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