"NEW YORK, _April 25_, _1844_.
"MY DEAR SIR,--I returned three days since, and have been trying to get
an opportunity to write to you without success until now. The prospect
of overcoming the pecuniary obstacle appears favorable. A few days will
decide the question, when I will write to you more particularly.
"A modification of the plan is meanwhile being attempted, which, if
successful, must greatly increase its usefulness. It is, if possible,
to get the $5000 absolutely; with a condition that if we cannot get a
subscription of 25,000 or deem it wise to publish a less number, we
shall have the same _value_ in such printed matter as we may choose,
and additional matter at cost; which we can circulate in what way we
may think best. My own opinion is that, as a general rule, it should be
_sold_, at or below cost, which will itself be very low if the quantity
is large and the work managed economically. It seems to me that in this
mode we could circulate 2, 3, 4, or 5 times our actual capital; that
we should tempt purchases from every part of the country, and make the
most extensive and efficient use of our money.
"Of course there are a great many details to be contemplated in
arranging so large a machine: I cannot now state them sufficiently even
to explain my suggestions, but hope to be able to speak more definitely
in a few days.
"Mr. V. B. was perhaps less impressed with the importance of the paper
than yourself, and circumstances of delicacy prevented my taking
that view of the subject. Nevertheless, he was anxious to have it
undertaken, and, since my return, tho I have in no measure availed
myself of the aid which he was willing to render, our people seem
better inclined than I expected. Still, the experiment cannot be
regarded as tested."