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
Between land ownership and other forms, however, there was a great
difference. Trade was then extremely individualistic; the artificial
controlling power called the corporation was in its earliest infantile
condition. The heirs of the owner of sixty line of sail might not
possess the same astuteness, the same knowledge, adroitness, and
cunning--or let us say, unscrupulousness--the same severe application as
the founder. Consequently the business would decay or fall into the
hands of others shrewder or more fortunate. As to factories the
condition was somewhat the same; and, after the organization of labor
unions the possibility of strikes was an ever-present danger to the
constant flow of profits. Banks were by no means fixed, unchangeable
establishments. Like other media of profit-making, the extent of their
power and profits depended upon prevailing conditions and very largely
upon the favoritism or policy of Government. At any time the party
controlling government functions might change and a radically different
policy in banking, tariff or other laws be put in force.
These changing laws did not, it is true, vitally benefit the masses of
the people, for one set or other of the propertied interests almost
invariably benefited. The laws enacted were usually in response to a
demand made by contending propertied interests. The trade and political
struggles carried on by the commercial interests were a series of
incessant wars, in which every individual owner, firm or combination was
fiercely resisting competitors or striving for their overthrow.
THE INVULNERABLE LANDOWNER.
But the landowner occupied a superior position which neither political
conditions nor the flux of changing circumstances could materially
assail. He was ardently individualistic also in that he demanded, and
was accorded, the unimpaired right to get land in any way that he
legally could, hold a monopoly of as much of it as he pleased, and
dispose of it as he willed. In the very act of asserting this
individualism he called upon Society, through its machinery of
Government, for the enactment of particular laws, to guarantee him the
sole possession of his land and uphold his claims and rights by force if
necessary. These were all the basic laws that he needed and these laws
did not change. From generation to generation they remained fixed,
immovable. The interests of all landowners were identical; those of the
traders were varying and conflicting. For long periods the landowner
could expect the continuance of existing fundamental laws regarding the
ownership of land, while the shipper, the factory owner, the banker did
not know what different set of laws might be enacted at any time.
Public-domain text, read in full here on John Shaqi.
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