The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1866-11-20
THE ATLANTIC CABLE.
BANQUET TO CYRUS w. FIELD.
THE STORY OF THE GREAT ENTERPRISE

MIR. CYRUS W. FIELD was fitly honored in New
York ON the evening Of the 18th, with a banquet
given by the mcmbors Of tho Chamber of Com
merce as tribute to his exertions in the laying of
the Atlantic Cable.
Mr.. FIELD, in long and Interesting address, gnvo
q history of the undertaking, interspersod witt
many incidents illustrative of tho difficulties over
como and the indomitable perseverance, by which
SUCCESS was achieved.
Tho enterprise was shown to have been of pure
ly American origin, the plan having been conceiv-
ed and considered thirteen years ago, when about
half dozen gentlemen mot ut Mr.. FIELDS resi-
dence, and those who came first to the work stood
by it to the end. 1t was not till 1856 that tho
terprse had any existence in England, and then
the British Government began that generous
course which it has continued ever since. The ex
peditions Of 1857 and the two of 1858 were joint
efforts, but for the time they ended in failure.
When the scientific and engineering problems
were solved we took heart again, and began to
prepare for fresh attempt This was in 1868. In
went from city to city, holding meetings and try
ing to raise capital, but with poor success. Mon
cane and listened, and said 1T was all very fne
and passed some beautiful resolutions, and ap-
eeity, but / did not got a solitary subscriber In
this city did better though money came by the
hardest. BY personal solicitations, encouraged by
raising $4,000. Since not many had faith must
present ono example to tho contrary, though it
was not till year later. When almost all deemed
camo to me and purchased stock Of the Atlantic
Telegraph Company to tho amount Of $780, 900.
That was M hGFtg Andrews who is here this
speak of, it was plain that our main hopo must
Be in England and 1 l went @ to London There
discouragement. Many had lost before, and
were not willing to throw moro money into the
soa. We needed 100000. and with our utmost
enterprise stood in dead lock. 1t WAS plain that
we must have help from some now quarter. look
ed around to find q man who had broad shoulders,
giant in the cause. It WAS ut this time was in
troduced to a gentleman, whom would hold up to
the American public as as Specimen ..a Of great
may never have heard his name but in London he
Is known as one of the men who have made British
enterprise and British capital felt in all par parts OF
and trembling. He received me kindly, but put
me through such on examination as never had
asked me every possible question. but my answers
satisfied him, and he ended by saying ..'It was an
enterprise which ought to be carried out end that
to do it." This was plodge of 60 900 pounds ster
ling Encouraged by this noble offer, looked
about to find another suoh man, though it was
almost like trying to find two Wellingtonl But
he was found in Mr.. John Ponder, of Manchester.
I went to his Office one day in London, and we
walked together to the House of Commons, and
share with Mr.. Brassey.
The action Of these two, gentlemen was turn
3 in ssr s Se PGf
of Glass, Elliott & Co. with the Gutta Perchn Com
pany, making OF the two ono grand concern known
as the Telegraph Construction and Maintenance
Company" which included not only Mr.. Brassey
and Mr.. Ponder, but other men of great wealth,
such as MIR; George Elliott and Mr. Barclay, OF
London, and Mr.. Henry Bewley, of Dublin; and
which thus reinforced with immense capital took
up the whole enterprise in its strong arms We
needed, have said fG00, 900, and with oil our ef-
forts in England and America, we had raised only
f2s5,O This new company now came forward
and offered to tako the whole remaining f315, 600
besides e1O0O 900 of the bonds, and to make its own
profits contingent on successl Fir. Richard A.
Glass was made Managing Director, and gave en-
ergy and vigor to all its departments, boing ad-
m ss Soa Ssan By h H ar
vices III carrying out tho Atlantic Telegraph-an
honor which he most justly deserves.
MIR. FIELD thus referred to tho departure of the
Great Eastern, July 18th, 1866, on her M emorable
voyage:
For week all went well; We had paid out 1900
go, when hauling in tho cablo to remedy fault it
parted and went to the bottom. That day can
never forget-how mon paced the deck in despair,
looking out on the broad sea that had swallowed
up thor hopes; aud then how the brave Canning
for nine days and nights dragged tho bottom Of
grappled era it Il three @ tines failed to bring It 70 the
surface. The story Of that expedition, as written
by DR.. Russell, who was on board the Great East
ern is ono Of the most marvellous chapters in tho
whole history OF modern enterprise. We returned
to England defeated, yet full Of resolution to beg
tho battle anew. Measures were ut once taken to
make second cable, and fit out a now expediti on,
and with that assurance came home last autumn.
In December I went back again, when, 10! al
our hopes had sunk to nothing: Tho Attorney
General of England had given his written opinion
that we had no legal right without special act OF
year), to issue tho new IL per cent. shares, on
which we relied TO raise our capital This was q
terrible blow. Tho works were at once stopped,
and the money which had been paid in returned to
tho subscribers. Such was the state OF things
only ten months ago. reached London on the
oath of December, and the next day was not
smerry Christmas" to mo-: But it was an mex
pressible comfort to have the counsel OF such men
as Sir Daniel Gooch and Sir Richard A. Glass, and
to hear stouthearted MIR. Brassey tell us to go
more. It was finally concluded that the best
course to organize new company which should
assume the work. and 80 originated the Anglo
American Telegraph Company. It WAS formed
by ten gentlomen who mot around table in
London, and put down 1000 apiece. 7 hope tho
who came with us ncross the ocean, will write it's
history and tell tho world what life and vgor were
comprised in its Board Of Directors. The great
Telegraph Construction and Maintenance Company,
undapted by the failure Of last year, answered us
books were opened to the public, through the emf
nent banking house Of ]. 8. Morgan & Co.. and in
fourteen days we had raised tho whole 5000 900.
Then the work began again, and went on with
speed Never was greater energy infused into any
enterprise TWAS only the first day Of March that
the new company was formed, and was registered
a M ma vi nd W.