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
A century or more ago Trinity Church owned three times the extent of
even the vast real estate that it now holds. A considerable part of this
was the gift of that royal governor Fletcher, who, as has been set
forth, was such a master-hand at taking bribes. There long existed a
contention upon the part of New York State, a contention embodied in
numerous official records, that the land held for centuries by Trinity
Church was usurped; that Trinity's title was invalid and that the real
title vested in the people of the city of New York. In 1854-55 the Land
Commissioners of New York State, deeply impressed by the facts as
marshalled by Rutger B. Miller,[118] recommended that the State bring
suit. But with the filing of Trinity's reply, mysterious influences
intervened and the matter was dropped. These influences are frequently
referred to in aldermanic documents.
To go back, however: In 1767 Trinity Church leased to Abraham Mortier,
for ninety-nine years, at a total annual rental of $269 a year, a
stretch of land comprising 465 lots in what is now the vicinity bounded
by Greenwich, Spring and Hudson streets. Mortier used it as a country
place until 1797 when the New York Legislature, upon the initiative of
Burr, developed a consuming curiosity as to how Trinity Church was
expending its income. This was a very ticklish question with the pious
vestrymen of Trinity, as it was generally suspected that they were
commingling business and piety in a way that might, if known, cause them
some trouble. The law, at that time, restricted the annual income of
Trinity Church from its property to $12,000 a year. A committee of
investigation was appointed; of this committee Burr was made chairman.
HOW ASTOR SECURED A LEASE.
Burr never really made any investigation. Why? The reason soon came out,
when Burr turned up with a transfer of the Mortier lease to himself. He
at once obtained from the Manhattan Bank a $38,000 loan, pledging the
lease as security. When his duel with Hamilton forced Burr to flee the
country, Astor promptly came along and took the lease off his hands.
Astor, it was said, paid him $32,000 for it, subject to the Manhattan
Bank's mortgage. At any rate, Astor now held this extraordinarily
valuable lease.[119] He immediately released it in lots; and as the city
fast grew, covering the whole stretch with population and buildings, the
lease was a source of great revenue to him and to his heirs.[120] As a
Lutheran, Astor could not be a vestryman of Trinity Church. Anthony
Lispenard, however, it may be passingly noted, was a vestryman, and, as
such, mixed piety and business so well, that his heirs became possessed
of millions of dollars by the mere fact that in 1779, when a vestryman,
he got a lease, for eighty-three years of eighty-one Trinity lots
adjacent to the Astor leased land, at a total annual rental of
$177.50.[121]
Public-domain text, read in full here on John Shaqi.
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