That section commends itself to the obedience of every law-abiding voter, and I shall be the last to consent to its violation.
P. T. B.
When Congress met, I was surprised to see by the newspapers that the seat of my opponent was to be contested on account of alleged bribery, fraud and corruption in securing his election. This was the first intimation that I had ever received of such an intention, and I was never, at any time before or afterwards, consulted upon the subject. The movement proved to have originated with neighbors and townsmen of the successful candidate, who claimed to be able to prove that he had paid large sums of money to purchase votes. They also claimed that they had proof that men were brought from an adjoining State to vote, and that in the office of the successful candidate naturalization papers were forged to enable foreigners to vote upon them. But, I repeat, I took no part nor lot in the matter, but concluded that if I had been defeated by fraud, mine was the real success.
CHAPTER XLI.
BENNETT AND THE HERALD.
THE AMERICAN MUSEUM LEASE—ITS VALUE—BENNETT OF THE HERALD BUYS IT FOR $200,000—HE PURCHASES THE PROPERTY—OVERESTIMATE OF ITS WORTH—MAX MARETZEK—MISS CLARA LOUISE KELLOGG’S ESTIMATE OF CERTAIN PEOPLE—THE POWER BEHIND THE HERALD THRONE—THE HERALD’S INFLUENCE—BENNETT KICKED AND COWHIDED—HIS LAWYER INSISTS UPON MY TAKING BACK THE MUSEUM LEASE—I DECLINE—BENNETT REFUSES MY ADVERTISEMENTS—INTERVIEW WITH MR. HUDSON—WAR OF THE MANAGERS UPON THE HERALD—BENNETT HUMBLED—LOSS OF THE HERALD’S PRESTIGE—MONEY—DAMAGE TO BENNETT’S ESTABLISHMENT—THE EDITOR SUED—PEACE BETWEEN THE HERALD AND THE MANAGERS.
WHEN the old American Museum burned down, and while the ruins were still smoking, I had numerous applications for the purchase of the lease of the two lots, fifty-six by one hundred feet, which had still nearly eleven years to run. It will be remembered that in 1847 I came back from England, while my second lease of five years had yet three years more to run, and renewed that lease for twenty-five years from 1851 at an annual rental of $10,000. It was also stipulated that in case the building was destroyed by fire the proprietor of the property should expend twenty-four thousand dollars towards the erection of a new edifice, and at the end of the term of lease he was to pay me the appraised value of the building, not to exceed $100,000. Rents and real estate values had trebled since I took this twenty-five years’ lease, and hence the remaining term was very valuable. I engaged an experienced and competent real estate broker in Pine Street to examine the terms of my lease, and in view of his knowledge of the cost of erecting buildings and the rentals they were commanding in Broadway, I enjoined him to take his time, and make a careful estimate of what the lease was worth to me, and what price I ought to receive if I sold it to another party. At the end of several days, he showed me his figures, which proved that the lease was fully worth $275,000. As I was inclined to have a museum higher up town, I did not wish to engage in erecting two buildings at once, so I concluded to offer my museum lease for sale. Accordingly, I put it into the hands of Mr. Homer Morgan, with directions to offer it for $225,000, which was $50,000 less than the value at which it had been estimated.
The next day I met Mr. James Gordon Bennett, who told me that he desired to buy my lease, and at the same time to purchase the fee of the museum property, for the erection thereon of a publication building for the New York Herald. I said I thought it was very fitting the Herald should be the successor of the Museum; and Mr. Bennett asked my price.
“Please to go or send immediately to Homer Morgan’s office,” I replied, “and you will learn that Mr. Morgan has the lease for sale at $225,000. This is $50,000 less than its estimated value; but to you I will deduct $25,000 from my already reduced price, so you may have the lease for $200,000.”
Bennett replied that he would look into the affair closely; and the next day his attorney sent for my lease. He kept it several days, and then appointed an hour for me to come to his office. I called according to appointment. Mr. Bennett and his attorney had thoroughly examined the lease. It was the property of my wife. Bennett concluded to accept my offer. My wife assigned the lease to him, and his attorney handed me Mr. Bennett’s check on the Chemical Bank for $200,000. That same day I invested $50,000 in United States bonds; and the remaining $150,000 was similarly invested on the following day. I learned at that time that Bennett had agreed to purchase the fee of the property for $500,000. He had been informed that the property was worth some $350,000 to $400,000, and he did not mind paying $100,000 extra for the purpose of carrying out his plans. But the parties who estimated for him the value of the land knew nothing of the fact that there was a lease upon the property, else of course they would in their estimate have deducted the $200,000 which the lease would cost. When, therefore, Mr. Bennett saw it stated in the newspapers that the sum which he had paid for a piece of land measuring only fifty-six by one hundred feet was more than was ever before paid in any city in the world for a tract of that size, he discovered the serious oversight which he had made; and the owner of the property was immediately informed that Bennett would not take it. But Bennett had already signed a bond to the owner, agreeing to pay $100,000 cash, and to mortgage the premises for the remaining $400,000.
Supposing that by this step he had shaken off the owner of the fee, Bennett was not long in seeing that, as he was not to own the land, he would have no possible use for the lease, for which he had paid the $200,000; and accordingly his next step was to shake me off also, and get back the money he had paid me.