Yours very faithfully,

B. DISRAELI.

Murray had a special regard for the remarkable young man, and by degrees had thoroughly taken him into his confidence; had related to him his experiences of men and affairs, and ere long began to consult him about a variety of schemes and projects.  These long confidential communications led eventually to the suggestion of a much more ambitious and hazardous scheme, the establishment of a daily paper in the Conservative interest.  Daring as this must appear, Murray was encouraged in it by the recollection of the success which had attended the foundation of the Quarterly, and believed, rashly, that his personal energy and resources, aided by the abilities displayed by his young counsellor, would lead to equal success.  He evidently had too superficially weighed the enormous difficulties of this far greater undertaking, and the vast difference between the conduct of a Quarterly Review and a daily newspaper.

Intent upon gaining a position in the world, Benjamin Disraeli saw a prospect of advancing his own interests-by obtaining the influential position of director of a Conservative daily paper, which he fully imagined was destined to equal the Times, and he succeeded in imbuing Murray with the like fallacious hopes.

The emancipation of the Colonies of Spain in South America in 1824-25 gave rise to much speculation in the money market in the expectation of developing the resources of that country, especially its mines.  Shares, stocks, and loans were issued to an unlimited extent.

Mr. Benjamin Disraeli seems to have thrown himself into the vortex, for he became connected with at least one financial firm in the City, that of Messrs. Powles, and employed his abilities in writing several pamphlets on the subject.  This led to his inducing Messrs. Powles to embark with him in the scheme of a daily paper.  At length an arrangement was entered into, by which John Murray, J.D.  Powles, and Benjamin Disraeli were to become the joint proprietors of the proposed new journal.  The arrangement was as follows: 

MEMORANDUM.

LONDON, August 3, 1825.

The undersigned parties agree to establish a Morning Paper, the property in which is to be in the following proportions, viz.: 

Mr. Murray....  One-half.  Mr. Powles....  One-quarter.  Mr. Disraeli.... 
One-quarter.

Each party contributing to the expense, capital, and risk, in those proportions.

The paper to be published by, and be under the management of Mr. Murray.

JOHN MURRAY.

J.D.  POWLES.

B. DISRAELI.

Such was the memorandum of agreement entered into with a view to the publication of the new morning paper, eventually called the Representative.  As the first number was to appear in January 1826, there was little time to be lost in making the necessary arrangements for its publication.  In the first place, an able editor had to be found; and, perhaps of almost equal importance, an able subeditor.  Trustworthy reporters had to be engaged; foreign and home correspondents had also to be selected with care; a printing office had to be taken; all the necessary plant and apparatus had to be provided, and a staff of men brought together preliminary to the opening day.