CodalSearch this book — or all of Codal…⌘K
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.

Page 189 of 340
Table of Contents

CHAPTER V

will made a profound impression. Never had so rich a man passed away; the public mind was not accustomed to the sight of millions of dollars being owned by one man. One New York newspaper, the "Journal," after stating that Astor's personal estate amounted to seven or nine million dollars, and his real estate to perhaps more, observed: "Either sum is quite out of our small comprehension; and we presume that with most men, the idea of one million is about as large an item as that of any number of millions." An entirely different and exceptional view was taken by James Gordon Bennett, owner and editor of the New York "Herald;" Bennett's comments were the one distinct contrast to the mass of flowery praise lavished upon Astor's memory and deeds. He thus expressed himself in the issue of April 5, 1848:

We give in our columns an authentic copy of one of the greatest curiosities of the age—the will of John Jacob Astor, disposing of property amounting to about twenty million dollars, among his various descendants of the first, second, third, and fourth degrees.... If we had been an associate of John Jacob Astor ... the first idea that we should have put into his head would have been that *one-half of his immense property—ten millions

189