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Power Authority of the State of New York

Power Authority of the State of New York
Item# 1997


Power Authority of the State of New York
The first seeds of a power authority were planted by New York Governor Charles Evans Hughes (later Chief Justice of the United States), who in 1907 declared that the state’s undeveloped waterpower "should be preserved and held for the benefit of the people and should not be surrendered to private interests." Planning for public ownership began, but a proposal eventually foundered in the Legislature because of its high cost.

In 1914, Theodore Roosevelt, former Governor and President, warned against "waterpower barons" seeking a monopoly on New York’s natural resources. Governor Alfred E. Smith called throughout much of the 1920s for hydropower development by a state authority, but his efforts failed to win approval in the Legislature.

Ultimately, Governor Franklin D. Roosevelt gained public and legislative support for a Power Authority "to give back to the people the waterpower which is theirs." In 1931, a commission established to study the hydroelectric potential of the St. Lawrence River called for creation of the Authority to build generating facilities on the river. And on April 27, 1931, Roosevelt signed the Power Authority Act into law, calling it the most important action taken during that year’s legislative session. "It is my earnest hope that this is the forerunner of cheaper electricity for the homes and farms and small business people of the state," the governor said in a radio speech as he prepared to sign the legislation.

Certificate: General Revenue Bond, issued in the 1950’s

Printer: Security Bank Note Company

Dimensions: 14” (h) x 9 1/2” (w)

State: NY-New York

Subject Matter: Government Bonds | Utility Companies | Electric Companies

Vignette Topic(s): Male Subject | Nude Subject | Dynamo Featured

Condition: Horizontal fold lines, punch hole cancels in signature areas and body.

All certificates are sold only as collectible pieces, as they are either canceled or obsolete. Certificates carry no value on any of today's financial indexes and no transfer of ownership is implied. Unless otherwise indicated, images are representative of the piece(s) you will receive.