Miami Extension Canal Stock - State of Ohio - 1840's dated Canal Bond
Inv# GB5035 Bond
Canal Bond. Various Denominations. Triple vignette of canal scene and of women Superb graphics, (small hole cancellation at seal). Rare!
The 274-mile Miami and Erie Canal, constructed between 1825 and 1845, connected the Ohio River in Cincinnati to Lake Erie in Toledo. A massive engineering feat, it featured 103 lift locks, 19 aqueducts, and three reservoirs, including Grand Lake St. Marys. At its peak in 1851, hundreds of canal boats transported freight and passengers across western Ohio, driven by Irish, German, and French immigrants who manually excavated the channel through dense wilderness.
Railroads’ rapid expansion in the 1850s offered a faster and more reliable alternative, leading to the canal’s decline. The catastrophic Great Flood of 1913 further damaged its infrastructure, causing its permanent abandonment. Today, portions of the original route have been repurposed as modern landmarks, including Central Parkway in Cincinnati and recreational trails and historical parks.
A bond is a document of title for a loan. Bonds are issued, not only by businesses, but also by national, state or city governments, or other public bodies, or sometimes by individuals. Bonds are a loan to the company or other body. They are normally repayable within a stated period of time. Bonds earn interest at a fixed rate, which must usually be paid by the undertaking regardless of its financial results. A bondholder is a creditor of the undertaking.
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