"If these estimates of revenue and of the expense of making the canals, be correct, it results that the canals will be completed in 1830, and that the canal loans will be discharged in 1843." An act dated February 9, 1821, authorized the commissioners to borrow one million dollars in both 1821 and 1822. Nothing can be more interesting than the financial estimates, the fears and doubts and the staunch firmness of these directors of the Erie Canal. In almost every case the estimates of expenses fell far below the actual cost; often the expenses ran thirty per cent above estimates; on the other hand the most optimistic commissioner never, in his most enthusiastic moment, realized what a tremendous income was to be received from the Erie Canal when it should be completed. Far as expenses ran ahead of estimates, they never exceeded them so far as the actual income of the canal exceeded the estimated income. This cannot be more clearly indicated than by a table showing estimated tolls and those actually received, from 1826 to 1834: _Year_ _Estimated (1826)_ _Received_ 1826 $500,000 $492,664.00 1827 550,000 786,244.64 1828 600,000 838,412.00 1829 650,000 861,302.00 1830 700,000 943,545.35 1831 750,000 1,091,714.26 1832 800,000 1,085,612.28 1833 850,000 1,290,136.20 1834 900,000 1,179,744.97 ---------- ------------- Totals $6,300,000 $8,539,377.70 In only these eight years, it will be seen, the receipts exceeded the estimates by nearly two and one-quarter millions. In many places these estimates had been laughed to scorn. It will be difficult to find in all the commercial history of America a more splendid success, and it will be quite as difficult to find an instance where success was more richly deserved. Between June, 1817, and October, 1821, the sum of $2,893,500 was borrowed for canal work, the lenders advancing $91,202 in premiums; the yearly interest was $159,580. The tolls of 1821 amounted to $23,000. It will be interesting to notice on what these tolls were levied; the list includes 44,723 barrels of flour, 17,068 barrels of salt, 43,078 bushels of wheat, 1,061,844 feet of lumber, 71,000 bushels of lime, 9,993 pounds of maple sugar, 85 tons of butter and lard, 772 tons of gypsum, 2,500 tons of merchandise, 47 wagons, and 10 coaches. The rates of toll per mile in 1821 were as follows: