"_July 13, 1844._
"Outline of plan of arrangement for the paper between S. J. Tilden and
J. L. O'S.--proposed by me.
"J. L. O'S.
"1. The entire concern to be owned in equal halves by S. J. T. and J.
L. O'S.
"2. Any disagreement of opinion ever arising, if requiring a decision,
and irreconcilable by discussion, to be determined by reference to B.
F. B. or some other friend, unprejudiced in the matter.
"3. In case of either party ever desiring to withdraw, the other to
have the refusal of the purchase of his interest, on equal terms
with those offered by any one side, or of any portion of the same at
proportional rate.
"4. In case of failure of the enterprise and both desiring to give
it up, the materials purchased to be vested in trust in (query--the
Chairman of the Gen. Committee--or Young Men's Gen. Committee?--or
B. F. B.?)--for the benefit of the Democratic Party. This is to be
determined within six months. If one desires to give it up and the
other does not, at the end of six months, or before, the whole property
then to become absolute in the one remaining.
"5. Neither to place the firm under any debt or obligation without the
consent of the other.
"6. The business machinery to be managed by a Chief Clerk (Guion), at a
salary of $--, and 1/10 of profits.
"7. The estimate of profits of the concern to be made after the
allowance of editorial salaries. S. J. T. and J. L. O'S. to be entitled
to draw a sum not exceeding $30 a week apiece, for editorial labor
and time. Each to do this at his own discretion, and according to his
own estimate of a reasonable compensation for his labor and time. If
hereafter, from regard to health or other cause, either should desire
to withdraw for longer or shorter period from active participation
in editorial charge, the other remaining in charge to be entitled to
an editorial salary of $2500 per annum. In case of death of either,
the other to inherit his share, subject to an annuity for ten years,
according to direction of the deceased, amounting to one-third of
that portion of the general profits which would otherwise have been
divisible between the two--the salary of $2500 in that case being
allowed to survivor for editorship.
"No other points now occur to me requiring provision.
"J. L. O'S.
"It is possible that Mr. Waterbury may desire to have some connection
with the paper, which will be in that case perfectly agreeable to me.
The amount to be allowed him for his services in it, in that event,
whether in the form of a certain proportion of profits, or part salary
and part proportion of profits, I leave to be fixed by you. I should
like also myself to employ my brother in it, if as clerk and general
aid his services should appear desirable, his compensation being fixed
between us, ranging above a certain small minimum, according to his
services and the ability of the concern.
"J. L. O'S."