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
No close research into pre-Revolutionary currents and movements is
necessary to understand that the Revolution was brought about by the
dissatisfied trading class as the only means of securing absolute
freedom of trade. Notwithstanding the view often presented that it was
an altruistic movement for the freedom of man, it was essentially an
economic struggle fathered by the trading class and by a part of the
landed interests. Admixed was a sincere aim to establish free political
conditions. This, however, was not an aim for the benefit of all
classes, but merely one for the better interests of the propertied
class. The poverty-stricken soldiers who fought for their cause found
after the war that the machinery of government was devised to shut out
manhood suffrage and keep the power intact in the hands of the rich. Had
it not been for radicals such as Jefferson, Paine and others it is
doubtful whether such concessions as were made to the people would have
been made. The long struggle in various States for manhood suffrage
sufficiently attests the deliberate aim of the propertied interests to
concentrate in their own hands, and in that of a following favorable to
them, the voting power of the Government and of the States.
With the success of the Revolution, the trading class bounded to the
first rank. Entail and primogeniture were abolished and the great
estates gradually melted away. For more than a century and a half the
landed interests had dominated the social and political arena. As an
acknowledged, continuous organization they ceased to exist. Great
estates no longer passed unimpaired from generation to generation,
surviving as a distinct entity throughout all changes. They perforce
were partitioned among all the children; and through the vicissitudes of
subsequent years, passed bit by bit into many hands. Altered laws caused
a gradual disintegration in the case of individual holdings, but brought
no change in instances of corporate ownership. The Trinity Corporation
of New York City, for example, has held on to the vast estate which it
was given before the Revolution except such parts as it voluntarily has
sold.
DISINTEGRATION OF THE GREAT ESTATES.
Public-domain text, read in full here on John Shaqi.
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