Economic history of the United States
The 325-mile Erie Canal, which connected Albany, New York, on the Hudson River with Buffalo, New York, on Lake Erie, began operation in 1825. Wagon cost from Buffalo to New York City in 1817 was 19.2 cents per ton-mile. By Erie Canal c. 1857 to 1860 the cost was 0.81 cents. The Erie Canal was a great commercial success and had a large regional economic impact.
Prescott Metcalf
Metcalf was well known for his role as a lake traffic manager for the steamship businesses owned by Rufus S. Reed and Charles Manning Reed, with whom he became acquainted in 1840. The three were involved in the development and operation of the Erie Extension Canal. Metcalf held the title of director of the canal at one time and owned a fleet of canal boats labeled the P. M. Line, nicknamed by locals as the Poor Man's Line. He pioneered the establishment of the Erie and Pittsburgh and Erie and North East railroads. He also helped to incorporate several manufacturing firms in Erie, including the Erie Gas Works and the Erie Malleable Iron Works. Metcalf was also able to get the Burdett Organ Company to relocate to Erie by building them a plant in 90 days and employing 120 persons. Metcalf developed commercial properties in central downtown Erie. Metcalf was on the board of the Park Presbyterian Church and the Erie Cemetery (which he had helped incorporate). By 1860, Metcalf was a wealthy coal merchant and owned $43,000 worth of property ($981,000 in today's money). Metcalf served as mayor of Erie from 1862 to 1864 and held no other political office after his term ended. He was initially a member of the Whig Party, but switched to the Republican Party.