SOURCE: [The Erie Canal Organization, 1829]
Economic Exchange
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"The results of this work have surpassed all expectations."
-Michael Chevalier, French Economist
The Erie Canal brought numerous economic opportunities to New York.
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After 9 years, the profits from the canal tolls had surpassed the costs for construction. Within 15 years, New York City was America's most prosperous port.
"The biggest cities were Boston, Philadelphia, Baltimore, and no, not New York. the Erie Canal made New York City the commercial and business capital of the world." |
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American Heritage | The Erie Canal | 34 Seconds (1957)
A previously isolated Western market could now trade its resources for the many luxuries of Eastern life.
"...it would be productive to the union at large, and to [New York] in particular, by cementing the eastern and western territory together, at the same time that it will give vigour and increase to our commerce and be a convenience to our citizens." |
“Within ten years of its completion, the entire $7 million cost of the canal had been paid for with tolls; none of the dreaded taxes were ever collected. Fifty years and a complete enlargement later, the canal had earned a profit of $40 million dollars and New York had become the ‘Empire State.’” The canal boosted both industry and agriculture, making raw materials more accessible.
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The packet boat industry emerged to transport the wealthy across the canal.
"A bitter competition existed between different packet boat companies." "Nearly 80% of upstate New York's population lives within 25 miles of the Erie Canal." |
The canal's economic benefits established New York as a commercial power.