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
When Ogden Goelet died he left a fortune of at least $80,000,000,
reckoning all of the complex forms of his property, and his brother,
Robert, dying in 1899, left a fortune of about the same amount. Two
children survived each of the brothers. Then was witnessed that
characteristic so symptomatic of the American money aristocracy. A
surfeit of money brings power, but it does not carry with it a
recognized position among a titled aristocracy. The next step is
marriage with title. The titled descendants of the predatory barons of
the feudal ages having, generation after generation, squandered and
mortgaged the estates gotten centuries ago by force and robbery, stand
in need of funds. On the other hand, the feminine possessors of American
millions, aided and abetted doubtless by the men of the family, who
generally crave a "blooded" connection, lust for the superior social
status insured by a title. The arrangement becomes easy. In marrying the
Duke of Roxburghe in 1903, May Goelet, the daughter of Ogden, was but
following the example set by a large number of other American women of
multimillionaire families. It is an indulgence which, however great the
superficial consequential money cost may be, is, in reality,
inexpensive. As fast as millions are dissipated they are far more than
replaced in these private coffers by the collective labor of the
American people through the tributary media of rent, interest and
profit. In the last ten years the value of the Goelet land holdings has
enormously increased, until now it is almost too conservative an
estimate to place the collective fortune at $200,000,000.
This large fortune, as is that of the Astors and of other extensive
landlords, is not, as has been pointed out, purely one of land
possessions. Far from it. The invariable rule, it might be said, has
been to utilize the surplus revenues in the form of rents, in buying up
controlling power in a great number and variety of corporations. The
Astors are directors in a large array of corporations, and likewise
virtually all of the other big landlords. The rent-racked people of the
City of New York, where rents are higher proportionately than in any
other city, have sweated and labored and fiercely struggled, as have the
people of other cities, only to deliver up a great share of their
earnings to the lords of the soil, merely for a foothold. In turn these
rents have incessantly gone toward buying up railroads, factories,
utility plants and always more and more land.
WHERE SURPLUS REVENUE HAS GONE.
Public-domain text, read in full here on John Shaqi.
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