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
But it should be noted that those who thus benefited, singularly enjoyed
the advantages of laws and practices. For city land that they bought
they were allowed to pay on easy terms; not infrequently the city had to
bring action for final payment. But the tenants of these landlords had
to pay rent on the day that it fell due, or within a few days of the
time; they could not be in arrears more than three days without having
to face dispossess proceedings. Nor was this all the difference. On
land which they corruptly obtained from the city and which, to a large
extent, they fraudulently caused to be filled in, regulated, graded or
otherwise improved at the expense of the whole community, the landlords
refused to pay taxes promptly, just as they refused to pay them on land
that they had bought privately. What was the result? "Some of our
wealthiest citizens," reported the Controller in 1831, "are in the habit
of postponing the payment of taxes for six months and more, and the
Common Council are necessitated to borrow money on interest to meet the
ordinary disbursements of the city."[111] If a man of very moderate
means were backward in payment of taxes, the city promptly closed him
out, and if a tenant of any of these delinquent landlords were
dispossessed for non-payment of rent, the city it was which undertook
the process of eviction. The rich landlord, however, could do as he
pleased, since all government represented his interests and those of his
class. Instead of the punishment for non-payment of taxes being visited
upon him, it was imposed upon the whole community in the form of
interest-bearing bonds.
PILLAGE, PROFITS AND LAND.
The money that Astor secured by robbing the Indians and exploiting the
workers by means of monopolies, he thus put largely into land. In 1810,
a story runs, he offers to sell a Wall Street lot for $8,000. The price
is so low that a buyer promptly appears. "Yes, you are astonished,"
Astor says. "But see what I intend to do with that eight thousand
dollars. That Wall Street lot, it is true, will be worth twelve thousand
dollars in a few years. But I shall take that eight thousand dollars
and buy eighty lots above Canal street and by the time your one lot is
worth twelve thousand dollars, my eighty lots will be worth eighty
thousand dollars." So goes one of the fine stories told to illustrate
his foresight, and to prove that his fortune came exclusively from that
faculty and from his industry.
Public-domain text, read in full here on John Shaqi.
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