Asked by: Georgeann Edkins
business and finance logistics

How long did it take for the Erie Canal to pay for itself?

Last Updated: 13th March, 2020

41
The canal was completed in only 8 years at a cost of $7,000,000. When completed on October 26, 1825, DeWitt Clinton (by then Governor of New York) boarded a vessel, the Seneca Chief, in Buffalo and headed to New York City.

Click to see full answer.

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.

Related Question Answers

Romulus Gorbovsky

Professional

How deep is the Erie Canal now?

The original canal was 363 miles (584 km) long, from Albany on the Hudson to Buffalo on Lake Erie. The channel was cut 40 feet (12 m) wide and 4 feet (1.2 m) deep, with removed soil piled on the downhill side to form a walkway known as a towpath.

Raguel Belausteguigoitia

Professional

Is Erie Canal still used?

Erie Canal Today
Portions of the original canal are still operable, though tourism is now the main source of boat traffic along the Erie Canal. Commercial and shipping traffic declined abruptly after the completion of the St. Lawrence Seaway in 1959.

Xinyu Rioz

Professional

Why did DeWitt Clinton build the Erie Canal?

DeWitt Clinton. He strongly advocated building a canal through upstate New York to connect the east with the Midwest, and became such a strong supporter of the plan that his opponents called it "Clinton's Ditch".

Wallace Bundgens

Explainer

What two bodies of water does the Erie Canal connect?

The Erie Canal connects the Hudson River at Albany, N.Y. with Lake Erie at Buffalo, N.Y. The canal was constructed to provide a navigable water route from the Atlantic Ocean and New York City to the Great Lakes.

Arnel Jeromsky

Explainer

Why was the Erie Canal called Clinton's Ditch?

A year later, canal supporters enlisted the aid of DeWitt Clinton, an aristocratic politician who became the Erie's greatest proponent. Detractors called the canalClinton's Ditch” or “Clinton's Folly,” claiming that it couldn't be done and that the money spent would be wasted.

Evan Antoninho

Explainer

How did the Erie Canal affect the economy?

The Erie Canal helped to launch the consumer economy.
In addition to providing an economic boost by allowing the transport of goods at one-tenth the previous cost in less than half the previous time, the Erie Canal led to a transformation of the American economy as a whole.

Salvino Gambart

Pundit

When did the Erie Canal stop being used?

Erie Canal
Date of first use May 17, 1821
Date completed October 26, 1825
Date restored September 3, 1999
Geography

Ahmida Gharib

Pundit

How did the Erie Canal impact America?

At that time, the Erie Canal crossed the state of New York from the city of Buffalo on Lake Erie to Albany and Troy on the Hudson River. But the Erie Canal overcame the natural barrier of those mountains. It helped open the American West. The canal made the United States a richer and stronger young nation.

Ibernalo Gerek

Pundit

Who benefited the least with the Erie Canal?

The Barge operators on the Ohio river benefited the least with the Erie Canal. Merchants in New York City Bankers in Albany Barge operators on the Ohio River Traders on the Hudson River.

Calixto Villaescuerna

Pundit

Lucrecia

Pundit

Gyongyi Rhoades

Teacher

How old is the Erie Canal?

After more than two years of digging, the 425-mile Erie Canal was opened on October 26, 1825, by Governor Clinton.

Yusein Griebel

Teacher

What problem did the Erie Canal solve?

The Erie Canal helped to launch the consumer economy.
Farmers could grow wheat in western New York, sell it and have cash to buy furniture and clothing shipped up the canal that they otherwise would have made at home,” Kelly says. “That was the first inklings of the consumer economy.”

Erna Rentsch

Teacher

Why was the Erie Canal so successful?

The completion in 1825 of the Erie Canal (below), connecting Lake Erie with the Hudson River, was an event of major importance in Michigan history because it greatly facilitated the transportation of passengers and freight between the eastern seaboard and Michigan ports.

Jesper Hastra

Teacher

Is the Erie Canal man made?

The Erie Canal is a manmade waterway that joins the Great Lakes with the Hudson River. Construction of the original canal started on July 4, 1817, in Rome, New York, and was completed on October 26, 1825.

Abdelkhalik Wollborn

Reviewer

How much did it cost to travel on the Erie Canal?

It was to cost $7 million. By 1819 the middle section of the Erie Canal extending 98 miles had been completed.

Stoyko Coste

Reviewer

How much did the Erie Canal cost?

The original Erie Canal cost $7 million to build and this was carried out over the years 1818 to 1825.

Kandace Petry

Reviewer

What technology largely replaced the Erie Canal?

The enlarged canal was replaced entirely by a twelve-foot-deep canal, built from 1905 to 1918 and designed for motorized barges; in the early twenty-first century, traffic was primarily recreational boaters.

Remus Lata

Reviewer

Who paid for the Erie Canal?

Clinton was elected Governor later that year, just before construction of the Erie Canal started at Rome on July 4, 1817. Thereafter, construction and operation of the Erie Canal was authorized, funded, and managed by New York State.