Business earnings permitted Field to partially retire at the age of 34 with a fortune of $250,000 (equal to $ today) and build a home in
Gramercy Park. In 1853, Field financed an expedition to South America with his artist friend
Frederic Edwin Church, during which they explored present-day
Ecuador,
Colombia, and
Panama. They followed the route taken by
Alexander von Humboldt over 50 years earlier. Church's sketches of the landscapes and volcanoes on this trip, and on a subsequent trip in 1857 with artist
Louis Rémy Mignot, inspired some of his most famous paintings upon his return to New York. Field's list of "Places of Interest to Visit" in South America reflected his interests, including business interests: bridges, volcanoes, waterfalls, and cities, as well as gold mines and the emerald mines of
Muzo. American investors took over Gisborne's venture and formed a new company called the
New York, Newfoundland, and London Telegraph Company (N.Y.N.L.T.C.) after Field convinced the Cable Cabinet to extend the line from Newfoundland to Ireland . The next year the same investors formed the
American Telegraph Company and began buying up other companies, rationalizing them into a consolidated system that ran from
Maine to the Gulf Coast; the system was second only to
Western Union's. During the
Panic of 1857, Field's paper business suspended, and
Peter Cooper, his neighbor in
Gramercy Park, was the only one that kept him from going under. On August 26, 1858, Field returned to a triumphant homecoming at
Great Barrington, Massachusetts, saluting this Massachusetts boy made good. "This has been a great day here," trumpeted
The New York Times, "The occasion was the reception of the welcome of Cyrus W. Field, Esq., the world-renowned parent of the Atlantic Telegraph Cable scheme, which has been so successfully completed." Field's activities brought him into contact with a number of prominent persons on both sides of the Atlantic – including
Lord Clarendon and
William Ewart Gladstone, the British
Finance Minister at the time. Field's communications with Gladstone would become important in the middle of the
American Civil War, when three letters he received from Gladstone between November 27, 1862, and December 9, 1862, caused a furor, because Gladstone appeared to express support of the secessionist southern states in forming the
Confederate States of America. In 1866, Field laid a new, more durable trans-Atlantic cable using Brunel's .
Great Eastern was, at the time, the largest ocean-going ship in the world. His new cable provided almost instant communication across the Atlantic. On his return to Newfoundland, he grappled the cable he had attempted to lay the previous year and made it into a backup wire to the main cable. In 1867, Field received a
gold medal from the U.S. Congress and the grand prize at the
International Exposition in Paris for his work on the transatlantic cable. ==Later years==