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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