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
In the case of these great fortunes it is well nigh impossible to get an
accurate idea of just how much they reach. All of them are based
primarily upon ownership of land, but they also include many other forms
such as shares in banks, coal and other mines, railroads, city
transportation systems, gas plants, industrial corporations. Even the
most indefatigable tax assessors find it such a fruitless and elusive
task in attempting to discover what personal property is held by these
multimillionaires, that the assessment is usually a conjectural or
haphazard performance. The extent of their land holdings is known; these
cannot be hid in a safe deposit vault. But their other varieties of
property are carefully concealed from public and official knowledge.
Since this is so, it is entirely probable that the fortunes of these
families are considerably greater than is commonly estimated. The case
of Marshall Field, a Chicago Croesus, who left a fortune valued at
about $100,000,000, is a strong illustration. This man owned $30,000,000
worth of real estate in Chicago alone. There was no telling, however,
what his whole estate amounted to, for he refused year after year to pay
taxes on more than a valuation of $2,500,000 of personal property. Yet,
after his death in 1906, an inventory of his estate filed in January,
1907, disclosed a clear taxable personal property of $49,977,270. He was
far richer than he would have it appear.
Let us investigate the careers of some of these powerful landed men, the
founders of great fortunes, and inquire into their methods and into the
conditions under which they succeeded in heaping up their immense
accumulations.
FOOTNOTES:
[68] In 1847 and 1849 the Anti-Renters demonstrated a voting strength in
New York State of about 5,000. Livingston's title to his estate being
called into question, a suit was brought. The court decision favored
him. The Livingstons, it may be again remarked, were long powerful in
politics, and had had their members on the bench.--"Life of Silas
Wright," 179-226; "Last Leaves of American History":16-18, etc.
[69] The debates in this convention showed that the feudal conditions
described in this chapter prevailed down to 1846.--New York
Constitution; Debates in Convention, 1846; 1052-1056. This is an extract
from the official convention report: "Mr. Jordan [a delegate] said that
it was from such things that relief was asked: which although the moral
sense of the community will not admit to be enforced, are still actually
in existence."
[70] Of a total of $39,544,333,000, representing wealth in real estate
and improvements, the census of 1890 attributed $13,905,274,364 to the
North Atlantic Division and a trifle more than $15,000,000,000 to the
North Central Division.
[71] The Forum (Magazine), November, 1889.
CHAPTER II
THE INCEPTION OF THE ASTOR FORTUNE
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account