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Updated: May 25, 2025
It was the period of William H. Vanderbilt's ascendancy in Western Union control; and the railroad millionnaire and his companions, Hamilton McK. Twombly, James H. Banker, Samuel F. Barger, Alonzo B. Cornell, Augustus Schell, William Orton, were objects of great interest to the young office boy. Alexander Graham Bell and Thomas A. Edison were also constant visitors to the department.
The Collins supporters gave out the most suave arguments why the Collins line should be heavily subsidized, and why Collins should be permitted to change his European port to Southampton. Vanderbilt's retainers fought this move, which they declared would wipe out of existence the enterprise of a great and patriotic capitalist.
Whatever obscurity may cloud many of Vanderbilt's methods in the steamship business, his methods in possessing himself of railroads are easily ascertained from official archives.
The remaining $100,000,000 was thus disposed of in William H. Vanderbilt's will: $40,000,000, in railroad and other securities, was set apart as a trust fund, the income of which was to be apportioned equally among each of his eight children. This provided them each with an annual income of $500,000. In turn, the principal was to descend to their children, as they should direct by will.
Precisely in the same way as Croffut makes no mention of Vanderbilt's share in the mail subsidy frauds, but, on the contrary, ascribes to Vanderbilt the most splendid patriotism in his mail carrying operations, so do Croffut and other writers unctuously dilate upon the old magnate's patriotic services during the Civil War.
By this time Slim was busily rubbing some horse liniment on his arms and legs. "Injun and I will see what's to be done. You might as well go to sleep," Whitey said to him. "Sleep! Ah couldn't sleep in Mistah Vanderbilt's bed." "Well, stay awake, then," said Whitey, as he left the bunk house, followed by Injun.
Apparently a bitter conflict was raging between these two millionaires. Vanderbilt's subsidized European lines ran to Southampton, Havre and Bremen; Collins' to Liverpool. There were indications that for years a secret understanding had been in force between Collins and Vanderbilt by which they divided the mail subsidy funds.
Vanderbilt's presidency was the question of railway commissions, both in national and State governments. In my professional capacity of general counsel, and in common with representatives of other railroads, I delivered argumentative addresses against them. The discussions converted me, and I became convinced of their necessity.
The salary attached to this position was one thousand dollars, and Captain Vanderbilt's friends frankly told him that he was very foolish in abandoning a lucrative business for so insignificant a sum. Turning a deaf ear to their remonstrances, however, he entered promptly upon the duties of his new career, and was given command of a steamboat plying between New York and New Brunswick.
"All I want," said the long-bearded man, "is enough to be comfortable. I would n't have Vanderbilt's wealth if he'd give it to me." "Nor I," said the landlord. I heard tell of a young man who went to Vanderbilt to get employment. Vanderbilt finally offered to give the young man, if he would work for him, just what he got himself.
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