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
During its control of the city administration from 1868 to 1871 alone,
the Tweed "ring" stole directly from the city and county of New York a
sum estimated from $45,000,000 to $200,000,000. Henry F. Taintor, the
auditor employed by Andrew H. Green to investigate Controller Connolly's
books, testified before the special Aldermanic Committee in 1877, that
he had estimated the frauds during those three and a half years at from
$45,000,000 to $50,000,000.[151] The committee, however, evidently
thought that the thefts amounted to $60,000,000; for it asked Tweed
during the investigation whether they did not approximate that sum, to
which question he gave no definite reply. But Mr. Taintor's estimate, as
he himself admitted, was far from complete even for the three and a half
years. Matthew J. O'Rourke, who was responsible for the disclosures, and
who made a remarkably careful study of the "ring's" operations, gave it
as his opinion that from 1869 to 1871 the "ring" stole about $75,000,000
and that he thought the total stealings from about 1865 to 1871,
counting vast issues of fraudulent bonds, amounted to $200,000,000.
PROFITING FROM GIGANTIC THEFTS.
Every intelligent person knew in 1871 that Tweed, Connolly and their
associates were colossal thieves. Yet in that year a committee of New
York's leading and richest citizens, composed of John Jacob Astor, Jr.,
Moses Taylor, Marshall O. Roberts, E. D. Brown, George K. Sistare and
Edward Schell, were induced to make an examination of the controller's
books and hand in a most eulogistic report, commending Connolly for his
honesty and his faithfulness to duty. Why did they do this? Because
obviously they were in underhand alliance with those political bandits,
and received from them special privileges and exemptions amounting in
value to hundreds of millions of dollars. We have seen how Connolly made
gifts of the city's property to this class of leading citizens.
Moreover, a corrupt administration was precisely what the rich wanted,
for they could very conveniently make arrangements with it to evade
personal property taxation, have the assessments on their real estate
reduced to an inconsiderable sum, and secure public franchises and
rights of all kinds.
Public-domain text, read in full here on John Shaqi.
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