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
Not a publicist, editor, preacher was there who did not know either
generally or specifically of these great frauds in taxation. Some of
them might protest in a half-hearted, insincere or meaningless way. But
the propertied classes did not mind wordy criticism so long as it was
not backed by political action. In other words, they could afford to
tolerate, even be amused by, gusty denunciation if neither the laws were
changed, nor the particular enforcement or non-enforcement which they
demanded. The essential thing with them was to continue conditions by
which they could keep on defrauding.
Virtually all that was considered best in society--the men and women who
lived in the finest mansions, who patronized art and the opera, who set
themselves up as paramount in breeding, manners, taste and fashions--all
of these were either parties to this continuous process of fraud or
benefited by it. The same is true of this class to-day; for the frauds
in taxation are of greater magnitude than ever before. It was not
astonishing, therefore, when John Jacob Astor II died in 1890, and
William Astor in 1892, that enconiums should be lavished upon their
careers. In all the accounts that appeared of them, not a word was there
of the real facts; of the corrupt grasping of city land; of the
debauching of legislatures and the manipulation of railroads; of their
blocks of tenements in which disease and death had reaped so rich a
harvest, or of their gigantic frauds in cheating the city of taxes. Not
a word of all of these.
Without an exception the various biographies were fulsomely laudatory.
This excessive praise might have defeated the purpose of the authors
were it not that it was the fashion of the times to depict and accept
the multimillionaires as marvels of ability, almost superhuman. This was
the stuff fed out to the people; it was not to be wondered at that a
period came when the popular mind reacted and sought the opposite
extreme in which it laved in the most violent denunciations of the very
men whom it had long been taught to revere. That period, too, passed to
be succeeded by another in which a more correct judgment will be formed
of the magnates, and in which they will appear not as exceptional
criminals, but as products of their times and environment, and in their
true relation to both of these factors.
The fortune left by John Jacob Astor II in 1890 amounted to about
$150,000,000. The bulk of this descended to his son William Waldorf
Astor. The $75,000,000 fortune left by William Astor in 1892 was
bequeathed to his son John Jacob Astor. These cousins to-day hold the
greatest part of the collective Astor fortune.
Public-domain text, read in full here on John Shaqi.
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