"NEW YORK, _April 8th, 1864_.
"MY DEAR SIR,--Your letter of the 4th was duly received.
"In reference to your conclusion that there is 'no difficulty in
arranging some mode of sale but _price_,' I agree that it is justified
by the general correspondence of our views as to the utility of uniting
the two lines and as to the policy which should govern the management
of the joint concern. Doubtless your mind has truly fixed the precise
point at which divergence of sentiments would be natural, and where
alone it is likely to exist.
"But is such divergence inevitable even there? Is there not some
solution which will give us what we agree in desiring--the unity of
works and interests, and will yet allow scope enough for the favorable
view by each party of the relative value of its own property?
"Financial expedients are so capable of adaptation, and I have so often
been fortunate in bringing into accord interests and opinions which
seemed to the parties to clash, that, seeing an object desirable to
us both obstructed or delayed, I am disposed at once to analyze the
elements of difference, and try if there be not some solution equally
advantageous and equally agreeable to the parties whom we respectively
represent.
"I know I shall bring to the attempt candor in considering what I may
not at first accept, and an entire freedom from the huckstering spirit
which seeks to appropriate all benefits of a concord which ought to be
founded upon mutual interests. I do not doubt that you will meet me in
the same dispositions.
"I mentioned in my former letter some of the evils of delay--the loss
of the present session of Congress in respect to our land grants (we
should want Mr. Morgan as our regular attorney to join his efforts to
our special and temporary agent if we were together), the tendency to
reduce or keep down the prices for our transportation services, from
the natural operation of divided action, to be aggravated perhaps when
our agents come to seek business, the probability of some unnecessary
construction.
"You have justly added the inconvenience of extending over the region a
diversity of gauges, every day becoming more difficult to change.
"And I now add still another consideration. The delay--perhaps
indefinite postponement of the construction of the link from Green Bay
to the place, lately Sand Point, which we have christened Escanaba.
That construction would connect the mineral regions of Lake Superior
with the entire railroad system of the country.
"Now, in these times so favorable to get money for new enterprises,
if the opportunity is _seized_ and _wisely used_, I think if we were
united, our joint strength would induce the Northwestern to put in that
link this year if the question could be determined within the next 30
days. There are auxiliary influences, potent at this moment, which may
be lost and the result postponed for an indefinite period.
"I am confident that such a construction would enlist the warmest
sympathies of yourself, of Mr. Ely, and of all who have investments
in the Lake Superior region. It would probably create, likewise, new
opportunities for investments, capable of surviving the financial shock
to which all property will be subjected by the present condition of the
country.
"But I wander into discussions, when the object with which I began my
hasty letter was simply to say to you that I think we ought to have
a personal conference without unnecessary delay--that we ought to be
possessed of the purposes of our respective parties, and armed with
full powers to act, if not for all, at least for a majority in interest
of our respective companies.
"I will meet you in Boston or in this city at your earliest
convenience, having a little notice to arrange my engagements. My
situation would make me prefer New York, if your convenience would
allow or you could be induced into a visit to your friends here.
"Very truly,
"Your Friend,
"S. J. TILDEN."
"_Jos. S. Fay, Esq._"