t
the courts decided in Astor's favor.

[120] In his descriptive work on New York City of a half century ago,
Matthew Hale Smith, in "Sunshine and Shadow in New York" (pp. 121-122),
tells this story: "The Morley [Mortier] lease was to run until 1867.
Persons who took the leases supposed that they took them for the full
term of the Trinity lease. [John Jacob] Astor was too far-sighted and
too shrewd for that. Every lease expired in 1864, leaving him [William
B. Astor, the founder's heir] the reversion for three years, putting him
in possession of all the buildings, and all of the improvements made on
the lots, and giving him the right of renewal." Smith's account is
faulty. Most of the leases expired in 1866. The value of the reversions
was very large.

[121] Docs. No. 130 [New York] Assembly Docs., 1854:22-23.

[122] Journal of the [New York] Senate, Forty-second Session,
1819:67-70.

[123] Doc. No. 108, [New York] Senate Documents, 1834, Vol. ii. The
committee stated that banks in the State outside of New York City, after
paying all expenses, divided 11 per cent. among the stockholders in 1833
and had on hand as surplus capital 16 per cent. on their capital. New
York City banks paid larger dividends.

[124] People of the State of New York vs. Manhattan Co.--Doc. No. 62,
Documents of the Board of Assistant Aldermen, 1832-33, Vol. ii.

[125] Doc. No. 68 [New York] Senate Docs., 1838, Vol. ii.

[126] Abridgement of the Debates of Congress, from 1789 to 1856,
xiii:426-427.

[127] In the course of this work, the word Government is frequently used
to signify not merely the functions of the National Government, but
those of the totality of Government, State and municipal, not less than
National.

[128] Doc. No. 49 [New York] Senate Docs., 1838, Vol. ii.

[129] "On the Penitentiary System in the United States," etc., by G. De
Beaumont and A. De Tocqueville, Appendix 17, Statistical Notes: 244-245.

[130] A complete error. Walling, for more than thirty years
Superintendent of Police of New York City, says in his "Memoirs" that he
never knew an instance of a rich murderer who was hanged or otherwise
executed. And have we all not noted likewise?

[131] "On the Penitentiary System," etc., 184-185.

[132] Prison Association of New York, Annual Reports, 1844-46. It is
characteristic of the origin of all of these charity associations, that
many of the founders of this prison association were some of the very
men who