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
The individual magnate, however, had no choice. He could no longer
entail his estates. Thus, estates which were very large before the
Revolution, and which were regarded with astonishment, ceased to exist.
The landed interests, however, remained paramount for several decades
after the Revolution by reason of the acceleration which long possession
and its profits had given them. Washington's fortune, amounting at his
death, to $530,000, was one of the largest in the country and consisted
mainly of land. He owned 9,744 acres, valued at $10 an acre, on the Ohio
River in Virginia, 3,075 acres, worth $200,000, on the Great Kenawa, and
also land elsewhere in Virginia and in Maryland, Pennsylvania, New York,
Kentucky, the City of Washington and other places.[28] About half a
century later it was only by persistent gatherings of public
contributions that his very home was saved to the nation, so had his
estate become divided and run down. After a long career, Benjamin
Franklin acquired what was considered a large fortune. But it did not
come from manufacture or invention, which he did so much to encourage,
but from land. His estate in 1788, two years before his death, was
estimated to be worth $150,000, mostly in land.[29] By the opening
decades of the nineteenth century few of the great estates in New York
remained. One of the last of the patroons was Stephen Van Rensselaer,
who died at the age of 75 on Jan. 26, 1839, leaving ten children. Up to
this time the manor had devolved upon the eldest son. Although it had
been diminished somewhat by various cessions, it was still of great
extent. The property was divided among the ten children, and, according
to Schuyler, "In less than fifty years after his death, the seven
hundred thousand acres originally in the manor were in the hands of
strangers."[30]
Long before old Van Rensselaer passed away he had seen the rise and
growth of the trading and manufacturing class and a new form of landed
aristocracy, and he observed with a haughty bitterness how in point of
wealth and power they far overshadowed the well-nigh defunct old feudal
aristocracy. A few hundred thousand dollars no longer was the summit of
a great fortune; the age of the millionaire had come. The lordly,
leisurely environment of the old landed class had been supplanted by
feverish trading and industrial activity which imposed upon society its
own newer standards, doctrines and ideals and made them uppermost
factors.
FOOTNOTES:
[9] "Land Nationalization,":122-125.
[10] Colonial Documents, vii:654-655.
[11] Colonial Documents, iv:673-674.
[12] "A Short History of the English Colonies in America":402.
[13] Yet, this fortune seeker, who had incurred the contempt of every
noble English mind, is described by one of the class of
power-worshipping historians as follows: "Fame and wealth, so often the
idols of _Superior Intellect_, were the prominent objects of this
aspiring man."--Williamson's "History of Maine," 1:305.
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