"'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. "'5. That one-half net profits above six per cent. per annum be set apart as a sinking fund for return of capital, and the balance divided equally between the stockholders and the government. "'6. That at the end of twenty-five years of guarantee the company shall retain the cable and other property, but without any exclusive right. "'Memorialist believes that with such assistance as is indicated above the cables could be made and laid within three years. "'The following eminent citizens of the United States have expressed their willingness to join memorialist in this important enterprise: "'Peter Cooper, Moses Taylor, Marshall O. Roberts, Wilson G. Hunt, Prof. S. F. B. Morse, Dudley Field, Wm. H. Webb, Darius Ogden Mills. "'Memorialist now humbly seeks your Majesty's approval of the above project, believing that if so approved the government of the United States will give their concurrence, and that the work will be speedily accomplished. "'CYRUS W. FIELD, "'of New York.'" "GRAMERCY PARK, "NEW YORK, _19th September, 1871_. "_Sir_,--Referring to my personal interviews with you, and to my letter of 11th ultimo, in which I enclosed a memorial to His Majesty the Emperor of Russia respecting the establishment of a submarine telegraph cable between Russia and the United States of America, I now beg respectfully to submit to your Imperial Highness the following modifications of the propositions contained in that memorial, which I think will commend themselves to your good judgment: "1. The proposed guarantee of three per cent. _not_ to commence until the day the cable is completed and in successful working order. "2. The amount of capital guaranteed _not_ to exceed £3,000,000. "3. The company to bind itself not to kill seals, nor to deal in furs on any portion of Russian territory. "4. The cable not to be landed on the island of Saghalien. "5. In the event of any dispute arising between the cable company and any subject of His Imperial Majesty, the question to be referred to the Russian courts. In disputes between the cable company and American citizens, the courts of the United States to have sole jurisdiction.