By 1870 the price of a quarter of an acre in the heart of the city bounded to $120,000, and by 1880, to $130,000.
IT BECOMES WORTH MILLIONS.
During the next decade—a decade full of bitter distress to the working population of the United States, and marked by widespread suffering—the price shot up to $900,000. By 1894—a panic year, in which millions of men were out of work and in a state of appalling destitution—a quarter of an acre reached the gigantic value of $1,250,000.[173] At this identical time large numbers of the working class, which had so largely created this value, were begging vainly for work, and were being evicted by the tens of thousands in Chicago because they could not pay rent for their miserable, cramped habitations.
By exchanging a few hundred, or a few thousand dollars, in Chicago's extreme youth, for a scrap of paper called a deed, the buyer of this land found himself after the lapse of years, a millionaire. It did not matter where or how he obtained the purchase money: whether he swindled, or stole, or inherited it, or made it honestly;—so long as it was not counterfeit, the law was observed. After he got the land he was under no necessity of doing anything more than hold on to it, which same he could do equally well, whether in Chicago or buried in the depths of Kamschatka. If he chose, he could get chronically drunk; he could gamble, or drone in laziness; he could do anything but work. Nevertheless, the land and all its values which others created, were his forever, to enjoy and dispose of as suited his individual pleasure.
This was, and is still, the system. Thoroughly riveted in law, it was regarded as a rational, beneficent and everlasting fixture of civilized life—by the beneficiaries. And as these latter happened to be, by virtue of their possessions, among the real rulers of government, their conceptions and interests were embodied in law, thought and custom as the edict of civilization. The whole concurrent institutions of society, which were but the echo of property interests, pronounced the system wise and just, and, as a reigning force, do still so proclaim it. In such a state there was nothing abnormal in any man monopolizing land and exclusively appropriating its revenues. On the contrary, it was considered a superior stroke of business, a splendid example of astuteness. Marshall Field was looked upon as a very sagacious business man.
FIELD'S REAL ESTATE TRACTS.
Field bought much land when it was of comparatively inconsequential value, and held on to it with a tenacious grip. In the last years of his life, his revenues from his real estate were uninterruptedly enormous.
"Downtown real estate in Chicago," wrote "a popular writer" in a typically effusive biographical account of Field, published in 1901, "is about as valuable, foot for foot, as that in the best locations in New York City. From $8,000 to $15,000 a front foot are not uncommon figures for property north of Congress street, in the Chicago business district. Marshall Field owns not less than twenty choice sites and buildings in this section; not including those used for his drygoods business. In the vicinity of the Chicago University buildings he owns square block after block of valuable land. Yet farther south he owns hundreds of acres of land in the Calumet region—land invaluable for manufacturing purposes."
This extension and centralization of land ownership were accompanied by precisely the same results as were witnessed in other cities, although these results were the sequence of the whole social and industrial system, and not solely of any one phase. Poverty grew in exact proportion to the growth of large fortunes; the one presupposed, and was built upon, the existence of the other. Chicago became full of slums and fetid, overcrowded districts; and if the density and congestion of population are not as great as in New York, Boston and Cincinnati, it is only because of more favorable geographical conditions.
Field's fortune was heaped up in about the last twenty years of his life. The celerity of its progress arose from the prolific variety and nature of his possessions. To form even an approximate idea of how fast wealth came in to him, it is necessary to picture millions of men, women and children toiling day after day, year in and year out, getting a little less than two parts of the value of what they produced, while almost nine portions either went to him entirely or in part. But this was not all. Add to these millions of workers the rest of the population of the United States who had to buy from, or in some other way pay tribute to, the many corporations in which Field held stock, and you get some adequate conception of the innumerable influxions of gold which poured into Field's coffers every minute, every second of the day, whether he were awake or asleep; whether sick or well, whether traveling or sitting stock still.