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
Land, in the infancy of the city, was cheap; few settlers there were,
and the future could not be foreseen. In 1830 one-quarter of an acre
could be bought for $20; a few bits of silver, or any currency
whatsoever, would secure to the buyer a deed carrying with it a title
forever, with a perpetual right of exclusive ownership and a perpetual
hold upon all succeeding generations. The more population grew, the
greater the value their labor gave the land; and the keener their need,
the more difficult it became for them to get land.
Within ten years--by about the beginning of the year 1840--the price of
a quarter of an acre in the center of the city had risen to $1,500. A
decade later the established value was $17,500, and in 1860, $28,000.
Chicago was growing with great rapidity; a network of railroads
converged there; mammoth factories, mills, grain elevators, packing
houses:--a vast variety of manufacturing and mercantile concerns set up
in business, and brought thither swarms of workingmen and their
families, led on by the need of food and the prospects of work. The
greater the influx of workers, the more augmented became the value of
land. Inevitably the greatest congestion of living resulted.
By 1870 the price of a quarter of an acre in the heart of the city
bounded to $120,000, and by 1880, to $130,000.
IT BECOMES WORTH MILLIONS.
During the next decade--a decade full of bitter distress to the working
population of the United States, and marked by widespread suffering--the
price shot up to $900,000. By 1894--a panic year, in which millions of
men were out of work and in a state of appalling destitution--a quarter
of an acre reached the gigantic value of $1,250,000.[173] At this
identical time large numbers of the working class, which had so largely
created this value, were begging vainly for work, and were being evicted
by the tens of thousands in Chicago because they could not pay rent for
their miserable, cramped habitations.
By exchanging a few hundred, or a few thousand dollars, in Chicago's
extreme youth, for a scrap of paper called a deed, the buyer of this
land found himself after the lapse of years, a millionaire. It did not
matter where or how he obtained the purchase money: whether he swindled,
or stole, or inherited it, or made it honestly;--so long as it was not
counterfeit, the law was observed. After he got the land he was under no
necessity of doing anything more than hold on to it, which same he could
do equally well, whether in Chicago or buried in the depths of
Kamschatka. If he chose, he could get chronically drunk; he could
gamble, or drone in laziness; he could do anything but work.
Nevertheless, the land and all its values which others created, were his
forever, to enjoy and dispose of as suited his individual pleasure.
Public-domain text, read in full here on John Shaqi.
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