“We hope we do not violate confidence in stating a fact to the honor of a New York merchant, which, though a private transaction, ought to be known. Our fellow-citizen, Mr. Cyrus W. Field, whose name will always be connected with the Atlantic telegraph, has twice nearly ruined himself by his devotion to that enterprise. Though a man of independent fortune when he began, he embarked in it so large a portion of his capital as nearly to make shipwreck of the whole. While in England engaged in the expedition of 1857 a financial storm swept over this country and his house suspended; but on his return he asked only for time, and paid all in full with interest. But the stoppage was a heavy blow, and being followed by a fire, in 1859, which burned his store to the ground, and by the panic of December, 1860, just before the breaking out of the war, he was finally obliged to compromise with his creditors. Thus released, he devoted himself to the work of his life, which he has at last carried through. The success of the Atlantic telegraph, we are happy to learn, has brought back a portion of his lost wealth, and his first care has been to make good all losses to others. He has addressed a letter to every creditor who suffered by the failure of his house in 1860, requesting him to send a statement of the amount compromised, adding the interest for nearly six years, and as fast as presented returns a check in full. The whole amount will be about $200,000. Such a fact, however he may wish to keep it a secret, ought to be known, to his honor and to the honor of the merchants of New York.”
It was at this time that Mr. George Peabody gave him a service of silver, and asked that this inscription should be engraved on each piece:
GEORGE PEABODY
TO
CYRUS W. FIELD,
In testimony and commemoration
of an act of very high
Commercial integrity and honor.
New York, 10th November, 1866.
CHAPTER XIII
THE RECONSTRUCTION PERIOD
(1867-1870)
THE Governor of the State of Wisconsin, in his annual message to the Legislature in January, 1867, suggested that the State make to Mr. Field “a suitable acknowledgment of their appreciation of the priceless value of the success he had achieved.”
The recommendation was acted upon. Resolutions were adopted by both branches of the Legislature and approved by the Governor on March 29th, and a gold medal was also ordered to be sent, “properly inscribed.”
On the 6th of February Mr. Field sailed for England for the purpose of making “arrangements between the Anglo-American Telegraph Company and the New York, Newfoundland, and London Telegraph Company.” The land lines across Newfoundland were often broken; complaints were made; the public was naturally inclined to overrate trivial accidents, and it was necessary to give an explanation.
“22 Old Broad Street, January 24th.
“To the Editor of the Daily News: