It was not, however, the actor, Newton, whom I had in mind in offering a bread-upon-the-water moral, but a certain John Hatcher, the memory of whom in my case illustrates it much better. He was a wit and a poet. He had been State Librarian of Tennessee. Nothing could keep him out of the service, though he was a sad cripple and wholly unequal to its requirements. He fell ill. I had the opportunity to care for him. When the war was over his old friend, George D. Prentice, called him to Louisville to take an editorial place on the Journal.
About the same time Mr. Walter Haldeman returned from the South and resumed the suspended publication of the Louisville Courier. He was in the prime of life, a man of surpassing energy, enterprise and industry, and had with him the popular sympathy. Mr. Prentice was nearly three score and ten. The stream had passed him by. The Journal was not only beginning to feel the strain but was losing ground. In this emergency Hatcher came to the rescue. I was just back from London and was doing noticeable work on the Nashville Banner.
“Here is your man,” said Hatcher to Mr. Prentice and Mr. Henderson, the owners of the Journal; and I was invited to come to Louisville.
After I had looked over the field and inspected the Journal’s books I was satisfied that a union with the Courier was the wisest solution of the newspaper situation, and told them so. Meanwhile Mr. Haldeman, whom I had known in the Confederacy, sent for me. He offered me the same terms for part ownership and sole editorship of the Courier, which the Journal people had offered me. This I could not accept, but proposed as an alternative the consolidation of the two on an equal basis. He was willing enough for the consolidation, but not on equal terms. There was nothing for it but a fight. I took the Journal and began to hammer the Courier.
A dead summer was before us, but Mr. Henderson had plenty of money and was willing to spend it. During the contest not an unkind word was printed on either side. After stripping the Journal to its heels it had very little to go on or to show for what had once been a prosperous business. But circulation flowed in. From eighteen hundred daily it quickly mounted to ten thousand; from fifteen hundred weekly to fifty thousand. The middle of October it looked as if we had a straight road before us.
But I knew better. I had discovered that the field, no matter how worked, was not big enough to support two rival dailies. There was toward the last of October on the edge of town a real-estate sale which Mr. Haldeman and I attended. Here was my chance for a play. I must have bid up to a hundred thousand dollars and did actually buy nearly ten thousand dollars of the lots put up at auction, relying upon some money presently coming to my wife.
I could see that it made an impression on Mr. Haldeman. Returning in the carriage which had brought us out I said: “Mr. Haldeman, I am going to ruin you. But I am going to run up a money obligation to Isham Henderson I shall never be able to discharge. You need an editor. I need a publisher. Let us put these two newspapers together, buy the Democrat, and, instead of cutting one another’s throats, go after Cincinnati and St. Louis. You will recall that I proposed this to you in the beginning. What is the matter with it now?”
Nothing was the matter with it. He agreed at once. The details were soon adjusted. Ten days later there appeared upon the doorsteps of the city in place of the three familiar visitors, a double-headed stranger, calling itself the Courier-Journal. Our exclusive possession of the field thus acquired lasted two years. At the end of these we found that at least the appearance of competition was indispensable and willingly accepted an offer from a proposed Republican organ for a division of the Press dispatches which we controlled. Then and there the real prosperity of the Courier-Journal began, the paper having made no money out of its monopoly.
IV
Reconstruction, as it was called—ruin were a fitter name for it—had just begun. The South was imprisoned, awaiting the executioner. The Constitution of the United States hung in the balance. The Federal Union faced the threat of sectional despotism. The spirit of the time was martial law. The gospel of proscription ruled in Congress. Radicalism, vitalized by the murder of Abraham Lincoln and inflamed by the inadequate effort of Andrew Johnson to carry out the policies of Lincoln, was in the saddle riding furiously toward a carpetbag Poland and a negroized Ireland.