The panic of 1837, the contest of the United States Bank with President Jackson, its defeat, and its subsequent failure as a state bank, the consequent distress in local financial circles--all conspired to shift the monetary center of the country to New York.
More Quotes from John Moody:
In 1906 the Pennsylvania began to dispose of the bulk of its holdings in competing properties, the most notable transactions being the sale of its entire interest in the Chesapeake and Ohio to independent interests and a substantial part of its Baltimore and Ohio holdings to the Union Pacific Railroad.John Moody
As the contest proceeded, public interest increased and the entire country watched to see which company would win the big government subsidies through the mountains.
John Moody
The Erie Railroad system was foreshadowed in the time of Queen Anne, when the Colony of New York appropriated the sum of five hundred dollars to John Smith and other persons for the purpose of constructing a public road connecting the port of New York with the West in the vicinity of the Great Lakes.
John Moody
The States which form the northern border of the United States westward from the Great Lakes to the Pacific coast include an area several times larger than France and could contain ten Englands and still have room to spare.
John Moody
The history of the Erie Railroad ever since 1901 has been a record of progress.
John Moody
Canals might indeed linger for a time as feeders... but every one now realized that the railroad was to be the great agency which would give plausibility to the industrial organization of the United States and develop its great territory.
John Moody
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