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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

were eager to have the Tweed régime continue. They might pose as fine moralists and profess to instruct the poor in religion and politics, but this attitude was a fraud; they deliberately instigated, supported, and benefited by, all of the great strokes of thievery that Tweed and Connolly put through. Thus to mention one of many instances, the foremost financial and business men of the day were associated as directors with Tweed in the Viaduct Railroad. This was a project to build a railroad on or above the ground on any New York City street. One provision of the bill granting this unprecedentedly comprehensive franchise compelled the city to take $5,000,000 of stock; another exempted the company property from taxes or assessments. Other subsidiary bills allowed for the benefit of the railroad the widening and grading of streets which meant a "job" costing from $50,000,000 to $60,000,000.10 This bill was passed by the Legislature and signed by Tweed's puppet Governor Hoffman; and only the exposure of the Tweed régime a few months later prevented the complete consummation of this almost unparalleled steal.

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