"6. The business machinery to be managed by a Chief Clerk (Guion), at a salary of $—, and 1/10 of profits.
"7. The estimate of profits of the concern to be made after the allowance of editorial salaries. S. J. T. and J. L. O'S. to be entitled to draw a sum not exceeding $30 a week apiece, for editorial labor and time. Each to do this at his own discretion, and according to his own estimate of a reasonable compensation for his labor and time. If hereafter, from regard to health or other cause, either should desire to withdraw for longer or shorter period from active participation in editorial charge, the other remaining in charge to be entitled to an editorial salary of $2500 per annum. In case of death of either, the other to inherit his share, subject to an annuity for ten years, according to direction of the deceased, amounting to one-third of that portion of the general profits which would otherwise have been divisible between the two—the salary of $2500 in that case being allowed to survivor for editorship.
"No other points now occur to me requiring provision.
"J. L. O'S.
"It is possible that Mr. Waterbury may desire to have some connection with the paper, which will be in that case perfectly agreeable to me. The amount to be allowed him for his services in it, in that event, whether in the form of a certain proportion of profits, or part salary and part proportion of profits, I leave to be fixed by you. I should like also myself to employ my brother in it, if as clerk and general aid his services should appear desirable, his compensation being fixed between us, ranging above a certain small minimum, according to his services and the ability of the concern.
"J. L. O'S."
TILDEN TO——
"New York, April 25, 1844.
"My dear Sir,—I returned three days since, and have been trying to get an opportunity to write to you without success until now. The prospect of overcoming the pecuniary obstacle appears favorable. A few days will decide the question, when I will write to you more particularly.
"A modification of the plan is meanwhile being attempted, which, if successful, must greatly increase its usefulness. It is, if possible, to get the $5000 absolutely; with a condition that if we cannot get a subscription of 25,000 or deem it wise to publish a less number, we shall have the same value in such printed matter as we may choose, and additional matter at cost; which we can circulate in what way we may think best. My own opinion is that, as a general rule, it should be sold, at or below cost, which will itself be very low if the quantity is large and the work managed economically. It seems to me that in this mode we could circulate 2, 3, 4, or 5 times our actual capital; that we should tempt purchases from every part of the country, and make the most extensive and efficient use of our money.