When the scientific and engineering problems were solved, we took heart again and began to prepare for a fresh attempt. This was in 1863. In the United States - though the war was still raging - I went from city to city, holding meetings and trying to raise capital, but with poor success. Men came and listened and said it was all very fine and hoped I would succeed, but did nothing. In one of the cities they gave me a large meeting and passed some beautiful resolutions and appointed a committee of "solid men" to canvass the city, but I did not get a solitary subscriber! In New York city I did better, though money came by the hardest effort. By personal solicitations, encouraged by good friends, I succeeded in raising three hundred fifty thousand dollars. Since not many had faith, I must present one example to the contrary, though it was not till a year later. When almost all deemed it a hopeless scheme, one gentleman came to me and purchased stock of the Atlantic Telegraph Company to the amount of one hundred thousand dollars. That was Mr. Loring Andrews. But at the time I speak of, it was plain that our main hope must be in England, and I went to London. There, too, it dragged heavily. There was a profound discouragement. Many had lost before, and were not willing to throw more money into the sea. We needed six hundred thousand pounds, and with our utmost efforts we had raised less than half, and there the enterprise stood in a deadlock. It was plain that we must have help from some new quarter. I looked around to find a man who had broad shoulders and could carry a heavy load and who would be a giant in the cause.
At this time I was introduced to a gentleman, whom I would hold up to the American public as a specimen of a greathearted Englishman, Mr. Thomas Brassey. In London he is known as one of the men who have made British enterprise and British capital felt in all parts of the earth. I went to see him, though with fear and trembling. He received me kindly, but put me through such an examination as I never had before. I thought I was in the witness-box. He asked me every possible question, but my answers satisfied him, and he ended by saying it was an enterprise that should be carried out, and that he would be one of ten men to furnish the money to do it. This was a pledge of sixty thousand pounds sterling! Encouraged by this noble offer, I looked around to find another such man, though it was almost like trying to find two Wellingtons. But he was found in Mr. John Pender, of Manchester. I went to his office in London one day, and we walked together to the House of Commons, and before we got there he said he would take an equal share with Mr. Brassey.
The action of these two gentlemen was a turning-point in the history of our enterprise; for it led shortly after to a union of the well-known firm of Glass, Elliot and Company with the Guttapercha Company, making of the two one concern known as The Telegraph Construction and Maintenance Company, which included not only Mr. Brassey and Mr. Pender, but other men of great wealth, such as Mr. George Elliot and Mr. Barclay of London, and Mr. Henry Bewley of Dublin, and which, thus reinforced with immense capital, took up the whole enterprise in its strong arms. We needed, I have said, six hundred thousand pounds, and with all our efforts in England and America we raised only two hundred eighty-five thousand pounds. This new company now came forward, and offered to take the whole remaining three hundred fifteen thousand pounds, besides one hundred thousand pounds of the bonds, and to make its own profits contingent on success. Mr. Richard A. Glass was made managing director and gave energy and vigor to all its departments, being admirably seconded by the secretary, Mr. Shuter.
A few days after, half a dozen gentlemen joined together and bought the Great Eastern to lay the cable; and at the head of this company was placed Mr. Daniel Gooch, a member of Parliament, and chairman of the Great Western Railway, who was with us in both the expeditions which followed. His son, Mr. Charles Gooch, a volunteer in the service, worked faithfully on board the Great Eastern.
“We must not be proud of our bodies, because the matter is from the earth, yet not dishonour our bodies, because the mould and shape are from the divine wisdom.”
–Matthew Henry, Commentary, Job 10