a pacific policy is adopted, the Chicago platform will go to pieces, and the Black Republican party will be broken into fragments. The President's position may now be likened to an intoxicated individual, who was one very cold night holding on to a spile on the edge of the dock, and who thus moralized: “If I hold on here,” said he, “I shall certainly freeze to death, and if I let go I shall fall in the water and be drowned.” --Charleston Mercury.

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