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The President's Message.

By the courtesy of Col. J. J. S. Wilson, of the Illinois and Mississippi Telegraph Company, we are enabled to lay before our readers this morning, the president's message in full. It is the most important state paper presented for public consideration since George Washington issued his farewell address, and, so far as we are able to judge from its hurried perusal as it came over the wires, by far the most unfortunate production of Mr. Lincoln's pen. His scheme for "reconstruction" is, of course, its principal feature, and the part in which the people feel the deepest interest.

If we rightly apprehend the chief magistrate's meaning, the Sumner-Whiting theory is repeated in more offensive form than ever. The president reiterates and reaffirms his emancipation policy, considers the states as out of the Union, but tells them that such persons as he chooses to allow may return, if they will embrace and swear to support his abolition policies. In other words, he says he can forgive a traitor, but has no pardon for any man who does not indorse the abolition, confiscation and negro enlistment policies of his administration. He will allow a number of "persons," — not less than one-tenth of the number of votes cast at the presidential election in 1860 in each state — to form a new state government, provided they will acknowledge the binding force of his abolition proclamation, which is all for which he seems to have any concern. Whether negroes, tax collectors and imported office-holders are included in the number of these "persons" who are to resuscitate the dead state, and galvanize it into new abolition life, he does not express in terms, but from his well-known regard for colored citizens, we think it probable he meant to include them. In short, support of this monstrous idol of the Garrisonites is to be the shibboleth which is to test whether a man is to be regarded as a citizen of the United States, or an outcast, destitute of all rights save the "human right to be hung, and the divine right to be damned."

Here is the thing in a nut-shell, and we have no heart for further comment at the present.