Growth of NYS Business
Growth of NYS BusinessFor a number of reasons, business enterprise in New
York grew by leaps and bounds between 1825 and 1860.
New York’s growth between the years 1825 and 1860 can be attributed to a number of factors. These include but cannot be limited to the
construction of the Erie Canal, the invention of the telegraph, the developed of the railroads, the establishment of Wall Street and
banking, the textile, shipping, agriculture and newpaper industries, the
development of steam power and the use of iron products.
On October 26, 1825 the Erie Canal was opened. The canal immediately
became an important commercial route connecting the East with the Ohio
and Mississippi Valleys. With tht time of travel cut to one-third and
the cost of shipping freight cut to one-tenthof the previous figures,
commerce via the canal soon made New York City the chief port of the
Atlantic. The growing urban population and the contruction of canals,
railroads and factories stimulated the demand for raw materials and food
stuffs. In 1836 four-fifths of the tonnage over the Erie Canal came
from western New York (North, 105). Much of this cargo was in the form
of agriculture goods.
The farmer become a shrewed businessaman of sorts as he tended to
produce whatever products would leave him the greatest profit margin.
The rise of the dairy industry was by far the most significant
development in the agricultural history of the state between 1825 and
1860. Farmers discovered that cows were their most relliable
money-makers, since both the domestic and foreign market kept demanding
more dairy products (Ellis, 273). Price flucuations became increasingly
important for the farming population between 1825 and 1860. Prices rose
from the low level of the early 1820’s until the middle 1830’s and the
farmer’s shared in the general prosperity (271). Although the rapid
industrialization and urbanization of New York had a great deal to do
with the success of agricultural markets sporadic demand from aboard as
a result of the Irish famine, the Crimean War and the repeal of the
Corn Laws in England also contributed(North, 141). During this period
Ohio, Pennsylvania, New York and Virginia, in that order were the
leading wheat growing states. Between the years 1840 and 1850 New York
ranked first in the production of beef.
The absence of politic party differences on issues related to the the
growth of democracy existed in regard to the foremost economic
questions, there was absolutely no partisan division evident in the
movement to incorporate new financial institutions; rather , the primary
factors , which the legislators examined, concerned value, feasibility,
profit and the location within the state. Dozens of turnpike proposals,
most of which werebacked by the Republicans, passed the legislature; but
the Federalists cooperated, seeing the chance for...
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