Distant Dreams (45 page)

Joseph was suppressing a laugh because it was well known that Van Buren chose neither one side nor the other unless pushed to an absolute decision.

“And there was poor Vannie. His steed had brought up, tail first, against the fence and refused to move. I laughed so hard at the sight and exclaimed, ‘And you’ve matched him with a horse even more noncommittal than his rider.’ ”

Carolina smiled, trying to hold to her ladylike composure, but with her father and York and Mr. Jackson all given to fits of amusement over the picturesque story, she too gave in and laughed.

After another round of drinks, the conversation sobered and Joseph asked, “How is it with you and Congress these days?”

“I encouraged Congress to heed Senator Benton’s proposed resolution that public land sales be transacted only with gold and silver as payment,” Jackson told Joseph, “but the greed of land speculation is too powerful an influence.”

“But the westward migration is something you yourself have encouraged,” Joseph responded. Carolina was amazed that her father felt so free to speak his mind to the President.

“True enough and I continue to encourage it. As I told Congress, it cannot be doubted that the speedy settlement of these lands constitutes the true interest of the Republic. The very wealth and strength of a country are its population, and the best part of that population are the cultivators of the soil.”

“I read that speech,” Carolina chimed in without thinking. When all three men turned to stare at her, she quickly lowered her gaze in embarrassment.

“And did you think me accurate in the saying?” Jackson asked her seriously.

Carolina raised a questioning glance at her father.

“By all means answer the man, child,” Joseph said with a smile.

“I found it quite valid,” she replied. “I suppose that is why I am so supportive of the railroad.”

“Ah yes,” Jackson said, nodding his head. “The railroad is another issue that creates a great deal of strife these days. All articles of internal improvement create conflict for my office.”

“Why is that?” she asked, genuinely interested.

Jackson shrugged. “It goes back to my adversary, Mr. Clay, as well as others. There are those who believe the federal government should provide the means for each and every operation of improvement, no matter the size, sensibility, or location. I, on the other hand, believe that internal improvements must be weighed on the basis of the effect they will have for the entire nation and not just an isolated part of it.”

“But a railroad extending west would benefit a great many people. Add to that one extension many additional extensions, and eventually it will benefit the entire nation,” Carolina stated confidently.

“Perhaps, but there is always the possibility that something will happen to meet one person’s interest over that of another. Take, for instance, the problems with the Baltimore and Ohio Railroad. Your brother advises me that they must survey the land west of Harper’s Ferry and decide the most economical route to develop. The state of Virginia believes that route should make its course through her beloved lands, with provisions that it not interfere with rail lines she desires to develop under her own direction in the future. However, she doesn’t wish to lose the line and revenue in taxes and such that the B&O will pay for crossing her grounds. Pennsylvania would like to see the line move north and include a connecting route to Pittsburgh. Both situations would advance the line and make it possible to bring the railroad that much further west. The further west the railroad goes, the better it is for the advancement of westward expansion and settlements. Still, how can I favor one state over another by providing federal monies?”

“I believe I see the conflict,” Carolina remarked thoughtfully.

“Then, too, Carolina,” York chimed in, “how can you justify the B&O’s line over that of another proposed line. Why, even your proposed line with Father and the Baldwins would have to be considered as a possible recipient of government funds.”

“But our line wouldn’t be designed to benefit all of the nation,” objected Carolina. “Our line is only to benefit a few counties and possibly eventually expand to include several major cities and towns.”

“Ah yes,” York agreed, “but your line plans a direct route into the capital. That could be argued to be of benefit to the entire nation. Added to this, what about canals or federal roadways? There are hundreds of proposals for both, in addition to requests for railroad assistance.”

“York is right,” Jackson said. “I’m afraid these are exactly the kind of arguments I’ve been listening to for the last five years or more. There are many projects, some sound and justifiable, others pompous and without merit. Each state and local government sends their representatives to pursue my blessing and support. If I were to act as benefactor to all, the government would soon be in deep debt.”

“But I read in the
Niles Register
that the government is financially in surplus,” Carolina argued. “There has just been voted a Distribution Bill that you recently signed.”

“With misgivings,” Jackson replied, not at all offended by her outspokenness. “The best we can hope for is that by distributing the federal surplus to the states, we can force the deposit banks—those formerly keeping the surplus—to put an end to their business of making unsound loans for overvalued collateral. Having to produce large sums of federal deposits to turn over to the states will make those banks accountable and slow down their enthusiasm for making bad deals.

“The states must see their responsibility, even in this, Miss Adams.” Jackson drew a deep breath and sighed, “But I don’t expect them to. Not with the likes of Henry Clay spouting off his mouth at every turn. Rigging deals between northern industries and western settlers.”

“Isn’t that to the benefit of the entire nation?” Carolina questioned. She’d long desired to better understand Henry Clay’s American System.

“Not unless you remove the South from the nation, which would suit John Calhoun just fine. I’ve fought South Carolina once already over the issue of seceding and I have no desire to do it again. Mr. Clay has no provision for the South and its improvement. He foresees great expansion west, but this leaves little attention to the South, of which you are considered a part by virtue of your residence here in the great state of Virginia.”

“Mr. President,” York interrupted, “I must advise you of the time.”

Only then did Carolina realize over an hour had passed.

Jackson nodded and it appeared to Carolina that a sadness crossed his expression. “Alas, my escape must be retraced?”

“I beg your pardon?” said Joseph.

“You asked me earlier what brought me out,” Jackson said with a smile. “I had thought to escape the torments of Washington and the strife of political controversies.” He got to his feet, bowing again to Carolina. “However, I find they follow me just like an old hound to its master. Miss Adams, you are like a cool spring breeze. Refreshing! I truly enjoyed our conversation. I hope you will come see me before I journey home to the Hermitage.”

“I would very much like that.”

She watched in silence as her father and York accompanied Jackson back to the horses. She heard her father offer a carriage for the President and Jackson’s adamant refusal. She smiled at the President’s tenacity and considered herself quite lucky to have shared his company on that sweltering day.

49

Leland’s Schemes

“Samuel, these are very convincing counterfeits,” Leland praised his brother while studying the bank draft in his hand. He put one down and picked up another, noting each one to be a masterpiece. Just back from Europe and ready to get down to business, Leland had insisted that Samuel come to Washington for a very secretive meeting.

The pudgy, balding Samuel Baldwin grunted acknowledgment and struggled to pull down a waistcoat that was several sizes too small. Samuel, the younger of the brothers, looked several years older, probably due to his penchant for whiskey and tavern crawling every night. “I paid for the best and that’s what we got. You’ll find the same on the stock certificates.”

Leland put down the bank note and reached inside the leather satchel on his desk. He pulled out a stack of quality paper and smiled. “Just to touch these would make one confident of their validity.”

“Are you sure this thing will work? I understand the flooding of the market with counterfeit bank drafts, but why this sudden interest in the railroad?”

Leland sat down and motioned for his brother to do the same. “I’ve only recently come to understand the potential surrounding the railroad. While abroad I had a great deal of time to think this thing through. The economic state of this country can be likened to one of those newfangled circuses. You know, several things going on all at once.

“As you well know, Samuel, there’s a huge excess in the federal reserve due to land sales. Another area, I might add, where we can benefit ourselves with these counterfeit notes. Speculation is making a fortune for many already wealthy investors. Joseph Adams has managed to turn several very nice profits in land up north and to the west. I intend for us to be a part of that as well.”

Samuel took out a handkerchief and wiped his face. “I only hope this bolstering can be done in time. That Distribution Bill just passed by Congress is a comedy of errors. It’s going to pull federal monies from regular deposit banks and put them into the hands of the individual states. This will, I fear, squeeze the very life out of this bank unless we can somehow bolster the reserves of this institution before the first distribution payment in January comes due.”

“I believe we are in time,” Leland said, his eyes darting from Samuel to the closed office door, as though at any moment someone might intrude and learn his darkest secrets. “If I can manage to interest investors in railroad stock and get them to put up capital in exchange for these certificates, then I will have enough money to cover what will be taken from this bank. If not, I’ll be hard-pressed to explain the insolvency.”

“You are a convincing man, Leland, but I think even you might be strained to get investors without some formidable indication of its validity.”

“How difficult would it be to get investors for a venture backed by Joseph Adams?”

“People would line up. He’s both respected and trusted.”

“He intends to start the Potomac and Great Falls Railroad and has invited me to become his partner.”

“And he is privy to your idea of a ‘paper railroad’?”

“Heavens no! He’d die of apoplexy if he knew. But there is no way he could ever know. Adams is a dreamer and is more interested in the
building
of the railroad than in its operation. I am certain he will readily agree for me, as the business mind of the partnership, to handle all the financial matters regarding the railroad.”

“You may be able to get around Adams, but what happens when your investors have little or no return on their investment?”

“I offer to buy them out, of course. I can’t very well have a scandal on my hands.”

“What if Adams really starts to build?”

“I’m sure he will. But it is a lengthy and tedious process of obtaining charters and permissions from the state to build. Then, too, will be the chronic blunders related to shipping of supplies. We can blame the British for a great deal—there are enough alive today who well remember the burning of Washington at their hands. It should carry us far to place the responsibility of lost shipments and delays in receiving supplies on the shoulders of a country so many still despise. Without iron rail, we cannot lay track. And for those who very well might desire to see some physical progress, we will actually have requests for charters drawn up and perhaps an inexpensive survey, or better yet, a forgery of one already drawn up for another railroad. Can you check into that in Baltimore? I heard James say that they are working to decide what route will be surveyed west of Harper’s Ferry. Now with the resignation of Philip Thomas in place and the board searching for another president, there will be mass chaos, and it might be easy to obtain records if the right man is put in charge of the mission. As I recall, the B&O once considered moving west of Washington. This might be exactly the survey we’d need. Do you know someone who might help us?”

Samuel smiled, making the jowls of his bloated face wobble. “I know just the man.”

“Good, good. The key to this will be to solicit investors well known for their indifference to details. I can think already of a dozen or more Washington residents who will jump at the chance to be a part of the great railroad movement, but who will never look further than the stock certificates in their hands. If I can sell them on the possibilities of this great rail line, I could well see a million dollars pledged by fall.”

“Yes, but how much of that money will be taken from you in January?”

“I’m not certain, but it doesn’t matter. One way or another, we will still be in a good position to have whatever we want. Haven’t we managed to purchase your new home with the counterfeit bank notes? It’s only an added bonus that the banks on which those notes have been drawn have failed or will fail in time.” Leland’s smug expression made him more closely resemble his brother.

“So, did you do anything besides plot and plan while in Europe?” Samuel asked with a laugh.

“I spent a great deal of money,” Leland retorted. “Which is exactly why we need to get right to work!”

“I don’t believe it!” Leland slammed down the newspaper and jumped up from the breakfast table, nearly overturning it with his protruding stomach. “Jackson is insane!”

Edith calmly took her husband’s tirade in stride while servants cowered in the background. “What has the President done to upset you this time, dear?”

Leland glowered at his wife, whose statement had made him feel as though he’d simply been overlooked in being invited for a social gathering. “It’s beyond you to understand,” he snapped, picking up the paper again. “I must get to the bank at once!”

The walk to his bank had done nothing to calm his temper. As far as Leland was concerned, July eleventh would forever be a black day. Unable to get backing for Senator Benton’s bill to force the receipt of gold and silver only for public lands, Jackson had merely waited until Congress had adjourned, then declared an executive circular.