I regard the Nation as an experiment upon the ability of the public to recognize, appreciate and sustain a public journal which shall be free from [78] certain qualities now common to the newspapers of the country and which it is evident are generally assumed by their proprietors to be necessary to their pecuniary success.

The success of the experiment would destroy the grounds of this assumption. Its failure would tend to fix more firmly in the character of our public journals the qualities referred to.

I understand that the essential interest of all who are concerned in the Nation is for this reason centered in the experiment which it involves.

It is of little importance to the fair trial of the experiment what the opinions or the political purposes of the editorship may be, but it [is] absolutely essential to such fair trial that the editorship shall be completely free and independent and that it shall be confidently maintained for a certain period of time.

As, if I engage in the editorship, I propose that the remuneration of my services shall be contingent upon the success of the experiment, I think it fair that these essential conditions should as far as possible be legally secured precedent to those services. For this purpose I wish to have a majority of the stock placed during the period required for a fair trial, under the control of the editorship.

I think Mr Godkin and myself individually or jointly should be made Trustees of a majority of the stock to hold it, say, for three years.

I should be glad also if Mr Godkin and myself could be secured the privelege of purchasing this stock at the end of three years at the price of its actual cost to the present stockholders with legal interest added. The additional security of a fair trial of the experiment which this would give will be obvious to you.