History
The fast-growing port city of Baltimore, Maryland faced economic stagnation unless it opened routes to the western states, as New York had done with the Erie Canal in 1820. In 1827, twenty-five merchants and bankers studied the best means of restoring "that portion of the Western trade which has recently been diverted from it by the introduction of steam navigation." Their answer was to build a railroad—one of the first commercial lines in the world.
Their plans worked well, as the railroad grew from a capital of $3 million in 1827 to a large enterprise generating $2.7 million of annual profit on its 380 miles (610 km) of track in 1854, with 19 million passenger miles. The railroad fed tens of millions of dollars of shipments to and from Baltimore and its growing hinterland, thus making the city the commercial and financial capital of the region south of Philadelphia.
Read more about this topic: Baltimore And Ohio Railroad
Famous quotes containing the word history:
“Regarding History as the slaughter-bench at which the happiness of peoples, the wisdom of States, and the virtue of individuals have been victimized—the question involuntarily arises—to what principle, to what final aim these enormous sacrifices have been offered.”
—Georg Wilhelm Friedrich Hegel (1770–1831)
“The history of all previous societies has been the history of class struggles.”
—Karl Marx (1818–1883)
“Considered in its entirety, psychoanalysis won’t do. It’s an end product, moreover, like a dinosaur or a zeppelin; no better theory can ever be erected on its ruins, which will remain for ever one of the saddest and strangest of all landmarks in the history of twentieth-century thought.”
—Peter B. Medawar (1915–1987)