Part 10

"I resume my letter which has been in my portfolio unfinished for more than a week. A current of affairs suddenly struck me, and swept me on so incessantly that I have not before been able to return to it. You must not infer, however, that I affect any special industry, or that I am ordinarily so busy. My life has vibrated between a leisure in which I amused myself with books, and the greatest activity in pubic and private affairs; and, if the last few months have been as engrossingly occupied as any part of it with professional and personal business, I do not expect or desire it to be generally so hereafter. What has most exacted attention was temporary and occasional, and has, as yet, produced, and may produce nothing to me or to others, though lest such a confession excite too much pity for me I will add that in the mean time what has cost me comparatively little trouble has been sufficiently fruitful. My disposition is not to permit merely private business to engross me, nor to be in any of an unprofessional nature which creates anxiety. I have never been accustomed to surrender to it my inner life, or to allow its cares to fill those little interstices between actual occupation which are instinctively given to, and which characterize our ruling habits of thought and feeling. There no doubt is danger, as the relations of business multiply around us and our enthusiasm for public objects is qualified or weakened and our sympathies often come back upon us as the chilled blood returns from the extremities to the heart, that what furnishes occupation to our activity without the trouble of seeking it and without making us inquire whether we choose it, will grow too much upon our attention. But I desire to reserve something to better purpose--something to friends and to myself, and possibly, if hereafter I can recall the enthusiasm of early years, with a share of its former strength and steadiness, something to consecrate life by a sense that it has not been wholly given to objects so selfishly egotistical as are most of those which we pursue. It is time for me to stop; for I am moralizing, when I began merely to exclude a possible inference that I have not leisure to care for the wishes and interests of my friends, and to assure you that I am always happier if I can serve them, and glad to talk with them, as I now do, even if it be at such a frightful distance as, in this age of ocean steamers, railways, and telegraphs, to put a quarter of a year between question and answer.

"I wrote you a very long letter--I tremble to think I ever addressed such a missive to a lady--all full of finances and figures, on about the first of October. I mention it lest it may have miscarried. I should regret if you have failed to get the answer it attempted to your inquiries. I have hoped, and do hope, to hear from you in respect to it and its subject, if I can at all aid you. As a whole, it was not intended to be answered--as somebody said of his own speech--but I do look for a reply; I hope it may be an early and favorable reply--to some parts of it--as, for instance, that you are rapidly maturing your plan of changing your residence to this country, and that, at all events, you are coming over here next spring. If you should say that, you may take your own time for the statistics of the money-market and of money-making. Waiting patiently as I can for such an answer, and begging you to present my best respects to Mr. Chase, I remain,

"Very truly, your friend, "S. J. TILDEN."

COPY OF DRAFT-LETTER, FULL OF "FINANCE AND FIGURES," REFERRED TO IN THE PRECEDING LETTER

"There are, of course, the U. S. sixes, if you are content with so low a rate of interest. The New York stocks are about the same. There are others which are lower. If put to the choice myself, I should prefer bonds secured by mortgages on real estate, or, as we familiarly call them, b. and m. at 7 p. c., which, with care, can be had, even in the present plethora of money. There are also many varieties of bonds of private companies paying 6 or 7 p. c.; but, as a general rule, I should decidedly prefer bonds and mortgages on real estate.

"There are also stocks of private companies. Many of the banks are earning 7, 8, 10, or even more per cent. But these stocks are at considerable premiums, and have risen much recently. They cannot be always continuing on the ascending series. When a commercial depression shall occur these bonds will feel it more promptly and more deeply than that of most corporations; their dividends will be reduced, the premiums (which are equivalents for future, unearned, dividends) will fall off; and you may lose more by this decline than you have realized in the excess of the dividends over a fair interest. The same remark is applicable to the few railways which pay very large dividends, although they are not so sensitive to the fluctuations of commerce as the banks--in this as in the other case. The Delaware & Hudson Canal Company--whose business is to produce and bring to market anthracite coal--has declared about 16 per cent. for the last four or five years. The premium on its stock is now 50 p. c. That is lower than it has been, because of special circumstances, while I think that the next year's business will be better. The dividend is over 10 p. c. on premium and all. I would rather risk the continuance of its high premium than in any other case of a railroad. I may say, any other similar case. There is a similar company which has just come into operation--a very solid concern--which we think will be at least as good; its stock at a premium of 15 p. c. It is not so well known or so promptly marketable, and its stock is in a rather complex form, which it is expected to simplify next winter. It would be idle to say that I have not great confidence in it, since I have transferred what I had in the other to it, and have put in it more than the sum you mention in your letter; but I should not like to have another person invest in it or any similar thing merely on my judgment; and, to do so on his own, he ought to have more detailed knowledge than could be communicated in this hasty letter. The claim is that its stock will not advance much for the next 3 months--perhaps not for the next 6 or 8 months.

"There are also classes of ins., to some of which I have great objection, but it would be futile now to discuss their merit.

"With respect to investments in private companies generally, I have some observations to make. A very large proportion of one's means should not be concentrated in one institution, especially without the most thorough familiarity with its affairs. A wise selection between them requires at any time special knowledge and individual judgment; and more so now than usually. The abundance of capital and low rates of interest causes high premiums to be given for the most productive stocks as well as the most ____ so that it is scarcely possible to get them at prices [half a page is here utterly undecipherable] unless in special cases where the enterprise is comparatively new and unknown, or its real merits are not fully appreciated by the public, in which cases you rely upon what you suppose to be superior information or judgment.

"I ought to add, in qualification of those general views, that I do not mean that the market has reached its highest elevation. I think it probably has not; nor can I now see the particular time when, or the particular event by which a change is to take place. We are not in a state of high speculative excitement; we appear to be tending to such a state, though causes may occur to check the tendency. But we do know that--whether the present abundance of capital and prosperity of business shall, temporarily, increase or not--we cannot expect them to continue for a very long period, _even to the present degree_. It is desirable to make your investment at as low prices as possible, in order to enhance your interest and have greater security against possible contingencies; but even this consideration may be so modified by peculiar circumstances that it is difficult to state an absolute rule applicable to all cases.

"On the whole, your main interest is to find your money safe and available when you come here, and are able to make a permanent disposition of it on your own judgment. I am gratified to be able to believe that you have already secured an ample provision for the future--its reasonable tastes as well as its necessities--at a rate of productiveness which will give the greatest safety. Anything that you can hereafter add to your income or capital would be really of very slight importance to you, compared with what you now have. I do not undervalue your fortitude and energy, or concede to own to the impertinent advances of time, when I say that your chief care should be to avoid even the possibility of being compelled to begin anew the work of life--so far as the providing for its material wants can be called such--when, if the period most fitted for that purpose have not passed, the years which have been allotted to it cannot be recalled. The advantages of such skilful disposition of your means as are consistent with safety--and such advantages there are--will be to be enjoyed by you when you shall become--as I hope you soon may--a resident in our country. In the mean time, a deposit with the trust company seems to be as good a temporary arrangement as you can make at your distance from the scene or as I can suggest in my ignorance of your particular affairs, wishes, and future movements. I need not add that any aid which I can give you in making this or any other disposition _of your remittances_ which you may prefer will be very cordially rendered. I shall be happy also to answer further inquiries and convey additional information, as far as can be done by correspondence; and shall hope to do so more promptly than I have been able this time, and more briefly; for without purpose to be very ____ I happen to have been visited by unusual concourse of people talking to me about all sorts of things and by a necessity of ____ my talk with you ____ very rambling and diffuse. I have had the ____ to read it over--with something of dismay that I should ever have written such a letter to a lady, and I must beg that it be communicated to Mr. Chase, to whom, in truth, it seems mainly to be addressed--and to all eyes but his remain forever a sealed book. It might ruin all my prospects with less forbearing fair ones if it were supposed there could be any risk of a similar epistle.

"If you should place a deposit, or otherwise temporarily dispose of such remittances as you may make through the winter, would not the true policy be for Mr. and Mrs. C. to come on here for a short time, next spring or summer, to make more permanent arrangements? The journey is not much, and might be more than repaid by the business results. If you could leave your affairs at home the trip might be useful in all respects. I have left myself little space for other topics. But I must find room to say, in reply to the friendly message of Mr. Chase, that I consider myself already, in some sort, acquainted with him, and to beg that he will not measure the little attentions I had the pleasure of rendering to a lady who interested me, as well by her personal qualities as by the situation in which I met her, by the disproportionate sense of them which she entertains.

"I fear the probability of my being able to visit Tampico at present is not sufficiently substantial to fabricate a dream of. My consolation must be the hope of meeting you here, in which I trust you will not disappoint me. The authority with which you commission me to 'say many kind things' to certain of your friends--if intended to be general--is too flattering in its conferment and too agreeable in its exercise to be renounced. And yet I fear I should not be the 'faithful agent' you hope if I did not candidly admit how little, in this respect, you need, or can be aided, by any service of mine.

"Hoping to hear from you shortly, and to see you at an early period, and wishing Mr. C. and you every prosperity and happiness, I remain,

"Very truly, your friend, "----."

FOOTNOTES:

[8] Letters from Tilden intended for Marcy were commonly addressed to Marcy's brother-in-law, Mr. Newell, who resided in Washington during Marcy's war ministry.

[9] Twice Mayor of New York City.

[10] Mr. Tilden on _Saturday_, after seeing Mr. Polk and delivering my letters, and perceiving a disposition to make the appointment finally made, _wrote to me to come on to advise_. This I declined, believing the matter disposed of, as proved to be the fact. The letter to Gov. M. was mailed at Washn. on Saturday P.M. W. H. H.

[11] The business manager of the Daily News.

[12] _Life of Tilden_, Vol. I., p. 116-117.

[13] At this time a member of the United States Senate from New York.

[14] A resident of Ohio, the following year was elected to the United States Senate, subsequently became War Secretary of the Treasury under Lincoln, and died Chief Justice of the Supreme Court of the United States.

[15] The letter here referred to was brought to me by John Van Buren about the date of the letter here given; was published by me promptly in the New York _Evening Post_, and was republished by the late Paul S. Ford in his edition of the _Works of Jefferson_.--Editor.

[16] At this convention Martin Van Buren had been nominated by the Free-soil party for President, and Charles Francis Adams for Vice-President.

[17] Mr. Greeley was at the time this article appeared in the N. Y. _Evening Post_ a member of Congress from New York city.

[18] This letter was addressed to Mrs. Franklin Chase, whose husband was U. S. Consul at Tampico.

1851-1860

M. VAN BUREN TO TILDEN

"LINDENWALD, _Jany. 5, '51_.

"MY DEAR SIR,--Please let me hear from you at your earliest convenience on the subject of my money as it lies unimproved; also your opinion of the best investments now to be made. What would you think of putting five thousand dollars in Erie income bonds if you do not take it? Explain to me the character of the stock and the principles upon which it has been issued. Don't forget Lawrence. Excuse me for troubling you, and believe me,

"Very truly, "Yours, "M. VAN BUREN."

The measure for the enlargement of the Erie Canal at an expense of nine millions of dollars, projected by jobbers in what are still known as the canal counties, and which is referred to in the following note of Mr. Burwell, was so effectually resisted by Mr. Tilden, both by speech and pen, that it was put to sleep for more than forty years, when it reappeared and was passed. It resulted even more disastrously than Mr. Tilden had predicted, and to this day no one knows what became of the $9,000,000 that were spent, though no one will pretend that a new canal-boat was built or another ton of freight was ever carried through the canal in consequence of that expenditure.

D. BURWELL TO TILDEN

"ALBANY, _March 30th, 1851_.

"MY DEAR SIR,--I presume you have observed the canal bill, which increases the State debt $9,000,000. Will you not devote some time to-morrow to get letters from the money kings--Messrs. Beekman and Morgan and Williams--to have the bill defeated?

"An effort is to be made to press the bill through this week, and it is very important there should be some delay.

"I write you because I know you will feel an interest in defending those constitutional provisions you contributed so essentially to form. I have heard that many of the sound financial men of Wall Street are opposed to this new scheme of debt, and particularly Mr. C. W. Lawrence, of the Bank of the State of New York. I hope you will devote one day more to defend the public faith.

"I should not write, but I really feel it a solemn duty to urge every one I can think of to the defence of the Constitution.

"If you could get up a short remonstrance you would do something worthy of your past labors; but have it sent up by Tuesday or Wednesday.

"Yours truly, "D. BURWELL."

By the death of President Taylor, in 1850, the Vice-President, Millard Fillmore, of New York, became Acting President.

Whether, and if any, to what extent, the free State and the slave State partisans in New York, on whose political course the next Presidential election was largely dependent, would be able to act together at the ensuing Presidential election, had become an absorbing question throughout the nation in 1851. Gideon Welles had for many years been prominent among political journalists as editor of the _Hartford Times_. He had also been a devoted champion of the principles and policies of Presidents Jackson and Van Buren, and was at this time a warm partisan of the Free-soil wing of the Democratic party. He later had the honor to be selected by President Lincoln in 1861 for his Secretary of the Navy, the department of the military service which during the Civil War of 1861-5 proved most uniformly victorious and efficient.

GIDEON WELLES TO TILDEN

"HARTFORD, _24th Sept., 1851_.

"_Confidential._

"DEAR SIR,--I am wanting light on matters political, and write you for guidance and information. It was my expectation to have gone to New York about this time, but as I cannot, excuse my writing. My general views and my peculiar position (peculiar for me) I very frankly gave you, and also the attitude of things here when I saw you in June.

"Your convention is to me somewhat of a mystery, for I have seen no one from your State to enlighten me, and there is no one in the region hereabout better informed than myself. Things have not taken, in all respects, the course I could have wished and, indeed, expected, but it is not uncommon that we are controlled by circumstances rather than circumstances by us.

"My object is to learn from you the course that the Democrats of your State will be likely to take in regard to the Presidential election. I need not say to you that whatever you may communicate shall be in strictest confidence, and shall be submitted to no other eye or ear than mine; but it may be of material benefit for you and for us in Connecticut if I can have some indication of the course which our friends in New York intend to pursue.

"As I remarked to you when I last saw you, I found things in our State in a very unfortunate condition when I returned from Washington, and while I would not commit myself to the schemes on foot, I at the same time did not think it expedient or useful to place myself in exactly an antagonal position to old associates and friends. I have therefore stood somewhat aloof--commenting on and criticising measures and men, to the great annoyance and disappointment of some, who thought it in their power to compel me to take a position as they had done by Niles.

"At this time the party in this State which supported Cass do not mention him. He seems to be dropped by universal consent. His leading friends, the managers of what you call the Hunker party, are generally inclined to Buchanan, but the more efficient and active portion of those who went with him are disinclined to take Buchanan, and, to a considerable extent, avow themselves for Houston. I have been in exactly that position when I did not feel inclined to allay their differences.

"In the mean time, within a few weeks past and since the death of Woodbury, some of the shrewd and cunning friends of Buchanan are talking up Douglas. Without going into speculations on this matter generally, I can well perceive the local design and bearing which those movements may have, and hence my desire to know something of the intentions and ultimate object of the real Democrats of your State, for it is desirable that we should harmonize.

"If I could make the next President, Col. Benton would be the man, although the old man takes occasionally strange freaks. In a late St. Louis _Union_ I read a strong article in favor of Buchanan, backed by an editorial equally strong which surprised me. I am no partisan of Buchanan, whose course on all recent questions appears to me extremely objectionable, and, in fact, his career is not one that I admire generally. Cold, selfish, intriguing, and heartless, he panders to vicious doctrines; he is not a root-and-branch Democrat, and I always doubt his sincerity. I should very much prefer Marcy, especially if he could disentangle himself from a few bad associates. From some of the proceedings of your State convention, and a few odds and ends in the papers, I have been half inclined to think that some of Marcy's warm friends threw their influence with the Barnburners, and defeated the extreme Hunkers. This is mere speculation of mine, without a word from any one, and made perhaps in the absence of any more obvious cause for what then occurred.

"In former years I was accustomed to get from Mr. Wright a letter or two annually that made my pathway clear, and his suggestions enabled me sometimes to do the cause efficient service. At this time I feel the necessity of knowing something of the probable direction our friends in New York will take, and I must rely on you for hints, suggestions, and views. There is quite a disposition to talk up the Presidential question, and our active busybodies seem anxious to connect themselves in season; and without appearing intrusive or actually doing a great deal, I am perhaps in just such a position as enables me perhaps to do more active and substantial service than a much abler man, differently situated. I therefore write to you as an old acquaintance, knowing that you can give me light.

"Where is our friend Genl. Dix, one of your best clearheaded and pure-minded men? I suppose things are in such a condition that he could not be brought forward, but how infinitely superior to most of the men named for Chief Magistrate. Let me hear from you as early as you conveniently can, and believe me,

"Very truly yours, "GIDEON WELLES."

"P. S.--Your father, as well as Gov. Wright, was an old correspondent of mine, and hence, in part, my claim upon you.

"_S. J. Tilden, Esq._"

William L. Marcy had been Governor of New York from 1833 to 1839, and in 1852, as will be seen by the following letter, he was already indulging dreams of succeeding Mr. Fillmore at the impending Presidential election, which, however, resulted in the choice of Franklin Pierce. Mr. Marcy had too many friends like Van Buren and Tilden and Dix and Flagg to be trusted at the head of the government by the partisans of slavery, while and because of those friends he was wanted in the Cabinet for his influence with those statesmen in New York; but they took care to put him in the department where he would have least occasion or opportunity to interfere with the policy of the slave-holding class. He was made Secretary of State.

W. L. MARCY TO TILDEN

"ALBANY, _Apl. 2d, '52_.

"_Private._