But the charter of the New York, Newfoundland, and London Telegraph Company, which was now to be obtained, began by declaring, in its very first sentence: "Whereas it is deemed advisable to establish a line of telegraphic communication between America and Europe by way of Newfoundland." Not a word is said of fast ships, of communications in less than six days, but every thing points to a line across the ocean. Thus one section gives authority to establish a submarine telegraph across the ocean, from Newfoundland to Ireland; another section prohibits any other company or person from touching the coast of Newfoundland or its dependencies [which includes Labrador] with a telegraphic cable or wire, from any point whatever, for fifty years; and a third section grants the Company fifty square miles of land upon the completion of the submarine line across the Atlantic. In other respects the charter was equally liberal. It incorporated the associates for fifty years, established perfect equality, in respect to corporators and officers, between citizens of the United States and British subjects, and allowed the meetings of the stockholders and directors to be held in New York, in Newfoundland, or in London. To obtain such concessions was a work of some difficulty and delay. The Legislature of the province were naturally anxious to scan carefully conditions that were to bind them and their children for half a century. I have now before me the papers of St. John's of that day, containing the discussions in the Legislature; and while all testify to the deep public interest in the project, they show a due care for the interests of their own colony, which they were bound to protect. At length all difficulties were removed, and the charter was passed unanimously by the Assembly, and confirmed by the Council. This happy result was duly celebrated, in the manner which all Englishmen approve, by a grand dinner given by the commissioners of the new Company, to the members of the Assembly and other dignitaries of the colony, at which there were eloquent prophecies of the good time coming, showing how heartily the enterprise was welcomed by all classes; and how fond were the anticipations of the increased intercourse it would bring, and the manifold benefits it would confer on their long-neglected island. No sooner were the papers signed, than the wheels, so long blocked, were unloosed, and the machinery began to move. Mr. White at once drew on New York for fifty thousand dollars, and paid off all the debts of the old company. A St. John's newspaper of April 8th, 1854, amid a great deal on the subject, contains this paragraph, which is very significant of the dead state of the old company, and of the life of the new: