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
He knew every inch of real estate that stood in his name, every
bond, contract and lease. He knew what was due when leases
expired, and attended personally to the matter. No tenants could
expend a dollar, or put in a pane of glass without his personal
inspection. His father sold him the Astor House [an hotel] for the
sum of one dollar. The lessees were not allowed to spend one cent
on the building, without his supervision and consent, unless they
paid for it themselves.
In the upper part of New York hundreds of lots can be seen
enclosed by dilapidated fences, disfigured by rocks and waste
material, or occupied as [truck] gardens. They are eligibly
located, many of them surrounded by a fashionable population....
Mr. Astor owned most of these corner lots but kept the corners for
a rise. He would neither sell nor improve them.... He knew that no
parties can improve the center of a block without benefiting the
corners.
He was sombre and solitary, dwelt alone, mixed little with general
society, gave little and abhorred beggars.[143]
It was a common saying of him "when he paid out a cent he wanted a cent
in return;" and as to his abject meannesses we forbear relating the many
stories of him. He pursued, in every respect, his father's methods in
using the powers of city government to obtain valuable water grants for
substantially nothing, and in employing his surplus wealth for further
purchases of land and in investments in other profitable channels. No
scruples of any kind did he allow to interfere with his constant aim of
increasing his fortune. His indifference to compunctions was shown in
many ways, not the least in his open support of notoriously corrupt city
and State administrations.
This corruption was by no means one existing despite him and his class,
and one that was therefore accepted grudgingly as an irremediable evil.
Far from it. Corrupt government was welcomed by the landholding, trading
and banking class, for by it they could secure with greater facility the
perpetual rights, franchises, privileges and the exemptions which were
adapted to their expanding aims and riches. By means of it they were not
only enabled to pile up greater and greater wealth, but to set
themselves up in law as a conspicuously privileged body, distinct from
the mass of the people.
THE PURCHASE OF LAWS.
Public-domain text, read in full here on John Shaqi.
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