The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-01-05

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and revoked Us charter. This movement
aro.s. aroused ne lion IN Commodore yanderbIt's
steamers Of the line had been saved from
walkers clutches, and were continued in ser
| points at'that time had been connected by tho
Panama Railroad. Having thus arranged for
the continuance Of the line, Vanderbilt next
necessary ,,,; 70 drive Walker out OF the country
Vanderbilt soon found opportunity to foment
an insurrection In Nicaragua against the usurp-
backed by Vanderbilt, proved too powerful for
Walker, who was forced TO fly from the country
In Nicaragua, &nd icft tie Transit f6uta open
again to Vanderbilt. though with It's equipment
gone and all Us improvements destroyed.
property OF the Transit Company under Wander
bits conveyance in 1885,, But the line was of no
further use, since the Transit route had been
destroyed by Walker and sand bar had formed
across the mouth OF tho San Juan river, Van
peny Tor money Tmnndaa "i, ~, aidns th ine %
throw OF walker The company settled with him
bygylng mortgage on the steamships: Soon af.
ter he took the ships themselves In abstraction Of
tho mortgage, and thus became possessed again
OF all the steamers he had originally sold to the
company, and OF some Others In addition.
In 1851 the Commodore established an indc-
pendent transatlantic line. which was operated
belllon In 1891. At that time the Vanderbilt
steamers were chartered by the Government as
the Commodore retiring from the steamship
business before the end Of the war.
vANDERBILTs GIFT TO THE GOVERNMENT.
When the rebel cruisers appeared on the ocean
nnd began raidng upon the merchant marine OF
the country 1t was discovered that the United
states had no vessel In ts navy capable OF over
hauling them. In this emergency Commodore
Nanderotlt rendered to the Government the use
OF all his steamships. at the Governments own
price and on the Governments own terms as
Having received no response to this liberal
oner he soon after supplemented It bv another,
still more magnsnimous, through Mr.. W. o.
Bar. lett. the counsel who had argued in his be-
half the matter of the steamships seized by
hSe tte onp az hs s ies
ciudi Ing the steamship Vanderbilt as present
outright was In tie following terms: ,o,,
DEAR STR: Being Informed that you are about
making visit to Washington. take the liberty
| eminent the enclosed proposition. which l ad-
dressed to the Hon. Gideon wees, Secretary Of
the Navy, under date Of the 2Uth ult. To this
| propositlon have received no reply. and / at
tribute this TO the multiplicity of business which
nns ensios.ed the attention OF The department.
You are AUTHORIZED To renew this proposition,
with such additions thereto a are hereinafter
set forth. feel great desire that this Govern
meDt should have the steamer Vanderbilt. as
she Is acknowledged to be as nne a ship as floats
the ocean. and IN consequence OF her great
speed aud capacity, that, with proper srma-
ment. she would be Of more efficient service in
keeping our coast clear Of praticll vessels than
any other ship. Therefore YOU are authorized
to say, IN my behalf. that The Government can
| take this ship at a valuation to be determined
| by the Hon. Robert r. stockton Of New Jersey
the only ex. Commodore Of the Nsv,), and any
two COmmOdOres IN the service to be selected
by the Government: and II his will not answer,
from their humble servAnt2
The Atlantic and Pacific steamship Company
have authorized me, as their President. to Of
Ter TO this Government the following steamers
VIZ; The Ocean Queen. OF 2,5Ds tons, Is new and
eompie,e IN every re.pe;, the Arial iS. tons,
ship Champion. built IN 1859, 1i2J tons, drawing
| very llght draught Of water, say feet. light,
run her IS days.
drawing dr.u-ht OF water. say 10 feet. laden.
The price OF either. or all, of said steamers. l
cision Of the Board of Commodores named
above, am Induced to make this cOmmuuica-
ton. because am desirous OF protecting the
Government against speculative attempts To
take ddvantase OF ITS necessities; and also to
make 1t knownth t there ARE vesseisof capaci-
y 10 IN 'et al their requirements, which can be
obtained without resorting 20 those belonging
e. citizens of tne so-cailed Confederate States"
Nerl respectfully, your obedieui servant,
w.o. BARTLETT, E-q.
This was one of the grandest episodes in the
life u the great man. The offer Of . ship which
cost. in round numbers and in gold. one million
such as few persons In the world have the abil-
~ and fewer slill the disposition, To make. 1t
stands as colossa! aud indestructible monu-
meit To the patriotism aud generosity Of Com
modore Vanderbilt Finally the profer Of the
ship was accepted with thanks. and he was au-
thofized to nt her out as his own Judgment -ug-
gested, at the expense of the Government. The
subsequent history of this grand vessel forms a
part of the naval history nf Tho country Fnr hi.
generous gift to the Government In it, emer,en-
cy, Congress passed a vote OF thanks to the COM
moiore, and ordered gold medal to be struck
and presented tn him.
VANDERBILT As A RAILROAD MAGSArE.
Nanderbilts fleet consisted of twenty one
ocean steam ships, eleven of which were built
by himself, and forty-ilve steamboats,. In 1874
he ma md fnr aI satfu
tion entirely to railroad enterprises. IL Is an
error, however, to suppose that his connection
upon his v w.thdrawal from the Neptuue's do
main. During the last years OF his steamboat
ing IL Ia probable that he had millions invested
~ railroads where he had but hundreds Of
thousands anoat.
Railroad Company Mr.. Robert l.. Schuyler. at
that time President of the company, was a lib
eral money borrower. Vanderbilt was always
ready to accommodate him. taking stock. at a
considerable discount. as collateral, and charg-
ing good round interest for his money. These
loans aggregated AT times nearly million dol
lars, and continued from 1919 until 1851. Finally,
in the latter year, schuyler disappeared. leaving
about s.U0OOl worth OF stock Ia Vanderhits
hands. An investigation Of the Presidents
business relations with the railroad company
showed very large Oyer-issue ~ stock, which
the company resolved To rcpudiate. the stock
held 10y Vanderbilt was found To he OF this ques-
tionable character. and the company declined to
recognize it. The Commodore promptly began
legal proceedings against them. aud a litigation
a
victory for the holders of the stocks. The Com
modnru had obtained II at large discount, and
ultimately obtained the fun value Of the stock.
which paid all his law expenses and gave him
liberal profit besides.
In lsj9 Vanderbilt, In company with Daniel
Drew, agreed to take up the second mort gage
bonds of the Erie ltuilrpad Company The loan
aggregated SiUI,Up, and the company had no
means to pay II. Pending this operation MIR.
brow became frightened and withdrew, hut tho
Commodore. satisfied oi the safety of the loan,
proceeded alone and took up the bulk of the
outstanding bonds hi. sagacity IN this traiIsac-
tiun was proved by the result.
As early a. ls4h. aud probably before that date.
the Commodore began buying Harlem lidlhond
stock n an investment, The line N.l- then built
only to White Plains, was poorly managed. paid
nO dividends, and its stock WIZ drug iu the
market at 40ui5 cents. liut Nanderhilts sa-
gacity diSccrned its prospective value, and he
quietly purchased from time to time. During
tine war, when his steamship lines were stopped,
lac began an earnest raid on this stack All the
tOmmOdnrr's family connections went in for
Harlem at the same time; and hefor" he public
generally knew anything about II the Wander
hilt family had fun control OF the company,
which they have never since Tolinuuishrd. In
it~ management The Commodore studied, as in
all his investments, his own interests. The
stock that cost him ON an average less tnan 80
l. now worth iil, and from being the poorest
dealt in on the stock market has come to be The
most valuable.
TliE GREAT CORNER IN HARLEM.
In June, lsii the Commodore wanted, or pre-