Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1870-02-03
THE NEW YORK TIMES-.HOW 1T
STARTEDs

Mr.. Maverick, in his life of Henry j.
Raymond, has given the following account
of The beginning of the New York Times.
In 1850 Mr. Raymond was one OF the edi-
tors of the New York Courier and En-
9uirer, and also member of the Legls-
lature in the winter of 1S50-51. The
Hudson was completely frozen over at AL
bany, and the only method of access TO
the railroad station, on the opposite shore,
was by the natural bridge of ice. Mr..
Raymond's father was on bis way to Al
p bany; on one of the sharpest days of the
winter, and the young speaker, going 20
meet the incoming train at Greenbush,
stopped at Jones banking house TO solicit
the favor of his company. They set out
together to cross the river, and when half
way over Mr.. Jones casually observed that
he had heard the Tribune had made a
profit of $50, 900 the past year. This re-
mark at once revived the topic which
had already been the burden of long CORE
spondence between the two friends; and
the question of newspaper enterprises and
risks and rewards was again discussed
with animation. The information con-
corning the Tribune seems TO have been
regarded with feeling akin to awe, for a
a clear profit of $50, 900 for single news
paper in one year was considered an inn
mcnse success nineteen years ago. In
these latter days it is not an occurrence so
unusual that the announcement takes
ones breath away.
After further conversation, Mr.. Ray
mond expressed his decided conviction
that a new paper could be started in New
York, which would make as much money
as the Tribune; and, declaring his will
ingness to share the risk of such an enter
prise, urged Mr.. Jones TO revive the pro
ject which had already given rise to nego-
tiation and correspondence.
Mr.. Jones hesitated, but explained that
his own business as a banker was at that
time prosperous, and likely to continue so,
unless the Legislature should pass an act
then pending, the practical operation of
which would inflict serious loss upon all
the bankers in the State. This act pro-
Vidcd for a reduction of the rate of re-
demptiOn of country money; and, in COM
mon with those who then conducted the
banking business under the free banking
law of the State, Mr.. Jones was naturally
apprehensive Of its damaging effect.
Mr.. Raymond replied, laughing, thathe
should himself make strong effort to pro
cure the passage Of the Objectionable act,
having now strong personal motive;
but added, more gIavcly, an expression of
his opinion that it would be passed. he
was right The act became a law, and its
effect justified the apprehension. The
bankers began TO close up a business
which had become perilous instead of
profitable, and among the earliest TO retire
were Mr.. Jones and his partner, Mr.. E.
Z. Wesley.
At this moment the Times became, in
fact an established institution, for the
money and the men were ready. Before
the session of the Legislature was broken
up that winter, through causes described
in the preceding chapter, the plan of the
forthcoming daily journal had been sub
stantially agreed upon. Raymond's health
had failed; he was to 90 to Europe for the
summer, and 10 return in the fall to as
sumo the editOrship. Jones was to re-
main at home, to prepare the details of
the organization. Seven gentlemen con-
tributed the capital, and all were conf
dent of the ultimate success of the ven
ture.
The nominal capital of the Times was
500, 900; but all this sum was not re-
uuired at the start. The subscribers to
the stock, and the proportions held by
each, were as follows:
TIo,rr 7 par-,DoD1 % Sbares