In New York State, throughout the period of the Old French and the Revolutionary wars, barges and keel boats had plied the Mohawk, Wood Creek, and the Oswego to Lake Ontario. Around such obstructions as Cohoes Falls, Little Falls, and the portage at Rome to Wood Creek, wagons, sleds, and pack-horses had transferred the cargoes. To avoid this labor and delay men soon conceived of conquering these obstacles by locks and canals. As early as 1777 the brilliant Gouverneur Morris had a vision of the economic development of his State when "the waters of the great western inland seas would, by the aid of man, break through their barriers and mingle with those of the Hudson." Elkanah Watson was in many ways the Washington of New York. He had the foresight, patience, and persistence of the Virginia planter. His Journal of a tour up the Mohawk in 1788 and a pamphlet which he published in 1791 may be said to be the ultimate sources in any history of the internal commerce of New York. As a result, a company known as "The President, Directors, and Company of the Western Inland Lock Navigation in the State of New York," with a capital stock of $25,000, was authorized by act of legislature in March, 1792, and the State subscribed for $12,500 in stock. Many singular provisions were inserted in this charter, but none more remarkable than one which stipulated that all profits over fifteen per cent should revert to the State Treasury. This hint concerning surplus profits, however, did not cause a stampede when the books were opened for subscriptions in New York and Albany. In later years, when the Erie Canal gave promise of a new era in American inland commerce, Elkanah Watson recalled with a grim satisfaction the efforts of these early days. The subscription books at the old Coffee House in New York, he tells us, lay open three days without an entry, and at Lewis's tavern in Albany, where the books were opened for a similar period, "no mortal" had subscribed for more than two shares.