The longest canal in the United States, the State of Indiana's Wabash and Erie,
was financed by selling State Bonds.
The Morris Canal and Banking Company, handled Indiana's financial
funding of said canal.
Indiana received very little from the 'gassets' (as they were called for reasons too lengthy to discuss here), which its bond issues had "purchased".
The second mortgage on the Morris Canal was as worthless also, having Indiana acquire worthless railroad stock.
Also as worthless as the paper it was printed on. As was the idea of a canal.
This consideration was correct for a railroad which hauled only 11 tons of
coal to the Lehigh Canal before its 12 miles of T-rail were sold for scrap.
It gets worse. Morris wasn't punished for the scam that bancrupted the state, but rewarded with 1,000,000 acres of land given when claim was made falsely that he/they had 'saved Indiana from their debt' that Morris had actually caused. They continue to exist as a banking operation to this day. What's in a name?
Interesting aside: When I copied and pasted this story from a 'historic site' and edited it, I discovered many, multiple mis-spellings that WERE NOT PRESENT IN THE ORIGINAL digital file. ????? I know why....but how is this done? Interdasting.
The longest canal in the United States, the State of Indiana's Wabash and Erie, was financed by selling State Bonds.
The Morris Canal and Banking Company, handled Indiana's financial funding of said canal. Indiana received very little from the 'gassets' (as they were called for reasons too lengthy to discuss here), which its bond issues had "purchased".
The second mortgage on the Morris Canal was as worthless also, having Indiana acquire worthless railroad stock.
Also as worthless as the paper it was printed on. As was the idea of a canal. This consideration was correct for a railroad which hauled only 11 tons of coal to the Lehigh Canal before its 12 miles of T-rail were sold for scrap.
It gets worse. Morris wasn't punished for the scam that bancrupted the state, but rewarded with 1,000,000 acres of land given when claim was made falsely that he/they had 'saved Indiana from their debt' that Morris had actually caused. They continue to exist as a banking operation to this day. What's in a name?
Interesting aside: When I copied and pasted this story from a 'historic site' and edited it, I discovered many, multiple mis-spellings that WERE NOT PRESENT IN THE ORIGINAL digital file. ????? I know why....but how is this done? Interdasting.
Cool, he’ll be pardoned immediately.
what makes you so sure?
https://youtu.be/j95kNwZw8YY?si=rWRvj4541dWWvpu7