FREE BOOKS

Author's List




PREV.   NEXT  
|<   26   27   28   29   30   31   32   33   34   35   36   37   38   39   40   41   42   43   44   45   46   47   48   49   50  
51   52   53   54   55   56   57   58   59   60   61   62   63   64   65   66   67   68   69   70   71   72   73   74   75   >>   >|  
tates no longer passed unimpaired from generation to generation, surviving as a distinct entity throughout all changes. They perforce were partitioned among all the children; and through the vicissitudes of subsequent years, passed bit by bit into many hands. Altered laws caused a gradual disintegration in the case of individual holdings, but brought no change in instances of corporate ownership. The Trinity Corporation of New York City, for example, has held on to the vast estate which it was given before the Revolution except such parts as it voluntarily has sold. DISINTEGRATION OF THE GREAT ESTATES. The individual magnate, however, had no choice. He could no longer entail his estates. Thus, estates which were very large before the Revolution, and which were regarded with astonishment, ceased to exist. The landed interests, however, remained paramount for several decades after the Revolution by reason of the acceleration which long possession and its profits had given them. Washington's fortune, amounting at his death, to $530,000, was one of the largest in the country and consisted mainly of land. He owned 9,744 acres, valued at $10 an acre, on the Ohio River in Virginia, 3,075 acres, worth $200,000, on the Great Kenawa, and also land elsewhere in Virginia and in Maryland, Pennsylvania, New York, Kentucky, the City of Washington and other places.[28] About half a century later it was only by persistent gatherings of public contributions that his very home was saved to the nation, so had his estate become divided and run down. After a long career, Benjamin Franklin acquired what was considered a large fortune. But it did not come from manufacture or invention, which he did so much to encourage, but from land. His estate in 1788, two years before his death, was estimated to be worth $150,000, mostly in land.[29] By the opening decades of the nineteenth century few of the great estates in New York remained. One of the last of the patroons was Stephen Van Rensselaer, who died at the age of 75 on Jan. 26, 1839, leaving ten children. Up to this time the manor had devolved upon the eldest son. Although it had been diminished somewhat by various cessions, it was still of great extent. The property was divided among the ten children, and, according to Schuyler, "In less than fifty years after his death, the seven hundred thousand acres originally in the manor were in the hands of strangers."[30] Long before old Van Re
PREV.   NEXT  
|<   26   27   28   29   30   31   32   33   34   35   36   37   38   39   40   41   42   43   44   45   46   47   48   49   50  
51   52   53   54   55   56   57   58   59   60   61   62   63   64   65   66   67   68   69   70   71   72   73   74   75   >>   >|  



Top keywords:
children
 

estate

 

estates

 

Revolution

 
fortune
 

Washington

 
Virginia
 

decades

 
generation
 
century

longer

 

passed

 

remained

 

divided

 

individual

 
encourage
 
invention
 

estimated

 

considered

 
nation

contributions

 

public

 

persistent

 

gatherings

 

manufacture

 

acquired

 

career

 

Benjamin

 
Franklin
 
extent

property

 
Schuyler
 

cessions

 

Although

 

diminished

 

strangers

 

originally

 
thousand
 

hundred

 
eldest

patroons

 

Stephen

 

Rensselaer

 
opening
 
nineteenth
 

devolved

 

leaving

 

consisted

 

Corporation

 

Trinity