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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

a sop to Bellomont and to public opinion, and because Evans and Bayard had lesser influence than the other landed functionaries. But the owners of the other estates tenaciously held them intact. The people regarded Bellomont as a sincere and ardent reformer, but the landed men and their following abused him as a meddler and destructionist. Despairing of getting a self-interested assembly to act, Bellomont appealed to the Lords of Trade:

"If your Lordships mean I shall go on to break the rest of the extravagant grants of land by Colonel Fletcher or other governors, by act of assembly, I shall stand in need of a peremptory order from the King so to do."15 A month later he insisted to his superiors at home that if they intended that the corrupt and extravagant grants should be confiscated—"(which I will be bold to say by all the rules of reason and justice ought to be done) I believe it must be done by act of Parliament in England, for I am a little jealous I shall not have strength enough in the assembly of New York to break them." The majority of this body, he pointed out, were landed men, and when their own interest was touched, they declined to act contrary to it. Unless, added Bellomont, "the power of our Palatines, Smith, Livingston, the Phillips, father and son16—and six or seven more were reduced ... the country is ruined."17

Despite some occasional breaches in its intrenchments, the landocracy continued to rule everywhere with a high hand, its power, as a whole, unbroken.

HOW THE LORDS OF THE SOIL LIVED.

A glancing picture of one of these landed proprietors will show the manner in which they lived and what was then accounted their luxury. As one of the "foremost men of his day," in the colonies Colonel Smith lived in befitting style. This stern, bushy-eyed man who robbed the community of a vast tract of land and who, as chief justice, was inflexibly

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