Great Fortunes, and How They Were MadeMcCabe, James Dabney
History
Great Fortunes, and How They Were Made
McCabe, James Dabney
United States -- Biography
Mr. Field, who had made several voyages to England and to Newfoundland
in behalf of the company, was elected Vice-President after the death of
Mr. White, in 1856, and was charged with the duty of proceeding to
England to obtain the assistance of the British Government, and to
organize the company in London. Thus far the directors had borne the
entire cost of the undertaking, and it was but fair that they should
seek the means for completing their work in the country which was to be
so much benefited by it. Mr. Field sailed for England in the summer of
1856, and upon reaching that country proceeded to consult some of its
most eminent engineers and electricians. The English people were slow to
believe that so long a cable could be successfully worked, even if laid
intact, and to remove their doubts, the opinions of Professor Morse and
Lieutenant Maury were published in their newspapers; and this
publication brought out communications from many scientific men on the
subject, a number of them advocating the undertaking. Thus, the
attention of the English public was gained. Experiments were made by
Professor Morse, Mr. Bright, and Dr. Whitehouse, which proved beyond all
doubt the ease with which a continuous line of more than two thousand
miles of wire could be worked; and Professor Morse was able, from these
experiments, to declare his conviction that an electric current could
pass between London and New York, on such a wire, in the space of one
second.
Science had now done its utmost, and had in every thing sustained the
great plan. It was now necessary to ask the aid of Her Majesty's
Government. This effort was intrusted to Mr. Field, who carried it
through successfully. The English Government agreed to furnish the ships
necessary for making soundings and surveys, and to furnish vessels to
assist in laying the cable. It also agreed to pay to the company an
annual subsidy of fourteen thousand pounds for the transmission of the
government messages until the net profits of the company were equal to a
dividend of six pounds per cent., when the payment was to be reduced to
ten thousand pounds per annum, for a period of twenty-five years.
Provision was made for extra payment, in case the government messages
exceeded a certain amount; and it was provided that the messages of the
Governments of Great Britain and the United States should be placed upon
an equal footing, and should have priority in the order in which they
arrived at the stations. This last provision exhibited a decided
liberality on the part of the English Government, since both ends of the
proposed cable would be in British territory. Indeed, throughout the
whole negotiation, Great Britain cheerfully accorded to the United
States every privilege which she claimed for herself.
Public-domain text, read in full here on John Shaqi.
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