Waterways of Westward Expansion - The Ohio River and its TributariesHulbert, Archer Butler
History
Waterways of Westward Expansion - The Ohio River and its Tributaries
Hulbert, Archer Butler
Ohio River
The venture was highly successful from a financial point of view thanks
to outrageous tolls that were charged. A twenty-four thousand dollar
boat of three hundred tons running between Cincinnati and St. Louis
expended in tolls in the Louisville and Portland Canal in five years a
sum equal to her entire cost. "A boat of one hundred and ninety tons,
owned at Cincinnati, has been in the habit of making her trips from this
city to St. Louis and back, in two weeks, and has passed the canal
_four_ times in one month. Her toll, each trip, at $60 per ton, was
$114, and her toll for one month was $456, or at the rate of $5,472 per
year, which is nearly half the value of such a boat."[77]
From 1831 to 1843, 13,756 steamboats passed through the Canal, and 4,701
keeland flat-boats, with a total tonnage of two and a half million
tons, netting a toll of $1,227,625.20.[78] On the stock owned by the
United States a cash dividend (to 1843) of $258,378 was earned--$23,378
more than the Government's original investment. Other stockholders fared
equally well from this systematic highway robbery. Such a drain on the
public purse as was the Louisville-Portland Canal in the "good old days"
would not be countenanced a moment today. The canal was rebuilt and
enlarged in 1872, and in 1874 it passed into the control of the United
States by the authority of Congress.
Following is a synopsis of the expenditures on account of the canal
previous to June 11, 1874, the date when the United States assumed
complete control and management:
"Expended by the canal company on original canal. $1,019,277.09
Expended by the canal company on subsequent
improvements and construction 120,000.00
Expended by the canal company for enlargement of
canal 1,825,403.00
Expended by the United States for enlargement of
canal, from appropriations 1,463,200.00
Expended by the United States from funds derived
from toll collections 150,000.00
--------------
Total cost $4,577,880.09
_Cost of the canal to the United States._
Original stock $ 233,500
Total appropriations for enlargement 1,463,200
Canal bonds paid 1,172,000
-------------
Gross cost $2,868,700
Amount of dividends paid by the canal company to the
United States 257,778
-------------
Net cost $2,610,922"[79]
The following table shows the traffic, in tons, of the canal since 1886:
Public-domain text, read in full here on John Shaqi.
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