Although some minds foresaw a possible future for Chicago in this centre of
a rich domain owned by the Republic, there was no rush to the spot. In
1823, the officials of Fulton County, of which the village was then a part,
levied a tax of five mills to the dollar upon property in the new port,
with the result that there was carried back to the county treasury the sum
of $11.42. Surely a small beginning to lead to taxes in 1900 amounting to
$19,086,408.36. In 1823, when the sum of $11.42 was the aggregate of taxes
collected from Chicago, the total assessed value of property was $2284. In
1900, the actual valuation of Chicago property was fairly $2,000,000,000.
No one, perhaps, of the few settlers who drifted to the place dreamed of
such mighty possibilities, yet as early as 1831 the future of the city was
a chosen topic of conversation among those enthusiastic pioneers. One of
these, Dr. Elijah D. Harmon, true to his baptismal name, was singularly
prophetic. He located in Chicago in 1831, acquired a section of land, built
a sod fence about it, and there planted fruit trees of all descriptions.
Mrs. Kinzie states that the south path to the settlement led by Dr.
Harmon's nursery, and that as people passed he sought to impress upon them
"the certain future importance of Chicago."
In 1830, lots were being sold at prices ranging from $10 to $50. In that
year Thomas Hartzell purchased eighty acres (being the west half of the
northeast quarter section) for $1.55 an acre. Low as these prices were,
they were an advance upon valuations a few years before. In the archives
of the Chicago Historical Society is a letter written to John Wentworth by
Father St. Cyr, recounting how one Bonhomme sold the north half of Chicago
to Pierre Ménard for $50, but that the latter, finding land cheaper near
Peoria, and more fertile, repented of his bargain, and hurrying back
unloaded what he believed to be a poor investment upon John Kinzie, who was
not unwilling to take the property at the same figure at which Ménard had
purchased it. By 1835, values had so increased that the investment had made
Mr. Kinzie rich.
Public-domain text, read in full here on John Shaqi.
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