Great Fortunes: Cyrus W. Field Part 3
The two highest authorities in the world thus having assured him of the entire practicability of the undertaking, Mr. Field declared his readiness, if he could procure the assistance of a sufficient number of capitalists in the United States, to undertake the laying of a telegraph across the Atlantic between Europe and America. Further deliberation only made him better satisfied with the undertaking, and he set to work to find ten capitalists, each of whom he proposed should contribute one hundred thousand dollars, making the capital of the proposed company one million of dollars. Mr. Field was convinced that the undertaking would be expensive, but he had then but a faint conception of its magnitude, and was very far from supposing that “he might yet be drawn on to stake upon its success the whole fortune he had accumulated; that he was to sacrifice for it all the peace and quiet he had hoped to enjoy, and that for twelve years he was to be almost without a home, crossing and recrossing the sea, urging his enterprise in Europe and America.”
The scientific questions involved in the undertaking were so little understood at the time by the public, and the popular judgment regarded the attempt to stretch a cable across the deep, mysterious ocean with so much incredulity, that Mr. Field had considerable trouble in finding gentlemen willing or prepared to share his faith in the enterprise. His first effort was to induce Mr. Peter Cooper, of New York, his next door neighbor, to join him, and he succeeded so well that Mr. Cooper consented to do so if several others would unite with them. Encouraged by his success with Mr. Cooper, whose name was a tower of strength to his cause, Mr. Field renewed his efforts, and succeeded in winning over the following gentlemen, and in the order named: Moses Taylor, Marshall O. Roberts, and Chandler White. These gentlemen were very slow to accept the views of Mr. Field, but, once having done so, they never lost faith in the ultimate success of the undertaking. The more thoroughly they became acquainted with its magnitude and costliness, the stronger grew their confidence in it, for this increase of knowledge not only showed them more plainly its difficulties and dangers, but developed new grounds on which to base their hopes.
Mr. Field was about to continue his efforts to procure additional names, when Mr. Cooper proposed that the five gentlemen already pledged to the scheme should undertake its entire cost without waiting for the other four. The proposition was agreed to, and it was decided to take the necessary steps to procure a charter for their company from the Legislature of Newfoundland. Mr. Field consented to undertake this, and at once set off for St. John’s, accompanied by his brother, Mr. David Dudley Field, who was made the legal adviser of the company. At St. John’s they were greatly aided by Mr. Archibald, then the Attorney-General of the Colony, and afterward the British Consul at New York, and by the Governor of Newfoundland. They succeeded in obtaining a charter from the Legislature under the name of the “New York, Newfoundland, and London Telegraph Company,” with liberal grants in land and money. This accomplished, they assumed and paid the liabilities of the old Telegraph Company which had been brought to Mr. Field’s notice by Mr. Gisborne, and thus removed the last difficulty in their way. This much accomplished, Mr. Field hastened back to New York, and on the 6th of May, 1854, the Company was formally organized at the residence of Mr. David Dudley Field. Messrs. Cooper, Taylor, Field, Roberts, and White were the first directors. Mr. Cooper, was made President of the Company, Mr. White, Vice-President, and Mr. Taylor Secretary. A capital of one million and a half of dollars was subscribed on the spot, Mr. Field contributing about two hundred thousand dollars in cash.
