Great Fortunes, and How They Were MadeMcCabe, James Dabney
History
Great Fortunes, and How They Were Made
McCabe, James Dabney
United States -- Biography
During the war of the Revolution, Roger Morris and his wife, Mary, of
Putnam County, were obliged to flee from the country to England for
adhering to the cause of King George, and, being attainted by the
authorities as public enemies, their immense estate, consisting of
fifty-one thousand one hundred and two acres, was seized by the State of
New York, and sold in small parcels to farmers, who believed the title
thus acquired valid. In 1809, there were upwards of seven hundred
families residing on this land. Mr. Astor, having learned that Roger and
Mary Morris possessed only a life interest in their property, and having
ascertained to his satisfaction that the State could not confiscate the
rights of the heirs, purchased their claim, which was good not only for
the land, but for all the improvements that had been put upon it. He
paid twenty thousand pounds sterling for it. A few years previous to the
death of Mrs. Morris, who survived her husband some years, Mr. Astor
presented his claim. The occupants of the land were thunderstruck, but
the right was on his side. The State of New York had simply robbed the
heirs of their rights. There was no weak point in the claim. Having
given defective titles to the farmers, the State was of course
responsible for the claim; and upon finding out their mistake, the
authorities asked Mr. Astor to name the sum for which he would be
willing to compromise. The lands were valued at six hundred and
sixty-seven thousand dollars, but Mr. Astor expressed his willingness to
sell for three hundred thousand dollars. His offer was refused. In 1819,
a second proposition was made to Mr. Astor by the Legislature of the
State. He replied: "In 1813 or 1814 a similar proposition was made to me
by the commissioners then appointed by the Honorable the Legislature of
this State when I offered to compromise for the sum of three hundred
thousand dollars, which, considering the value of the property in
question, was thought very reasonable, and, at the present period, when
the life of Mrs. Morris is, according to calculation, worth little or
nothing, she being near eighty-six years of age, and the property more
valuable than it was in 1813. I am still willing to receive the amount
which I then stated, with interest on the same, payable in money or
stock, bearing an interest of -- per cent., payable quarterly. The stock
may be made payable at such periods as the Honorable the Legislature may
deem proper. This offer will, I trust, be considered as liberal, and as
a proof of my willingness to compromise on terms which are reasonable,
considering the value of the property, the price which it cost me, and
the inconvenience of having so long _lain out_ of my money, which, if
employed in commercial operations, would most likely have produced
better profits."
Public-domain text, read in full here on John Shaqi.
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