Page:Historic highways of America (Volume 14).djvu/182



O more important question was proposed to the commissioners in 1816 than the one which asked them to ascertain where the money that was to build the Erie Canal was coming from. Of course a loan must be made and the commissioners at once began casting about for information. William Bayard inquired for loans in Europe, but no answer was now at hand. "The Committee entertain no doubt," was the tentative reply in 1817, "but that as much money can be obtained in this country, as may be required for the canal, on the credit of the state, at an interest of 6 per cent by the creation of a funded debt, and that ample funds may be appropriated for the payment of the interest, and the gradual extinguishment of the debt without the imposition of taxes." The commissioners applied to those states which,