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378
The Story of the Atlantic Telegraph
·
Henry M. Field
274
But
he
was
never
easy
to
be
long
out
of
sight
of
his
beloved
cable,
and
so
three
months
after
he
went
back
to
England,
reaching
London
on
the
twenty-fourth
of
December.
He
came
at
just
the
right
moment,
for
the
Atlantic
Telegraph
was
once
more
in
extremity.
Only
two
days
before
the
Attorney-General
of
England
had
given
a
written
opinion
that
the
Company
had
no
legal
right
to
issue
new
twelve
per
cent.
preference
shares,
and
that
such
issue
could
only
be
authorized
by
an
express
act
of
Parliament.
This
was
a
fatal
decree
to
the
Company.
It
was
the
more
unexpected,
as,
before
offering
the
twelve
per
cent.
capital,
they
had
been
fortified
by
the
opinions
of
several
eminent
lawyers
and
solicitors
in
favor
of
the
legality
of
their
proceedings.
It
invalidated
not
only
what
they
were
going
to
do,
but
what
they
had
done
already.
Hence,
as
the
effect
of
this
decision,
all
the
works
were
stopped,
and
the
money
which
had
been
paid
in
was
returned
to
the
subscribers.
This
was
a
new
dilemma,
out
of
which
it
was
not
easy
to
find
a
way
of
relief.
Parliament
was
not
in
session,
Lords
and
Commons
being
away
in
the
country
keeping
the
Christmas
holidays.
Even
if
it
had
been,
the
time
for
applying
to
it
had
passed,
as
a
notice
of
any
private
bill
to
be
introduced
must
be
given
before
the
thirtieth
of
November,
which
was
gone
a
month
ago.
To
wait
for
an
act
of
Parliament,
therefore,
would
inevitably
postpone
the
laying
of
the
cable
for
another
year.
So
disheartening
was
the
prospect
at
the
close
of
1865.
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