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
With this preliminary sketch, we can now proceed to a consideration of
how Astor profited from the banking system. We see that constantly the
bold spirits of the trading class, with a part of the money made or
plundered in some direction or other, were bribing representative bodies
to give them exceptional rights and privileges which, in turn, were made
the fertile basis for further spoliation. Astor was a stockholder in at
least four banks, the charters of which had been obtained or renewed by
trickery and fraud, or both. He owned 1,000 shares of the capital stock
of the Manhattan Company; 1,000 of the Merchant's Bank; 500 of the Bank
of America; 1,604 of the Mechanic's Bank. He also owned at one time
considerable stock in the National Bank, the charter of which, it was
strongly suspected had been obtained by bribery.
There is no evidence that he, himself, did the actual bribing or was in
any way concerned in it. In all of the legislative investigations
following charges of bribery, the invariable practice was to throw the
blame upon the wicked lobbyists, while professing the most naive
astonishment that any imputations should be cast upon any of the members
of the honorable Legislature. As for the bribers behind the scenes,
their names seldom or never were brought out or divulged. In brief,
these investigations were all of that rose-water order, generally termed
"whitewashing." But whether Astor personally bribed or not, he at any
rate consciously profited from the results of bribery; and, moreover, it
is not probable that his methods in the East were different, except in
form, from the debauching and exploitation that he made a system of in
the fur regions. It is not outside the realm of reasonable conjecture to
suppose that he either helped to debauch, or connived at the corruption
of legislatures, just as in another way he debauched Indian tribes.
Furthermore his relations with Burr in one notorious transaction, are
sufficient to justify the conclusion that he held the closest business
relations with that political adventurer who lived next door to him at
No. 221 Broadway. This transaction was one which was partially the
outcome of the organization of the Manhattan Bank and was a source of
millions of dollars of profit to Astor and to his descendants.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account