Great Fortunes, and How They Were Made Part 13

At first, and before the nature of the work was fully understood, the whole was placed under the direction of the War Department, as it was thought the few armed transports which would be needed would be a mere appendage of the army. The idea of a formidable river navy of a hundred powerful steamers did not in the beginning enter into the minds of any.

It was soon seen, however, that an entirely new description of craft was needed for this work. It was clear that the river boats, which had been built for the common purposes of freight and pa.s.sage, were not capable of resisting the fire of heavy artillery, and that the batteries of the rebels could not be captured nor even pa.s.sed by them. They could not even be safely employed alone in the transportation of troops, for they could be sunk or crippled by the field batteries that could be moved from point to point. The question of iron-clads was proposed, but with only the ocean iron-clads as a guide, who should conceive the proper form of an armored boat which could navigate our rivers and compete successfully with the heavy guns, rifled as well as smooth-bore, of the fortifications. It was by no means easy to solve this problem, but it was absolutely necessary that the attempt should be made....

These forts could only be reduced by the aid of gunboats, and these were almost literally to be created.

There was in the Cabinet of President Lincoln at this time a western man, intimately acquainted with the steamboat interest of the Mississippi. This was Edward Bates, the Attorney-General of the United States. He was an old friend of Mr. Eads, and felt a.s.sured that in case of war the services of that gentleman would be of the greatest value to the country. When it was found that hostilities could not be avoided, he mentioned the name of Mr. Eads to the Cabinet, and strongly urged that his services should be secured at the earliest possible moment. On the 17th of April, 1861, three days after Fort Sumter had fallen, he wrote to Mr. Eads, who was living in comfortable retirement, at St. Louis: "Be not surprised if you are called here suddenly by telegram. If called, come instantly. In a certain contingency it will be necessary to have the aid of the most thorough knowledge of our western rivers, and the use of steam on them, and in that event I have advised that you should be consulted."

A few days later Mr. Eads was summoned to Was.h.i.+ngton. Mr. Bates there explained to him in full a plan he had conceived for occupying Cairo, and endeavoring to hold the Mississippi by means of gunboats. Mr. Eads warmly indorsed the plan, and was introduced by Mr. Bates to the President and members of the Cabinet. When the plan was proposed to the Cabinet, the Secretary of War p.r.o.nounced it unnecessary and impracticable, but the Secretary of the Navy was much impressed with it, and requested Mr. Eads to submit his views in writing, which was done. The paper embodied Judge Bates's general plan in addition to Mr.

Eads's own views, and contained suggestions as to the kind of boats best fitted for service on the western rivers, and also in regard to the best points on those streams for the erection of land batteries. This paper was submitted to the Navy Department on the 29th of April, 1861, and was referred by the Secretary to Commodore Paulding, who reported in favor of its adoption.

The Secretary of the Navy now detailed Captain John Rodgers to accompany Mr. Eads to the West, and purchase and fit out such steamers as should be found necessary for the service. Up to this time the Secretary of War had manifested the most supreme indifference in regard to the whole subject, but he now claimed entire jurisdiction in the matter, and this interference caused considerable vexation and delay. At length he issued an order to Mr. Eads and Captain Rodgers to proceed with their purchases. These gentlemen obtained the approval of General McClellan, in whose department the purchases were to be made, and began their operations.

Upon arriving at Cairo, they found one of the old snag-boat fleet, called the "Benton." Mr. Eads knew the boat well, as he had formerly owned her, and proposed to purchase and arm her, but Captain Rodgers did not approve the plan for converting her into a gunboat. Mr. Eads then proposed to purchase and arm several of the strong, swift boats used for the navigation of the Missouri River, and equip them at St. Louis, from which point there would always be water enough to get them below Cairo.

Captain Rodgers disapproved this plan also, and went to Cincinnati, where he purchased and equipped the "Conestoga," "Tyler," and "Lexington," and started them down the river. They were not iron-clad, but were merely protected around the boilers with coal bunkers, and provided with bullet-proof oaken bulwarks. Mr. Eads had warned Captain Rodgers that he could not depend upon the Ohio to get his boats down to Cairo, and his predictions were realized. The boats were started from Cincinnati some time in July; they were detained on the bars of the Ohio for six or seven weeks, and did not reach Cairo until about the first of September; then the bottom of the "Tyler" was found to be so badly damaged by sand-bars that she had to be put on the marine railway for repairs.

In July, 1861, the War Department advertised for proposals to construct a number of iron-clad gunboats for service on the Mississippi River. On the 5th of August, when the bids were opened, it was found that Mr. Eads proposed to build these boats in a shorter time and upon more favorable terms than any one else. His offer was accepted, and on the 7th of August he signed a contract with Quartermaster-General Meigs to have ready for their crews and armaments, _in sixty-five days_, seven vessels, of about six hundred tons each, each to draw six feet of water, to carry thirteen heavy guns, to be plated with iron two and a half inches thick, and to steam nine miles per hour. "They were one hundred and seventy-five feet long, and fifty-one and a half feet wide; the hulls of wood; their sides placed out from the bottom of the boat to the water line at an angle of about thirty-five degrees, and from the water line the sides fell back at about the same angle, to form a slanting casemate, the gun-deck being but a foot above water. This slanting casemate extended across the hull, near the bow and stern, forming a quadrilateral gun-deck. Three nine or ten-inch guns were placed in the bow, four similar ones on each side, and two smaller ones astern. The casemate inclosed the wheel, which was placed in a recess at the stern of the vessel. The plating was two and a half inches thick, thirteen inches wide, and was rabbeted on the edges to make a more perfect joint."

In undertaking to complete these vessels in sixty-five days, Mr. Eads had a.s.sumed a heavy responsibility. The manufacturing interests of the West were sadly crippled by the sudden commencement of hostilities, and doubt and distrust prevailed every-where. The worst feature of all was, that skilled workmen were either enlisting in the army or seeking employment in States more remote from the scene of war. Every thing needed for the gunboats was to be made. Even the timber for their hulls was still standing in the forest, and the huge machinery which was to roll out and harden their iron plates had yet to be constructed. No single city, no two cities, however great in resources, could possibly supply every thing needed within the stipulated time, and it was necessary to employ help wherever it could be obtained.

The very day the contract was signed, the telegraph was kept busy sending instructions all over the West for the commencement of the various parts of the work. The saw-mills in Kentucky, Tennessee, Illinois, Indiana, Ohio, Minnesota, and Missouri were set to getting out the timber, which was hurried to St. Louis by railroad and steamboat as fast as it was ready. There were twenty-one steam engines and thirty-five boilers to be made, and the machine-shops in St. Louis, Cincinnati, and Pittsburgh were put to work upon them. The huge rolling-mills of Cincinnati and Portsmouth, Ohio, Newport, Kentucky, and St. Louis were engaged in making the iron plates, and employed for this purpose no less than four thousand men. Night and day, Sundays included, the work went on with an almost superhuman swiftness. Mr. Eads paid the workmen on the hulls large sums from his own pocket, in addition to their wages, to induce them to continue steadily at their work.

On the 12th of October, 1861, just forty-five days from the time of laying her keel, the first iron-clad, belonging to the United States, was launched, with her engines and boilers on board. Rear Admiral Foote (then a flag officer), appointed to command the Mississippi squadron, named her the "St. Louis," but upon being transferred to the Navy Department her name was changed to the "Baron de Kalb." She was followed by the other vessels in rapid succession, all being completed within the stipulated time.

In September, 1861, General Fremont ordered the purchase of the snag boat "Benton," which had been proposed by Mr. Eads and rejected by Captain Rodgers, and sent her to Mr. Eads to be armored and equipped as a gunboat. Work was at once begun on her, and pushed forward with the same energy that had been displayed in the construction of the other iron-clads. Her performances during the war fully sustained the high esteem in which she was held by the officers of the navy. Admirals Foote and Davis p.r.o.nounced her the "best iron-clad in the world."

By dint of such skill and energy as we have described, Mr. Eads, in the brief period of one hundred days, built and had ready for service a powerful iron-clad fleet of eight steamers, carrying one hundred and seven heavy guns, and having an aggregate capacity of five thousand tons. Such a work was one of the greatest in magnitude ever performed, and, as may be supposed, required a heavy capital to carry it to perfection. Mr. Eads soon exhausted his own means, and but for the a.s.sistance of friends, whose confidence in his integrity and capacity induced them to advance him large sums, would have been compelled to abandon the undertaking; for the Government, upon various pretexts, delayed for months the stipulated payments, and by its criminal negligence came near bringing the iron-clad fleet, so necessary to its success, to an untimely end. It was prompt enough, however, to commission the vessels as soon as they were ready. At the time they rendered such good service in the conquest of Forts Henry and Donelson, and compelled the fall of Island No. 10, they were still unpaid for, and the private property of Mr. Eads.

In the spring of 1862, Mr. Eads, in accordance with the desire of the Navy Department, submitted plans for light-draught armored vessels for service on the western rivers. He proposed an ingenious revolving turret to be used on these vessels, the performance of which he agreed to guarantee to the satisfaction of the Department; but the Government decided to use the Ericsson turret, which the recent encounter between the Monitor and Merrimac had proved to be a success. Mr. Eads was allowed, however, to modify the Ericsson turret considerably, in order to avoid making the draft of his steamers greater than was desired. He built the "Osage" and "Neosho," and when these vessels were launched, with all their weight on board, it was found that they were really lighter than the contract called for, a circ.u.mstance which permitted the thickness of their armor to be afterward increased half an inch without injuring their draught or speed.

In May, 1862, at the request of the Navy Department, Mr. Eads submitted plans for four iron-clads, iron hull propellers, to carry two turrets each of eight inches thickness, four eleven inch guns, and three-quarters inch deck armor, to steam nine nautical miles per hour, to carry three days' coal, and not to exceed a draught of six feet of water. His plans were accepted, and he constructed the "Winnebago,"

"Kickapoo," "Milwaukee," and "Chickasaw." Like the "Osage" and "Neosho,"

these vessels were found to be of lighter draught than had been agreed upon, and the Department ordered all four to have an extra plating of three-quarters inch armor, which was done. Three of the vessels were also reported, by the officers of the navy sent to examine them, to exceed the speed required by the contract, while the fourth was fully up to the standard.

Of how many "Government Contractors" during the war can it be said that their work was much better than they had agreed to furnish? Verily, we think Mr. Eads stands almost alone in this respect, his proud position made still more honorable by its comparative isolation.

Mr. Eads built, during the war, fourteen heavily armored gunboats, four heavy mortar boats, and converted seven transports into musket-proof gunboats, or "tin-clads," as they were called on the river. He had a share in other enterprises of a similar nature during the war, and besides rendering good service to the Union, was enabled to retire at the close of the struggle with a handsome fortune, won by his own patriotic skill and energy.

Whatever may be the distinction awarded to others, to him belongs the credit of having been the first to provide the Government with the means of securing that firm hold upon the great river of the West which, once gained, was never relaxed.

Mr. Eads resides in St. Louis. He is still in the prime of life, is admired and honored by his fellow-citizens, and affords a splendid example of what genius and industry can do for a poor, friendless boy in that glorious western country which is one day to be the seat of empire in the New World.

CHAPTER XII.

CYRUS W. FIELD.

Cyrus far we have been considering the struggles of men who have risen from obscure positions in life, by the aid of their own genius, industry, and courage, to the front rank of their respective callings.

We shall now relate the story of one who having already won fortune, periled it all upon an enterprise in which his own genius had recognized the path to fame and to still greater success, but which the almost united voice of the people of his country condemned as visionary, and from which they coldly held aloof until its brilliant success compelled them to acknowledge the wisdom and foresight of its projector.

Fifteen years ago very few persons had heard of Cyrus W. Field. Ten years ago he had achieved considerable notoriety as a visionary who was bent on sinking his handsome fortune in the sea. To-day, the world is full of his fame, as the man to whom, above all others, it is indebted for the successful completion of the Atlantic Telegraph; and those who were formerly loudest in ridiculing him are now foremost in his praise.

"Nothing succeeds like success," and what was once in their eyes mere folly, and worthy only of ridicule, they now hail as the evidences of his courage, foresight, and profound wisdom, and wonder that they never could see them in their true light before.

Cyrus West Field was born at Stockbridge, Ma.s.sachusetts, on the 30th day of November, 1819, and is the son of the Rev. David Dudley Field, a distinguished clergyman of that State. He was carefully educated in the primary and grammar schools of his native county, and at the age of fifteen went to New York to seek his fortune. He had no difficulty in obtaining a clerks.h.i.+p in an enterprising mercantile house in that city, and, from the first, gave evidence of unusual business capacity. His employers, pleased with his promise, advanced him rapidly, and in a few years he became a partner in the house. His success as a merchant was uniform and marked--so marked, indeed, that in 1853, when only thirty-four years old, he was able to partially retire from business with a large fortune as the substantial reward of his mercantile career.

Mr. Field had devoted himself so closely to his business that, at his retirement, he resolved to seek recreation and change of scene in foreign travel, and accordingly he left New York, and pa.s.sed the next six months in journeying through the mountains of South America. Upon his return home, at the close of the year 1853, he declared his intention to withdraw entirely from active partic.i.p.ation in business, and to engage in no new schemes.

He had scarcely returned home, however, when his brother, Mr. Matthew D.

Field, a successful and well-known civil engineer, informed him that he had just become acquainted with a Mr. Frederick N. Gisborne, of Newfoundland, who had come to New York for the purpose of interesting some American capitalists in a company which had been organized in Newfoundland for the purpose of procuring news in America and Europe, and transmitting it between the two continents with greater dispatch than was possible in the then existing mode of communication between the two countries. The scheme of Mr. Gisborne had commended itself to Mr.

Matthew Field, and he urged his brother to meet that gentleman and hear his statements. Mr. Cyrus Field at once declined to undertake any share in the enterprise, and said that it would be useless for him to meet Mr.

Gisborne; but his brother was so urgent that he at last consented to grant Mr. Gisborne an interview, and at least hear what he had to say.

At the appointed time, Mr. Field received Mr. Gisborne at his house, and was there made acquainted with the proposed plan of operations of the "Electric Telegraph Company of Newfoundland." This company had gone into bankruptcy a short time previous, but Mr. Gisborne hoped to be able to revive it by the aid of American capital. The scheme which he laid before Mr. Field, can not be better stated than by quoting the following extract from the charter which the Legislature of Newfoundland had granted the bankruptcy company:

"The telegraph line of this company is designed to be strictly an 'Inter-Continental Telegraph,' Its termini will be New York, in the United States, and London, in the Kingdom of Great Britain; these points are to be connected by a line of electric telegraph from New York to St.

John's, Newfoundland, partly on poles, partly laid in the ground, and partly through the water, and a line of the swiftest steams.h.i.+ps ever built, from that point to Ireland. The trips of these steams.h.i.+ps, it is expected, will not exceed five days, and as very little time will be occupied in transmitting messages between St. John's and New York, the communication between the latter city and London or Liverpool, will be effected in _six days,_ or less. The company will have likewise stationed at St. John's a steam yacht, for the purpose of intercepting the European and American steams.h.i.+ps, so that no opportunity may be lost in forwarding intelligence in advance of the ordinary channels of communication."

Mr. Field listened attentively to his visitor, but declined to commit himself to more than an expression of sympathy with the enterprise.

After the departure of his guest, he took the globe which stood in his library, and turning it over, began to examine the proposed route of the telegraph line and the distance to be traversed by the steamers. While engaged in this examination, the idea flashed across his mind that instead of undertaking such a complicated scheme, it would be better to attempt to stretch a telegraph wire entirely across the ocean, from the sh.o.r.es of Newfoundland to the coast of Ireland. The vastness of this scheme pleased him, and its usefulness to the entire world, if it could be carried out, was clear to his mind from the first.

He at once set to work to ascertain if such an undertaking as an Atlantic telegraph was practicable. He wrote to Lieutenant Maury, then the Chief of the National Observatory at Was.h.i.+ngton, and asked if the laying of such a wire was possible; and to Professor Morse, the inventor of the telegraph, to know if such a wire would be available for sending messages if it could be laid. Lieutenant Maury promptly replied, inclosing a copy of a report he had just made to the Secretary of the Navy on the subject, from which Mr. Field learned that the idea of laying a telegraph across the ocean was not original with himself. In this report Lieutenant Maury demonstrated the entire practicability of such an enterprise, and sustained his conclusions by a statement of the recent discoveries concerning the bed of the ocean, made by Lieutenant Berryman. Professor Morse came in person to visit Mr. Field, and a.s.sured him of his entire faith in the possibility of sending telegraphic messages across the ocean with rapidity and success.

The two highest authorities in the world thus having a.s.sured him of the entire practicability of the undertaking, Mr. Field declared his readiness, if he could procure the a.s.sistance of a sufficient number of capitalists in the United States, to undertake the laying of a telegraph across the Atlantic between Europe and America. Further deliberation only made him better satisfied with the undertaking, and he set to work to find ten capitalists, each of whom he proposed should contribute one hundred thousand dollars, making the capital of the proposed company one million of dollars. Mr. Field was convinced that the undertaking would be expensive, but he had then but a faint conception of its magnitude, and was very far from supposing that "he might yet be drawn on to stake upon its success the whole fortune he had acc.u.mulated; that he was to sacrifice for it all the peace and quiet he had hoped to enjoy, and that for twelve years he was to be almost without a home, crossing and recrossing the sea, urging his enterprise in Europe and America."

The scientific questions involved in the undertaking were so little understood at the time by the public, and the popular judgment regarded the attempt to stretch a cable across the deep, mysterious ocean with so much incredulity, that Mr. Field had considerable trouble in finding gentlemen willing or prepared to share his faith in the enterprise. His first effort was to induce Mr. Peter Cooper, of New York, his next door neighbor, to join him, and he succeeded so well that Mr. Cooper consented to do so if several others would unite with them. Encouraged by his success with Mr. Cooper, whose name was a tower of strength to his cause, Mr. Field renewed his efforts, and succeeded in winning over the following gentlemen, and in the order named: Moses Taylor, Marshall O. Roberts, and Chandler White. These gentlemen were very slow to accept the views of Mr. Field, but, once having done so, they never lost faith in the ultimate success of the undertaking. The more thoroughly they became acquainted with its magnitude and costliness, the stronger grew their confidence in it, for this increase of knowledge not only showed them more plainly its difficulties and dangers, but developed new grounds on which to base their hopes.

Mr. Field was about to continue his efforts to procure additional names, when Mr. Cooper proposed that the five gentlemen already pledged to the scheme should undertake its entire cost without waiting for the other four. The proposition was agreed to, and it was decided to take the necessary steps to procure a charter for their company from the Legislature of Newfoundland. Mr. Field consented to undertake this, and at once set off for St. John's, accompanied by his brother, Mr. David Dudley Field, who was made the legal adviser of the company. At St.

John's they were greatly aided by Mr. Archibald, then the Attorney-General of the Colony, and afterward the British Consul at New York, and by the Governor of Newfoundland. They succeeded in obtaining a charter from the Legislature under the name of the "New York, Newfoundland, and London Telegraph Company," with liberal grants in land and money. This accomplished, they a.s.sumed and paid the liabilities of the old Telegraph Company which had been brought to Mr. Field's notice by Mr. Gisborne, and thus removed the last difficulty in their way. This much accomplished, Mr. Field hastened back to New York, and on the 6th of May, 1854, the Company was formally organized at the residence of Mr.

David Dudley Field. Messrs. Cooper, Taylor, Field, Roberts, and White were the first directors. Mr. Cooper, was made President of the Company, Mr. White, Vice-President, and Mr. Taylor Secretary. A capital of one million and a half of dollars was subscribed on the spot, Mr.

Field contributing about two hundred thousand dollars in cash.

Work was at once begun on the section between New York and St. John's.

There was no road across the island of Newfoundland, and the Company had not only to build their telegraph line, but to construct a road by the side of it through an almost unbroken wilderness. It was a work which required the highest executive ability, and the services of an army of men. The distance across the island was four hundred miles, and there were numerous rocky gorges, mora.s.ses, and rivers in the way. The country was a desolation, and it was found that supplies would have to be transported from St. John's. The execution of the work was committed to Mr. White, the Vice-President, who went to St. John's to act as the general agent of the Company, and to Mr. Matthew D. Field, who was appointed constructing engineer. These gentlemen displayed such skill and energy in their respective positions that in two years the Company had not only built a telegraph line and a road of four hundred miles across the island, but had constructed another line of one hundred and forty miles in the island of Cape Breton, and had stretched a submarine cable across the Gulf of St. Lawrence.[A] The line was now in working order from New York to St. John's, Newfoundland, a distance of one thousand miles, and it had required about a million of dollars for its construction. It now remained to complete the great work by laying the cable between Newfoundland and Ireland.

[Footnote A: The first effort to lay a cable in the Gulf of St. Lawrence was made by this Company, in August, 1855. It was a failure, and the cable was lost. The second attempt was made in the summer of 1856, and was entirely successful.]

It being desirable to examine still further the bed of the ocean over which the cable was to be laid, Mr. Field requested the Government of the United States to send out an expedition over the route for the purpose of taking deep sea soundings. His request was promptly granted, and an expedition under Lieut. Berryman was dispatched, which proceeded to examine the ocean bed, with the most satisfactory results. This was accomplished in the summer of 1856, and the next year the same route was surveyed by Commander Daymon, with the British war steamer Cyclops--this survey being ordered by the Lords of the Admiralty, at Mr. Field's request. These surveys made it plain beyond question that a cable could lie safely on the bed of the sea, at a depth sufficient to protect it from vessels' anchors, from icebergs, and from submarine currents, and that it would receive sufficient support from that bed to free it from all undue tension. There was no doubt of the ultimate success of the enterprise in the minds of the directors, but it was necessary to convince the public in both Europe and America that it was not an impossibility, and also to enlist the sympathies of the Governments of Great Britain and the United States, and secure their a.s.sistance.

Mr. Field, who had made several voyages to England and to Newfoundland in behalf of the company, was elected Vice-President after the death of Mr. White, in 1856, and was charged with the duty of proceeding to England to obtain the a.s.sistance of the British Government, and to organize the company in London. Thus far the directors had borne the entire cost of the undertaking, and it was but fair that they should seek the means for completing their work in the country which was to be so much benefited by it. Mr. Field sailed for England in the summer of 1856, and upon reaching that country proceeded to consult some of its most eminent engineers and electricians. The English people were slow to believe that so long a cable could be successfully worked, even if laid intact, and to remove their doubts, the opinions of Professor Morse and Lieutenant Maury were published in their newspapers; and this publication brought out communications from many scientific men on the subject, a number of them advocating the undertaking. Thus, the attention of the English public was gained. Experiments were made by Professor Morse, Mr. Bright, and Dr. Whitehouse, which proved beyond all doubt the ease with which a continuous line of more than two thousand miles of wire could be worked; and Professor Morse was able, from these experiments, to declare his conviction that an electric current could pa.s.s between London and New York, on such a wire, in the s.p.a.ce of one second.

Science had now done its utmost, and had in every thing sustained the great plan. It was now necessary to ask the aid of Her Majesty's Government. This effort was intrusted to Mr. Field, who carried it through successfully. The English Government agreed to furnish the s.h.i.+ps necessary for making soundings and surveys, and to furnish vessels to a.s.sist in laying the cable. It also agreed to pay to the company an annual subsidy of fourteen thousand pounds for the transmission of the government messages until the net profits of the company were equal to a dividend of six pounds per cent., when the payment was to be reduced to ten thousand pounds per annum, for a period of twenty-five years.

Provision was made for extra payment, in case the government messages exceeded a certain amount; and it was provided that the messages of the Governments of Great Britain and the United States should be placed upon an equal footing, and should have priority in the order in which they arrived at the stations. This last provision exhibited a decided liberality on the part of the English Government, since both ends of the proposed cable would be in British territory. Indeed, throughout the whole negotiation, Great Britain cheerfully accorded to the United States every privilege which she claimed for herself.

Having secured the aid of the Queen's Government on such liberal terms, Mr. Field now undertook the organization of the company, in addition to the task of raising a capital of three hundred and fifty thousand pounds. In both efforts he was effectively a.s.sisted by Mr. John W.

Brett, who had laid the first cable across the English Channel, and by Mr. Charles T. Bright and Dr. Edward O.W. Whitehouse. The efforts of these gentlemen were successful. In a few weeks the whole capital was subscribed. It had been divided into three hundred and fifty shares of a thousand pounds each. One hundred and one of these were taken up in London, eighty-six in Liverpool, thirty-seven in Glasgow, twenty-eight in Manchester, and a few in other parts of England. Mr. Field, at the final division of shares, took eighty-eight. He did not design making this investment on his own account, but thinking it but fair that at least one-fourth of the stock should be held in America, he made this subscription with the intention of disposing of his shares after his return home. Owing to his continued absence from New York, and the straitened condition of the money market, it was nearly a year before he could succeed in selling as much as twenty-seven shares. The company was organized in December, 1856, a Board of Directors elected, and a contract made for the cable, half of which was to be made in London and the other half in Liverpool.