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Doc. No. 75. 



larity of Mr. Clinton rose so high that he was actually elected governor of 

 the State, a circumstance which contributed in the happiest manner to 

 hasten the consummation of an undertaking, the results of which were 

 destined, at some future day, to become the subject of universal admira- 

 tion. The canal was entirely completed in 1825; although ever since the 

 year 1820 considerable benefits had been derived from that portion of the 

 work which had been finished at an earlier date, and consequently sooner 

 thrown open to trade. 



Thus, through the medium of a loan of eleven millions and a half of dol- 

 lars, and without imposing additional burdens upon the masses, the gov- 

 ernment of the State of New York, although reduced to a state of bank- 

 ruptcy, and with a population suffering everywhere from poverty, was 

 enabled to construct a work, the profits of which would have appeared 

 almost fabulous if they had not been made manifest to the eyes of all the 

 world. 



As the object which I have proposed to myself in this memorial is to 

 convince by means of arguments founded on ascertained facts, I have 

 been at some pains in collecting all the necessary data for the formation 

 of a statistical table, which shall demonstrate most satisfactorily what 

 have been up to this day the effects of the loan system, as applied to the 

 construction of the Erie canal, and other undertakings of a similar char- 

 acter, both in Pennsylvania and Ohio. The following table is copied 

 from statistical accounts, published yearly by the government of New 

 York. From it an opinion may be formed of the progressive increase of 

 revenue on the Erie canal^ and the equally progressive increase of public 

 prosperity. 



