I made a report in London of the work accomplished in America, and at once began to purchase material for the road. I sought out Mr. Crawshay Bailey, then a member of Parliament, and a great Welsh iron-master, and he invited me to dine with him and his wife. He had just married a charming young lady. At dinner, I found that Mrs. Bailey spoke French very fluently and that Mr. Bailey did not understand a word of it. So I asked permission of the iron-worker to carry on a conversation in French with Mrs. Bailey. This delighted him very much, for he liked to see that his wife was mistress of a language of which he did not know a single word. This subtle flattery of his judgment and taste so pleased him that I was able to close a bargain with him for 25,000 tons of iron at $40 the ton--$1,000,000--pledging for the debt bonds of the Atlantic and Great Western Railway, at two to one. This was the first great purchase made after the panic of '57.
My second purchase was made from the Ebwvale Company, of Wales. Through Manager Robinson I negotiated for 30,000 tons of iron at $40 the ton--$1,200,000--pledging bonds of the road at two to one, as with Bailey.
I have already spoken of Salamanca, the Spanish Rothschild, and how I had tried to obtain his notes for $1,000,000. I finally succeeded in getting this loan, pledging $2,000,000 bonds of the road as security. At this time, no Spanish securities had been negotiated in Lombard Street for years. It was highly necessary for me that these notes of Salamanca should be negotiated. I went to Mathew Marshall, Jr., of the Bank of London. He was the son of the old Mathew Marshall who had signed the notes of the Bank of England for fifty years. I asked him what $50,000 of the notes of Salamanca would be accepted at by the bank. He replied that they would not be accepted at all. "No Spanish paper can be used in London," he said.
I then had recourse to a scheme that I had previously worked out with some degree of elaboration. I asked Marshall if he would not oblige me by telling me, as a friend, what sixty-day bills of the kind I held would be worth if they could be used. He said they should be handled at six per centum. I telegraphed immediately to McHenry, in Liverpool, as follows: "Marshall will not touch this paper under six per cent. Will Moseley" (the big financier there) "do it for five?" McHenry answered that Moseley would not handle it for less than Marshall's rate, but would take $50,000 at six per centum.