John Ransom

There are many things for which on principle we should stand.

As long-time readers know, I’m keenly sensitive to oil price movements, believing that high oil prices, more than any other single factor, were responsible for the systemic failure of the financial industry worldwide in 2008.

I have often argued, thanks to the work of the our contributors at Political Calculations, that high gas prices result in layoffs in the private workforce, something we can ill afford right now.

In general, my strongest indictment of the Obama administration is the abandonment of the common sense and common policy that gives us cheap, plentiful energy. That policy makes for a robust economy in the United States.

That policy used to be something that we could all agree on regardless of party.

But not anymore.

Oil prices will continue to rise as Egypt continues to be rocked by violence in wake of the coup the Egyptian military staged against the duly elected government run by the Muslim Brotherhood.

But I agree with Abraham Lincoln that there are things some things more important than economic hardship.

Lincoln, as he prepared to take the presidential oath of office, was confronted by a delegation from New York insisting that he yield to “the just demands of the South” in order to protect the commercial interests of the nation, and avoid a costly civil war. “It is for you, sir, to say whether the whole nation shall be plunged into bankruptcy,” declared a member of the delegation to Lincoln, “whether the grass shall grow in the streets of our commercial cities.”

Lincoln rejoined:

If I shall ever come to the great office of President of the United States, I shall take an oath. I shall swear that I will faithfully execute the office of President of the United States, of all the United States, and that I will, to the best of my ability, preserve, protect, and defend the Constitution of the United States. This is a great and solemn duty. With the support of the people and the assistance of the Almighty I shall undertake to perform it. I have full faith that I shall perform it. It is not the Constitution as I would like to have it, but as it is, that is to be defended. The Constitution will not be preserved and defended until it is enforced and obeyed in every part of every one of the United States. It must be so respected, obeyed, enforced, and defended, let the grass grow where it may.

John Ransom

John Ransom is the Finance Editor for Townhall Finance, host of Ransom Notes Radio and you can catch more of the best money advice and monetary commentary by him daily 10am PT, 1pm ET at or on Comcast Cable