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nydus/The History of the Great American FortunesPublic

This work examines the origins of large American fortunes by analyzing the social and industrial systems that facilitate their accumulation. The author seeks to move beyond both celebratory narratives and sensationalist critiques to provide a factual, systemic interpretation of how these vast concentrations of wealth are formed.

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Table of Contents

CHAPTER II

capital of $1,000,000! These were inconceivably large returns for the time; Thomas J. Dougherty, Indian Agent at Camp Leavenworth, estimated that from 1815 to 1830 the fur trade on the Missouri and its waters had yielded returns amounting to $3,330,000 with a clear profit of $1,650,000. This was unquestionably a considerable underestimate.

It is hardly necessary to say that Astor, as the responsible head and beneficiary of the American Fur Company, was never prosecuted for the numerous violations of both penal and civil laws invariably committed by his direction and for his benefit. With the millions that rolled in, he was able to command the services of not only the foremost lawyers in warding off the penalties of law, but in having as his paid retainers some of the most noted and powerful politicians of the day.18 Senator Benton, of Missouri, a leading light in the Democratic party, was not only his legal representative in the West and fought his cases for him, but as United States Senator introduced in Congress measures which Astor practically drafted and the purport of which was to benefit Astor and Astor alone. Thus was witnessed a notorious violator of the law, invoking aid of the law to enrich himself still further,—a condition which need not arouse exceptional criticism, since the whole trading class in general did precisely the same thing.

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