, 1870-06-03
THR PACIFIC EAAIF RuRsIDY

| Mr.. Cyrus W. Field won golden opinions
and other golden results by the sagacity
and energy he displayed in laying the
Atlantic cable. Whether he will add to the
last OF not he is not likely to reap a. large
harvest of the former by the course he Is
now pursuing in REGARD to cable across
the Pacific. In his first enterprise he care
fully calculated the cost and the profit, and,
Satisfied that the one would Justify the
other, he persuaded capitalists that his
opinions we're founded on a sure basis and
never rested ill the: problem was solved,
and electric communication Was established
between the two continents But in his
second enterprise he depends for SUCCESS
not upon the legitimate necessities of COM
-aezce, but upon government subsidies, and
approaches Congress aa3a suppliAnt for the
aid which he cannot kget from practical
merchants who understand the needs of
their own tiiaHic, The practical
merchant of New York, who sends
ships to China and Japan, no doubt
acknowledges that it is desirable thing to
have telegraphic Communication with both
those countries; but when Mr.. Field asks
him to subscribe for stock in acable company
that shall connect Asih with our Western
coast, he declines to risk his money. ST
am now able he Says to Mr.. Field, "to
get a message to Hong Kong, or Shanghai,
by way of Europe and the Red Sea, with
guile is much expedition Rs is needed, and
quite 81 much outlay ls the business
justi6es; and it is not worth while for me
to invest some thousands Of dollars in an
enterprise that will not pay for purpose
which few dollars will accomplish When
ever require it, With the practical
merchant it is simply question Of dollars
and cents, and he sensibly argues
that if English capitalists will Sc
cure for him, as they have, COM
munica..on with Asia, when he needs
it, ut the cost OF hundred dollars, it is
unwise for him to spend thousand for
the same result in another way. ASA COM
mercial enterprise, therefore, the Asiatio
cable is not promising; those Who would
use it do not believe that the commerce
between Asia and America is sufficient, rs
yet to make it pay, and that nothing could
be expected for it from European COM
merce, because Europe has already pro-
vided her own telegraphic communication
with Asia What under such circum-
stances, is the protector of the cable to do?
He asks for subsidy. In other words, he
wants Congress to give him the means to
lay cable; he asks that the taxpayers
may be compelled to pay for the
construction OF work which the
commerce of the world does
not need sufficiently to pay for it, and on
which no ahrewd business man is willing to
risk his money and when the loss of the
amount OF capital required is saddled upon
the people,, he expects that the business
which the line will do, and which will then
be all clear gain, will return them profit.
And no doubt il will He would be q very
POOR business nan who could not make
something out Of clean gift of million
or two Of the public money. But whether
it is worth while to give that amount ct
money to Mr.. Cyrus ". Field, or to any
body else, simply for the personal profit of
himself and his associates, is question on
which, we. think, the people at large will
not waste much reflection.
a telegraph line from the coast to Asia
Is not new project. Mr.. Collins attempted
it, and built the line for part of the way,
overland, and then abandoned it. MIR.
Collins, however, made q good thing out
Of it for himself, the Union Telegraph
Company having baught him out for abouta
million of dollars, and then abandonedi it in