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
If there had been the slightest serious attempt to interfere with their
vested privileges, corruptly obtained and corruptly enhanced, and with
the vast amount of increment and graft that these privileges bought
them, they would have instantly raised the cry of revolutionary
confiscation. But they were very willing to put an end to the petty
graft which the politicians collected from saloons, brothels, peddlers,
and the small merchants, and thereby present themselves as respectable
and public-spirited citizens, appalled at the existing corruption. The
newspapers supported them in this attitude, and occasionally a
sufficient number of the voters would sustain their appeals and elect
candidates that they presented. The only real difference was that under
an openly corrupt machine they had to pay in bribes for franchises, laws
and immunity from laws, while under the "reform" administrations, which
represented, and toadied to, them, they often obtained all these and
more without the expenditure of a cent. It has often been much more
economical for them to have "reform" in power; and it is a well known
truism that the business-class reform administrations which are
popularly assumed to be honest, will go to greater lengths in selling
out the rights of the people than the most corrupt political machine,
for the reason that their administrations are not generally suspected of
corruption and therefore are not closely watched. Moreover, corruption
by bribes is not always the most effective kind. There is a much more
sinister form. It is that which flows from conscious class use of a
responsive government for insidious ends. Practically all of the
American "reform" movements have come within this scope.
This is no place for a dissertation on these pseudo reform movements; it
is a subject deserving a special treatment by itself. But it is well to
advert to them briefly here since it is necessary to give constant
insights into the methods of the propertied class. Whether corruption or
"reform" administrations were in power the cheating of municipality and
State in taxation has gone on with equal vigor.[161]
A VAST ANNUAL INCOME.
The collective Astor fortune, as we have said, amounts to $450,000,000.
This, however, is merely an estimate based largely upon their real
estate possessions. No one but the Astors themselves know what are their
holdings in bonds and stocks of every description. It is safe to venture
the opinion that their fortune far exceeds $450,000,000. Their surplus
wealth piles up so fast that a large part of it is incessantly being
invested in buying more land. Originally owning land in the lower part
of Manhattan, they then bought land in Yorkville, then added to their
possessions in Harlem, and later in the Bronx, in which part of New York
City they now own immense areas. Their estate is growing larger and
larger all the time.
Public-domain text, read in full here on John Shaqi.
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