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 was, and is still, the system. Thoroughly riveted in law, it was
regarded as a rational, beneficent and everlasting fixture of civilized
life--by the beneficiaries. And as these latter happened to be, by
virtue of their possessions, among the real rulers of government, their
conceptions and interests were embodied in law, thought and custom as
the edict of civilization. The whole concurrent institutions of society,
which were but the echo of property interests, pronounced the system
wise and just, and, as a reigning force, do still so proclaim it. In
such a state there was nothing abnormal in any man monopolizing land and
exclusively appropriating its revenues. On the contrary, it was
considered a superior stroke of business, a splendid example of
astuteness. Marshall Field was looked upon as a very sagacious business
man.
FIELD'S REAL ESTATE TRACTS.
Field bought much land when it was of comparatively inconsequential
value, and held on to it with a tenacious grip. In the last years of his
life, his revenues from his real estate were uninterruptedly enormous.
"Downtown real estate in Chicago," wrote "a popular writer" in a
typically effusive biographical account of Field, published in 1901, "is
about as valuable, foot for foot, as that in the best locations in New
York City. From $8,000 to $15,000 a front foot are not uncommon figures
for property north of Congress street, in the Chicago business district.
Marshall Field owns not less than twenty choice sites and buildings in
this section; not including those used for his drygoods business. In the
vicinity of the Chicago University buildings he owns square block after
block of valuable land. Yet farther south he owns hundreds of acres of
land in the Calumet region--land invaluable for manufacturing
purposes."
This extension and centralization of land ownership were accompanied by
precisely the same results as were witnessed in other cities, although
these results were the sequence of the whole social and industrial
system, and not solely of any one phase. Poverty grew in exact
proportion to the growth of large fortunes; the one presupposed, and was
built upon, the existence of the other. Chicago became full of slums and
fetid, overcrowded districts; and if the density and congestion of
population are not as great as in New York, Boston and Cincinnati, it is
only because of more favorable geographical conditions.
Public-domain text, read in full here on John Shaqi.
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