Asked by: Georgeann Edkinsbusiness and finance logistics
How long did it take for the Erie Canal to pay for itself?
Last Updated: 13th March, 2020
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Likewise, how was the Erie Canal paid for?
The Commission to Explore a Route for a Canal to Lake Erie and Report, known as the Erie Canal Commission, was a body created by the New York State Legislature in 1810 to plan the Erie Canal. In 1817 a Canal Fund led by Commissioners of the Canal Fund was established to oversee the funding of construction of the canal.
Also Know, was the Erie Canal profitable? The Erie Canal, or the Great Western Canal as it was initially known, was one of the most important state projects of the early years of the United States. It proved to be overwhelmingly succcessful and its success prompted other state economic development projects.
Beside this, how did the Erie Canal pay off the money it cost to build it?
The Erie Canal cost $7 million dollars to build but reduced shipping costs significantly. Before the canal, the cost to ship one ton of goods from Buffalo to New York City cost $100. After the canal, the same ton could be shipped for a mere $10.
How was the Erie Canal built?
All in all, the original canal was constructed with 83 locks and 18 aqueducts that helped move it through rivers and ravines as it rose over 500 feet from the Hudson River to Lake Erie over the course of several hundred miles. This original Erie Canal was completed on October 26, 1825.