The Story of the Atlantic Telegraph

by Henry M. Field

This was indeed discouraging. Yet this sudden dropping of the scheme did not imply a loss of interest or of faith on the part of those embarked in it. They believed in it as much as ever. But the general public did not respond to the call for more capital. Alas that the noblest enterprises should so often be delayed or defeated by the want of money! Capital is always cautious and timid, and follows slowly in the path of great discoveries. If Columbus, instead of the patronage of a Queen full of womanly enthusiasm, had depended on a stock company for the means for his expedition, he might never have sailed from the shores of Spain. Happy was it for mankind that his faith and patience did not wear out, while going from court to court, and kingdom to kingdom, and almost begging his way from door to door!

But it is not in human nature—least of all in American nature—to despond long. Though ten years of constant defeat would seem to have wrought a lasting discouragement, yet again and again did the baffled spirit of enterprise return to the attempt. In January, 1864, Mr. Field was once more on his way to England. He found the Directors, as before, deeply interested in the enterprise, and wishing it success. With a grateful heart he bore witness to their unfaltering courage. But mere courage and good wishes would not lay the Atlantic Telegraph. Yet what could they do? They could not be expected to advance all the capital themselves. They had already subscribed liberally, and he could not ask them to do more. But with all the efforts that had been made in England and America, not half the capital was yet raised. The machinery was in a dead lock, with little prospect of being able to move. It was the misfortune of the enterprise that there was no one man who made it his sole and exclusive charge. The Board of Directors contained some of the best men in London. But they were, almost without exception, engaged in very large affairs of their own, with no leisure to make a public enterprise their special care. To insure success, it needed a trial of the one-man power—one brain, planning night and day; one agency incessantly at work, stirring up directors, contractors, and engineers; and one will pushing it forward by main strength. This was the force now to be applied.

The first element needed to put life into the old system was an infusion of new blood—new capital and new men. While the enterprise was in this state of collapse, Mr. Field addressed himself to a gentleman with whom, until then, he had no personal acquaintance, but who was well known in London as one of the largest capitalists of Great Britain—Mr. Thomas Brassey. Their first interview was somewhat remarkable. Referring to it a few months after, Mr. Field said:

"When I arrived in this country, in January last, the Atlantic Telegraph Company trembled in the balance. We were in want of funds, and were in negotiations with the government, and making great exertions to raise the money. At this juncture I was introduced to a gentleman of great integrity and enterprise, who is well known, not only for his wealth, but for his foresight, and in attempting to enlist him in our cause he put me through such a cross-examination as I had never before experienced. I thought I was in the witness-box. He inquired of me the practicability of the scheme—what it would pay, and every thing else connected with it; but before I left him, I had the pleasure of hearing him say that it was a great national enterprise that ought to be carried out, and, he added, I will be one of ten to find the money required for it. From that day to this he has never hesitated about it, and when I mention his name, you will know him as a man whose word is as good as his bond, and as for his bond, there is no better in England."

Having thus secured one powerful ally, Mr. Field took courage in the hope to find another. He says:

"The words spoken by Mr. Brassey in the latter part of January, 'Let the Electric Telegraph be laid between England and America,' encouraged us all, and made us believe we should succeed in raising the necessary capital, and I then went to work to find nine other Thomas Brasseys (I did not know whether he was an Englishman, a Scotchman, or an Irishman; but I made up my mind that he combined all the good qualities of every one of them), and after considerable search I met with a rich friend from Manchester, Mr. [now Sir] John Pender, and I asked him if he would second Mr. Brassey, and walked with him from 28 Pall Mall to the House of Commons, of which he is a member. Before we reached the House, he expressed his willingness to do so to an equal amount."

This was putting strong arms to the wheel. A few days after, a combination was formed to carry on the whole business of making Submarine Telegraphs, by a union of the Gutta-Percha Company with the firm of Glass, Elliot & Co., the principal manufacturers of sea cables, making one grand concern, to be called The Telegraph Construction and Maintenance Company. These two great capitalists entered into the new organization, of which Mr. Pender was made Chairman. The Gutta-Percha Company brought in still further strength to the joint enterprise, in the person of Mr. Willoughby Smith, their electrician, and of Mr. John Chatterton, the inventor of the insulating material known as Chatterton's Compound. The union of all these men made a combination of practical skill and financial ability, such as could be found in few companies in England or in the world. Mr. R. A. Glass was chosen Managing Director—a gentleman who seemed born to be a manager, such power had he of gathering about him talent in every department and combining all into one organization. Reënforced by such powerful aid, the new Company now came forward, and offered at one stroke to take all the remaining stock of the Company. This was more than half the whole capital. As yet, of the £600,000 required, but £285,000 had been subscribed. Now this princely Company offered to take the balance themselves—£315,000. They did more, they took £100,000 of bonds; and so by one dead lift these stalwart Englishmen took the whole enterprise on their broad shoulders. From that hour the problem was solved. Thus after a dead lock of six months the wheels were unloosed, and the gigantic machinery began to revolve.

This was a triumph worthy to be honored in the way that Englishmen love, by a little festivity; and as it chanced to be now ten years since Mr. Field had embarked in the enterprise, the pleasant thought occurred to him of getting his friends together to celebrate the anniversary. Accordingly, on the fifteenth of March, he invited them to dine together at the Buckingham Palace Hotel. It was a joyous occasion, and called forth the usual amount of toasts and speeches. Of the latter, those of Mr. Adams, the American Minister, and of John Bright, were widely copied in the United States. The next day was the annual meeting of the Atlantic Telegraph Company, when the Chairman, the Right Hon. James Stuart Wortley, thus referred to the gathering of the night before:

"Without saying any thing to detract from my deep gratitude to the other Directors, I cannot help especially alluding to Mr. Cyrus Field, who is present to-day, and who has crossed the Atlantic thirty-one times in the service of this Company, having celebrated at his table yesterday the anniversary of the tenth year of the day when he first left Boston in the service of the Company. Collected round his table last night was a company of distinguished men—members of Parliament, great capitalists, distinguished merchants and manufacturers, engineers and men of science, such as is rarely found together even in the highest house in this great metropolis. It was very agreeable to see an American citizen so surrounded. It was still more gratifying, inasmuch as we were there to celebrate the approaching accomplishment of the Atlantic Telegraph."

This was a congratulation on an escape from death, for their cherished scheme had just passed through a critical period of its history. The enterprise had been in great danger of abandonment—at least for years, a peril from which it had been rescued only by the most prompt and vigorous effort.