38 G. S. CALLENDER 



and sold. It was not quoted on the Boston stock market 

 before 1827, and in 1830 the stock of only six of the largest 

 companies was dealt in there. In the case of turnpike and 

 bridge companies it would seem that no great difficulty should 

 have been experienced in raising the small amount of capital 

 which they required. Nevertheless, one state at least, 

 Pennsylvania, found it advisable to adopt the policy of sub- 

 sidizing turnpike companies as early as 1806, and bridge com- 

 panies in 1811. By 1822 that state had subscribed $1,861,000 

 to the stock of fifty six turnpike companies, and $382,000 

 to the stock of twelve bridge companies. South Carolina 

 also expended about $2,000,000 of state funds on turnpikes 

 and canals. We have already seen how few of the canal 

 companies formed before 1815 succeeded in accomplishing 

 very much. The Middlesex in Massachusetts and the Santee 

 & Cooper in South Carolina were the only important ones 

 not assisted by the states. They were comparatively small 

 undertakings, requiring only a little over $500,000 each. 

 The state of New York supplied most of the capital of the 

 Western & Northern Inland Lock Navigation company, 

 and Maryland and Virginia did the same for the Potomac 

 and the James river companies. Companies that received 

 no public assistance, like the Delaware & Chesapeake in 

 Maryland and the Delaware & Schuylkill and Schuylkill 

 & Susquehanna in Pennsylvania, were unable to accom- 

 plish anything worthy of notice. In the later twenties a 

 number of canals were built by private companies, with 

 little or no assistance from the states. The Blackstone and 

 Farmington canals in New England, the Morris canal in 

 New Jersey, and the Lehigh Navigation in Pennsylvania 

 were constructed entirely with private funds. The Schuylkill 

 Navigation and the Union canal companies received small 

 subscriptions of stock from Pennsylvania; New York con- 

 tributed $800,000 to the Delaware & Hudson canal ; and the 

 federal government, Pennsylvania, Maryland, and Delaware, 

 $475,000 to the Delaware & Chesapeake canal, which was 

 resumed in 1824. The largest of these were the Delaware 

 & Hudson canal, which cost $2,300,000, and the Schuylkill 

 Navigation, which cost $2,190,000. The Blackstone and 



