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August 23, 1998 | JAMES FLANIGAN
In the 1830s, many American states borrowed heavily from foreign investors to build canals for the growing transport of grain and goods in the young republic. There were glowing expectations of great revenues flowing from the traffic on the new canals. But the traffic never equaled the expectations, and most of the canals went bust in the Panic of 1837. Many of the states defaulted on the bonds that investors, mostly British and European, had bought. The U.S.
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BUSINESS
August 23, 1998 | JAMES FLANIGAN
In the 1830s, many American states borrowed heavily from foreign investors to build canals for the growing transport of grain and goods in the young republic. There were glowing expectations of great revenues flowing from the traffic on the new canals. But the traffic never equaled the expectations, and most of the canals went bust in the Panic of 1837. Many of the states defaulted on the bonds that investors, mostly British and European, had bought. The U.S.
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