Mr. Field’s recovery after the suspension of his firm in 1857 was much more rapid than from his previous failure in business. In 1859 this was published in one of the New York papers:
“We are pleased to learn that the house of Cyrus W. Field & Co., which suspended payment in the fall of 1857, during the absence of Mr. Field in England (on business connected with the Atlantic Telegraph Company) have recently taken up nearly all their extended paper, the payment of which is not due until October next, and have now notified the holders of the balance that they are prepared to cash the whole amount, less the legal interest, on presentation. This evidence of prosperity must be gratifying to their numerous friends.”
The city of New York during October, 1860, was entirely given up to the thought of entertaining the Prince of Wales, and it was of his visit that Mr. Archibald wrote:
“British Consulate,
“New York, October 20, 1860.
“My dear Mr. Field,—I have really been so pressed with arrears of business since my return on Wednesday evening, and still am, that I am obliged to say in writing briefly that which I should prefer to do personally, how much indebted I feel to you for your valuable and kind assistance to me during the prince’s visit; and especially on Sunday last in reference to the matter of the Daniel Drew....
“The reception which the prince has received in this country has not only immensely gratified himself and all his suite, as it was well calculated to do; but it will, I am sure, create in England a profound feeling of admiration for and of gratitude towards this country, the effect of which I cannot but think will be very beneficial to the future of both countries.
“Although I was sorry to part from the prince on Wednesday, I cannot tell you with what a feeling of relief it was from the deep anxiety of which I could not divest myself during his stay here, lest any untoward event should mar the happiness or interfere with the safety of himself in a community composed of such heterogeneous elements. The responsibility in such an event would have centred on myself, as Lord Lyons never having been in New York, the visit to this city was determined on in pursuance of my representations. I thank God it is all so well and so happily over, and so vastly more successful than I had anticipated, or than any of us indeed had expected.
“Again thanking you for your many kindnesses, I am,
“My dear sir, yours faithfully,
“E. M. Archibald.”
The rejoicing was followed by days of depression and darkness. A financial panic again swept over the country, and on December 7th Mr. Field writes: “Made a hard fight, but was obliged to suspend payment.” On the 27th he addressed a letter to his creditors. After giving a brief summary of his business experience, he said: