on of the success which had attended the
foundation of the _Quarterly_, and believed, rashly, that his personal
energy and resources, aided by the abilities displayed by his young
counsellor, would lead to equal success. He evidently had too
superficially weighed the enormous difficulties of this far greater
undertaking, and the vast difference between the conduct of a _Quarterly
Review_ and a daily newspaper.

Intent upon gaining a position in the world, Benjamin Disraeli saw a
prospect of advancing his own interests-by obtaining the influential
position of director of a Conservative daily paper, which he fully
imagined was destined to equal the _Times_, and he succeeded in imbuing
Murray with the like fallacious hopes.

The emancipation of the Colonies of Spain in South America in 1824-25
gave rise to much speculation in the money market in the expectation of
developing the resources of that country, especially its mines. Shares,
stocks, and loans were issued to an unlimited extent.

Mr. Benjamin Disraeli seems to have thrown himself into the vortex, for
he became connected with at least one financial firm in the City, that
of Messrs. Powles, and employed his abilities in writing several
pamphlets on the subject. This led to his inducing Messrs. Powles to
embark with him in the scheme of a daily paper. At length an arrangement
was entered into, by which John Murray, J.D. Powles, and Benjamin
Disraeli were to become the joint proprietors of the proposed new
journal. The arrangement was as follows:

MEMORANDUM.

LONDON, _August_ 3, 1825.

The undersigned parties agree to establish a Morning Paper, the property
in which is to be in the following proportions, viz.:

Mr. Murray.... One-half. Mr. Powles.... One-quarter. Mr. Disraeli....
One-quarter.

Each party contributing to the expense, capital, and risk, in those
proportions.

The paper to be published by, and be under the management of Mr. Murray.

JOHN MURRAY.

J.D. POWLES.

B. DISRAELI.

Such was the memorandum of agreement entered into with a view to the
publication of the new morning paper, eventually called the
_Representative_. As the first number was to appear in January 1826,
there was little time to be lost in making the necessary arrangements
for its publication. In the first place, an able editor had to be found;
and, perhaps of almost equal importance, an able subeditor. Trustworthy
reporters had to be engaged; foreign and home corresponde