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
And while on this phase, we should not overlook another salient fact
which thrusts itself out for notice. We have seen how John Jacob Astor
of the third generation very eagerly in 1867 invited Cornelius
Vanderbilt to take over the management of the New York Central Railroad,
after Vanderbilt had proved himself not less an able executive than an
indefatigable and effective briber and corrupter. So long as Vanderbilt
produced the profits, Astor and his fellow-directors did not care what
means he used, however criminal in law and whatever their turpitude in
morals. John Jacob Astor of the fourth generation repeats this
performance in aligning himself, as does Goelet, with that master-hand
Harriman, against whom the most specific charges of colossal looting
have been brought.[166] But it would be both idle and prejudicial in the
highest degree to single out for condemnation a brace of capitalists for
following out a line of action so strikingly characteristic of the
entire capitalist class--a class which, in the pursuit of profits,
dismisses nicety of ethics and morals, and which ordains its own laws.
THE RHINELANDERS.
The wealth of the Rhinelander family is commonly placed at about
$100,000,000. But this, there is excellent reason to believe, is an
absurdly low approximation. Nearly a century and a half ago William and
Frederick Rhinelander kept a bakeshop on William street, New York City,
and during the Revolution operated a sugar factory. They also built
ships and did a large commission business. It is usually set forth, in
the plenitude of eulogistic biographies, that their thrift and ability
were the foundation of the family's immense fortune. Little research is
necessary to shatter this error. That they conducted their business in
the accepted methods of the day and exercised great astuteness and
frugality, is true enough, but so did a host of other merchants whose
descendants are even now living in poverty. Some other explanation must
be found to account for the phenomenal increase of the original small
fortune and its unshaken retention.
Public-domain text, read in full here on John Shaqi.
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