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
So, to the last breath, squeezing arrears out of tenants; his mind
focused upon those sordid methods which had long since become a religion
to him; contemplating the long list of his possessions with a radiant
exaltation; so Astor passed away. He died on March 29, 1848, aged
eighty-four years, four months; and almost as he died, the jubilant
shouts of the enthusiastic workingmen's processions throughout the city
resounded high and often. They were celebrating the French Revolution of
1848, intelligence of which had just arrived;--a Revolution brought
about by the blood of the Parisian workingmen, only to be subsequently
stifled by the stratagems of the bourgeoisie and turned into the
corrupt despotism of Napoleon III.
The old trader left an estate valued at about $20,000,000. The bulk of
this descended to William B. Astor. The extent of wealth disclosed by
the will made a profound impression. Never had so rich a man passed
away; the public mind was not accustomed to the sight of millions of
dollars being owned by one man. One New York newspaper, the "Journal,"
after stating that Astor's personal estate amounted to seven or nine
million dollars, and his real estate to perhaps more, observed: "Either
sum is quite out of our small comprehension; and we presume that with
most men, the idea of one million is about as large an item as that of
any number of millions." An entirely different and exceptional view was
taken by James Gordon Bennett, owner and editor of the New York
"Herald;" Bennett's comments were the one distinct contrast to the mass
of flowery praise lavished upon Astor's memory and deeds. He thus
expressed himself in the issue of April 5, 1848:
We give in our columns an authentic copy of one of the greatest
curiosities of the age--the will of John Jacob Astor, disposing of
property amounting to about twenty million dollars, among his
various descendants of the first, second, third, and fourth
degrees.... If we had been an associate of John Jacob Astor ...
the first idea that we should have put into his head would have
been that _one-half of his immense property--ten millions at
least--belonged to the people of the city of New York_. During the
last fifty years of the life of John Jacob Astor, his property has
been augmented and increased in value by the aggregate
intelligence, industry, enterprise and commerce of New York, fully
to the amount of one-half its value. The farms and lots of ground
which he bought forty, twenty and ten and five years ago, have all
increased in value entirely by the industry of the citizens of New
York. Of course, it is plain as that two and two make four, that
the half of his immense estate, in its actual value, has accrued
to him by the industry of the community.
THE WONDER OF THE AGE.
Public-domain text, read in full here on John Shaqi.
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