 Complete the following phrase:  By about 1864, both sides regarded the ship as a white elephant; Welles wrote in his diary that he would rather have the money than the ship and Webb was spending more money than he could anticipate from the contract. Nonetheless, he continued work on the Dunderberg as he had very little other work for his shipyard and, most importantly, in the hope of getting his contract amended to allow him to make a profit. On 22 July 1865, he launched the ship, now with her hull complete and about half of her armor installed, with much fanfare. The New York Times estimated a crowd of 20,000 watched the launching. The following year, the government rejected offers by Peru and Chile to purchase the ship, both then at 