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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 I

comparative solitudes. This aspiration was mixed with the mercenary motive of themselves owning the land from whence came the furs, pelts, timber and the waters yielding the fishes.

One of these directors was Kiliaen van Rensselaer, an Amsterdam pearl merchant. In 1630 his agents bought for him from the Indians a tract of land twenty-four miles long and forty-eight broad on the west bank of the Hudson. It comprised, it was estimated, seven hundred thousand acres and included what are now the counties of Albany, Rensselaer, a part of Columbia County and a strip of what is at present Massachusetts. And what was the price paid for this vast estate? As the deeds showed, the munificent consideration of "certain quantities of duffels, axes, knives and wampum,"3 which is equal to saying that the pearl merchant got it for almost nothing. Two other directors—Godyn and Bloemart—became owners of great feudal estates. One of these tracts, in what is now New Jersey, extended sixteen miles both in length and breadth, forming a square of sixty-four miles.4

So it was that these shrewd directors now combined a double advantage. Their pride was satisfied with the absolute lordship of immense areas, while the ownership of land gave them the manifold benefits and greater profits of trading with the Indians at first hand. From a part of the proceeds they later built manors which were contemplated as wonderful and magnificent. Surrounded and served by their retainers, agents, vassal tenants and slaves, they lived in princely and licentious style, knowing no law in most matters except their unrestrained will. They beheld themselves as ingenious and memorable founders of a potential landed aristocracy whose possessions were more extended than that of Europe. Wilderness much of it still was, but obviously the time was coming when the population would be fairly abundant. The laws of entail and primogeniture, then in full force, would operate to keep the estates intact and gifted with inherent influence for generations.

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