Accordingly, Messrs. Rider, Holland, and Porter were named for that committee, Messrs. Vanderpoel, Webster, and Davis forming a second committee to ascertain and report the terms and conditions upon which the debts owed by the Club could be adjusted and settled.

On March 7, 1877, a committee consisting of Messrs. Yale, Fisher, and Taylor was appointed to meet a committee of the New Club and arrange for a sale of the furniture, fixtures, and stock of the Old Club, with power to conclude the sale and deliver the furniture.

This committee made a contract with the committee of the New Club, by which it agreed to sell all furniture and fixtures for such sum of money as might be required to pay off the deficiency of debts (not including mortgage bonds) over the assets of the former organization, the sum not to exceed $8000, payment to be made when the financial condition of the New Club should justify it.

The supplies of the Old Club were also to be sold at cost price to the New Club, from surplus funds from Club sales at the end of each month, until the whole amount was paid, the manager of the New Club to be responsible in no way personally for any debt incurred in the sale of furniture or supplies. With Mr. Rider added, the committee was authorized to collect all debts. This authority was transferred, however, to Messrs. Schell and Yale, with the result already stated.

On March 17, 1877, the New Club ratified its Constitution, and the further financial transactions of the Club belong to its history.

CHAPTER THE EIGHTH

Early Years of the New Club-Many Constitutional Changes and a Few Receptions-The Election of Grover Cleveland to the Presidency-Deaths of Vice-President Hendricks, General Hancock, and Governor Seymour.

HE New Club continued its life in the Benkard house until 1890. Its existence during those years seems to have been troubled constantly by the entanglement of its finances. In trend it became more and more Democratic, and its membership steadily increased. The Club, as we know, ratified its constitution on March 19, 1877. About this time the Club seal, bearing the legend, "Manhattan Club, 1877," was adopted.

In response to a circular setting forth the principles of the Club, which was sent out on the second of April to resident and non-resident members, one hundred and sixtythree members of the Old Club identified themselves with the New.

According to Article II, Section 5, of the new Constitution, any member might become a life member upon payment of $700 and surrender of a mortgage bond of the Club for $500, or on the transfer to the New Club of one of the

thirty-one bonds of the Old Club, each for $700, life members to be exempt forever from dues.

The first to become life members by surrendering Club bonds of $700 were Douglas Taylor, Thomas R. Fisher, and Manton Marble. Of the one hundred and ten bonds of the Old Club, seventy were found cancelled. No. 2, purchased at the Duncan sale for $35, was presented to the Club by Mr. McFarland, and on May 2, 1878, the Club received the following letter through Mr. Olney:

My dear Sir:

New York, April 29, 1878.

As I prefer to remain on the same basis as to annual dues as other members who do not commute, will you please present to the Club, Bond No. 16, being the only one of those I took which now remains in my hands.

Wishing every success to the Club,

I remain,
Respectfully,
S. J. Tilden.

As an expression of the Club's appreciation of Mr. Tilden's liberality, Mr. Schell moved that his letter be entered upon the minutes and that "the thanks of the Board be returned him for his generous gift.'

On June 14, 1877, the House Committee was instructed to send out a circular letter setting forth the fact that Club members were not to be held responsible for Club debts, and emphasizing the great benefit the Manhattan Club might be to the Democratic Party if it could be put upon a firm financial foundation. That this circular letter does not seem to have been productive of any great increase of membership would seem to be indicated by the fact that on January 5, 1878, a committee was appointed to devise ways and means of increasing the Club membership. At the meeting of this committee on January 12, Mr. August Belmont, president of