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
Finally, both of the powerful political parties were under the
domination of wealth; not, to be sure, openly so, but insidiously.
Differences of issue there assuredly were, but these issues did not in
any way affect the basic structure of society, or threaten the overthrow
of any of the fundamental privileges held by the rich. The political
campaigns, except that later contest which decided the eventual fate of
chattel slavery, were, in actuality, sham battles. Never were the masses
so enthusiastic since the campaign of 1800 when Jefferson was elected,
as they were in 1832 when they sided with President Jackson in his fight
against the United States Bank. They considered this contest as one
between the people, on the one side, and, on the other, the monied
aristocracy of the country. The United States Bank was effaced; but the
State banks promptly took over that share of the exploitative process so
long carried on by the United States Bank and the people, as has already
been explained, were no better off than they were before. One set of
ruling capitalists had been put down only to make way for another.
Both parties received the greater part of their campaign funds from the
men of large property and from the vested corporations or other similar
interests. Astor, for example, was always a liberal contributor, now to
the Whig party and again to the Democratic. In return, the politicians
elected by those parties to the legislature, the courts or to
administrative offices usually considered themselves under obligations
to that element which financed its campaigns and which had the power of
defeating their reelection by the refusal of funds or by supporting the
opposite party. The masses of the people were simply pawns in these
political contests, yet few of them understood that all the excitement,
partisan activity and enthusiasm into which they threw themselves,
generally had no other significance than to enchain them still faster to
a system whose beneficiaries were continuously getting more and more
rights and privileges for themselves at the expense of the people, and
whose wealth was consequently increasing by precipitate bounds.
ASTOR BECOMES AMERICA'S RICHEST MAN.
Astor was now the richest man in America. In 1847 his fortune was
estimated at fully $20,000,000. In all the length and breadth of the
United States there was no man whose fortune was within even
approachable distance of his. With wonderment his contemporaries
regarded its magnitude. How great it ranked at that period may be seen
by a contrast with the wealth of other men who were considered very
rich.
Public-domain text, read in full here on John Shaqi.
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