Chapter Erght 
WAR AND DISCOURAGEMENT 
DESPITE THE APATHY of governments and capitalists, Field 
had now become a sort of crusader; the indomitable spirit of 
his father seemed to animate him. Upon his return to the 
United States early in 1863, he set himself more seriously than 
ever to the uphill task of raising additional funds for a new 
cable. ‘There had been financial stringency due to the war, 
and the rate of exchange of American currency as compared 
with the British, was unfavorable; the dollar sank to sixty-two 
cents in gold value in 1863, and below forty cents in 1864. 
His own firm was having its troubles in common with others. 
It was necessary, for example, for the firm to sell paper sup- 
plies only for cash; even a few days’ credit could not be al- 
lowed, because of the confused conditions. The general situ- 
ation made it necessary for Field to take a hard-hearted view 
of business. 
Nevertheless, he continued to address chambers of com- 
merce and associations of merchants and brokers on behalf 
of an Atlantic cable. He visited Boston, Providence, Albany, 
and Buffalo and talked so eloquently that small subscriptions 
for the stock were made. At that time he wrote in a letter: “I 
never worked so hard in my life.’’ In localities where there 
were men with capital, he literally canvassed from door to 
door. 
At the end of May, when he sailed for England again, he 
was able to say: “The total subscriptions in America to the 
Atlantic telegraph stock to date are £66,615 sterling. Every 
single person in the United States and British North Ameri- 
can provinces that owns any of the old stock of the Atlantic 
telegraph has shown his confidence in the enterprise by sub- 
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