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
Meanwhile, Astor was setting about making himself the richest and
largest landowner in the country. His were not the most extensive land
possessions in point of extent but in regard to value. He aimed at being
a great city, not a great rural, landlord. It was estimated that his
trade in furs and associated commerce brought him a clear annual revenue
of about two million dollars. This estimate was palpably inadequate. Not
only did he reap enormous profits from the fur trade, but also from
banking privileges in which he was a conspicuous factor.
It was on one of his visits to London, so the recital goes, that he
first became possessed of the idea of founding an extraordinarily rich
landed family. He admired, it is told, the great landed estates of the
British nobility, and observed the prejudice against the caste of the
trader and the corresponding exalted position of the landowner. Whether
this story is true or not, it is evident that he was impressed with the
increasing power and the stability of a fortune founded upon land, and
how it radiated a certain splendid prestige. The very definition of the
word landlord--lord of the soil--signified the awe-compelling and
authoritative position of him who owned land--a definition heightened
and enforced in a thousand ways by the laws.
The speculative and solid possibilities of New York City real estate
held out dazzling opportunities gratifying his acquisitiveness for
wealth and power--the wealth that fed his avarice, and the power flowing
from the dominion of riches.
ASTOR NOT AN EXCEPTION.
It may here be observed that Astor's methods in trade or in acquiring of
land need not be indiscriminately condemned as an exclusive mania. Nor
should they be held up to the curiosity of posterity as a singular and
pernicious exhibition, detached from his time and generation, and
independent of them. Again and again the facts disclose that men such as
he were merely the representative crests of prevailing commercial and
political life. Substantially the whole propertied class obtained its
wealth by methods which, if not the same, had a strong relationship. His
methods differed nowise from those of many cotton planters of the South
who stole, on a monstrous scale,[91] Government land and then with the
wealth derived from their thefts, bought negro slaves, set themselves up
in the glamour of a patriarchal aristocracy and paraded a florid display
of chivalry and honor. And it was this same grandiose class that
plundered Whitney of the fruits of his invention of the cotton-gin and
shamelessly defrauded him.[92]
Public-domain text, read in full here on John Shaqi.
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