Something had to be done to change the status.
I waited until the first of September in hopes of some sign of better times, but business looked worse rather than better, and I decided to make him an offer for his interest. I thought best to put this in writing, and while doing so went fully into our affairs and endeavored to show him how impossible it was for me to go on any longer under existing conditions. Incidentally I emphasized the fact that after more than two years' experience he was still unable to accomplish anything that could not be done by a clerk.
Then I made him an offer of two thousand dollars to be paid in monthly instalments of fifty dollars each, without interest, the first payment to be made in January. For these payments I offered him my notes.
I had written this on Saturday morning, and having finished while he was at luncheon, laid it on his desk and took my usual train home, which gave him an opportunity to think the matter over until Monday.
When we met on Monday morning I was not surprised to find him in a bad temper.
He said at once that he declined my offer, and having paid his money to come into the concern he proposed to stay.
I told him I was sorry I could not see my way clear to make any better offer and it was that or nothing. If he would not accept it, then the only alternative was for me to step out and leave him the business.
This suggestion startled him. He knew he could not carry on the business without me.
After going to his father's office for consultation he returned and said he had decided to accept my offer. "As to those notes," he said, "you may give them to me if you like, but I don't suppose you will ever pay them."
We terminated our partnership that day, but I continued the business under the same style, W. E. Stowe & Co., complying with the legal requirements governing such action.