“ ‘The proposed line would be about 6000 miles in length, and would be made in at least two lengths, landing at one or more of the islands of the Pacific Ocean.
“ ‘From this point the line would extend on the one hand to Russian territory, where it would be connected with the imperial system of land lines, and on the other hand it would run to the western coast of the United States, joining there the American wires, and thus give direct communication between Russia and the whole continent of America, and, by means of the cables now laid, with every important telegraph line in the world.
“ ‘Your Majesty will not fail to appreciate the importance and value of such a communication to Russia as well as to the United States of America.
“ ‘It would be an act of presumption on the part of memorialist to affect to point out to your Majesty the advantages of the line in its international and political aspect. The cost of the line cannot be ascertained until the route is definitely settled, but it will be manifest that for such an undertaking the very best description of cable must be used.
“ ‘From the best information which could be obtained, and from the experience of existing lines, memorialist is led to believe that for some years such a line would not in itself be remunerative as a commercial speculation, although there would doubtless be a large amount of business passing through it; and, further, that having regard to the risks necessarily incident to so great a work, it is and will be impossible to raise the capital required for establishing the line without material aid from the governments directly interested.
“ ‘Memorialist is therefore led to look to your Majesty and the United States government for assistance in carrying out this great undertaking, and, having taken counsel of his associates in former telegraphic enterprises as to the best means of effecting the desired object in the shortest time, he respectfully submits to your Majesty the following project:
“ ‘1. That the proposed Pacific telegraph line should be established by a company formed by responsible persons experienced in telegraphic business, under the sanction and supervision of your Majesty’s government and the government of the United States of America.
“ ‘2. That the respective governments should each appoint a permanent director of the company.
“ ‘3. That the course of the line, its termini and stations, and other needful arrangements be determined under the joint approval of the official directors representing the two governments.
“ ‘4. That each government should guarantee for twenty-five years interest at three per cent. per annum on the cost of the line, the net receipts for each year (after providing for maintenance and repairs) being applied pro rata in relief of the guarantees.