1845-1850 (continued 2)

Drawing bill for a union of the two companies and consultations in reference thereto—proportion of the D. & S. C. Co. 50

$175

The Pennsylvania Coal Co.,

To S. J. Tilden, Dr.

1851.

June 17. To preparing another draft of the assignment of contract to obviate objections made to executing same $15

" 28. To preparing another draft of an assignment 20

To preparing another draft of a new contract (36 folio) 25

Apr. 7. To going to Albany in respect to water grants 100

Mar. 19. To drawing power of attorney and agreement for the masters of the Wyoming Coal Association to accept stock of the Penn. C. C. 20

" 17. To consultation in reference to 10

" 18. Certain Coal contracts 10

To advising in respect to the mode of transferring the property of the W. C. A. to the Penn. Coal Co., and attending numerous consultations in respect thereto, as well as the meeting of the stockholders 100

To examining and revising conveyance of the Wyoming Coal Association to the Penn. C. C. 10

1851.

June 20. To advising in respect to power to contract the same $100

" 27. To going to Philadelphia and conferring with Judge Malloy in respect to your loan 250

July 1. To drawing resolutions and proceedings to be adopted by the board authorizing the loan of $600,000

To drawing the trust mortgage to secure its repayments—the form of the bond and other necessary papers, and advising in respect to the various proceedings until the transaction was consummated 250

Sept. 3. To attending and advising in respect to rights of company in purchase of water right at Williamsburg 10

" 5. Ditto 10

General counsel fee 250

$1780

"Office of Receiver of Taxes, New City Hall, Park.

"New York, Dec. 1849.

"To the Supervisors of the City and County of New York, for Taxes, 1849.

"Mr. Saml. J. Tilden. "To tax on personal estate, 11 Fifth Avenue. "Valuation, 2000. "Rate, 118.32. "Tax, 23.66."

Mr. Tilden had already become interested in a small way in the establishment of the first balance dock ever provided for the New York harbor. His friends, O'Sullivan, Waterbury, and Secor, were also among the number interested with him. The following contract shows the nature and extent of Mr. O'Sullivan's interest. The venture did not prove very profitable to them, nor to have received much attention from Mr. Tilden.

DEPOSIT WITH MR. TILDEN TO SECURE A LOAN TO MR. O'SULLIVAN

"New York, Nov. 22, 1850.

"Whereas, I have this day drawn a draft at three months on C. A. Secor in favor of Messrs. Wright & Betts for about sixteen hundred and fifty dollars, and the same has been accepted by said C. A. Secor, I hereby authorize and request you to hold twenty shares given stock in the Balance Dock Company (out of the forty-two shares of which the certificate is in your hands, with my power of attorney to make transfers of the same dated March 14, 1850), as security for the payment of said draft; said twenty shares to be sold for payment of same unless satisfactory provision for its payment be made by me within one week prior to its maturity.

"To S. J. Tilden, by "J. L. O'Sullivan."

"I hold a certificate of twenty shares of stock in the Balance Dock, with a power of attorney from J. L. O'Sullivan in regard to the same, which have been deposited with me by Messrs. O'S. and Secor, and I accept the trust so far as the said papers may enable me to carry it out.

"S. J. Tilden." "New York, Nov. 22, 1850."

TILDEN TO MRS. CHASE[18]

"New York, Nov. 29th, 1850.

"My dear Madam,—Your letter of Oct. 13th, and that of Mr. Chase accompanying it, came at the commencement of an illness which disabled me for some time from making the inquiries which yours requested. Since my recovery I have been diligently seeking to learn something of the line of steamers destined to touch periodically at Vera Cruz and Tampico. Mr. Geo. Law, who is the principal man in the Chagres line, and Mr. Wetmore, an associate of his in that enterprise, inform me that nothing of the kind has been connected with their line; and they agree in thinking that, although such a proposition was before Congress, it did not pass. Mr. Brooks, who represents this district in the House of Rep., and who is conversant with such matters, is of the same opinion. Mr. Croswell, of Albany, not of this city, who is interested in the Chagres line, and whom I was fortunate enough to meet a few evenings since, has the same impression, but referred me to young Mr. Worth, of this city, as having something to do with a project for such a line. On inquiry of that gentleman I find that he is not aware of any action of Congress on the subject; that the project is purely commercial, and that it is so very immature that it can scarcely be deemed to have an existence. This was for a line between this city and Vera Cruz. The laws of the last session have not as yet been published, so that I could not examine them. I am thus particular, because one gentleman of whom I inquired had an impression that such a bill did pass. While there seemed to be very little definite knowledge, my conclusion is that no such line has been authorized, but I shall keep an eye to the matter, and communicate to you any information which may seem important.

"I found in a N. O. paper that the steamer Alabama will make trips at intervals of about 20 days from that place to Vera Cruz. The news that reached you may have originated partly in this circumstance and partly in the pendency of a proposition, such as you mention, in Cong.

"It would give me great pleasure to aid Mr. Chase, in the way you desire, so far as I may have power, if such a line should be established; though the thing is as yet so indefinite—and I am inclined to think will remain so—that I cannot estimate my ability to serve him.

"The friends of whom you inquire—Mr. Green, Miss Green, and Miss H.—are well and pursuing happiness ardently in their customary modes: each one pursuing his favorite phantom, the poet hath it, but I will not apply to them the association that rises in my memory. There are objects in life which are not phantoms—tho' little pursued, and not by many. I am tempted to seek for myself the gracious welcome that awaits the bearer of good-tidings by telling you that Miss. H. intends to leave here on a Southern tour in the latter part of Dec., and has some thoughts, even hopes, of persuading her father to prolong the excursion to Tampico. But do not flatter yourself too much. Wind and weather are not less uncertain on the Gulf than elsewhere, and even the steady purpose and persuasive power that characterize our friend may not prevail against every mischance.

"The change in the nat. adn. was as sudden and remarkable as you regard it. The policy of the gov. was a little modified by it, but on the whole it was most striking as illustrating how quietly our political machine works, even while the hands that seem—and seem only—to guide it are shifted. I do not share, to any considerable extent, the apprehensions entertained or professed by many as to a dissolution of our federative union. I would not needlessly put its bonds to the test. But I think they would prove stronger than is generally supposed; that danger would bring upon the theatre of public affairs a higher class of men than the holiday patriots who figure there in a season of peace—men who would represent the actual sentiments of the masses of our citizens, the serious, earnest purposes, now applied to private objects, that would be turned to the preservation of the Union as an important, practical means to great public ends. The idea of American nationality—progress and destiny—is the master-thought in the minds of our people, and creates a tendency to unity in the govt. quite strong enough. I have, too, a feeling—for it may be that, rather than a conclusion of reason—on this subject, which some may call superstitious. I believe that the gradual amelioration and culture of our race is in the inevitable order of Providence. I see elements which have been and are preparing our country to act a grander part than any has hitherto done in this great plan. That part is to be wrought out, not by an indolent repose on what our ancestors have ordained for us, but by trials and sacrifices and earnest efforts to solve the great social and civil questions which necessarily arise in the experiences of a nation. It seems to me—but here I may read the sacred oracles not aright—that the Union is an essential condition to the destiny we appear appointed to fulfil; and I believe it firm enough and strong enough to endure the conflict of social and political forces which is going on within its bosom. It will survive them all, working out what it can, and as far as it can, and casting off to a future period what it cannot now entirely work out.

"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: