Miami Extension Canal Stock - State of Ohio - 1840's dated 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 Miami and Erie Canal was a 274-mile (441 km) waterway stretching from Cincinnati to Toledo, Ohio, establishing a connection between the Ohio River and Lake Erie. Construction began in 1825 and was completed in 1845, costing the state government $8 million (equivalent to $262 million in 2023). At its height, the canal featured 19 aqueducts, three guard locks, 103 canal locks, numerous feeder canals, and several man-made reservoirs. It ascended 395 feet (120 m) above Lake Erie and 513 feet (156 m) above the Ohio River to reach the Loramie Summit, a 19-mile (31 km) stretch between New Bremen and Lockington, north of Piqua, Ohio. Boats up to 80 feet long were towed by mules, horses, or oxen walking along a towpath at speeds of four to five miles per hour.
With the advent of railroads in the 1850s, competition led to a gradual decline in the canal's commercial use throughout the late 19th century. The canal was permanently abandoned for commercial purposes in 1913 following severe flood damage. Today, only a small portion of the canal remains, along with its towpath and locks.
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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