The Story of the Atlantic Telegraph

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.