EYES ON THE PACIFIC 219 
it is and will be impossible to raise the capital required for estab- 
lishing the line without material aid from the governments direct- 
ly interested. 
Memorialist is therefore led to look to your Majesty and the 
United States government for assistance in carrying out this great 
undertaking, and, having taken counsel of his associates in former 
telegraphic enterprises as to the best means of effecting the desired 
object in the shortest time, he respectfully submits to your Majesty 
the following project: 
1. That the proposed Pacific telegraph line should be estab- 
lished by a company formed by responsible persons experienced 
in telegraphic business, under the sanction and supervision of 
your Majesty’s government and the government of the United 
States of America. 
2. That the respective governments should each appoint a 
permanent director of the company. 
g. That the course of the line, its termini and stations, and 
other needful arrangements be determined under the joint ap- 
proval of the official directors representing the two governments. 
4. That each government should guarantee for twenty-five 
years interest at three per cent. per annum on the cost of the 
line, the net receipts for each year (after providing for mainten- 
ance and repairs) being applied pro rata in relief of the guaran- 
tees. 
5. That one-half net profits above six per cent. per annum be 
set apart as a sinking fund for return of capital, and the balance 
divided equally between the stockholders and the government. 
6. That at the end of twenty-five years of guarantee the com- 
pany shall retain the cable and other property, but without any 
exclusive right. 
Memorialist believes that with such assistance as is indicated 
above the cables could be made and laid within three years. 
The following eminent citizens of the United States have ex- 
pressed their willingness to join memorialist in this important 
enterprise: 
Peter Cooper, Prof. S. F. B. Morse, 
Moses ‘Taylor, Dudley Field, 
Marshall O. Roberts, Wm. H. Webb, 
Wilson G. Hunt, Darius Ogden Mills. 
Memorialist now humbly seeks your Majesty’s approval of the 
