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
This explanation is found partly in the fraudulent means by which,
decade after decade, they secured land and water grants from venal city
administrations, and in the singularly dubious arrangement by which they
obtained an extremely large landed property, now having a value of tens
upon tens of millions, from Trinity Church. Since the full and itemized
details of these transactions have been elaborated upon in previous
chapters, it is hardly necessary to repeat them. It will be recalled
that, as important personages in Tammany Hall, the dominant political
party in New York City, the Rhinelanders used the powers of city
government to get grant after grant for virtually nothing. From Trinity
Church they got a ninety-nine year lease of a large tract in what is now
the very hub of the business section of New York City--which tract they
subsequently bought in fee simple. Another large tract of New York City
real estate came into their possession through the marriage of William
C. Rhinelander, of the third generation, to a daughter of John Rutgers.
This Rutgers was a lineal descendant of Anthony Rutgers, who, in 1731,
obtained from the royal Governor Cosby the gift of what was then called
the "Fresh Water Pond and Swamp"--a stretch of seventy acres of little
value at the time, but which is now covered with busy streets and large
commercial and office buildings. What the circumstances were that
attended this grant are not now known. The grant consisted of what are
now many blocks along Broadway north of Lispenard street. It is not
merely business sections which the Rhinelander family owns, however;
they derive stupendous rentals from a vast number of tenement houses.
The Rhinelanders, also, employ their great surplus revenues in
constantly buying more land. With true aristocratic aspirations, they
have not been satisfied with mere plebeian American mansions, gorgeous
palaces though they be; they set out to find a European palace with
warranted royal associations, and found one in the famous castle of
Schonberg, on the Rhine, near Oberwesel, which they bought and where
they have ensconced themselves. How great the wealth of this family is
may be judged from the fact that one of the Rhinelanders--William--left
an estate valued at $50,000,000 at his death in December, 1907.
THE SCHERMERHORNS.
Public-domain text, read in full here on John Shaqi.
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