the Convention was introduced by Senator Conkling. The Senator turned to
me and said: “Mr. Clews, why would not George Opdyke be the best man for
Governor?” Mr. Opdyke and Senator Conkling had always been on excellent
terms, and a few weeks previously this aspirant for Gubernatorial honors
had been a guest at the house of the Senator, and General Grant had been
there at the same time. It was apparent, therefore, that Mr. Opdyke had
gained special recognition from the Senator as his candidate for
Governor, and that the choice had been sanctioned by General Grant. So
the visit of these two distinguished guests seemed to indicate that the
matter had been virtually, harmoniously and finally arranged, simply
awaiting the official approval of the Convention. Hence, the point of
the Senator’s inquiry directed to myself.
I replied: “Senator, I have a very high regard for Mr. Opdyke, as a man
of great ability, as well as a brother banker, but as we have, all of
us, a greater interest in what is to be done at this Convention, with a
view of re-electing General Grant, we must, in my judgment, sacrifice
all other interests thereto. Looking at the matter from that point of
view, I am bound to say, therefore, that George Opdyke is not our best
man. As you remember, he was Mayor of the city of New York at the time
of the great riots of 1863, which was the most critical period of the
country’s existence, and it was generally understood that in his
official capacity he showed the white feather. While I admit that the
excitement at the time was calculated to intimidate some of the
strongest hearts, still, Mr. Opdyke, as Chief Magistrate of the city,
was supposed to be equal to the emergency, and to meet it with firmness,
irrespective of personal danger. He was expected to be equal to the task
of ordinary self sacrifice in such a position, and he did not come up to
popular expectation.
“And you will recollect, Senator,” I continued, “that your own
brother-in-law, that able, worthy and popular man, Hon. Horatio Seymour,
was so far carried away by his predilections then, that he addressed the
crowd of peace-breakers as ‘friends.’ I confess that when a man like him
was so pronounced on that side it was a difficult matter for a Mayor to
have backbone enough to withstand the pressure. But public opinion is
not in the habit of making such fine distinctions to excuse want of
courage.
“If this is not an ample reason,” I said, “I can give you another, which
should be sufficient to determine that Mr. Opdyke is not our best man at
this time. He is young enough, however, and may be available at a future
period, when the asperities associated with these troublous times have
been fully smoothed down. During the war Mr. Opdyke had the misfortune
to be a special partner in a clothing manufacturing firm which had
received a contract from the Government to make clothing for the poor
fellows who were fighting our battles for the salvation of the country.
The clothing made by this firm was rejected on account of the
inferiority of the material, and this is said to have been the first
application of the term ‘shoddy’ to army clothing in this country.”
Mr. Conkling seemed to be amazed at my statement, and admitted that his
protegé would not do. He felt considerably embarrassed in regard to his
position with reference to Mr. Opdyke. He said, “Mr. Opdyke is here and
expects the nomination. Some one ought to tell him to withdraw.”
Thereupon Mr. A. B. Cornell volunteered to undertake this delicate duty.
He promptly performed it, and afterwards reported that the work had been
accomplished. He said that Mr. Opdyke at once consented to comply with
the modest request, but was so mad about it that he had left the city by
the first train for home, being unwilling to remain for the convention.
Prior to his departure, however, he had advised the Hon. W. H.
Robertson, who was the next prominent candidate, of his withdrawal, and
of the support of his constituency so far as his name could control it.
Mr. Robertson, who had been prominent in the preliminary canvass, was
gratified at this turn of affairs, and encouraged by his new accession
of strength. He was quick to embrace the opportunity now left open, as
there were no other candidates whom he feared. So the whole of that
night he worked arduously and faithfully for the object in view.
When I left the Conkling mansion next morning, after breakfast, I
mingled freely with the delegates, and found, from the efforts made the
previous night, that the nomination of Judge Robertson was a foregone
conclusion, and the candidate himself was sure of it. The Robertson boom
had become suddenly popular. In fact, it was in the air.
I was invited to General Arthur’s parlors, where the caucus had its
headquarters. It was customary with General Arthur, in those days, to
take parlors for that purpose at State Conventions. I found the rooms
filled with distinguished members of the party, and it was assumed by
all that Robertson was the candidate for Governor; it was also proposed
that we should march in a body to his hotel, to congratulate him, and to
assure him of the fact that we were all for him. I declined to be of the
number on that mission, to the great chagrin of some of my friends. When
asked for my reasons, I said that I had no feeling of personal hostility
towards Mr. Robertson, but as the New York _Times_ had not been pleased
with his conduct while State Senator, and had severely criticized him
thereafter, I felt satisfied that under no circumstances could we rely
upon the _Times_ to support our ticket if he were at the head of it; and
as that was the only paper in New York that we had to fight our battles
then, it was all important that we should nominate a ticket that would
not be antagonistic to it, in order that we might have its endorsement
and full co-operation.
The rest of the gentlemen went to pay their respects to Judge Robertson,
as pre-arranged, and during their absence I went to the telegraph office
and sent the following message to General John A. Dix, to his residence
at 3 West Twenty-first street, New York:
You are favored by many of the delegates for Governor. If
nominated will you accept? For the sake of the country, answer
in the affirmative.
“HENRY CLEWS.”
To this I received the following:
“I have telegraphed your dispatch to West Hampton, where my
father now is.
“Aug. 21 1872.
“JOHN W. DIX.”
A short time afterwards the Convention met, and the name of Robertson
was presented. The management had been so ably conducted since the
departure of Mr. Opdyke, that there seemed to be an overwhelming hurrah
in favor of Robertson, though it was evident that many of the delegates
did not know why they cheered, except by force of imitation. The
Convention at first, as has been the case on many similar
occasions—except that there never was any occasion precisely similar to
this one—did not seem to know its own mind, and was apparently well in
hand by the management. Several most laudatory speeches were made in
favor of Robertson, which placed him on the very pinnacle of popularity
with the Convention, as manifested by the cheering and wild hurrahs with
which the speeches were received. The management was thoroughly
convinced that the popular tide had begun to flow in favor of their
candidate, beyond the possibility of ebbing until it carried him to
port, and there was probably no man in that enthusiastic audience more
fully convinced of the fact than Robertson himself.
Several other nominations were made, but that of Robertson overshadowed
them all.
When the gavel was about to descend on the choice of the people, as
expressed through their intelligent representatives by every sign of
enthusiastic approval, the audience being almost exhausted with this
high pressure of excitement, and when it was just prepared to relapse
into a more thoughtful and deliberate mood, I sprung General Dix on the
Convention. The mere mention of the name of that veteran seemed to
inspire the vast assemblage with new life. The announcement acted like
magic, and appeared to throw all the previous work of the Convention
into utter oblivion.
After Mr. Bruce and the Hon. E. Delafield Smith had spoken, I said: “On
behalf of the bankers and business men of New York, regardless of party,
the nomination of John A. Dix would do more for the Republican party in
the national contest than any other that could be named. No other man
would receive equal confidence of the great monied interests of the
metropolis.”
The scene that followed the remarks of these gentlemen and myself is
indescribable. The whole audience arose to their feet and cheered
vehemently. If the house had been struck with lightning the caucus
managers could not have been more surprised, and Judge Robertson must
have begun to doubt his own identity.
Concerning the scene in the Convention at this juncture, the New York
_Herald_ the next morning had the following:
“The enthusiasm excited by the representatives of Henry Clews
carried the Convention, and it only wanted to put the question
to the delegates to result in a triumph for the Dix interest.
There was great confusion in the hall at this moment. Delegates
attempted to make themselves heard from all parts of the hall.
There were heard the first notes of the coming avalanche of
victory for the Dix ticket. The stentorian voice of a delegate
from St. Lawrence, mighty almost as the cataract of Niagara, was
heard above the din, proclaiming that the St. Lawrence
delegation endorsed the nomination of Dix. Further enthusiasm
was thus excited. Then followed Kings, Jefferson, Cayuga and
others, lost in the cheering that was incessantly kept up. The
whole of the delegation seemed under one impulse to fall into
line under the flag raised by Dix as the standard-bearer of the
party. Then came a demand that no ballot should be taken,
formally or informally, but that the nomination of General Dix
be made by acclamation. The Hon. William A. Wheeler, the
chairman, said such a motion was not in order, as there were
other candidates before the Convention. This difficulty, like
every other, was soon swept away in the tornado of excitement
consequent upon the sudden and unexpected course of affairs, so
lately garbled and mixed up, had taken; and the clear course
that the name of one man, held back to the lucky moment, had
arrived, to give it a talismanic power, opened to the previous
bewildered senses of the delegates when the Bald-Eagle of
Westchester, the proposer of Judge Robertson, arose and
announced the withdrawal of his nominee’s name. A thunder of
applause followed this announcement, which was echoed and
re-echoed, when the several other proposers withdrew in quick
succession the names of their candidates. Then came again the
call to put the name of General Dix by acclamation to the
Convention. The vote was put and was unanimously carried, with
the greatest excitement ever before witnessed at a Convention.”
The New York _Times_ said editorially:
“The Convention of this State has placed at the head of its
ticket two of the strongest names it could possibly have
selected. In General Dix it has nominated a Democrat who is free
from all the reproaches which the last twelve years have brought
upon the Democratic party—a man whose character is without a
stain, whose strenuous efforts to assist the Union during the
rebellion ought never to be forgotten, who has been one of our
most indefatigable assistants in the work of reform, and whose
integrity and abilities alike entitle him to the respect of the
public. No one can doubt that if we have General Dix as Governor
of this State the affairs of the community will be managed with
discretion, dignity and a high sense of honor. We purposely
refrained from recommending candidates to the Convention, but
now that all is over, we need not disguise our opinion that
General Dix was the very best man that could have been chosen.
Honest Democrats will gladly support him, Republicans have every
reason to arrange themselves by his side, for he has identified
himself with every great work in which they have been
interested. He has always done his duty, no matter what position
he has occupied, and we shall be proud to assist in electing him
as Governor of this State. If we could not trust such a man as
General Dix, it would be very hard to carry on the work of
popular government at all.”
At the close of the proceedings I sent the following despatch to General
Dix:
“I took the responsibility of putting your name forward as a
candidate for Governor, and now rejoice in apprising you of your
nomination by the Convention by acclamation.
“HENRY CLEWS.”
On my return to New York, to my utter dismay, I found the following
telegram awaiting me:
“WEST HAMPTON, Aug. 22, 1872.
“HENRY CLEWS:
“I have been compelled to decline.
“JOHN A. DIX.”
That afternoon I went down to Long Branch to see General Grant, and
spent the evening with him. I showed him the despatch from General Dix,
declining the nomination, and expressed the opinion that it was all
important that he should be prevailed upon to reconsider his first
resolve, and permit his name to head our ticket. “You know, General,” I
said, “Dix is a war Democrat. He will act as a bridge to bring over to
our ranks all the war Democrats. It was chiefly for that reason that I
sprung him on the Convention.”
General Grant realized the position at once, and fully agreed with me.
I said: “General, you must write a letter to General Dix, urging him to
accept the nomination.” He wrote to General Dix in a day or two. The
veteran was greatly moved by a letter from a renowned brother in arms,
but still had some difficulty in making up his mind, lest he might lay
himself open to the charge of inconsistency. And here comes in the
predominating influence of lovely woman, even cruelly deprived as she is
of the ballot. General Dix held his final answer in abeyance until he
should consult his wife.
GENERAL GRANT TO GENERAL DIX.
Following is the letter which General Grant wrote after my interview
with him:
“LONG BRANCH, N. J., Aug. 24, 1872.
“MY DEAR GENERAL:
“I congratulate you upon the unanimity and enthusiasm of the
Utica Convention on the occasion of your nomination for the
honorable and responsible position of Governor of the great
State of New York. Especially do I congratulate the citizens of
that State, almost irrespective of party, upon your nomination.
I believe you will receive the active support of the great
majority of the best people of the State, and the secret
sympathy of thousands who may be so bound up by party ties and
pledges as to force them to support your opponent.
“But to doubt your election would be to impugn the intelligence
and patriotism of a people by whose enlightened discrimination
such good men as Tompkins, Clinton, Marcy, Fish, King and Morgan
have been lifted to the Chief Magistracy of the Empire State.
With your election reforms in the State will naturally follow,
which all acknowledge have been much needed for years.
“No one acquainted with the political history of New York for
the past eight years will claim that all the abuses of
legislation are due to Democratic rule, but members, or at least
pretended members, of both political parties share the
responsibility of them.
“When I read the proceedings of the Convention of the 21st
inst., and of the unanimity of feeling in favor of you and your
associates on the State ticket, I felt that victory had been
already achieved and reform inaugurated in the State of New
York.
“Again, I congratulate you, not upon the prospect of being
Governor, but upon having it within your reach to render such
services to your State.
“It is a happy day when conventions seek candidates, not
candidates nominations. This dream has been realized in the
action of the Convention of the 21st inst. at Utica, New York.
“I have the honor to be, General, your most obedient servant,
U. S. GRANT.”
“GEN. JOHN A. DIX, N. Y.”
GENERAL DIX’S REPLY.
“LEAFIELD, WEST HAMPTON, N. Y.,
August 28, 1872.
“MY DEAR GENERAL:
“I am very thankful to you for your kind letter of
congratulation on my nomination for the office of Governor of
this State. You are aware, no doubt, that I declined it before
the Convention was held. I am deeply sensible of the honor
conferred on me, especially by the manner in which it was
tendered; but my objections to the acceptance of the nomination
are so strong, that I would not think of it a moment, were it
not for the deep concern I feel in the result of the election,
and the great public interests at stake.
“I expect Mrs. Dix to arrive from Europe on the 2nd or 3rd
proximo, and as soon as I am able to confer with her, I shall
reply to the letter of the President of the Convention, advising
me of my nomination.
“I am, dear General, very respectfully and sincerely yours,
JOHN A. DIX.”
“HIS EXCELLENCY, U. S. GRANT.”
It is evident from this correspondence that General Grant’s letter,
which I take the credit of having inspired, reinforced by the latent,
loving power and good judgment of Mrs. Dix, assisted in the wise
decision of the war Democrat to accept the Republican office which was
judiciously thrust upon him.
The election of Dix made the second calling and election of Grant sure.
The Republican party took General Dix into its fold, and the effect was,
as I had anticipated, to bring thousands of others similarly situated,
to vote, at the Presidential election, for General Grant.
The Dix nomination was the worst black eye that Mr. Greeley received
during that campaign, and the Sage of Chappaqua acknowledged on his
death bed that that event, together with the Grant mass meetings at the
Cooper Institute, described in another chapter, sealed his political
doom.
------------------------------------------------------------------------
CHAPTER XXX.
CONSEQUENCES OF THE UTICA (DIX’S) CONVENTION.
A CHAPTER OF SECRET HISTORY.—CONKLING GETS THE CREDIT FOR DIX’S
NOMINATION AND HIS “SILENCE GIVES CONSENT” TO THE HONOR.—ROBERTSON
REGARDS HIM AS A MARPLOT.—THE SENATOR INNOCENTLY CONDEMNED.—THE
MISUNDERSTANDING WHICH DEFEATED GRANT FOR THE THIRD TERM, AND
ELECTED GARFIELD.—HOW THE NOBLE “306” WERE DISCOMFITED.-“ANYTHING TO
BEAT GRANT.”—THE STALWARTS AND THE HALF BREEDS.-“ME TOO.”—THE
EXCITEMENT WHICH AROUSED GUITEAU’S MURDEROUS SPIRIT TO KILL
GARFIELD.
The political events succeeding the Utica Convention and the nomination
of General Dix for Governor contain some inside history of more than
ordinary importance.
Had I not sprung General Dix on that Convention at the peculiar moment,
as described in the last chapter, Judge Robertson would have carried the
day with flying colors. It was a sudden and crushing blow to the
prospects of himself and his political friends, and it dissipated some
of the brightest hopes and brilliant schemes that had ever originated in
the fertile brain of Senator Conkling. As a consequence of the unique
turn that affairs took on that day, the Senator was placed in a false
position in relation to some of his best friends. Several of the latter
were put in an attitude whereby they misinterpreted the actions of
Senator Conkling at that Convention, and unjustly accused him of
betraying friends that he had promised to support. This was the result
of a misconception on their part, that the Senator was the prime mover
of the _coup d’etat_ that surprised the Convention in the nomination of
General Dix.
The credit was awarded to Conkling, without any hesitation or inquiry,
and he was either too proud, or too indifferent to public opinion to
explain. If he had explained his position candidly the chances are that
his explanation would have been taken in a Pickwickian or political
sense. In fact, he was in a position where he could hardly escape the
responsibility of Dix’s nomination, and everybody was ready to believe
that the movement in favor of Dix was too good a thing to be engineered
by a man of less calibre.
It would have been useless, therefore, for anybody else to explain, as
the person attempting to do so would only have been laughed to scorn.
Judge Robertson, himself the greatest sufferer by the curious turn
affairs had taken, was the first to believe that the nomination of Dix
was one of Conkling’s masterstrokes of political policy. He never
thought of looking to any other source for its emanation. He believed in
his soul it was the work of Conkling, and he thinks so to this day.
I happened to have been better informed, however; but my explanation
would have hardly passed muster at that time, and I would have been
charged with egotism if I had attempted to explain. I think an
explanation is now in order, however, and may point a moral as well as
help to adorn a tale.
History is said to be philosophy teaching by example, and one great
historian has said that no one event in itself is any more important
than another, except from what it teaches posterity by its example. So,
for the benefit of posterity, I now state the facts on this historical
principle.
I am willing to make affidavit on the revised edition of the good book
that prior to the Utica Convention the name of General Dix was not even
lisped by Senator Conkling within my hearing, nor was Dix ever thought
of even remotely by the Senator as a possible candidate.
I am almost certain that the Senator had taken no action that could
possibly conflict with the interests of Judge Robertson prior to the
mention of the name of Dix at the Convention. In fact, with the
exceptions previously stated, I am quite certain that the name of Dix
was a genuine surprise to the entire Convention, managers and all.
Judge Robertson thought differently, however. He believed that Conkling
was the cause of his defeat, and to this misapprehension is due the
enmity that sprang up between these two men, and worked with various
results to the defeat of the political aims of both ever since.
As I was Senator Conkling’s guest, this seemed to create a conviction in
the mind of Judge Robertson, without any inquiry into the matter, that I
had acted at the instigation of Conkling in bringing Dix to the front;
whereas the conception of Dix as the best candidate originated solely
with myself, nor did I ever suggest the idea to Conkling until I
addressed the Convention, in favor of General Dix.
Believing as he did, that the Senator had played the marplot to such
perfection at Utica, Robertson was naturally on the watch for the first
opportunity that would enable him to get even with the friend whom he
suspected of having so basely betrayed him, and with having blocked his
way to political preferment.
This opportunity came at the Chicago Convention, when the Utica
statesman was managing matters very successfully to nominate General
Grant for a third term.
It is curious that the very circumstance which was most conducive to
Grant’s success for the second term was the remote cause of his defeat
for the third. Senator Conkling had no idea of the deep-seated enmity
that lodged in the breast of Robertson. He had done nothing, knowingly,
to merit it, and had been calculating on the co-operation of Robertson,
as usual. He was not aware of the smouldering fire of vengeance that lay
latent in the bosom of his friend. He supposed that Robertson and his
co-mates in politics were with him as in days of yore in the support of
General Grant. He imagined that he had gone to Chicago with a full hand,
but instead of that he was short of some of his best cards, and his
enemies had them stocked in a way that finally brought him to grief.
Conkling only discovered his dilemma after the Convention met, when he
found to his dismay that Robertson had bolted the Grant ticket.
Robertson had first made an alliance with the Blaine party, but finding
an insufficiency of power among that party to carry his point against
the solid phalanx of the Grant movement, he joined forces with John
Sherman’s supporters, who were under the management of James A.
Garfield.
The able strategist from Utica, at the head of his 306 chosen followers,
so disconcerted the Sherman contingent that it also failed to carry the
necessary number of guns.
As day after day passed without any change, it seemed as if the Conkling
forces had adopted the motto of Napoleon’s old guard, “The Guard dies,
but does not surrender.”
At length Robertson and his lieutenants collected the shattered ranks of
Blaine and Sherman, and with Garfield at their head, like Ney attacking
the English centre at Waterloo, hurled them with desperation on the
solid square of Conkling, which still remained unbroken.
The united forces, however, with the war cry, “Anything to beat Grant!”
carried the day, Garfield was nominated and Conkling retired in good
order, but greatly discomfited.
Robertson had taken up this cry at the Convention in the same spirit
that was displayed by another man about whom a good story was told
during that campaign. He had got that shibboleth on the brain, “Anything
to beat Grant!” As the story goes, a prediction had been made by some
religious enthusiast that the world was coming to an end early in
November of that year. A preacher was reminding his congregation, one
Sunday, of the prediction, and the possibility of its fulfilment—at
least that it was well to be prepared for such an event. At the
conclusion of his exhortation, a man in the congregation arose to his
feet, and in a solemnly pathetic voice said, “Thank God.” At the end of
the service the minister’s curiosity was excited to converse with the
man who had so fervently thanked heaven for what most people regarded as
a universal calamity. He saw the man, and asked why he had made such a
remarkable ejaculation at the prospect of such a terrible consummation.
“Anything to beat Grant,” was the reckless and self-sacrificing
response.
It was in this spirit that the Robertson party made the fight at
Chicago, and in this spirit that they triumphed. It was anything to beat
Senator Conkling, however, so far as Judge Robertson was concerned, who
on other grounds would probably have preferred Grant. Thus he avenged
upon the wrong man his defeat at the Utica Convention, and I was
permitted to escape scathless, though innocently responsible for
blasting his Gubernatorial aspirations.
This was not the end of Judge Robertson’s enmity to Senator Conkling,
however. When the new Government came into power, Garfield, in making up
his cabinet, selected Blaine as a member of that special body. This
created a bad feeling between Blaine and Conkling, as it seemed to the
latter like a continuation of the conspiracy between Robertson and
Blaine, hatched at the Chicago Convention. Thus the seeds of a strong
and bitter antagonism were sown between these two leading spirits in the
Republican party, each aspiring to be at least the power behind the
throne.
After Garfield’s inauguration Blaine was made Secretary of State. Great
credit for the Presidential success was not only due to Mr. Blaine, but
in a large degree to Judge Robertson also, as without his assistance
Garfield could not have been nominated. So it was necessary to take care
of Judge Robertson too. This was done by making him Collector of the
Port of New York. These appointments were severe political blows, which,
in the nature of circumstances, fell with full force upon the devoted
head of Senator Conkling.
These events led to the sudden resignation of Senator Conkling and
Senator Platt, “Me Too,” and a very serious division in the ranks of the
party, under the respective names and banners of the Stalwarts and the
Half-Breeds.
The excitement growing out of the political battle between these
factions aroused the intemperate zeal and insane delusions of Guiteau to
kill the President. Thus the thread of cause and effect, when followed
up in this way, is entangled in the deepest mystery.
------------------------------------------------------------------------
CHAPTER XXXI.
GRANT’S SECOND TERM.
THE BEST MAN FOR THE POSITION AND MOST DESERVING OF THE HONOR.—HOW THE
“BOOM” WAS WORKED UP IN FAVOR OF GRANT.—THE GREAT FINANCIERS AND
SPECULATORS ALL COME TO THE FRONT IN THE INTEREST OF THE NATION’S
PROSPERITY AND OF THE MAN WHO HAD SAVED THE COUNTRY.—THE GREAT MASS
MEETING AT COOPER UNION.—WHY A. T. STEWART REFUSED TO PRESIDE.—THE
RESULTS OF THE MASS MEETING AND HOW THEY WERE APPRECIATED BY THE
FRIENDS OF THE CANDIDATE, LEADING REPRESENTATIVES OF THE BUSINESS
COMMUNITY AND THE PUBLIC PRESS GENERALLY, IRRESPECTIVE OF PARTY.
I wish to relate briefly the part which I took in the re-election of
General Grant, whose defeat, when he was spoken of as a candidate for
the second term, was foreshadowed among a large number of politicians of
every stripe. There were serious divisions in the ranks of his former
friends and adherents, and an organized effort was made to destroy his
prospects a long time in advance of the meeting of the Philadelphia
Convention.
All the political machinery of his enemies, and of disappointed office
seekers and their friends, was put in force, and all the tactics and
prejudices employed that were put into operation with greater success
four years later.
I felt assured that the nomination of any other man might result in the
defeat of the party, and that it was absolutely necessary to its
strength, maintenance and autonomy that General Grant should again be
our choice. He had been tried for one term and found to be a very
satisfactory executive. There was no important risk involved in trying
him for a second term while the experiment with another man in the then
sensitive, unsettled and tentative condition of reconstruction, might
have been injurious to the best political and industrial interests of
the country; and the experiment would have been especially risky if the
nominee should have been a Democrat.
The people of the South were not then in a proper frame of mind to be
trusted with any power implying the mere possibility of obtaining a
controlling influence in the affairs of the Government. I perceived it
was important that the Republicans should make a nomination that had a
fair prospect of being successful, and I felt satisfied that the result
would be extremely doubtful if we should nominate any other man.
Besides, no other man was more deserving of the national compliment,
considering that he had done so much to terminate the struggle for
national existence, and had been the chief force in suppressing the
Rebellion. His genius and courage had been chiefly instrumental in
preserving to the country the blessing of a Republican form of
Government. For this boon no people could ever be too profuse in the
manifestations of their gratitude.
This was the patriotic feeling deep in the hearts of the people at
large, but there was a secret movement engineered by “sore-head”
politicians, behind whom were even more dangerous enemies, to thwart
patriotic purposes. Some of these conspirators had been brooding over
latent schemes of anarchy for a long period, and had been attempting to
put them in organic shape before half the first term of General Grant
had expired. They were hard at work training public opinion, by every
means in their power, to prevent Grant’s renomination.
This hostile element was sedulously hatching scandals and ventilating
them in subsidized newspapers, and through various other disreputable
channels.
This opposition increased in violence and intensity, and as the time
approached when the country was to choose its next President, the
renomination of General Grant became a matter of serious doubt, even to
some of his most enthusiastic supporters. It had become a foregone
conclusion that the Democrats would draw largely from the Republican
ranks, and the anxiety on this point was intensified by the hostility of
the _Tribune_, and the prospect of Horace Greeley’s candidacy. It was
absolutely necessary, therefore, that an energetic effort should be
made, and the requisite steps taken to ensure General Grant’s success at
the Convention.
I entered into this feeling with a great deal of personal enthusiasm.
What was my motive? some one reading this may ask.
Because I believed the sacredness of contracts, the stability of wealth,
the success of business enterprise, and the prosperity of the whole
country depended on the election of Grant for President.
If the reader wants to get at the selfish motive, as all readers do, I
shall be perfectly candid with him in that respect also. Of course I
knew that Wall Street business would boom in the wake of this general
prosperity. That was the selfish motive, from which no man is free. Of
course, I expected to share in Wall Street’s consequent prosperity.
I did not want office, as several of the highest were offered me which I
respectfully declined; and no office in the gift of the people would
have compensated me financially; and moreover, my highest ambition has
been satisfied in my own line of business.
I went to work then in the interest of Grant for the second term. I
employed numerous canvassers at my own expense, to find out the minds of
the representative business men on the subject, and to talk the matter
up with those interested in Republican success. These men reported to me
daily, and in a short time I had sounded the minds of that part of the
business community who had the greatest stake in the country, and whose
influence is always most felt when any important achievement is to be
compassed. I sent out a petition, and obtained the names of a splendid
array of merchants and business men of all shades of opinion and
politics in favor of Grant. Following is the heading of the petition:
“A PUBLIC MEETING.
“To the merchants, bankers, manufacturers and other business men
in favor of the re-election of General Grant:
“The undersigned, desiring publicly to express their earnest
confidence in the sagacity, fidelity, energy and unfaltering
patriotism, so signally displayed by Ulysses S. Grant in
securing the restoration of peace at home, upholding national
rights abroad, and in maintaining throughout the world the honor
of the American name, do hereby invite their fellow citizens to
assemble in mass meeting at the Cooper Institute, on Wednesday
evening, the 17th of April, 1872.”
This call was chiefly the result of the personal canvass which I had
instituted a few weeks previously. I selected the names of the persons
to be called on from day to day, and kept these men working the matter
up, until I had secured almost all the reputable business firms in the
city of New York. The following, whose original signatures I have still
in my possession, were prominent in the list:
WILLIAM E. DODGE,
JOHN C. GREEN,
HENRY F. VAIL,
GEORGE T. ADEE,
REV. SAMUEL OSGOOD,
WILLIAM H. FOGG,
BENJAMIN B. SHERMAN,
ROBERT L. STEWART,
WILLIAM HENRY ANTHON,
E. D. MORGAN,
JAMES BUELL,
H. B. CLAFLIN,
W. R. VERMILYE,
WM. M. VERMILYE,
CHARLES L. FROST,
NATHANIEL HAYDEN,
JESSE HOYT,
WILLIAM BARTON PEAKE,
EMIL SAUER,
JACOB OTTO,
JOSEPH STUART,
J. STUART,
THOS. GARNER ANTHONY,
FREDERICK S. WINSTON,
MORRIS FRANKLIN,
WM. C. BRYANT,
R. H. McCURDY,
JOSEPH SELIGMAN,
THEODORE ROOSEVELT,
WILLIAM ORTON,
CHARLES P. KIRKLAND,
PETER COOPER,
HUGH J. HASTINGS,
SAMUEL B. RUGGLES,
CORTLANDT PALMER,
JONATHAN EDWARDS,
CHARLES KNEELAND,
S. R. COMSTOCK,
PITT COOK,
THOMAS J. OWEN,
OTIS D. SWAN,
GEORGE OPDYKE,
HARPER & BROS.,
JOHN C. HAMILTON,
GEO. W. T. LORD,
SAMUEL T. SKIDMORE,
JONATHAN STURGES,
WM. H. VANDERBILT,
SHEPARD KNAPP,
WM. H. ASPINWALL,
J. S. ROCKWELL.
It is sad to reflect that these are all now numbered with the mighty
dead.
These names will serve to show the great number of prominent people
gradually departing from us every few years.
The name of the number of those yet alive who signed that petition is
legion. In fact those who did not sign it were those whose names were
not worth having. To put it mildly, I secured through their own
signatures, by this method, all whose names were desirable. Our forces
having been mustered in this way, the next thing was to disconcert the
enemy, and inspire our own party by showing our available strength, and
the power and enthusiasm behind the movement. This we proceeded to do by
calling a mass meeting at the Cooper Institute for April 17, 1872.
The meeting was an immense success, in numbers, brains and
respectability. The hall was crowded and the outside meeting was several
times larger.
Mr. A. T. Stewart had been invited to preside. He had been a warm friend
of General Grant, but had then become lukewarm and indifferent, owing to
the fact that he had failed to obtain a Custom House promotion for one
of his wife’s near relations. I had endeavored for several days to
soften Stewart’s heart and get him to consent to be chairman of the
meeting, but he was incorrigible. Finally, I succeeded in extorting a
promise from him that if he did not vote for General Grant he would not
vote against him, but beyond this it was impossible to mollify him. He
was a paragon of obduracy when he had once resolved upon any course.
Even the recollection that he, though an alien born, had been offered
the second highest position of trust in the nation, Secretary of the
Treasury, which he could not accept on account of being in business,
failed to draw out his feelings of gratitude sufficiently to forget the
fancied slight of refusing his wife’s relative promotion.
Failing to secure Mr. Stewart, I invited Mr. William E. Dodge to
preside. He graciously accepted the invitation and made a very good
chairman indeed.
The array of Vice-Presidents was said to excel anything that had ever
appeared in a similar list of the proceedings of any meeting in this
city.
I had invited Fred. Douglas and P. B. S. Pinchback, the eminent colored
orators, to the meeting, but they could not attend, as they were at a
New Orleans convention of their own people. Mr. Rainey, a colored
gentleman, spoke most eloquently and with telling effect. This was the
first time since the war that a colored orator had addressed a meeting
of whites on politics in New York, or probably in the North. Prior to
this the colored vote for Grant had been in doubt, as Horace Greeley,
whose name was a word to conjure with among these people, had recently
been swinging around the circle down South, with a view of capturing
alike the vote of the colored people, who loved him, and that of the
Democrats, who hated him. By a curious fatality he failed to capture
either. As Blaine has truly said of him: “No other candidate could have
presented such an antithesis of strength and weakness.”
There had been no meeting for a long time previous to this that had been
the cause of such an enthusiastic awakening in the party and among
politicians generally over the whole country, as this great
demonstration of the people at the Cooper Union. It crushed the
aspirations of the so-called Independents and smothered the lingering
hopes of the Democratic party.
In order to show the influence of this mass meeting upon the destiny of
political parties in the Presidential election of 1872, it will be
necessary to take a retrospect of the impression it made on parties most
deeply interested in the result, and to make known their private
opinions on the subject. Inside history of this nature is always
instructive, and time has clothed with the attribute of public property,
what at one time was a very precious political secret.
Among the striking incidents of the night of that meeting I distinctly
recollect one that was truly prophetic, in regard to Senator Henry
Wilson, of Massachusetts. A number of the speakers and other prominent
men took supper with me at the Union League Club after the meeting, and
in proposing the health of Senator Wilson, who had spoken so eloquently,
I nominated him for the Vice-Presidency, and sure enough he was
afterwards elected to that position.
I shall take the liberty in this place of introducing to the reader a
few letters hitherto unpublished, which throw considerable light on the
value of the political work done by myself and friends at that time, and
how it was appreciated by those most deeply interested in its outcome.
The following from the White House shows how anxiously the current of
events was being watched from that great centre:
“EXECUTIVE MANSION, }
WASHINGTON, D. C., April 17, 1872 }
MY DEAR CLEWS:
I have received your several interesting letters in regard to
the great meeting in New York, and have shown them to the
President, who read them with deep interest. I have not
written any suggestions, because I know you, being on the
ground, could judge so much better of the situation, and the
temper of the New York people. You have done a great work, and
this evening’s success will, I have no doubt, be the reward of
your efforts. We shall look anxiously for the reports. What
you say is curious about the use of Dix’s name and others. Our
people are at work in Congress getting up telegrams signed by
the Republican members of all the State delegations endorsing
the administration of General Grant. I wish we had thought of
these sooner, but still we can get them all in time, I hope. I
have just come from the House, where I was looking after this
matter. Wishing you every success,
I remain yours very sincerely,
HORACE PORTER,
(Sec’y to President
Grant.)
After the meeting the President’s Secretary writes as follows:
EXECUTIVE MANSION, }
WASHINGTON, D. C., }
April 19, 1872. }
MY DEAR CLEWS:
I have only a moment before the mail closes to say how earnestly
all congratulate you upon the great success of the meeting.
It was glorious and genuine. We read the proceedings in full in
the _Times_ last night. It has created a marked effect in
Congress and elsewhere. Nearly every Republican in the House
would have signed the congratulatory telegrams, but the movement
was started so late in the day that the paper was not presented
to any one.
Yours very truly,
HORACE PORTER.
The following, from the Hon. Roscoe Conkling, is a very flattering
reminiscence, which I highly appreciate:
UNITED STATES SENATE CHAMBER, }
WASHINGTON, April 19, 1872. }
MY DEAR SIR:
As a New Yorker and a Republican, I want to thank you for the
great service you have rendered our country and our cause in
conceiving and carrying forward the great meeting of night
before last.
The effect of it will be wholesome and widefelt; it was most
timely, and its whole management was a success. Our friends all,
I think, know and appreciate the large debt due you in the
premises.
Noting your suggestions as to the future, I lay them to heart.
Yours sincerely,
ROSCOE CONKLING.
HENRY CLEWS, Esq.
The New York _Herald’s_ special from Washington next day after the
meeting said:
“The President, in conversation with Senators who called upon
him this morning, expressed himself as much pleased with the
demonstration in New York last night, which he regards only as
evidence of the popularity of the Republican party. He has been
assured, from reliable sources, that the leading Democratic
merchants and bankers in different parts of the country are
anxious that the Republican party may completely triumph at the
coming Presidential election, as the surest way of maintaining
our credit, and resisting anything like a financial crisis,
which they regard as certain if their own party should succeed.”
Following are the address and resolutions expressed through the
representatives of a grateful people in favor of the hero who had saved
the country:
_Grant Meeting at Cooper Institute, March 17, 1872.—Address and
Resolutions._
ADDRESS.
Hon. E. Delafield Smith, on behalf of the Committee of
Arrangements, read the following address, remarking that it was
prepared by one of the most eminent and substantial of our
business men:
The administration of public affairs under the government of
President Grant has been eminently wise, conservative and
patriotic; our foreign relations have been conducted with a
scrupulous respect for the rights of other nations, a jealous
regard for the honor of our own; the noble aspiration with which
General Grant emphasized his acceptance of his great office,
“Let us have peace,” has been happily realized; the Union has
been completely re-established on such principles of justice and
equity as to insure its perpetuity; the Constitution, with all
its amendments, has been adhered to with rigid fidelity;
domestic tranquility has been restored; a spirit of humanity has
been infused into our Indian policy; the revenues of the country
have been faithfully collected and honestly disbursed, so that,
while the burdens of taxation have been materially lightened,
the public debt has been largely reduced, and the national
credit appreciably strengthened; all branches of industry have
been stimulated to healthy activity; and throughout the length
and breadth of the land security, prosperity and happiness
reward the perils and sacrifices by which the rebellion was
suppressed and the Union preserved.
It is an act of poetic justice that the soldier whose victories
in war, and the statesman whose triumphs of peace have made the
last decade the most glorious in the annals of American history,
should receive an earnest of the gratitude of his countrymen by
his re-election to the Presidency.
It is an auspicious circumstance that the people are evidently
awakening to a higher sense of the duties and responsibilities
of public officials. There is a general disposition to hold men
entrusted with place and power to a strict accountability for
their acts, and to demand that honesty and capability shall be
the inflexible conditions of appointment to office. The
recommendations of the president in favor of the principles
enunciated in the report of the Civil Service Commission, were
timely and apposite, and deserve universal endorsement.
Numerous investigations have been set on foot during the present
session of Congress, having for their object the discovery of
corruption in the public service. Disaffected Republicans and
partisan Democrats have made common cause in the endeavor to
elicit evidence tending to show acts of wrong doing, and to
implicate the President in knowledge or toleration of such acts.
As in the days of Daniel, “they sought to find occasion against
him.” But, like the enemies of Daniel, “_they could find none
occasion nor fault, forasmuch as he was faithful, neither was
there any error or fault found with him_.”
The more incisive the scrutiny, the more palpable the
demonstration of his purity. The cost of pursuing these
investigations has exceeded the aggregate loss incurred by the
Government through the dishonesty of its subordinates since the
administration came into power.
A record so clear and honorable challenges the admiration, and
compels the approval of citizens whose only aim is to secure a
stable and beneficent Government—to preserve inviolate the faith
of the nation—to give security to capital, adequate reward to
labor, and equal rights to all.
With the grievances of disappointed office seekers, the masses
who thrive by their own toil, cannot be expected to find time or
patience to sympathize. Whether this Senator has had more or
that Senator less than his share of patronage, are insignificant
questions compared with the grave issues involved in a
Presidential canvass. It is the constitutional prerogative of
the President to make appointments to office. That he has not
exercised these functions unwisely, the success of his
administration abundantly proves.
Believing that General Grant’s civic career fitly supplements
his military greatness, that he has brought to the discharge of
his duties to the State the same energy, foresight and judgment
which marked his achievements in the field, and made his
campaigns from Donelson to Appomatox for ever illustrious; and
that he possesses and deserves the confidence of the American
people, we pledge to him our united and hearty support as a
candidate for re-election.
RESOLUTIONS.
Hon. E. Delafield Smith, Chairman of the Committee on Resolutions,
presented the following:
_First._ That the merchants and mechanics, the bankers and
business men of New York, represented in this meeting and in the
call under which it is assembled, are satisfied with the wisdom,
ability, moderation and fidelity with which the national
government is administered, and in common with the bulk of our
brethren throughout the Union favor the continuance of its
distinguished head in the office which he holds with usefulness
and honor.
_Second._ That the practical result of the coalition movement,
if successful, would be to restore the Democratic party to
power.
_Third._ That such a restoration, after the late glorious
triumph over rebellion, would read in history like the record of
a Tory resurrection at the close of our revolutionary war.
_Fourth._ That Republicans elected to office mainly by those who
assailed the Union at the South and at the North embarrassed its
defenders, would inevitably become serviceable to the powers
that sustain them, like those northern presidents who were
chosen by the South and did its bidding better than its own
statesmen.
_Fifth._ That the patriotism that made Grant President of the
Republic he saved, is akin to that which placed Washington at
the head of the nation he created. The trust was accepted by
each at a manifest sacrifice of interest and inclination, with
modest misgiving as to civic experience and qualification. But
having been well and wisely administered, the confidence implied
in a re-election is an appropriate reward for faithful services,
and accords with the broadest views of public policy.
_Sixth._ That against hostile criticisms and unfounded
imputations, against alluring promises and prismatic
theories,—we array the practical reforms constantly inaugurated
and the substantial results already achieved by the present
administration. The chronic vices of existing systems, unfairly
paraded to its injury, have been placed in a course of
amelioration or removal. The reduction of the national debt has
elicited the admiration of the world. Our diplomacy has made
peace the ally of national honor. And our President has been in
deed as in name a kind and “great father” to the Indian tribes
still lingering within our borders.
_Seventh._ That while honorable opposition is entitled to
respect, every effort to blacken, for political purposes, the
character of President Grant, is a crime against truth which
vindicates him, and an insult to the American people who honor
and exalt him. Pure in private as irreproachable in public life,
with strong convictions yet deferential to the popular will,
patient under attack, more ready to listen than to speak, with
no display and no ostentation—those who know him best bear
testimony to the sense, the sagacity, and the power of analysis
by which his utterances are characterized and impressed.
_Eighth._ That in the judgment of this meeting a majority of the
people of the country expect, desire, and decree the
renomination and re-election of Ulysses S. Grant.
SPEECH OF HON. E. DELAFIELD SMITH.
Mr. E. Delafield Smith said:—Fellow Citizens:—It is manifest to
us all that President Grant will be renominated at the
Convention in Philadelphia. It is equally clear that such is the
wish of the American people. This is due to a confidence reposed
in him by the “plain people” of the country, which no
misrepresentation seems able to impair. His opponents assert
that the public declarations in his favor are influenced by the
office holders. But this cannot well be, for the office
_holders_ are always far outnumbered by the office _seekers_.
With regard to executive patronage, it is as true now as when
Talleyrand first said it, that every office conferred makes one
ingrate and forty-nine enemies. The truth is, possession of the
offices is a source, not of strength, but of actual weakness to
any political party. In spite of this, General Grant is so
strong and popular that a coalition is frantically sought as the
only and forlorn hope of defeating him. It is thought that the
Democratic masses can be carried over bodily to the few
Republican seceders. But the moment the Democratic organization
is relaxed, it will lose its hold upon thousands of its own
members, and they may and will prefer in voting for a Republican
to make the choice themselves, and they will rally in large
numbers to the hero of our patriotic armies. The coalition
meeting, lately held in this city, recalls the old arrangement
as to colored troops, where the officers were white men, but the
rank and file negroes. So here, the platform was covered with
Republicans, but the audience was made up of Democrats. In thus
acting with their old opponents our disaffected friends boast of
their independence, and impute servility to us. But they are
wrong. That man is most independent who is at once loyal to his
country, true to his party, and faithful to his friends! With
these brief observations, I move the adoption of the address and
resolutions.
My only apology for inserting the above address and resolutions is, that
I believe they constitute a valuable epitome of a very important
chapter, yet to be more fully written, of the political history of the
United States.
A greater criterion of the success of the meeting, however, was the
editorial opinion of the _Evening Post_ next day, which had been for a
long time previously very bitter in its attacks upon General Grant. It
said:
“The meeting held last evening at the Cooper Institute was, we
believe, without precedent in our political history. It was
expressly called as a gathering of that branch of the Republican
party which desires the nomination and re-election of President
Grant. Yet, when it came together, the officers and speakers
assumed that it was a mass meeting of the Republicans of New
York. This is to say, according to the organizers and promoters
of this gathering, the one test of Republicanism now is the
political support of one man’s aspirations, and that before any
nomination has been made by that party. This is a singular
position to receive the approval, at least, by their
acquiescence, of such men as some scores of those whose names
are prominent in the report of the meeting, and who, as we know,
would prefer some other candidate than General Grant, if they
could hope to control the Philadelphia nomination.
“The power of this meeting was wholly in its organization. The
list of officers chosen by it is, on the whole, the best, most
reputable, and most influential commanded by any partisan
meeting within our recollection. There are a few names on it
which disgrace their fellows; there are many which carry no
weight, but an unusually large proportion of the very long list
are eminent and representative names in this city. The audience
assembled was in many respects in keeping with the officers. It
consisted mainly of reputable, thoughtful voters.”
The good work was continued until November with the result that is now
historical.
The New York _Sun_ said: “We believe that Henry Clews did more, in a
pecuniary way, to promote the success of Grant, than any Republican
millionaire of the Union League Club.”
Another mass meeting was held late in the fall. Referring to it, and
other events of that period, the President’s Secretary writes a few days
prior to the election as follows:
WASHINGTON, D. C., Nov. 2, 1872.
MY DEAR CLEWS:
We are all greatly obliged for the documents and information
which you have sent us during the campaign. The President says
the list of vice-presidents of the last Cooper Institute meeting
is the most remarkable list of prominent names he has ever seen
upon one paper. It will of itself do great good.
Our news is charming from all quarters, and all our hopes will,
without doubt, be fully realized on Tuesday next.
If the defeat of the enemy is overwhelming, it will be
sufficient reward for all our labors.
Your very truly,
HORACE PORTER.
To show still further the interest which the leading merchants, bankers
and business men of this city took in the movement to re-elect General
Grant at that time, the following circular furnishes an excellent and
historical record. It constitutes, in a small compass and compact form,
a valuable chapter of financial history:
CIRCULAR
_Of the Business Men of New York on the Financial Condition of
the National Debt of the United States. Further Reduction
October 1, 10,327,000 Dollars._
The undersigned, merchants, bankers and business men of New
York, respectfully submit the following statements for the
information of all parties interested therein:
The Republican candidate for President of the United States is
Gen. Ulysses S. Grant, who was unanimously named for re-election
at Philadelphia, in May last.
At the commencement of Gen. Grant’s first term of office, March
4, 1869, the national debt was $2,525,000,000. On the first day
of September, of the present year, there had been paid and
cancelled of the principal of this debt, $348,000,000, leaving a
balance of principal remaining unpaid at that date, in
accordance with the official statement of the Secretary of the
Treasury, the sum of $2,177,000,000.
Of this amount, $1,177,000,000 are represented in a funded debt,
bearing interest in gold, while $400,000,000 remain unfunded in
Treasury circulation.
Up to the close of the last session of Congress, the annual
reduction of taxes, as measured by the rates of 1869, had been
as follows:
Internal revenue tax $82,000,000
Income tax, (repealed,) 30,000,000
Duties on imposts, 58,000,000
———
Making a total reduction $170,000,000
of
The reduction of the yearly interest on the public debt exceeds
the sum of $23,200,000, of which $21,743,000 are saved by the
purchase and cancellation of the six per cent. public
securities.
A careful consideration of these results of a prudent and
faithful administration of the national Treasury, induces the
undersigned to express the confident belief, that the general
welfare of the country, the interests of its commerce and trade,
and the consequent stability of its public securities, would be
best promoted by the re-election of Gen. Grant to the office of
President of the United States.
New York, Oct. 4, 1872.
PHELPS, DODGE & CO.,
GEORGE OPDYKE & CO.,
A. A. LOW & BROTHERS,
JOHN A. STEWART,
VERMILYE & CO.,
JAY COOKE & CO.,
JOHN STEWARD,
HARPER & BROTHERS,
JOHN TAYLOR JOHNSTON,
FREDERICK S. WINSTON,
PEAKE, OPDYCKE & CO.,
MORRIS FRANKLIN,
SCHULTZ, SOUTHWICK & CO.,
J. S. ROCKWELL & CO.,
ROBERT H. McCURDY,
WILLIAM M. VERMILYE,
R. W. HOWES,
WILLIAM CULLEN BRYANT,
C. L. TIFFANY,
SPOFFORD BROS. & CO.,
JOHN C. GREEN,
H. B. CLAFLIN & CO.,
MOSES TAYLOR,
WM. H. ASPINWALL,
ROBERT LENOX KENNEDY,
S. B. CHITTENDEN & CO.,
JAMES G. KING’S SONS,
HENRY E. PIERREPONT,
EMIL SAUER,
BOOTH & EDGAR,
WILLIAM ORTON,
ISAAC H. BAILEY,
SHEPHERD KNAPP,
WILLIAMS & GUION,
EDWARDS PIERREPONT,
RUSSELL SAGE,
PETER COOPER,
ANTHONY, HALL & CO.,
GARNER & CO.,
J. S. T. STRANAHAN,
E. D. MORGAN & CO.,
DREXEL, MORGAN & CO.,
AUGUSTINE SMITH,
WM. H. VANDERBILT,
MORTON, BLISS & CO.,
JONATHAN STURGES,
J. & W. SELIGMAN & CO.,
J. & J. STUART & CO.,
JOHN A. PARKER,
BENJAMIN B. SHERMAN,
JOHN D. JONES,
J. D. VERMILYE,
SAMUEL T. SKIDMORE,
HENRY F. VAIL,
LLOYD ASPINWALL,
JACOB A. OTTO,
GEORGE W. T. LORD,
SAMUEL McLEAN & CO.,
HENRY CLEWS & CO.
------------------------------------------------------------------------
CHAPTER XXXII.
THE TWEED RING, AND THE COMMITTEE OF SEVENTY.
THE RING MAKES ITSELF USEFUL IN SPECULATIVE DEALS.—HOW TWEED AND HIS
“HEELERS” MANIPULATED THE MONEY MARKET.—THE RING CONSPIRES TO
ORGANIZE A PANIC FOR POLITICAL PURPOSES.—THE PLOT TO GAIN A
DEMOCRATIC VICTORY DEFEATED AND A PANIC AVERTED THROUGH PRESIDENT
GRANT AND SECRETARY BOUTWELL, WHO WERE APPRISED OF THE DANGER BY
WALL STREET MEN.—HOW THE COMMITTEE OF “SEVENTY” ORIGINATED.—THE
TAXPAYERS TERRORIZED BY BOSS TWEED AND HIS MINIONS.—HOW “SLIPPERY
DICK” GOT HIMSELF WHITEWASHED.—OFFERING THE OFFICE OF CITY
CHAMBERLAIN AS A BRIBE TO COMPROMISE MATTERS.—HOW THE HON. SAMUEL
JONES TILDEN, AS COUNSEL TO THE COMMITTEE, OBTAINED HIS GREAT START
IN LIFE.
The Tweed Ring had considerable experience in and out of Wall Street for
several years during the municipal reign of the famous Boss. I have made
some reference to their attempts to manipulate the market through tight
money, in my biographical sketch of that Wall Street celebrity Henry N.
Smith.
The Ring was often highly subservient in assisting certain operators in
speculative deals in stocks, one notable instance being in Hannibal &
St. Jo. shares, which resulted in a terrible loss to Boss Tweed & Co.
This stock became quite neglected for a long period afterwards, and so
remained until the famous “corner” was engineered many years after by
John R. Duff, of Boston, through his New York broker, Wm. J. Hutchinson,
and by which poor Duff was almost, if not entirely, ruined. It is only
justice to Mr. Duff, in this connection, to state that he was not to
blame, as an exhaustive investigation by the Governing Committee of the
Stock Exchange showed that his trouble chiefly arose through flagrant
dishonesty and betrayal of trust on the part of his agent, in whom he
reposed too much confidence.
Boss Tweed and his special retainers sometimes made Wall Street
instrumental in engineering national and State political movements.
About the time of an election, if their opponents happened to be in
power, the Ring would produce a stringency in the money market, by
calling in simultaneously all the city money, which was usually on
temporary loans in the Street.
This the Ring managers would accomplish through some of the banks which
were the depositories of the city funds, and were under their control.
By this means they worked up a feeling of antagonism against the
Republicans who were in office, by throwing the blame on them, and thus
rendering them odious in the eyes of those who had lost money in
speculation. The blame was not unnaturally fastened on the party in
power, and most men, when they lose money, are credulous enough to
believe anything that seems to account for the manner in which the loss
has been sustained. It seems to have a soothing effect upon their minds,
and furnishes them with a tangible object upon which they may wreak
their vengeance and feel satisfied. There is nothing so irritating to
the disappointed speculator as the harassing doubt of where to fix the
blame.
The Tweed Ring supplied this long-felt want, and filled the aching void
in the heart of the man who happened to get on the wrong side of the
market. When speculators frequently had their margins “wiped out,” and
were almost beggared of everything except their votes, they found that
consolation which Wall Street refused them, in the sympathetic hearts of
Tweed’s “heelers,” who pointed to the poor office-holders of the
Republican party, representing them as the sole possessors of Pandora’s
box, which contained all evils that flesh is heir to.
So these financial disasters were brought about by the Tweed party for
the purpose of getting their friends into office, which always paid
tribute to the Boss when he was instrumental in elevating a person to a
fat position. He, himself, did not want any better office than receiver
general of this tribute.
In those days a Presidential election was largely influenced by the way
Pennsylvania went, so that it had grown into a political maxim, “As goes
the Keystone State so goes the Union.”
In the Spring of 1872, the year in which General Grant was the
Republican candidate for the second term, when it was decided that
Horace Greeley should be the Democratic candidate, great efforts were
made to produce a panic in Wall Street. It was arranged by the Tweed
party that the panic should take place simultaneously with the State
election in Pennsylvania, so as to illustrate the evil results of
Republican rule, and turn the influence in favor of Mr. Greeley’s
election.
I received intimation of this politico-speculative conspiracy, and
communicated my information to Senator Conkling, who was stopping at the
Fifth Avenue Hotel at the time. I told him that the Democrats were
working up a panic to help to defeat General Grant. He said it was the
first he had heard of it, but it was so like a move that Tweed and his
party would make, that he felt there was just cause for alarm about it,
and he requested me to go and see Governor Morgan, and also George
Opdyke, on the subject. I found that the Governor was at a church
meeting, and I left my card telling him to call upon me at the rooms of
the Republican National Committee, as I wanted to see him upon important
business. I left word for Mr. Opdyke to call also.
The Governor soon presented himself at the Committee rooms, and I
divulged to him my information and suspicions. He did not exhibit so
much interest as I imagined the importance of the case demanded, and he
appeared to doubt the correctness of the report of the political
intentions of the Tweed Ring, or rather he seemed to imagine that the
Ring was hardly capable of a move that involved such subtlety and depth
of design. Therein he greatly underestimated the power, resources and
statecraft of Peter “Brains” Sweeney. The Governor was of a phlegmatic
temperament, and it was difficult to convince him of anything that was
not very clearly demonstrable. I told him that my information was of
such a positive and reliable nature that I knew I was right, and that if
there should be a panic in Wall Street I had serious apprehensions that
it would prove disastrous to the Republicans in the national campaign.
Governor Morgan appointed a meeting for the next day to discuss the
matter more fully and obtain further light upon the subject. I took with
me to see the Governor, whom I had now convinced of the reality of the
political plot, Mr. George Opdyke and Mr. H. B. Claflin.
In the meantime the Governor had seen Travers, who, being an inveterate
bear on the situation, had an inkling of what was in progress to break
the market. The Governor had satisfied himself that my representations
were correct, and that trouble was really brewing. He then entered with
earnestness into the question of the best policy to be adopted to
obstruct the schemes, and frustrate the purposes of the Democratic
party.
I then suggested, that as the matter did not admit of delay, it was
highly essential that some one, or more, of us should go to Washington
to see General Grant. The Governor said he could not go. I could not go,
and neither could Mr. Claflin. So Mr. Opdyke, who was very ready in such
matters, consented to bear the important message in person, provided we
all agreed to back him up by writing a strong letter to the President,
setting forth the facts in relation to the emergency. This we did, and
Mr. Opdyke left at once for Washington. This was on Friday evening, and
he transacted his business with more than ordinary despatch, and
returned on Sunday morning. He sent for me, and told me that he had
explained the matter to the President, who felt exceedingly grateful for
the warning which he and our letters had conveyed, and that he had
forthwith consulted with the Secretary of the Treasury, and it was
resolved to order the purchase, on Monday, of ten millions of bonds, and
the sale of ten millions of gold, for the purpose of averting, in
advance, any financial disturbance that might arise through the project
of the Tweed Ring to create an artificial stringency in the money
market.
Then I saw that these men who were engaged in the conspiracy to create a
panic, and benefit themselves both politically and financially by its
results, were a deeply designing lot, and that under the law, gold could
be bid up, the highest bidders obtaining it, having the option of either
paying by depositing their money in payment for it in the National
depositories, which were the Fourth National Bank and the Bank of
Commerce, or else depositing it in the Sub-Treasury. If deposited in the
latter it would be locked up, and the effect intended by the Treasury,
to make money easy, would be neutralized, in so far as the influence of
the money as a circulating medium was concerned.
In order, therefore, to provide for that probable contingency, my firm
subscribed for the whole ten millions of gold, the names being the
clerks of my office. We were awarded eight millions, and we paid the
money into the Bank of Commerce, and the Fourth National Bank, through
which it was brought into circulation.
Thus ten millions of greenbacks and also ten millions of gold came fresh
from the Sub-Treasury into circulation immediately, promptly
anticipating and defeating the machinations of the Ring.
The Tweed Ring being “all broke up” on this deal, the effect was magical
on the market. The plans of the conspirators had been entirely upset,
and the Pennsylvania election took place a few days afterward with an
overwhelming majority for the Republicans.
Had the panic, which was projected by the Ring, taken place, the result
might have been otherwise, and the re-election of Grant thus
jeopardized.
After this triumph over Tweed and his gang, I set my wits to work to
plan their overthrow. I saw that their power was entirely money power,
obtained by official position through official theft. I was satisfied
that these patriots who had put their hands up to the elbows in the City
Treasury of New York were bent upon buying, stealing or otherwise
obtaining their way to the National Treasury at Washington.
They had hoped to do there on a large scale what they had accomplished
on a smaller scale in the city of New York, where they were becoming
restive under their limited resources.
It was with the view of suppressing the dangerous aspirations of this
band of political marauders that I originated the well known Vigilance
Committee of Seventy, and at the first meeting to organize this
committee I nominated sixty-five of its members.
The committee was thus backed at the start by so many prominent citizens
as to make it at once a power in the community.
Then for the first time in many years the citizens of New York were
emboldened to become outspoken on the subject of political plunder and
tyranny, and against the officials who had ruled the city with a rod of
iron.
For a long time previous to this there had been grave suspicions that
robbery on a large scale was being perpetrated, but no one dared to give
utterance to the fact except with bated breath and in half smothered
whispers. No one, with the possible exception of a few who were not
taxpayers, had the temerity to open his mouth to say a word against the
desperate men who controlled the destinies of the city, through fear
that on the event of any remark reaching the ears of the Boss or his
minions, the property of the person thus offending should be marked up
to an artificial value and his taxes accordingly increased. This was one
of the most effective methods pursued by the Ring to choke off
unfriendly criticism by the rich men of the city. In this way the power
of some of the most influential citizens became paralyzed, being held in
complete subjection under the terrorism of this subtle system of
blackmailing.
The power the Ring possessed of covering up the rascality of its members
and bamboozling the public is hardly conceivable at this day except by
those who had experience of it at the time. As an instance of this I may
state that some time prior to the appointment of the Committee of
Seventy certain accusations were ventilated against Richard Connolly,
the City Comptroller. He put on a bold front, and insisted upon an
investigation of his department by a committee of leading and prominent
citizens. He named his committee, who were Moses Taylor, Marshall
Roberts and John Jacob Astor. These were men against whom no person
could have any objection. They were wealthy and independent citizens,
and it might have been difficult at the time to have selected any other
three who commanded greater confidence in the community. The
investigation, through the unblushing effrontery and audaciousness of
Connolly and his “pals,” resulted in an acquittal of Mr. Connolly, which
gave him a new lease of political life, and rendered it more dangerous
than ever for any one to utter a word of hostile criticism against his
methods of managing the city finances.
Results showed, when the Ring was exposed, that Connolly had made the
very best use of this investigation in appropriating additional sums out
of the City Treasury.
The Ring was now supreme in city affairs, and the city was under a reign
of terror. This state of things existed until the summer of 1872, when
the Committee of Seventy got into harness, after which the despotic
thieves that had ruled the roost so long, were driven from power one
after another in rapid succession, and scattered to the four corners of
the globe.
The task of ousting this brazen band of plunderers, root and branch, was
attended with considerable difficulty, as their resources were so
numerous and powerful. When they were no longer able to exercise their
arbitrary power they stooped to every form of cajolery and bribery in
order to adhere to the remnant of their official authority. As an
illustration of this, I may state that at the beginning of my efforts in
connection with the Committee of Seventy I was waited upon by a member
of the Ring and asked if I would not accept the position of City
Chamberlain. I said: “That is a matter, of course, which I could not
decide upon at once, as there is no vacancy at present. It will be time
enough for me to consider the matter when a vacancy occurs, and then
when the position is offered to me.”
This answer carried with it an intimation, which I had intended, with a
view of drawing out some of the internal methods of procedure in such
cases, that I would probably accept the position and help to smooth over
impending revelations. I thought that the end which the Committee had in
view justified this means of mildly extorting an important secret in
methods of Ring management, that was calculated to aid us in the work of
municipal reform.
Next day I was again waited upon by one of Tweed’s most trusty friends,
who graciously informed me that the City Chamberlain had resigned, and
that there was a vacancy which I could fill to the entire satisfaction
of the then appointing power. I desired him to convey my feelings of
deep gratitude to the powers that were then on the point of being
dethroned, and to say that I very respectfully declined the flattering
offer. I said that I had thought earnestly over the matter since the
previous day, and as I was a member of the Committee of Seventy, which
was a reforming organization, I felt that I could not conscientiously
accept the position.
It was necessary that the office should be filled immediately, and it
was next offered to Mr. F. A. Palmer, President of the Broadway Bank,
which had been one of the Ring’s depositories of the city funds.
Soon after this the majority of the city officials had resigned and
taken their flight to parts unknown. They were scattered broadcast over
the world. Some had gone to Europe, some to Cuba, and others to that
favorite and paradisaical colony of defaulters, the New Dominion,
leaving the Committee of Seventy, as a reform and revolutionary body, in
complete control of the city.
Tweed remained, but was not quite so audacious in putting his pet
interrogative, “What are you going to do about it?” He seemed to be
convinced that the Committee of Seventy meant business. Mayor Oakey Hall
also remained, and facetiously protested that as far as he was concerned
everything was “O. K.”
The Hon. Samuel J. Tilden began to loom into prominence about this time.
Through the influence of William F. Havemeyer, he was chosen one of the
three legal advisers of the committee. Abraham B. Lawrence and Wm. H.
Peckham were the other two. Mr. Tilden was quick to seize this
opportunity of sudden prominence to bring himself to the front and pose
as a great reformer. Had it not been for the Committee of Seventy, I
believe it is very doubtful whether this great reformer would ever have
been known as such, and it is also exceedingly problematical whether he
would have ever got the chance of being counted out, or, attempting
through the magic of his occult cyphers, to count anybody else out of
the Presidency of the United States.
[Illustration:
SAMUEL JONES TILDEN.
]
------------------------------------------------------------------------
CHAPTER XXXIII.
HON. SAMUEL J. TILDEN.
HOW TILDEN BEGAN TO MAKE HIS FORTUNE IN CONNECTION WITH WILLIAM H.
HAVEMEYER.—TILDEN’S GREAT FORTE IN POLITICS.—HE IMPROVES HIS
OPPORTUNITY WITH THE DISCERNMENT OF GENIUS.—HOW TILDEN BECAME ONE OF
THE COUNSEL OF THE “COMMITTEE OF SEVENTY.”—HIS POLITICAL ELEVATION
AND FAME DATING FROM THIS LUCKY EVENT.—THE SAGE OF GREYSTONE A TRULY
GREAT MAN.—ATTAINS MARVELOUS SUCCESS BY HIS OWN INDUSTRY AND BRAIN
POWER.—HE NOT ONLY DESERVED SUCCESS AND RESPECT, BUT COMMANDED
THEM.—HOW HIS LARGE GENEROSITY WAS MANIFESTED IN HIS LAST WILL AND
TESTAMENT.—THE ATTEMPT TO BREAK THAT PRECIOUS PUBLIC DOCUMENT.
Mr. Wm. H. Havemeyer had long been associated with Mr. Tilden in
railroad wrecking and the reorganization of broken concerns of this
character. Through this process both these gentlemen became wealthy.
When, therefore, Mr. Havemeyer extended the right hand of fellowship to
his confidential companion in money making affairs, and invited him to
officiate as one of the counsel of three for the Committee of Seventy,
Mr. Tilden was sharp enough to appreciate the opportunity, which he
seized with avidity.
He was quick to discern the tide in the affairs of men which, when taken
at the flood, leads on to fortune. He did not wait until the tide began
to ebb, but, like an able seaman, set his sail at the propitious moment
to catch the prosperous breeze as well as the tide. Thus, through a
lucky chance and other men’s exertions, Mr. Tilden was raised high on
the very crest of the tidal wave of reform, almost before he knew it.
In the first instance, this happy accident of being one of the trinity
of legal advisers to our committee, for which he was well paid, did not
lead immediately so much to fortune as to fame, but it formed an
important portion of the pedestal upon which the several millions which
he so munificently bequeathed to educational purposes were subsequently
raised. To fame he was then comparatively unknown. The Committee of
Seventy enabled him to obtain the start which was chiefly instrumental
in elevating him to a position of renown in national politics.
Tilden’s great forte in politics, as in financial affairs and railroad
matters, was to set a cash value on everything, and measure it
accordingly. If he opened his “barrel” the contents were not distributed
indiscriminately, but on the principle directed by the most expert
judgment of where the money would do the most good—according to Mr.
Tilden’s ideas of good. What they were I don’t attempt to explain, but,
like the popular novelist, charitably leave them to the inference of the
reader, or to that expert Moses who so ably deciphered occult telegrams
from Florida and Louisiana when there was such a close contest for the
office of National Executive.
Without departing from the main issue of my subject, however, I may say
that the position which Mr. Tilden was enabled to assume as counsellor
to our committee made it possible for him to rise from the, not to say
dignified, although money-making, attitude of railroad wrecker to that
of Governor of the Empire State of the Union, thus paving the way for
him to become almost a successful candidate for the highest position in
the gift of the Great Republic.
Such a sudden transition from comparative obscurity was enough to turn
any ordinary head.
Seeing the unexpected course that both our local and national history
have taken, it is impossible to say what might have been the course of
this man’s destiny, and the fate of this new Daniel come to judgment in
canal ring masters, had it not been that his friend Havemeyer discovered
him at an opportune moment, and rescued him from manifest oblivion in
the nick of time.
It must be said, on behalf of Mr. Tilden, however, that he improved the
occasion with the discernment of genius, and in the fullest degree, and
to the highest extent, thoroughly justified Havemeyer’s choice.
The soundness of that proverbial philosophy which holds that lightning
never strikes twice in the same place seems to have been fully
appreciated by Mr. Havemeyer, although this was a little ahead of the
time that John Tyndall and other scientists of the modern school of
discovery had demonstrated some of the recent wonders of electricity.
Tilden struck while the iron was hot, and though he failed to reach the
highest pinnacle of his soaring ambition, he demonstrated the wonderful
possibilities which lie in the path of obscure men who are blest with
friends who look out for their welfare, and who have the precaution to
turn the wheel of fortune in the right direction.
Whether it was the result of fate, genius, or wise direction, or a
combination of all these attributes, I don’t pretend to decide, but I
have noted the simple facts from my own observation and experience,
associated with the rise and financial progress of the Hon. Samuel J.
Tilden, leaving others deeper in scientific and philosophic matters to
supply the details and hidden mysteries of the causes of his marvellous
prosperity.
The Committee of Seventy, when entering upon its labors, passed a
resolution authorizing the appointment of a subcommittee by the chair to
select and retain three lawyers to represent it in the matters of
litigation that might arise in connection with the investigation. Mr.
Havemeyer, being a member of the sub-committee, through his influence
Samuel J. Tilden was one of the three appointed.
To give the reader an idea of the power and prestige of the Committee of
Seventy at that time it is only necessary to state that it was
instrumental in making Mr. Abraham Lawrence one of the Judges of the
Supreme Court, and Mr. W. H. Peckham, the third counsel, could have
obtained almost any judgeship he had desired, with perfect facility.
These cases are on official record, and are living examples to show that
I am not exaggerating. Judge Lawrence still adorns the bench, with an
excellent record behind him, and Mr. Peckham has been a prominent figure
in many of the most important suits that have become historic in the
State and City of New York.
Mr. Tilden saw the power which this committee, used as an instrument of
recommendation, wielded, and he set his astute mind to avail himself of
the reformatory advantages which it afforded. The committee was a reform
body, and he saw his opportunity, as one of its counsel, to become a
reformer also. He builded almost better than he knew, if I may be
permitted to quote Scripture in this case, and he did not build on a
sandy foundation either. He planted himself on the solid rock of reform
principles, independent of politics or previous condition. It must be
said, to his credit, that he used the material at his disposal with
great tact and good judgment, and made an excellent reformer.
Whatever may have been said about him by political opponents, the late
Sage of Greystone must be judged in this sinful world by the positions
to which he honorably attained. He became a prominent and most estimable
citizen of our great Republic, and had it not been for his age, and
certain physical infirmities, the existence of which was a matter of
dispute, he would have made a very good President, judging from his
record as a Governor.
I have not intended to say anything especially disparaging or
ill-natured about Mr. Tilden through any hostile feeling towards him, of
which I never had any. My intention has been simply to show how easily a
man can rise if he has the ability required to take passage on the tide
of prosperity exactly at its flow, the magic point of embarkation which
William Shakespeare has suggested.
So what I have stated about Mr. Tilden is in the main rather to his
credit than otherwise.
For a man who attained such an elevated position of success by his own
industry and brain power I have the highest respect and the deepest
sympathy, knowing myself a good deal about the toil attendant upon
climbing above the heads of the great majority of the “masses” with a
strong contingent of the envious “classes” always using their best
efforts to pull a man down who attempts to aspire above a certain level.
In fact, Mr. Tilden not only deserved success and respect, but he
commanded them. Such a man should always be accorded most graciously his
well-earned deserts.
I can, therefore, conscientiously subscribe myself one of the great
admirers of his successful career on the whole, bearing always in mind
that human nature is not perfect, and that there are few, if any, who
have not had some murky clouds cast over their fair fame.
Although on strict moral principles we should never do evil that good
may come, yet the manner in which Tilden disposed of the greater portion
of his fortune will, even in the eyes of straight-laced moralists, go
far to cover a multitude of sins in the acquisition of his wealth. There
are probably few, if any, churches in the land that would have refused a
portion of the bequest, no matter how familiar their members or their
clergy might have been with Mr. Tilden’s railroad methods.
In this imperfect sketch of the turning point of prosperity in Mr.
Tilden’s career, I have desired to show how little it requires to change
the entire current of a man’s apparent destiny. A man who attains such
eminent success has his Creator to thank for endowing him in the first
instance with the capacity to take advantage of the chances thrown in
his way, and his own smartness for turning them to the best account.
I have taken Mr. Tilden up and devoted to his extraordinary career a few
pages, from personal reminiscences, in this book, owing to the fact that
he was identified with a number of railroads in the way which I have
indicated above. His position in this respect naturally classifies him
with some of our most prominent Wall Street speculators, investors and
operators, and he thus naturally falls within the scope of the main
subject of this book.
Mr. Tilden, in his will, ordered that if the will should be contested by
any of the beneficiaries each and all of the contesting parties should
be disinherited.
In spite of this prohibition, George H. and Samuel J. Tilden, sons of
Henry A. Tilden, and nephews of the testator, contested the validity of
the instrument, not on the ground of incapacity or undue influence, but
upon construction.
Henry L. Clinton and Aaron Vanderpoel were the lawyers for the
contestants.
It is curious that the will of a man so deeply learned in the law as Mr.
Tilden was, should be questioned as to whether it was a legal document
or not. But such was the ground of the contest. The point was this: The
residuary clause empowers the trustees to apply to the Legislature for
an act to incorporate a body to be called the Tilden Trust. This body,
when incorporated, was to become the legatee. This method of procedure,
according to the opinion of learned counsel in the law, bequeathed to
the trustee under the will the power to name the public legatee of the
testator. It seems that a testator has no power to do this, according to
the recent decisions of the Courts of last resort in this country,
which, it would seem, Mr. Tilden had not read. Nobody but the testator
himself has power to name the legatee. It appears he had the decision of
the English Court in his mind, which allows of this method of
bequeathing property. Following is the residuary clause in full, bearing
upon this point: “I request my said executors and trustees to obtain, as
speedily as possible, from the Legislature an act of incorporation of an
institution to be known as the Tilden Trust, with capacity to establish
and maintain a free library and reading-room in the city of New York,
and to promote such scientific and educational objects as my said
executors and trustees may more particularly designate. Such corporation
shall have not less than five trustees, with power to fill vacancies in
their number, and in case said institution shall be incorporated in a
form and manner satisfactory to my said executors and trustees during
the lifetime of the survivor of the two lives in being, upon which the
trust of my general estate herein created is limited, to wit, the lives
of Ruby S. Tilden and Susie Whittlesey, I hereby authorize my said
executors and trustees to organize the said corporation, designate the
first trustees thereof, and to convey to or apply to the use of the same
the rest, residue and remainder of all my real and personal estate not
specifically disposed of by this instrument, or so much thereof as they
may deem expedient, but subject, nevertheless, to the special trusts
herein directed to be constituted for particular persons, and to the
obligations to make and keep good the said special trusts, provided that
the said corporation shall be authorized by law to assume such
obligation. But in case such institution shall not be so incorporated
during the lifetime of the survivors of the said Ruby S. Tilden and
Susie Whittlesey, or if for any cause or reason my said executors shall
deem it expedient to convey said rest, residue and remainder, or any
part thereof, or to apply the same, or any part thereof, to the said
institution, I authorize my said executors and trustees to apply the
rest, residue and remainder of my properly, real and personal, after
making good the said special trusts herein directed to be constituted,
or such portion thereof as they may not deem it expedient to apply to
its use to such charitable, educational and scientific purposes, as in
the judgment of my said executors and trustees will render the said
rest, residue and remainder of my property most widely and substantially
beneficial to the interests of mankind.”
[Illustration:
_C Van Derbilt_
]
------------------------------------------------------------------------
CHAPTER XXXIV.
COMMODORE VANDERBILT.
—HOW HIS MAMMOTH FORTUNE WAS ACCUMULATED.
FERRYMAN.—STEAMBOAT OWNER.—RUNS A GREAT COMMERCIAL FLEET.—THE FIRST AND
GREATEST OF RAILROAD KINGS.—THE HARLEM “CORNER.”—REORGANIZATION OF
N. Y. CENTRAL.—HOW HE MILKED HIS CO-SPECULATORS.—HIS FORTUNE.—ITS
VAST INCREASE BY WM. H.
The most conspicuous man connected with Wall Street in my early days of
speculation was “Commodore” Vanderbilt. Without going minutely into the
early exploits of the man, it will be sufficient, for the purposes of
this narrative, that I trace his start in life in connection with a
row-boat of which he was Captain, plying between Staten Island,
Governor’s Island, and New York, in which he himself did the rowing.
This enterprise, in course of time, grew into one with boats propelled
by steam, instead of manual labor. During his progress as ferryman he
became proprietor of a hotel at New Brunswick, New Jersey. This side
issue did not prove very lucrative, perhaps, because the Commodore, with
all his versatile ability, did not possess the special talents required
to keep a hotel. The hotel still exists, and is situated near the
railroad station, and is now, as it was then, merely a railroad tavern.
The first vivid recollection of the Commodore in Wall Street “dickering”
was in connection with the Nicaragua Transit Company, the capital of
which was over $4,000,000. He became President of the Company, and soon
afterward the head and front of the whole enterprise. The Directors and
stockholders, and in fact every one else connected with the Company,
were soon crushed into nonentities. When their complete subjection was
obtained, the Commodore loomed up into gigantic dimensions, and, as he
expanded, the Nicaragua Company became small by degrees and beautifully
less in inverse proportion. Eventually the greatly depressed
stockholders, like the worm when trodden under foot, turned and showed
resentment. The case came into Court and was the subject of ordinary
investigation, but I never heard of the Company recovering anything. I
presume their claims were relegated to the profit and loss account in
perpetuity.
After this, the Commodore started a line of steamers in opposition to
the fleet of Pacific Mail, and kept his boats running until he was
bought off. About this time an event happened which has preserved for
posterity a good story, highly characteristic of the Commodore. His
son-in-law, James M. Cross, had conceived the idea of embarking in the
wholesale leather business in the “Swamp.” He had been talked into it by
an experienced man who was to be his partner. A store was secured, and
everything put under way for the start, with the exception of the
capital, which Mr. Cross had agreed to contribute against the experience
of his partner. The amount was to be $50,000. Mr. Cross, knowing that
the Commodore had at this time become rich and prosperous, felt
satisfied that it was only necessary to make application to his
enterprising father-in-law for the amount required. Thereupon, with the
confidence begotten of implicit trust, he approached the Commodore for
this temporary accommodation, giving him a full description of the
nature of the business. After listening attentively to the statement of
his esteemed son-in-law, the Commodore said in reply: “Now, James, if I
let you have this $50,000 to put in the leather business, how much do
you think you will be able to make for your share out of the profits?”
Mr. Cross thought the best position to take with a rigid business man
like his father-in-law was to be prudently conservative in his
expectations, and to keep all his Colonel Seller prospects in the
background. After a few moments reflection he replied: “I believe I am
almost certain to make $5,000 a year.” The Commodore promptly responded:
“James, as I can do better than that myself in handling $50,000, I will
give you $5,000 a year hereafter, and you may consider yourself in my
employ at that salary.” There was no way for James to wriggle out of it,
and he accepted the situation with apparent good grace, whatever his
internal emotions may have been at the time. The Commodore forthwith
dispatched Mr. Cross to San Francisco to manage his steamboat business
there. He soon discovered, however, that James was hardly aggressive
enough for the go-ahead fellows on the gold coast, and he was recalled.
After looking around some time for a man possessing the necessary
requirements to be placed in successful competition with the adventurous
spirits of the Pacific Slope, his search was rewarded by an introduction
to Commodore C. K. Garrison, then in command of a Mississippi steamboat.
Garrison had established his reputation for being the best euchre player
on the river, and for much besides which that term implies. He was brave
and fearless—in fact, in some respects, a Jim Bludso of real life, with
the self-sacrificing qualities of that hero largely discounted, or
perhaps entirely left out. It required men of mettle in those days to
run a steamboat on the Father of Waters, when the greater portion of the
passengers belonged to the gambling fraternity, and were all experts
with the bowie knife and the ready revolver.
The Commodore had an interview with Garrison, which resulted in an
engagement, and he was sent to San Francisco as the Commodore’s agent.
It was soon found that he was the man for the Wild West, and he was not
slow to appreciate his own value and importance to the increasing
fortunes of his employer. He struck very often for higher wages, and was
always able to command his price. He rose, from one advance to another,
until his salary at that day had reached the marvellous figure of
$60,000 a year. Numerous stories of Garrison’s fabulous prosperity on
the Pacific Coast reached this city and the ears of the Commodore, and
his fame began to penetrate farther than the name of the latter had ever
been heard. These accounts had their effect on a mind so naturally
envious as that of the Commodore. He began to realize the humiliating
fact that, instead of Garrison being in his employ, the former captain
of the Mississippi steamboat had him in tow, and was everywhere regarded
as the Boss, while Vanderbilt was simply supposed to be his Eastern
agent. This brought matters to the point where patience ceased to be a
virtue, and the connection was severed. Soon after this the Commodore
sold out to the Pacific Mail Company, which again became a monopoly, and
as the fight had been a losing one to him, he was obliged to find other
waters for his boats.
Since his advent with a common row boat on the waters of our own
handsome bay, thence through the gradations of ferry boats and
steamboats, nothing but unremitting success had attended his ventures,
until his unequal struggle in competition with Pacific Mail. He appeared
to have met his Trafalgar when he encountered that fleet. His
dissociation with Garrison seemed for a time to forebode disaster. He
gathered himself up temporarily again, but never took to the waters so
kindly afterwards. He began to feel that his financial destiny was
verging towards a firmer foundation. His last boat was the famous
steamship Vanderbilt, which was recognized at the time as one of the
finest ships to be found on any sea. He made a present of her to the
Government during our great National struggle, or according to another
account, he lent her, and the Government kept her. The Commodore at one
time had a fleet of sixty ships.
The Commodore became convinced that the growing prospects of railroads
pointed to greater facilities for transportation in the future, and also
a more profitable investment than those watery regions which had
hitherto appeared to be his natural element. He promptly resolved to
turn his back on the domain of Neptune, and to devote his great energies
to enterprises on land. He saw there was comparatively little room for
development in water traffic, while in the railroad business the field
was practically unlimited.
He then commenced to buy up Harlem Railroad stock, so as to obtain
control of that road, and in the operation got up the celebrated Harlem
“corner.” Application had been made to the Legislature for some
advantages in connection with the road, which were refused for reasons
best known to leading members of that body. In the meantime Harlem stock
had been knocked down to a very low figure. The Commodore remained in
ambush, and was secretly purchasing it. He then went to the Legislature
to get his bill passed. Most of the members of the Legislature thought
they had got the “deadwood” on the Commodore, and enlisted a large
number of their friends in the enterprise. They attempted “to work the
Commodore for all he was worth,” and for a time appeared anxious to pass
the measure required. On the strength of this anticipated action on the
part of the Legislature the stock advanced, when the members sold
“short” and failed to legislate. The stock naturally went down, and
Vanderbilt bought it up. The collapse anticipated by the Legislature did
not take place, and, instead of that, the Commodore got a “corner” in
the stock, and the members of the Legislature were the parties mulcted.
They had, therefore, all to go to the Commodore’s office, and settle up
with him on his own terms, and he made arrangements to get his measure
in favor of the road through the Legislature as part of the bargain.
This transaction is more fully described in another chapter.
His next great enterprise was in connection with the New York Central.
Having successfully euchred the legislators in the matter of Harlem, he
was encouraged to play a still higher game. As soon as he obtained
control of this property, it seemed as if it had been touched by a magic
wand, or that famous stone of Midas, contact with which turned
everything into gold. Prior to this event the road had been dragged
along under the management of Dean Richmond, Samuel Sloan and Henry
Keep, without any signs of prosperity; but when Vanderbilt took hold of
it there was a sudden change to visible progress and prosperity. It
never looked behind afterwards, and both enterprises have enjoyed signal
and increasing success ever since, thus illustrating the marvellous
capacity of the Commodore for the organization and management of large
enterprises. The hydraulic operations of the Commodore with the stock of
this property would alone furnish material for a very interesting
chapter. Sending it up on one occasion at a bound, between Saturday and
Monday, 20 per cent., was a new move in manipulation which caused some
of the boldest operators on the Stock Exchange to stand aghast. He kept
working the stock up and down, in some such way as Mr. S. V. White now
keeps toying with Lackawanna, until he “milked” the street sometimes
very dry. He kept the tempting prize of a coming dividend glittering
before the eyes of the dazzled imaginations of his friends who were
dealing in the stock, but the “milking” process was so ably managed
that, when the famous 80 per cent. dividend was actually declared, they
had become so poor that they were unable to carry any of the stock, so
as to avail themselves of the profits. There was but one man that I know
of who reaped any benefit from it, and that was an old friend of the
Commodore, who still lives, and who had met with signal reverses in some
of the Erie deals at the time Mr. Gould so ably managed that concern.
This man had been wiped out in Erie, and his depressed condition awoke a
sympathetic cord momentarily in the heart of the Commodore. He gave his
friend the tip the day before the dividend was declared, and he found
another friend who bought enough of stock to realize $700,000, which was
divided between them. This is the solitary exception within my knowledge
where the Commodore failed to bag the entire game without “saying turkey
once” to any person connected with the deal.
The life of the Commodore affords singular scope for reflection on the
immense possibility of a great business capacity to amass a huge fortune
in a few years, especially in this country. The Commodore and his son
William H., in a little more than half a century, accumulated the
largest private fortune in the world, excepting the aggregate wealth of
all the Rothschilds combined, which has been the result of the most
expert financiering in all the capitals of Europe through several
generations, with all the resources of the greatest monarchs on the
earth to back their various enterprises. With all these advantages in
favor of the Rothschilds, the Vanderbilt fortune amounts to two-thirds
of the sum total of theirs. The result is certainly astounding when
submitted to a test of the highest standard of comparison that can be
found anywhere on this globe. But, wonderful as the success of the
Commodore was in its rapid gradations, from the possession of a rowboat
on our bay to that of a fleet of sixty-six steamboats that brought
mercantile argosies from all parts of the world, and in later years his
great railroad acquisitions, yet the success of his son is more
marvellous still.
In seventy years the Commodore arose from nothing financially to be the
proud possessor of $90,000,000. Wm. H. obtained $75,000,000 of that and
nearly trebled it in a tenth part of the time. He made three times as
much in seven years as his father made in seventy, or he made as much on
an average every two and one-half years as his father had done during
the three score and ten of his active business and speculative career.
If any person having the necessary amount of temerity had ever ventured
to make such a prediction as this in the presence of the old Commodore,
what a natural burn idiot he would have been regarded by that grand old
man. If the spirits of the departed ever visited the glimpses of the
moon in these days, what a profound sense of humiliation that of old
Vanderbilt must feel, as it makes its nightly rounds through those
spacious marble corridors in Fifth avenue, or, perched on the dome of
the Grand Central Depot, it contemplates the mighty development and
expansion of its earthly designs, now extended far beyond the limits of
what its highest ambition had dared to foreshadow.
Some people may argue that it required greater ability to acquire these
first $90,000,000 than the present sum total of the wealth of the
Vanderbilts. Those who argue thus, however, have no precedent to suggest
their position. An instance of such prosperity on so large a scale in so
short a time has never occurred in the history of financiering. The
accumulations in all the wealthy families that I know of have been
comparatively slow, and the history of the family of European
millionaires shows a similar principle of gradation, except, indeed,
that the gradation in the majority of instances has gone backwards. Very
few wealthy men, with the exception of the Rothschilds, the Astors and a
few others, have had any children capable of increasing their wealth,
except where it was almost impossible to do otherwise under the law of
primogeniture. In this country, therefore, where the law of distribution
has full scope, Wm. H. Vanderbilt, who had to that time been regarded as
a man of very moderate capacity, proved himself to be the ablest
financier of which there is any record either in ancient or modern
history.
Jay Gould, with all the resources of science at his disposal, and all
the talent that money could command, with newspapers, politicians,
lawyers, judges, and courts at his will, with as good a start,
financially dating from 1878, as Wm. H. Vanderbilt had, has been left
far behind in the race for wealth, and for the highest prize ever gained
by one man in any nation. It has been truly said that a fool can make
money, but it takes a wise man to keep it. Wm. H. Vanderbilt’s financial
wisdom, as well as his ability, was signally displayed in keeping this
great fortune intact, besides adding fully three times as much more to
it; and it proves that his father made no mistake in selecting him to
hand his name and fortune down to posterity. This immense pile of
“filthy lucre,” however, in spite of all the credit that is justly due
to its late manager, has had one serious drawback from a public
standpoint. In fact, the very announcement of this mammoth fortune in
the newspapers, at the time of Mr. Wm. H. Vanderbilt’s death, had a most
demoralizing effect upon a large number of the wealthy portion of the
community, who began to feel that they were nonentities in comparison.
In making this statement I absolve the Vanderbilt family from any blame.
Every man in this great Republic has the privilege of walking in the
footsteps of the two great Vanderbilts if he only has the ability; but
it would not be wisdom for a large number of men to attempt it. They
would be pretty certain to “get left.”
The story of the distribution of the Vanderbilt wealth, however, has
brought discontent to many a home where happiness reigned before. It
could hardly be otherwise, constituted as human nature is, and
especially human nature in our highly strung commercial society, where
the spirit of ambition is always strenuously aiming at higher flights.
People who heretofore had considered themselves rich, and socially
important, with a million or so to draw upon, felt that they were mere
ciphers in the scale of wealth; they seemed to themselves to be
financially blighted, and miserably poor in contrast with the colossal
magnitude of the Vanderbilt possessions as exhibited in the Surrogate’s
Court. The plain, cold, prosy figures brought out there read like a
romance, or the story of Sinbad the Sailor and the Valley of Diamonds.
But it was all stern reality. This is why the feelings which suffer from
this contrast are so deeply pathetic. It is a reality, and a stern
reality, that can hardly be imitated or duplicated by any other two men
in this generation. The thing is possible, but just about as probable as
it was for every private soldier of Napoleon the Great, who each had a
Marshal’s baton in his knapsack, to become a Marshal. “Every
blacksmith,” says the Rev. Robert Collyer, “might become a preacher, but
it would be a great public calamity if it should happen to that extent.”
The bare outlines of the Vanderbilt wills, which have made such a deep
impression on the community at large, will be found in another part of
this book. I think they will afford very interesting reading for
generations yet unborn.
[Illustration:
_W H Vanderbilt_
]
------------------------------------------------------------------------
CHAPTER XXXV.
WILLIAM H. VANDERBILT.