St. Nicholas Hotel, New York, December, 1868
Thirty-three and an income of $50,000 per annum! By this time two years I can so arrange all my business as to secure at least $50,000 per annum. Beyond this never earn—make no effort to increase fortune, but spend the surplus each year for benevolent purposes. Cast aside business forever, except for others.
Settle in Oxford and get a thorough education, making the acquaintance of literary men—this will take three years' active work—pay especial attention to speaking in public. Settle then in London and purchase a controlling interest in some newspaper or live review and give the general management of it attention, taking a part in public matters, especially those connected with education and improvement of the poorer classes.
Man must have an idol—the amassing of wealth is one of the worst species of idolatry—no idol more debasing than the worship of money. Whatever I engage in I must push inordinately; therefore should I be careful to choose that life which will be the most elevating in its character. To continue much longer overwhelmed by business cares and with most of my thoughts wholly upon the way to make more money in the shortest time, must degrade me beyond hope of permanent recovery. I will resign business at thirty-five, but during the ensuing two years I wish to spend the afternoons in receiving instruction and in reading systematically.
[31] Colonel Thomas A. Scott left the Union Pacific in 1872. The same year he became president of the Texas Pacific, and in 1874 president of the Pennsylvania.
[32] Died May 21, 1881.
[33] Long after the circumstances here recited, Mr. Isidor Straus called upon Mr. Henry Phipps and asked him if two statements which had been publicly made about Mr. Carnegie and his partners in the steel company were true. Mr. Phipps replied they were not. Then said Mr. Straus:
"Mr. Phipps, you owe it to yourself and also to Mr. Carnegie to say so publicly."
This Mr. Phipps did in the New York Herald, January 30, 1904, in the following handsome manner and without Mr. Carnegie's knowledge:
Question: "In a recent publication mention was made of Mr. Carnegie's not having treated Mr. Miller, Mr. Kloman, and yourself properly during your early partnership, and at its termination. Can you tell me anything about this?"