On 4th January, 1847 the Colt-Walker contract between Samuel Colt and Samuel H. Walker, Captain U.S. Rifles on behalf of Secretary of War was signed. It was for one thousand or more of Colt’s Patent Repeating Pistols with accessories at an agreed price of $25 per revolver. By the 6th January 1847, the Secretary of War had approved the contract and Colt immediately contracted Eli Whitney Jr. and the Whitneyville Armoury, to adapt or manufacture new machinery and tools to produce the revolvers. Sam made it a condition of the contact, that all the tools and left-over pistols, would revert to him at the end of the contract, with promises of follow-up orders, if the contract was completed on time.
Another contract was made with William Ball of Cabotville, Massachusetts, to manufacture percussion nipples with the same proviso, that all the machinery and tools used in the said production, would revert to Colt after the contract was completed. The steel to manufacture the pistols was ordered from Naylor & Co. of Sheffield, England.
Walker was anxious to return to his command and their return to Mexico. He was also anxious for Colt to give him a pair of newly completed revolvers, off the assembly line, so that he could demonstrate their fire-power, to his military superiors and high-ranking Government representatives. In a letter dated the 30th January, 1847, Walker wrote “I want 100 pair at least to supply the wants of my intimate friends in Texas & New Orleans and will undertake to dispose of that number for you and forward you the money as soon as I receive them any place that I may be in Mexico”. He also said in his next letter dated the 6th February: “I have not the least doubt that 5000 Five Thousand of your Pistols could be sold in a very short time”. Samuel Colt was on a roll. On the 1st March, Colt wrote to President Polk with regards to “…..request permission to raise a regiment in this and other places, where my repeating arms are thoroughly understood, and to arm and equip them with rifles and pistols ….” At the same time, Samuel Walker was on his way to Mexico and anxious to get Colt’s revolvers. Colt, was also worried that the Ordnance Department did not want the revolvers to be dispatched until the war was over and suggested that he should return to Whitneyville and get the guns inspected and take them with him to Mexico by the fastest route.
By the 1st April, Walker was on board the steamer Albertros, with his new recruits and on his way to Vera Cruz. He wrote to Colt in desperation, asking him to send the first shipment of revolvers to him without inspection, saying that he would have them inspected at their destination in Mexico.
On the 7th June, 1847 Samuel Colt wrote to Captain William A. Thornton in New York saying: “I have completed & ready, 220 of my new Model Repeating Pistols ordered by the Secretary of War for the first regiment U.S. rifles”. By the 18th June, 1847, one hundred of the guns had been numbered to their respective companies A, B, C, D and E, inspected and ready to be issued to troops at the battle front.
By the 6th July, Colt had completed the one thousand revolver contract, with all the improvements that Captain Walker had suggested. Alongside the military contract, Samuel manufactured another one hundred civilian revolvers to the same specifications, numbered from 1001 to 1100. These, he used for presentation purposes to influential persons in the political and military arena to promote his new product. Colt was never adverse to rewarding, bribing and influencing leading individuals to further his business.
On the 28th July, James B. Colt wrote to Captain Samuel Walker, on behalf of his brother, saying: “My D’ Sir. I send per ship Martha Washington care of the Quarter Master of Vera Cruz, a pair of my repeating pistols which I hope you will receive in due time and that they will prove substantial friends in time of need”. Walker received the guns on about the 5th October, but sadly on the 9th was killed in action at Huamantla, Peubla. Some said he was shot in the back by a sniper, others said that he was speared by the father of a Mexican, that he had slain in combat and a third version was that he was lanced in a charge by a guerrilla chieftain, whom Walker had shot with his revolver. At this time, even-though the shipment of “Walkers” were in Vera Cruz, they had not been issued to any of the companies.
Animosity had built up between Colt and Eli Whitney Jr during the manufacture of the firearms. There were arguments and disputes, with both parties instructing their respective legal teams, to sort out their differences. With the contract completed in July, it took until November, before Colt received the machinery, tools and surplus revolver parts from Eli Whitney Jr. as per the contract and agreement that they made the previous January. Samuel Colt now had the machinery, tools and equipment and the added experience to start his new factory in Hartford, Connecticut. And so, in 1847 the Colt-Walker Dragoon (so named by collectors today because of its romantic connotation with the U.S. Dragoons) named by Sam as the Army or Holster pistol had arrived on the battlefield in Mexico.
It was 1847, and Sam had money in his pocket. In this year he opened his own manufacturing factory in Pearl Street of his home town of Hartford, leasing two buildings. The large one cost him $250.00 a year and the small one $25.00 a year