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
In penetrating into the origin and growth of the great fortunes, this
vital fact is constantly forced upon the investigator: that Law has been
the most valuable asset possessed by the capitalist class. Without it,
this class would have been as helpless as a babe. What would the
medieval baron have been without armed force? But note how sinuously
conditions have changed. The capitalist class, far shrewder than the
feudalistic rulers, dispenses with personally equipped armed force. It
becomes superfluous. All that is necessary to do is to make the laws,
and so guide things that the officials who enforce the laws are
responsive to the interests of the propertied classes. Back of the laws
are police forces and sheriffs and militia all kept at the expense of
city, county and State--at public expense. Clearly, then, having control
of the laws and of the officials, the propertied classes have the full
benefit of armed forces the expense of which, however, they do not have
to defray. It has unfolded itself as a vast improvement over the crude
feudal system.
In complete control of the laws, the great propertied classes have been
able either to profit by the enforcement, or by the violation, of them.
This is nowhere more strikingly shown than in the growth of the Astor
fortune, although all of the other great fortunes reveal the same, or
nearly identical, factors. With the millions made by a career of crime
the original Astors buy land; they get more land by fraud; the Law
throws its shield about the property so obtained. They cheat the city
out of enormous sums in taxation; the Law does not molest them. On the
contrary it allows them to build palaces and to keep on absorbing up
more forms of property. In 1875 William Astor builds a railroad in
Florida; and as a gift of appreciation, so it is told, the Florida
Legislature presents him with 80,000 acres of land. It is wholly
probable, if the underlying circumstances were known, that it would be
found that an influence more material than a simple burst of gratitude
prompted this gift. Where did the money come from with which this
railroad was built? And what was the source of other immense funds which
were invested in railroads, banks, industrial enterprises, in buying
more land and in mortgages--in many forms of ownership?
The unsophisticated acceptor of current sophistries or the apologist
might reply that all this money came from legitimate business
transactions, the natural increase in the value of land, and thus on.
But waiving these superficial explanations and defenses, which really
mean nothing more than a forced justification, it is plain that the true
sources of these revenues were of a vastly different nature. The
millions in rents which flowed in to the Astor's treasury every year
came literally from the sweat, labor, misery and murder of a host of
men, women, and children who were never chronicled, and who went to
their death in eternal obscurity.
THE BASIS OF WEALTH'S STRUCTURE.
Public-domain text, read in full here on John Shaqi.
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