Huntington as vice-])resident, and Mark Ho{)kins as treasurer ; and the latter once said, years afterwards, that about this time he often thought they " had more railroad in 54 K Street than would be good for the hardware business." They were determined not to be swamped, and agreed to pay cash for all that was done ; to keep no more men at work than they could pay every month, and to make every contract terminable at the option of the company. The time came when this policy saved them.

Mr. Huntington went to Washington when the company was formed, to see to the conditions of the government charter then before Congress; and before he departed for the East, the five middle-aged business men, who had undertaken this huge enterprise, gave him a power of attorney to do for them and in their name anything whatsoever -- to buy, sell, bargain, convey, borrow or lend, without any condition excejit that he should fare alike with them in all that concerned their project. From this time forward Mr. Huntington's labors were mostly in the East. He remained in Washington, looking after the Pacific Railroad Bill, until it was at last passed and signed, and his opinion of the adventure on which this launched him and his associates was not different from that of the general public; this opinion, as well as a singular courage and determination on iiis part, were well expressed in the telegram in which he announced to his partners his success : '* We have drawn the elephant ; now let us harness him." Having telegraphed this message, he instantly went to New York to begin arrangements with hesitating and doubting capitalists for feeding the ravenous beast. It was now that all his (|iuilities of persistence, courage, financial ability and knowledge of men were brought to the test.