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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 VII

In complete control of the laws, the great propertied classes have been able either to profit by the enforcement, or by the violation, of them. This is nowhere more strikingly shown than in the growth of the Astor fortune, although all of the other great fortunes reveal the same, or nearly identical, factors. With the millions made by a career of crime the original Astors buy land; they get more land by fraud; the Law throws its shield about the property so obtained. They cheat the city out of enormous sums in taxation; the Law does not molest them. On the contrary it allows them to build palaces and to keep on absorbing up more forms of property. In 1875 William Astor builds a railroad in Florida; and as a gift of appreciation, so it is told, the Florida Legislature presents him with 80,000 acres of land. It is wholly probable, if the underlying circumstances were known, that it would be found that an influence more material than a simple burst of gratitude prompted this gift. Where did the money come from with which this railroad was built? And what was the source of other immense funds which were invested in railroads, banks, industrial enterprises, in buying more land and in mortgages—in many forms of ownership?

The unsophisticated acceptor of current sophistries or the apologist might reply that all this money came from legitimate business transactions, the natural increase in the value of land, and thus on. But waiving these superficial explanations and defenses, which really mean nothing more than a forced justification, it is plain that the true sources of these revenues were of a vastly different nature. The millions in rents which flowed in to the Astor's treasury every year came literally from the sweat, labor, misery and murder of a host of men, women, and children who were never chronicled, and who went to their death in eternal obscurity.

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