share in them himself. Several plans were proposed, and at last
the idea of the Register was started. He called on me and told me that
he had been speaking with some other gentlemen about being concerned in
the 'American Magazine,' and that they were to be concerned with him. He
informed me of their plan, and wished me to join them, and that my
papers might be published in the Register. He intimated that he had five
hundred subscribers [to the 'American Magazine'] who would continue to
take the new work, and that the improvement proposed would greatly
increase the number of subscribers. I objected against being a partner,
but had no objection against letting them have my papers for L500. After
a variety of negotiations, I consented to become a partner,--and they
agreed to allow me L500 for my papers, to be paid out of the profits of
the publication,--if they would yield me L50 per annum, at least, clear
of my share of all expenses; if not, the other proprietors were to make
up that sum to me annually; and, should the work be discontinued before
I was paid, they were then to pay me as much as with my profits (all
expenses first deducted) would make L500. Regular written articles were
drawn, and executed by all but one partner, who has not yet signed them,
nor will, 'til he sees such a number of subscribers in this city [New
York] and its vicinity as will defray the actual expense of the work.
The _profits_ he is willing to risque. He is a discreet, sensible man,
and will be what the sailors call our _main stay_. After the articles
were executed, some of the proprietors observed that they had given
their bond to me for L500, which must be paid at all events, and that I
was to run no risque, and, in fact, to pay no expense,--which was not
putting matters on a fair footing with respect to them (before the time
the proposals were published). They came and stated the case to me. I
immediately saw the propriety of their remarks, and without hesitation
agreed to a new article, that their bond for the price of my papers
should not be in force immediately _upon their publishing_ (which was
the case before), but that they might publish for three months; if they
then discontinued the publication, the bond was to be of no effect; if
they continued it after that period, it was to be in full force; and I
agreed to furnish my proportion of the State Papers, _i. e._, that, as
there were four proprietors, the others should pay me but L375,