Fulton's proposal concerned a floating battery propelled by steam power. He believed that steam propulsion not only would give it effective maneuverability with no loss of gunpower, but also would allow a successful attack upon the Royal Navy blockading ships during periods of protracted calm, when sailing men-of-war were nearly helpless. The blockaders then could be attacked and picked off, one by one, by the heavily armed steamboat.
Among those present at the meeting was Major General Henry Dearborn, a leading citizen and soldier who was later to become noted in American political history. The first step taken during this meeting was the founding of the Coast and Harbor Defense Company with Dearborn as president, Fulton as engineer, and Thomas Morris as secretary. Next, a committee was established to raise funds from Federal, State, and New York City governments as well as from individual contributors to build the battery. The members of this committee consisted of General Dearborn, Commodore Stephen Decatur, U.S.N.; General Morgan Lewis; Commodore Jacob Jones; U.S.N.; Noah Brown, shipbuilder; Samuel L. Mitchill; Henry Rutgers; and Thomas Morris.
The committee proved cumbersome and was reduced to General Lewis, Issac Bronson, Henry Rutgers, Nathan Sanford, Thomas Morris, Oliver Wolcott, and John Jacob Astor. Known as the Coast Defense Society and with the name of _Pyremon_ given the ship in prospectus, they attempted, unsuccessfully, to raise funds privately.
The estimated sums to build a battery 130 feet long, with a 50-foot beam, capable of a speed of 5 mph, and carrying 24 long guns (18-pdr.), was $110,000. Fulton, still the chief engineer, in an effort to interest the Federal Government, built a model of the proposed vessel and submitted it to some prominent naval officers--Commodore Stephen Decatur, Jacob Jones, James Biddle, Samuel Evans, Oliver Perry, Samuel Warrington, and Jacob Lewis. All gave their support to the Society in a written statement and this recommendation proved helpful to the project in Congress and in the Navy Department. In the process of passing a bill which went to the Senate Naval Affairs Committee calling for $250,000 for the construction of the floating battery, the sum was raised to $1,500,000 for the construction of "one or more" floating batteries and passed on March 9, 1814.