Evening journal., 1913-01-08
NEW NEWS OF YESTERDAY
An Instance Of Tilden'S
Business SagaCity
By Holland.

Samuel J. Tilden was In many re-
spocts. I think. the wisest man whom
ever knew" said the late Frederick
ID. Tappan, who, for many years, was
president Of a leading national bank
in New York and chairman of the
Clearing House Association, to me a
few weeks after Congress had cstab-
nshod by law the single gold stand
ard. carly in McKinley's admintsira-
ton.
"Wise as Governor Tildon was he
did not know how to draw his own
will so that It would be unbreakable
But upon every question of law which
was ever submitted TO him. at least
every one Of which J had any knowl-
edge. hfs professional opinion was
absolutely sound.
"The Governor was also very
wise man with respect to the hand
ling Of his own fortune, as well as
with respect TO national financial
legislation.
"1 will illustrate by something
which came within my own knowl-
edge You may remember to have
heard II said that Tilden made the
bulk of his great fortune by selling
elevated railroad stock which he Sc
cured at very low price at time when
II was commanding a very high price
I know that i'm the Wall Street dis
trict II was estimated that Tilden's
/ II. f.. ta fr,v
about FIVE million dollars. ! am GER
tain that this amount was not great
ly exaggerated.
II know. too. that there was a good
deal OF interest I'm the financial dis
trict as 70 the manner in which Til
den would invest the great fortune
made by him through his operation in
elevated railroad stock. Yet there
was not the slightest ground for sus-
picion that Tilden was making any
large investments excepting in the
purchase of valuable piece of real
estate in the outskirts OF the City
of Yonkers.
About that time it began to be no.
tced by the men who kept close
watch OF the market In which foreign
exchange Is dealt with that somebody
was buying a great deal of exchange
on London Whoever it was. 1t was
certain that the purchaser was not an
importer or any one who had bills to
pay in London.
"At last. 7 don't remember now ex-
actly in what way: the discovery was
made that the man who was purchas
ing very large amounts on foreign
exchange was Governor Samuel J
Tllden.
There was OF course good dea
of curiosity as to the reason why Til
den was buying foreign exchange. Die
he intend to go abroad and live foi
year or two. as some said? Wa'
he going to establish a large bank
ing account in London? Nobody
could answer these questions. But
understand that a very intimate per
sonal and political friend Of TildeI
ventured TO say to him one day tha
the report was current In the Wal
street district that he was buyini
foreign exchange and that there wa
a good deal of curiosity as to his rea
sons.
"For a moment or two Tilden wa
silent. At last he beckoned TO hi
friend to indicate that he should pu
his car close to Tiiden's own lips an
then he said
"'It is a very good reason. II
the silver dollar
"The friend knew by that brief ex
planation that Tilden was afraid tina
the injection of large amounts of sil
yer into our currency, and especial
the Bland silver law. which author
lied tho coming in large amounts c
silver dollars, would In a short tim
seriously endanger our national cuI
rency system. Therefore. as mat
ter of precaution he bought foreig
exchange which. being deposited
his credit in a London bank, create
for him a large gold balance. II
my impression that he kept that u
until he was satisfied that he ha
provided a sufficient security fun
against any possible impairment {
our currency He was one of III
very few men in the United State
who we're cautious to that extent
Copyright. 1913. by r.. j. Edward
All rights resorved)
Tomorrow MIR. Edwards will tell {
ftrrbo Coorotor.s ~ Ctafo KNbo AEaa ff