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This argument while largely true had a caveat. A freight car on a long haul route would not be switched just once but potentially would be switched every one hundred miles or so at each divisional point.

William Z. Ripley, Railroads: Rates and Regulation (New York: Longmans, Green and Co., 1916), 101-103.

George H. Miller, Railroads and Granger Laws (Madison: University of Wisconsin Press, 1971), 109.

Last updated on August 23, 2012 at 5:05pm

The idea of attracting small investors for public debt was not unheard of at the time. The initial investments in the Erie Canal came from middling investors. See Larson.

The best account of the operation of the loan is still Oberholtzer, Jay Cooke, 1: 133-325, especially 151, 163-64, 187-88, 193, 229, 231.

Last updated on July 5, 2012 at 12:57pm