But could he find anybody to join him in his bold undertaking? Starving adventurers there always are, ready to embark in any Quixotic attempt, since they have nothing to lose. But would men of sense and of character; men who had fortunes to keep, and the habit which business gives of looking calmly and suspiciously at probabilities; be found to put capital in an enterprise where, if it failed, they would find their money literally at the bottom of the sea? It seemed doubtful, but he would try. His plan was, if possible, to enlist ten capitalists, all gentlemen of wealth, who together could lift a pretty heavy load; who, if need were, could easily raise a million of dollars, to carry out any undertaking.
The first man whom he addressed was his next-door neighbor, Mr. Peter Cooper, in whom he found the indisposition which a man of large fortune – now well advanced in life – would naturally feel to embark in new enterprises. The reluctance in this case was not so much to the risking of capital, as to having his mind occupied with the care which it would impose. These objections slowly yielded to other considerations. As they talked it over, the large heart of Mr. Cooper began to see that, if it were possible to accomplish such a work, it would be a great public benefit. This consideration prevailed, and what would not have been undertaken as a private speculation, was yielded to public interest. The conference ended by a conditional agreement to engage in it, if several others did, and, as we shall see, when the Company was organized, he became its President.
The early accession of this gentleman gave strength to the new enterprise. In all the million inhabitants of the city of New York there was not a name which was better known, or more justly held in honor, than that of Peter Cooper. A native of the city, where he had passed his whole life, he had seen its growth, from the small town it was after the War of the Revolution, and had himself grown with it. Beginning with very small means and limited opportunities, he had become one of its great capitalists. Many who thus rise to wealth, in the process of accumulation, form penurious habits which cling to them, and to the end of their days it is the chief object of life to hoard and to keep. But Mr. Cooper, while acquiring the fortune, had also the heart of a prince; and used his wealth with a noble generosity. In the centre of New York stands to-day a massive building, erected at a cost of nearly a million of dollars, and consecrated "To Science and Art." This was Mr. Cooper's gift to his native city. Remembering his own limited advantages of education, he desired that the young men of New York, the apprentices and mechanics, should have better opportunities than he had enjoyed. For this he endowed courses of lectures on the natural sciences; he opened the largest reading-room in America, which furnishes a pleasant resort to thousands of readers daily; while to help the other sex, he added a School of Design for Women, which trains hundreds to be teachers, and some of them artists; who go forth into the world to earn an honest living, and to bless the memory of their generous benefactor. This noble institution, standing in the heart of the city, is his enduring monument.
Yet while doing so much for the public, those who saw Peter Cooper in his family knew how he retained the simple habits of early life – how, while giving hundreds of thousands to others, he cared to spend little on himself; how he remained the same modest, kindly old man; the pure, the generous, and the good. His was and that was sadly missed when, nearly thirty years after, in 1883, at the age of ninety-two, he was borne to his grave. It is a pleasant remembrance that the beginning of this enterprise was connected with that honored name.
"The good gray head that all men knew,"
Mr. Field next addressed himself to Mr. Moses Taylor, a well-known capitalist of New York, engaged in extensive business reaching to different parts of the world, and whose daily observation of all sorts of enterprises, both sound and visionary, made him perhaps a severer judge of any new scheme. With this gentleman he had then no personal acquaintance, but sent a note of introduction from his brother, David Dudley Field, with a line requesting an interview, to which Mr. Taylor replied by an invitation to his house on an evening when he should be disengaged. As these two gentlemen afterwards became very intimately associated, they often recurred to their first interview. Said Mr. Field: "I shall never forget how Mr. Taylor received me. He fixed on me his keen eye, as if he would look through me: and then, sitting down, he listened to me for nearly an hour without saying a word." This was rather an ominous beginning. However, his quick mind soon saw the possibilities of the enterprise, and the evening ended by an agreement – conditional, like Mr. Cooper's – to enter into it.
Mr. Taylor, being thus enlisted, brought in his friend, Mr. Marshall O. Roberts – a man whose career has been too remarkable to be passed without notice. A native of the City of New York, (though his father was a physician from Wales, who came to this country early in this century,) he found himself, when a boy of eight years, an orphan, without a friend in the world. From that time he made his way purely by his own industry and indomitable will. At the age of twenty he was embarked in business for himself, and his history soon became a succession of great enterprises. If we were to relate some of the incidents connected with his rise of fortune, they would sound more like romance than reality. He was the first to project those floating palaces which now ply the waters of the Hudson and the great lakes. He was one of the early promoters of the Erie Railroad. When the discovery of gold in California turned the tide of emigration to that coast, he started the line of steamers to the Isthmus of Panama, and controlled largely the commerce with the Pacific. Thus his hand was felt, giving impulse to many different enterprises on land and sea. His whole course was marked by a spirit of commercial daring, which men called rashness, until they saw its success, and then applauded as marvellous sagacity.
Mr. Field next wrote to Mr. Chandler White, a personal friend of many years' standing, who had retired from business, and was living a few miles below the city, near Fort Hamilton, at one of those beautiful points of view which command the whole harbor of New York. He too was very slow to yield to argument or persuasion. Why should he – when he had cast anchor in this peaceful spot – again embark in the cares of business, and, worst of all, in an enterprise the scene of which was far distant, and the results very uncertain? But enthusiasm is always magnetic, and the glowing descriptions of his persuader at length prevailed.5
There were now five gentlemen enlisted; and Mr. Field was about to apply to others, to make up his proposed number, when Mr. Cooper came to ask why five would not do as well as ten? The question was no sooner asked than answered. To this all agreed, and at once fixed an evening when they should meet at Mr. Field's house to hear his statements and to examine the charter of the old company, find out what it had done, and what it proposed to do, what property it had and what debts it owed; and decide whether the enterprise offered sufficient inducements to embark in it. Accordingly they met, and for four nights in succession discussed the subject. It was in the dining-room of Mr. Field's house, and the large table was spread with maps of the route to be traversed by the line of telegraph, and with plans and estimates of the work to be done, the cost of doing it, and the return which they might hope in the end to realize for their labor and their capital. The result was an agreement on the part of all to enter on the undertaking, if the Government of Newfoundland would grant a new charter conceding more favorable terms. To secure this it was important to send at once a commission to Newfoundland. Neither Mr. Cooper, Mr. Taylor, nor Mr. Roberts could go; and it devolved on Mr. Field to make the first voyage on this business, as it did to make many voyages afterwards to Newfoundland, and still more across the Atlantic. But not wishing