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October 25 and 26, 1831. Meeting in Binghamton December 15, it was agreed to make a recommendation at the general convention that two separate railroads be chartered; one from New York to Owego, another from Owego to Lake Erie.
The convention at which the Erie was created was held in Oswego, December 20-21, 1831. After reading a letter from Eleazar Lord and others, the notion of two separate charters was abandoned. Middletown's Stacy Beakes was appointed as a member of Orange County's Executive and Corresponding Committee.
A charter was granted by the Legislature April 24, 1832. The terms of the charter were not very satisfactory, showing again the influence of the canal counties who had little use for railroads. For example, all operations were to be confined to New York State, and no connection with any railroad from Pennsylvania or New Jersey was allowed without permission from the Legislature. The road's capital was fixed at $10 million, requiring a subscription of $500,000 to organize. George D. Wickham of Orange County was one of the original incorporators.
Meeting in New York City on May 9, the incorporators agreed to have a survey made of the route. Following a meeting in Owego on June 4, it was decided to approach President Andrew Jackson, a proponent of internal improvements, to request the survey be undertaken by the Federal Government. Jackson agreed, and in late June, Col. DeWitt Clinton, with four assistants, arrived in New York to prepare for the survey. Before he could begin, however, the Government cancelled his orders unless the cost was paid by the railroad company or private funds.
The official explanation for the discontinuance was "there was no constitutional warrant for it." Actually, it was an ignorant, shortsighted Martin VanBuren protecting his canal interests through his close friend, the equally myopic Jackson. An appeal to the counties who would benefit from the Erie was made, some stocks were sold, and very rough survey made of Sullivan, Orange, and Rockland Counties. Col. Clinton began the survey in the latter part of September, 1832, around Monticello, finishing it that fali. The survey was reported and forgotten.
It was soon realized that the financial prerequisites to organization of the company as set forth in the charter were likely to remain permanently out of reach. The Legislature was approached, and after much opposition from the canal counties, concessions and modifications favorable to the railroad company were made to the charter in 1833. Stock subscriptions were opened in New York City, July 9, 10, and 11. Sufficient stock was sold as to permit the company to now officially organize. Eleazar Lord was elected the first President, August 9, 1833. George D. Wickham of this county was elected to the Board of Directors. The New York and Erie Railroad Company officially entered this world.