CHAPTER X.

FOUNDATION OF THE NEW YORK TIMES.

ORIGIN OF THE TIMES - THURLOW WEED'S OFFER OF THE ALBANY EVENING JOURNAL TO RAYMOND AND JONES-FAILURE OF A NEGOTIATION PROJECT OF A NEW WHIG PAPER IN NEW YORK THE WINTER OF 1850-51- A WALK UPON THE ICE ON THE HUDSON RIVERA BANKING LAW WHICH PRODUCED A NEWSPAPER- GEORGE JONES, E. B. WESLEY, AND HENRY J. RAYMOND — THE TIMES' COPARTNERSHIP EIGHT STOCKHOLDERS RAYMOND'S SHARES PRESENTED ΤΟ HIM THE TIMES ANNOUNCED COMMOTION AMONG NEW YORK NEWSPAPERS RAYMOND'S VISIT TO EUROPE HIS RETURN TO NEW YORK THE PROSPECTUS OF THE TIMES A BUILDING SELECTED - HOW THE FIRST NUMBER OF THE PAPER WAS MADE UP-MR. RAYMOND'S SALUTATORY ADDRESS "ONLY SIXPENCE A WEEK THE MONEY SUNK IN THE

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FIRST YEAR MR. RAYMOND'S STATEMENT OF RESULTS.

AN interesting history is connected with the origin of the New York Times, - a history hitherto unwritten, but in many particulars interesting and significant.

A peculiar combination of political events in the year 1848 led Mr. Thurlow Weed to contemplate a final retirement from the Albany Evening Journal, which paper he had elevated to the rank of a controlling power in the State of New York. The Journal was offered to Henry J. Raymond, who was then engaged upon the Courier and Enquirer in New York, and who had not yet begun his political career. Raymond was but twenty-eight years old; Weed was already a veteran in politics and journalism, and had established his reputation, and built up a prosperous business. But Weed had enemies, who began to scheme against him. He was willing to rest upon his laurels, and give place to younger men; and his first choice was Mr. Raymond. The offer to transfer the proprietorship of the Journal was formally made to Raymond, in 1848, through Mr. George Jones, a banker in Albany, who afterwards became the partner of Mr. Raymond in the Times,

olling
ffered to Hen.

e Courier and En

yet begun his politic.
eight years old; Weed wa
d journalism, and had establi

up a prosperous business. But W.
egan to scheme against him. He was

his laurels, and give place to younger men

ice was Mr. Raymond. The offer to transfer rship of the Journal was formally made to Ra 848, through Mr. George Jones, a banker in Alba. fterwards became the partner of Mr. Raymond in the 7.

and is now the chief proprietor of that paper. Mr. Weed revealed his purpose to Mr. Jones without reserve; declared his determination to retire from editorial life, and expressed an earnest desire that Raymond and Jones should assume the control of the Evening Journal. A letter from Mr. Jones apprised Mr. Raymond of this proposition; and the latter immediately went to Albany to consult with Jones and Weed. The negotiation fell through, in consequence of the refusal of one of Mr. Weed's partners (William White) to sell his own interest in the paper. Another partner, Andrew White, was willing to sell; but his own desire and that of Mr. Weed were alike unavailing. William White remained inexorable, and after long parley, the Journal was left as before, and Raymond returned to New York to resume his duties in the office of the Courier and Enquirer.

But this was not to be the end. The project of establishing a new Whig paper in New York was soon broached in a correspondence between Jones and Raymond, and out of innumerable letters on this subject gradually grew the plan of starting the Times. In 1849, the year after the fruitless negotiation at Albany, Raymond took his seat in the Legislature for the first time, and the inchoate newspaper plan became the topic of frequent conversations with his future partner. Still another year passed, but no definite result was reached. At the beginning of 1850, however, Raymond had again been elected to the State Assembly, and the choice for the Speakership had fallen upon him. Events were at last hurrying to a conclusion; and a walk upon the ice of the Hudson River was destined to be the turning-point of Raymond's career.

The winter of 1850-51 was severe. The Hudson was completely frozen over at Albany, and the only method of access to the railroad station, on the opposite shore, was by the natural bridge of ice. Mr. Raymond's father was on his way to Albany, on one of the sharpest days of the winter, and the young Speaker, going to meet the incoming train at Greenbush, stopped at Jones' banking-house to solicit the favor of his company. They set out together to cross the river; and when half way over, Mr. Jones casually observed that he had heard

"the Tribune had made a profit of sixty thousand dollars the past year." This remark at once revived the topic which had already been the burden of long correspondence between the two friends; and the question of newspaper enterprises, and risks, and rewards, was again discussed with animation. The information concerning the Tribune seems to have been regarded with a feeling akin to awe, for a clear profit of sixty thousand dollars for a single newspaper in one year was considered an immense success nineteen years ago. In these later days it is not an occurrence so unusual that the announce ment takes one's breath away.

After further conversation, Mr. Raymond expressed his de cided conviction that a new paper could be started in New York, which would make as much money as the Tribune; and, declaring his willingness to share the risks of such an enterprise, urged Mr. Jones to revive the project which had already given rise to negotiation and correspondence.

Mr. Jones hesitated, but explained that his own business as a banker was at that time prosperous, and was likely to continue so, unless the Legislature should pass an act then pending, the practical operation of which would inflict serious loss upon all the bankers in the State. This act provided for a reduction of the rate of redemption of country money; and, in common with those who then conducted the banking business under the Free Banking Law of the State, Mr. Jones was naturally apprehensive of its damaging effect.

Mr. Raymond replied, laughing, that he should himself make a strong effort to procure the passage of the objectionable act, having now a strong personal motive; but added, more gravely, an expression of his opinion that it would be passed. He was right. The act became a law; and its effect justified the apprehension. The bankers began to close up a business which had become perilous instead of profitable; and among the earliest to retire were Mr. Jones and his partner, Mr. E. B. Wesley.

At this moment the Times became, in fact, an established institution, for the money and the men were ready. Before the session of the Legislature was broken up that winter, through causes described in the preceding chapter, the plan of the