The Erie Canal transformed New York City into America’s banking capital

The Erie Canal fueled a surge in westward settlement

By providing cheap, reliable transport to the interior, the canal made western lands more accessible. Farmers, traders, and immigrants moved into the Great Lakes region, accelerating population growth.

The Erie Canal was built without a single dollar of federal funding

After President Madison and Congress rejected the project, New York State financed the 363-mile Erie Canal entirely on its own—authorizing $7M in bonds in 1817.

The Erie Canal runs 363 miles from Albany to Buffalo

Mostly using the low elevations of the Mohawk River Valley, the canal project connected the Great Lakes to the Atlantic seaboard for the first time. This site has a series of old and new maps of the canal.

DeWitt Clinton’s “Big Ditch” gamble transformed New York

Mocked as “Clinton’s Folly” and “Clinton’s Big Ditch,” New York Gov. DeWitt Clinton championed the Erie Canal against skeptics. His political drive secured funding for the project in 1817.

The Erie Canal reduced freight costs by 90%

Before the canal, shipping goods overland cost about $100 per ton. After its completion in 1825, rates fell to just $10—making western farm products competitive in eastern markets for the first time.

Infrastructure projects in New York are much more difficult today

The Erie Canal was one of the most ambitious infrastructure projects in American history. Many have said such an effort would be impossible today. This article explores why that is the case and ponders the future of large-scale American infrastructure development.

The evolution of New York City

Originally founded as New Amsterdam, this interactive timeline lists out and provides deep dives on the major events that shaped New York City as it became America's foremost cultural and economic hub.

The canal became a highway for American reform movements

Beyond goods, the canal carried ideas. Its corridor hosted Second Great Awakening revivals and became a center for activism—fueling abolitionist networks, women’s suffrage organizing, and other reform movements.

The Panama Canal boosted the US as a world power in trade, engineering, and finance

The effort proved the US could achieve grand engineering projects while granting it influence over (and benefitting economically from) a major interoceanic channel and its host country, Panama.

The history of Wall Street as a financial center dates back to the 1700s

Wall Street’s history as a financial center started with the establishment of two institutions: the New York Stock Exchange and New York City’s first official slave market.

A bankrupt flour merchant in debtor’s prison helped inspire the Erie Canal

In 1807, Jesse Hawley, jailed for debt after struggling with high transport costs, published essays under the pen name “Hercules.” His writings laid out the canal’s route and benefits, galvanizing support for the project.

After the 9/11 terrorist attacks in New York City’s Financial District in 2001, many banks decided to relocate

Much has been said about why today’s top banks are typically no longer headquartered on Wall Street itself. The terrorist attacks in New York City’s Financial District on Sept. 11, 2001, are one reason many banks decided to relocate.

The transatlantic cable allowed for communications between North America and Europe

It had significant impacts on just about every industry, including finance. Specifically, the transatlantic cable made it so that real-time financial transactions could take place across the Atlantic, and allowed for much faster sharing of information that increased global market accuracy.

Niagara power helped electrify early New York City

Tesla's AC system at Niagara Falls was so successful that electricity generated there lit up Broadway theaters and powered NYC's subway system in the early 1900s.

The New York Stock Exchange wouldn't have been made if not for municipal bond sales

The Funding Act of 1790 nationalized and consolidated the debt held by the 13 colonies to be sold off in the form of bonds.

The National Mall once had canals and rail lines

In the 1800s, the National Mall looked nothing like it does today. Canals, rail lines, markets, and industrial uses crisscrossed the Mall before later redesigns cleared it into a unified civic landscape.

Money—not land—became Europe’s key economic driver in the Middle Age

During the medieval commercial revolution, money gradually replaced land as the primary economic commodity. Expanding trade, markets, and finance transformed Europe’s economy—laying foundations, historians argue, that were essential for the later Industrial Revolution.

The New Deal shifted economic and social authority to the federal government

Franklin D. Roosevelt's response to the Great Depression expanded federal power through economic regulation and social welfare programs, permanently reshaping federalism by shifting responsibility for financial security to Washington while leaving states to administer many of these programs.

How banking works

To do big things, people often need more money. Banks jumpstart economic activity with loans paid back with interest, and when things are working well, both people and the bank make more money. Formed in the Middle Ages amid competing currencies in Italy, banks—from the Italian for bench, banco—helped stimulate that era's commercial revolution, a massive expansion in Mediterranean trade and development. Find out the ins and outs of banks in this quick explainer video.

Hamilton learned about global trade before he was a teenager

Before he moved to America, Hamilton worked as a clerk around age 12 at the Caribbean trading firm Beekman and Cruger, handling shipping documents, inspections, and port logistics. He eventually managed the day-to-day operations of a trading charter that immersed him early in Atlantic commerce.

Gibbons v. Ogden expanded federal power over interstate commerce

In 1824, the Supreme Court unanimously invalidated a New York steamboat monopoly, ruling that navigation between states constitutes interstate commerce. Chief Justice John Marshall held that Congress has authority over such commerce and that conflicting state laws are void under the supremacy clause.

How America became a nation of gamblers

For thousands of years, humans have liked to gamble. What started as dice games and betting on chariot races became a way for states to generate revenue here in America. This article explores how states have been using gambling to pay for infrastructure and capital projects–and the cost it’s had on the citizens.

How a polluted New York City waterway created extremophiles hungry for 'black mayonnaise'

In the 19th century, coal processing plants, oil refineries, a tannery, and other industries lining the Gowanus Canal contaminated its waters with coal tar, sewage, and other pollutants, forming the toxic sludge. Samples taken from the site before clean-up efforts revealed over 450 species of microbes with metabolisms adapted to break down these contaminants.

Paris and Boston were redesigned partly to combat cholera's spread

Georges-Eugène "Baron" Haussmann, who oversaw Paris's redesign in the 1800s, replaced many of the city's narrow streets with wide boulevards. This was done at least in part to bring more air and light into the city to help control cholera. Architect Arthur Gilman redeveloped Boston's Back Bay to similarly combat cholera, among other reasons.

Two of American Express' co-founders also founded Wells Fargo

Henry Wells and William Fargo formed Wells, Fargo & Co. two years after American Express was created. Wells and Fargo saw an opportunity to expand the express delivery service from the East Coast and Middle America to the West Coast. The two initially asked the American Express board to expand operations, but the board declined, so they decided to create their own company. Today, Wells Fargo is among the top four largest banks in the US.

The US dollar is the most widely circulated currency in the world, and is involved in nearly 90% of global transactions

The idea for the Federal Reserve was conceived in secret in 1910—with bankers donning duck hunt gear for disguise while traveling to a remote country club on Georgia's Jekyll Island

The power and influence of the American presidency have expanded significantly over time—far beyond what the founders envisioned.

The rivalry between Alexander Hamilton and Thomas Jefferson centered on federalism—the question of how much power the federal government should hold relative to the states.

For centuries, Niagara Falls has been a magnet for daredevils seeking to conquer one of nature's most powerful wonders, with its 200-foot drop and water rushing at 32 feet per second with 280 tons of force.

After the Boston Tea Party, colonists switched to coffee, which became the main morning drink for revolutionaries.

'Grand Canyon of the Yellowstone,' a work by American painter Thomas Moran, inspired Congress to establish Yellowstone National Park.

See a 3D reconstruction of Tenochtitlan, the Aztec capital that was home to an estimated population of 200,000 to 400,000.

Explore fun facts from the USPS, including unique post office buildings, a stamp that traveled past Pluto, and more.

When a Paris department store hesitated to sell Estée Lauder's perfume, she 'accidentally' broke a bottle, causing the smell to spread throughout the store and shoppers to start asking to buy the scent.

While El Niño moves warm Pacific Ocean waters east along the equator, La Niña moves them west, shifting where rainfall will become more common for months.

Watch a 1934 short film starring jazz legend Cab Calloway, a major figure in the Harlem Renaissance's music scene

The American Society of Civil Engineers' infrastructure report card gave the US a C in 2025, its highest grade since the project launched in 1998.

Volcanic activity may have triggered the Black Death by spewing gases that led to crop failures in Europe, thus forcing the import of grain ships with plague-infested fleas.

The Nasdaq's 'Magnificent 7' companies are responsible for roughly 40% of the Nasdaq 100 index's gains, while the remaining 93 companies account for the other 60%.

Long before Major League Baseball began allowing instant replay for balls and strikes, an umpire reluctantly used the technology to determine whether a hit was a home run, a move that inadvertently ushered in a new era for the sport.

The name 'Silicon Valley' arose from the founding of Shockley Semiconductor Laboratory in Fairchild Semiconductor in 1956-57, founded near Stanford University in Palo Alto

A Yale student wrote a profound essay about the consulting industry's influence on elite college students that was published in a book of her writing after she died in a post-graduation car accident.

Gerrymandering works through two techniques: cracking opposing voters across districts to dilute their power, and packing them into a few to waste their votes in lopsided majorities.

'Shogun,' a 1980s TV series, helped popularize sushi in the US by stimulating an American interest in Japanese culture.

How Amazon operates a 'flywheel' business model, a self-reinforcing cycle that drives continuous growth

Louisiana's 'Cancer Alley' is infamous for having some of the highest industrial pollution, toxic air emissions, and cancer risks in the US.

See the evolution of Ebola vaccine and treatment development.

See how fireworks are made and learn how metals like magnesium and copper are responsible for different colors.

Pure water does not conduct electricity because this flow of energy requires the movement of charged particles, and water is a neutral molecule.