The Story of the Atlantic Telegraph

Such was the cable which this eminent firm offered to manufacture, and to lay across the Atlantic, and that on terms so favorable, that it seemed as if it could not be difficult to raise the capital and proceed with the work. Indeed, a contract was partially made to that effect. So confident was Mr. Field, who was then in London, that an expedition would sail the following summer, that he insured his stock, part of it only against ordinary sea-risks, but part also to be laid and to work! But hardly had he left England before there was some unforeseen hitch in the arrangements, the money was not forthcoming, or some of the conditions were not complied with, and he had the mortification to receive letters, saying that the whole enterprise was postponed for another year! This was indeed discouraging. Yet this sudden dropping of the scheme did not imply a loss of interest or of faith on the part of those embarked in it. They believed in it as much as ever. But the general public did not respond to the call for more capital. Alas that the noblest enterprises should so often be delayed or defeated by the want of money! Capital is always cautious and timid, and follows slowly in the path of great discoveries. If Columbus, instead of the patronage of a Queen full of womanly enthusiasm, had depended on a stock company for the means for his expedition, he might never have sailed from the shores of Spain. Happy was it for mankind that his faith and patience did not wear out, while going from court to court, and kingdom to kingdom, and almost begging his way from door to door!