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
Having reached the present generation, we shall not attempt to enter
into a detailed narrative of their multifarious interests, embracing
land, railroads, industries, insurance and a vast variety of other forms
of wealth. The purpose of this work is to point out the circumstances
underlying the origin and growth of the great private fortunes; in the
case of the Astors this has been done sufficiently, perhaps overdone,
although many facts have been intentionally left out of these chapters
which might very properly have been included. But there are a few
remaining facts without which the story would not be complete, and
lacking which it might lose some significance.
THE ASTOR FORTUNE DOUBLES.
[Illustration: WILLIAM WALDORF ASTOR.
Now a British Subject, Self-Expatriated. He Derives
an Enormous Income from His American Estate.]
We have seen how at William B. Astor's death in 1876 the Astor fortune
amounted to at least $100,000,000, probably much more. Within sixteen
years, by 1892, it had more than doubled in the hands of his two sons.
How was it possible to have added the extraordinary sum of $125,000,000
in less than a decade and a half? Individual ability did not
accomplish it; it is ludicrous to say that it could have done so. The
methods by which much of this increase was gathered in have already been
set forth. A large part came from the rise in the value of land, which
value arose not from the slightest act of the Astors, but from the
growth of the population and the labor of the whole body of workers.
This value was created by the producers, but far from owning or even
sharing in it, they were compelled to pay heavier and heavier tribute in
the form of rent for the very values which they had created. Had the
Astors or other landlords gone into a perpetual trance these values
would have been created just the same. Then, not content with
appropriating values which others created, the landlord class defrauded
the city of even the fractional part of these values, in the form of
taxation.
Public-domain text, read in full here on John Shaqi.
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