Like a rejected lover making merry at the wedding of his rival, the President felicitates himself hugely over the late presidential election.
He considers the result a signal triumph of good principles and good men, and a very pointed rebuke of bad ones.

He says the people did it.

He forgets that the "people," as he complacently calls only those who voted for Buchanan, are in a minority of the whole people by about four hundred thousand votes--one full tenth of all the votes.

Remembering this, he might perceive that the "rebuke" may not be quite as durable as he seems to think--that the majority may not choose to remain permanently rebuked by that minority.
The President thinks the great body of us Fremonters, being ardently attached to liberty, in the abstract, were duped by a few wicked and designing men.

There is a slight difference of opinion on this.