The cost of correspondence by this agency was great,
possibly not too large at the time for a proper remuneration for so
hazardous and so costly an enterprise. It was, however, a heavy charge
upon a means of communication which the progress in the social and
commercial intercourse of the world found to be a necessity, and the
obtaining of this French concession showed that other capital than that
already invested was ready to enter into competition, with assurance of
adequate return for their outlay. Impressed with the conviction that the
interests, not only of the people of the United States, but of the world
at large, demanded, or would demand, the multiplication of such means
of communication between separated continents, I was desirous that the
proposed connection should be made; but certain provisions of this
concession were deemed by me to be objectionable, particularly one
which gave for a long term of years the exclusive right of telegraphic
communication by submarine cable between the shores of France and the
United States. I could not concede that any power should claim the right
to land a cable on the shores of the United States and at the same time
deny to the United States, or to its citizens or grantees, an equal
right to land a cable on its shores.
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