History of the Great American Fortunes, Vol. I: Conditions in Settlement and Colonial TimesMyers, Gustavus
History
History of the Great American Fortunes, Vol. I: Conditions in Settlement and Colonial Times
Myers, Gustavus
United States -- Economic conditions; Wealth -- United States
But where law was insufficient or non-existent, new laws were created
either to aggrandize the powers of landlordship, or to seize hold of
land or enchance its value, or to get extraordinary special privileges
in the form of banking charters. And here it is necessary to digress
from the narrative of Astor's land transactions and advert to his
banking activities, for it was by reason of these subordinately, as well
as by his greater trade revenues, that he was enabled so successfully to
pursue his career of wealth-gathering. The circumstances as to the
origin of certain powerful banks in which he and other landholders and
traders were large stockholders, the methods and powers of those banks,
and their effect upon the great body of the people, are component parts
of the analytic account of his operations. Not a single one of Astor's
biographers has mentioned his banking connections. Yet it is of the
greatest importance to describe them, inasmuch as they were closely
intertwined with his trade, on the one hand, and with his land
acquisitions, on the other.
FOOTNOTES:
[90] Doc. No. 13, State Papers, Second Session, 18th Congress, Vol. ii.
[91] "Stole on a monstrous scale." The land frauds, by which many of the
Southern planters obtained estates in Louisiana, Mississippi and other
States were a national scandal. Benjamin F. Linton, United States
Attorney for Western Louisiana, reported to President Andrew Jackson on
August 27, 1835, that in seizing possession of Government land in that
region "the most shameful frauds, impositions and perjuries had been
committed in Louisiana." Sent to investigate, V. M. Garesche, an agent
of the Government Land Office, complained that he could get no one to
testify. "Is it surprising," he wrote to the Secretary of the Treasury,
"when you consider that those engaged in this business belong to every
class of society from the member of the Legislature (if I am informed
correctly) down to the quarter quarter-section settler!" Up to that time
the Government held title to immense tracts of land in the South and had
thrown it open to settlers. Few of these were able to get it, however.
Southern plantation men and Northern capitalists and speculators
obtained possession by fraud. "A large company," Garesche reported, "was
formed in New York for the purpose, and have an agent who is continually
scouring the country." The final report was a whitewashing one; hence,
none of the frauds was sent to jail.--Doc. No. 168, Twenty-fourth
Congress, 2d Session, ii:4-25, also Doc. No. 213, Ibid.
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