History of Transportation in the United States Before 1860
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The policy of the bank was checked by the panic of 1839 and the road began to suffer for funds. The first issue of $500,000 in State bonds for use by the road had proved salable in the market, and of the $1,500,000 authorized in 1838 about $300,000 worth were sold at par early the next year to the Bank of Augusta. An effort was made to sell some of this in New York and abroad, but the state of the money market was so bad that the sale could not be made without disastrous results. Fortunately th...e contractors at work on the road, because of the dearth of other opportunities for employment, pre- ferred to keep at work and to accept payment in the unsalable scrip of the State. This condition, however, lasted only until the spring of 1842, when the price of State scrip went so low that the contractors were forced to suspend work.
Under the act of 1836 the surveys had been pushed rapidly, and by 1838 over 100 miles were under construction and over 2,000 men were at work. It was expected that the first 100 miles would be 'Alexander, "Western and Atlantic Railroad," in Atlanta Journal, March 25, April 29, 1906.
What to read after History of Transportation in the United States Before 1860?
You can find similar books in the "Read Also" column, or choose other free books by Meyer, Balthasar Henry, 1866-1954 to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
The policy of the bank was checked by the panic of 1839 and the road began to suffer for funds. The first issue of $500,000 in State bonds for use by the road had proved salable in the market, and of the $1,500,000 authorized in 1838 about $300,000 worth were sold at par early the next year to the Bank of Augusta. An effort was made to sell some of this in New York and abroad, but the state of the money market was so bad that the sale could not be made without disastrous results. Fortunately th...e contractors at work on the road, because of the dearth of other opportunities for employment, pre- ferred to keep at work and to accept payment in the unsalable scrip of the State. This condition, however, lasted only until the spring of 1842, when the price of State scrip went so low that the contractors were forced to suspend work.
Under the act of 1836 the surveys had been pushed rapidly, and by 1838 over 100 miles were under construction and over 2,000 men were at work. It was expected that the first 100 miles would be 'Alexander, "Western and Atlantic Railroad," in Atlanta Journal, March 25, April 29, 1906.
What to read after History of Transportation in the United States Before 1860?
You can find similar books in the "Read Also" column, or choose other free books by Meyer, Balthasar Henry, 1866-1954 to read onlineMoreLess
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