Resources of the Philadelphia and Erie Railroad Region; In Letters to the Erie Daily Dispatch

This historic book may have numerous typos, missing text or index. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. 1868. Not illustrated. Excerpt: ... letter xxxvi. Sunbuey, February 4th, 1868. In the summer of 1835, Edward Biddle, Esq., at that time of Philadelphia, but now of New York, conceived the idea of a railroad crossing the State of Pennsylvania diagonally from southeast to northwest, and connecting Philadelphia with Erie. This idea he brought to the notice of his cousin, Nicholas Biddle, of Philadelphia. The suggestion was made at the time when the latter and his associates, in the control of the United States Bank, were inquiring in what manner the surplus capital of the bank should be invested, provided Pennsylvania should re-charter that institution. The existing capital of the bank, amounting to $35,000,000, would, it was thought, be much more than adequate to meet the wants of Philadelphia and the State, and its reduction was therefore regarded as essential. Mr. Edward R. Biddle seized the opportunity thus presented, to propose that the surplus which would still remain after a certain contemplated reduction had been made, should be invested in the construction of a railroad to reach from Philadelphia, on tide water, to Erie, on the chain of the great lakes. The proposition met the immediate approval of Nicholas Biddle, who was eminently characterized by a statesmanlike quickness and clearness of apprehension and breadth of view, and he at once engaged actively in its interests. The proposition was, about the same time, presented to the agents of certain foreign capitalists, and was looked upon by them with favor. In the summer or fall of 1836, a convention was called at Williamsport to inaugurate the project. This convention was attended from Erie by Rufus S. Reed, Judge Vincent, Thomas King, Captain Daniel Dobbins, Joseph M. Sterrett and others, and it resulted in a successful movement to obtai...