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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 II

when that king granted large tracts of land belonging to the colony to his favorites, and subsequently, in 1734, a ferment in Georgia, even under the mild proprietary rule of the philanthropist Oglethorpe, were all really outbursts of popular discontent largely against the oppressive form in which land was held and against discriminative taxation, although each uprising had its local issues differing from those elsewhere.

In this conflict between landed class and people, the only hope of the mass of the people lay in getting the favorable attention of royal governors. At least one of these considered earnestly and conscientiously the grave existing abuses and responded to popular protest which had become bitter.

A CONFLICT BETWEEN LAND MAGNATES AND PEOPLE.

This official was the Earl of Bellomont. Scarcely had he arrived after his appointment as Captain-General and Governor of Massachusetts Bay, New York and other provinces, when he was made acquainted with the widespread discontent. The landed magnates had not only created an abysmal difference between themselves and the masses in possessions and privileges, but also in dress and air, founded upon strict distinctions in law. The landed aristocrat with his laces and ruffles, his silks and his gold and silver ornaments and his expensive tableware, his consciously superior air and tone of grandiose authority, was far removed in established position from the mechanic or the laborer with his coarse clothes and mean habitation. Laws were long in force in various provinces which prohibited the common people from wearing gold and silver lace, silks and ornaments. Bellomont noted the sense of deep injustice smouldering in the minds of the people and set out to confiscate the great estates, particularly, as he set forth, as many of them had been obtained by bribery.

It was with amazement that Bellomont learned that one man, Colonel Samuel Allen, claimed to own the whole of what is now the state of New

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