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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 VI

It was in these identical years that the Astors, the Goelets, the Rhinelanders and many other landholders and merchants were getting more water grants by collusion with the various corrupt city administrations. On June 14, 1850, William B. Astor gets a grant of land under water for the block between Twelfth and Thirteenth streets, on the Hudson River, at the ridiculous price of $13 per running foot.4 William E. Dodge likewise gets a grant on the Hudson River. Public opinion severely condemned this practical giving away of city property, and a special committee of the Board of Councilmen was moved to report on May 15, 1854, that "the practice of selling city property, except where it is in evidence that it cannot be put to public use, is an error in finance that has prevailed too frequently; indeed the experience of about eleven years has demonstrated that sales of property usually take place about the time it is likely to be needed for public uses, or on the eve of a rise in value. Every pier, bulkhead and slip should have continued to be the property of the city...."5

WATER GRANTS FROM TWEED.

But when the Tweed "ring" came into complete power, with its unbridled policy of accommodating anyone who could pay bribes enough, the landowners and merchants rushed to get water grants among other special privileges. On Dec. 27, 1865, William C. Rhinelander was presented with a grant of land under water from Ninety-first to Ninety-fourth street, East River.6 On March 21, 1867, Peter Goelet obtained from the Sinking Fund Commissioners a grant of land under water on the East River in front of land owned by him between Eighty-first street and Eighty-second street. The price asked was the insignificant one of $75 a running foot.7 The officials who made this grant were the Controller, Richard B. Connolly, and the Street Commissioner, George W. McLean, both of whom were arch accomplices of William M. Tweed and were deeply involved in the

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