M. VAN BUREN TO TILDEN
"Lindenwald, Jany. 5, '51.
"My dear Sir,—Please let me hear from you at your earliest convenience on the subject of my money as it lies unimproved; also your opinion of the best investments now to be made. What would you think of putting five thousand dollars in Erie income bonds if you do not take it? Explain to me the character of the stock and the principles upon which it has been issued. Don't forget Lawrence. Excuse me for troubling you, and believe me,
"Very truly,
"Yours,
"M. Van Buren."
The measure for the enlargement of the Erie Canal at an expense of nine millions of dollars, projected by jobbers in what are still known as the canal counties, and which is referred to in the following note of Mr. Burwell, was so effectually resisted by Mr. Tilden, both by speech and pen, that it was put to sleep for more than forty years, when it reappeared and was passed. It resulted even more disastrously than Mr. Tilden had predicted, and to this day no one knows what became of the $9,000,000 that were spent, though no one will pretend that a new canal-boat was built or another ton of freight was ever carried through the canal in consequence of that expenditure.
D. BURWELL TO TILDEN
"My dear Sir,—I presume you have observed the canal bill, which increases the State debt $9,000,000. Will you not devote some time to-morrow to get letters from the money kings—Messrs. Beekman and Morgan and Williams—to have the bill defeated?
"An effort is to be made to press the bill through this week, and it is very important there should be some delay.
"I write you because I know you will feel an interest in defending those constitutional provisions you contributed so essentially to form. I have heard that many of the sound financial men of Wall Street are opposed to this new scheme of debt, and particularly Mr. C. W. Lawrence, of the Bank of the State of New York. I hope you will devote one day more to defend the public faith.