Great Fortunes, and How They Were Made

by James Dabney McCabe

"In this grand scheme, Mr. Astor was only anticipating the course of events which, fifty years later, we are beginning to witness. When he laid his plans before the Government, Mr. Jefferson, who was then President, 'considered as a great acquisition,' as he afterward expressed himself in a letter to Mr. Astor, 'the commencement of a settlement on the western coast of America, and looked forward with gratification to the time when its descendants should have spread themselves through the whole length of that coast, covering it with free and independent Americans, unconnected with us except by ties of blood and interest, and enjoying, like us, the rights of self-government.' Even Jefferson's mind, wide as it was, could not take in the idea of a national unity embracing both ends of the continent; but not so thought Astor. The merchant saw farther than the statesman. It was precisely this political unity which gave him hope and chance of success in his worldwide schemes. When the Constitution was adopted, the chief source of apprehension for its permanence with men like Patrick Henry, and other wise statesmen, was the extent of our territory. The Alleghanies, it was thought, had put asunder communities whom no paper constitution could unite. But at that early day, when Ohio was the far West, and no steamboat had yet gone up the Mississippi, Astor looked beyond the Ohio, beyond the Mississippi, and the Rocky Mountains, and saw the whole American territory, from ocean to ocean, the domain of one united nation, the seat of trade and industry. He saw lines of trading posts uniting the Western settlements with the Pacific; following this line of trading posts, he saw the columns of a peaceful emigration crossing the plains, crossing the mountains, descending the Columbia, and towns and villages taking the places of the solitary posts, and cultivated fields instead of the hunting-grounds of the Indian and the trapper.

"No enterprise, unless it be the Atlantic telegraph, engages more deeply the public attention than a railroad communication with the Pacific coast.[^[B]] The rapid settlement of Oregon and California, the constant communication by steam to the Pacific coast, render it easy now to feel the nearness of that region, and the oneness of the nationality which covers the continent. But to Astor's eye the thing was as palpable then as now. And yet but two or three attempts had then been made to explore the overland routes."

It would be deeply interesting to examine the details of this fast scheme of colonization and trade, for it is certain that Mr. Astor was as anxious to do an act which, by building up the continent, should hand his name down to posterity as a national benefactor, as to increase his business; but the limits of this article forbid more than a mere glance at the subject.

A company was formed, at the head of which stood Mr. Astor, and an elaborate and carefully-arranged plan of operations prepared. Two expeditions were dispatched to the mouth of the Columbia, one by land and the other by sea. Many hardships were encountered, but the foundation of a settlement was successfully made on the Columbia. In spite of the war with England (1812-15), which now occurred, the enterprise would have been successful had Mr. Astor's positive instructions been obeyed. They were utterly disregarded, however, and his partners and agents not only betrayed him in every instance, but sold his property to a rival British company for a mere trifle. His pecuniary loss was over a million of dollars, and his disappointment bitter beyond expression. When the enterprise was on the point of failure, and while he was still chafing at the conduct of his treacherous subordinates, he wrote to Mr. Hunt, the most faithful of all his agents: "Were I on the spot, and, had the management of affairs, I would defy them all; but as it is, every thing depends on you and your friends about you. Our enterprise is grand, and deserves success, and I hope in God it will meet it. If my object was merely gain of money, I should say, think whether it is best to save what we can, and abandon the place; but the very idea is like a dagger to my heart." When the news of the final betrayal reached him, he wrote to the same gentleman: "Had our place and property been fairly captured, I should have preferred it; I should not feel as if I were disgraced."

Mr. Astor remained in active business for fifty years. During that entire period he scarcely committed an error of judgment which led to a loss in business. He was thorough master of every thing pertaining to his affairs, and his strength and accuracy of judgment was remarkable. The particulars of his transactions were indelibly impressed upon his mind. His intellect was vigorous and quick, and he grasped a subject with a readiness which seemed like intuition. He was always careful of the present, but he loved to undertake enterprises which extended far into the future. He was a man of the utmost punctuality in all his habits. He rose early, and, until he was fifty-five years old, was always in his office before seven o'clock. His capacity for work was very great, so that, in spite of his heavy labors, he was always able to leave his office by two o'clock, while many of his associates, who really did less than he, were compelled to remain in their counting-rooms until four or five. He was noted for his unvarying calmness, which he doubtless owed to his German temperament. In the midst of disaster and loss he was cooler and more cheerful than ever. To those who chafed at their troubles, he would say, smilingly, "Keep quiet; keep cool." This was his safeguard.

He was a devoted citizen of the United States, and, though he took no active interest in politics, was a steady supporter of the Whig party. Henry Clay was his personal friend, and his last donation to any political cause was a subscription of fifteen hundred dollars to aid the election of his old friend to the Presidency.

About the year 1830, Mr. Astor, now the possessor of millions, began to withdraw from active business, confining his efforts chiefly to such investments as the management of his immense estate made necessary. He now put into execution an enterprise which he had long cherished. When a poor stranger in the city, he had once stopped in Broadway to notice a row of buildings which had just been erected, and which were considered the finest in the street, and had then made a vow that he would one day build a larger and finer house than any in Broadway. He now set to work to carry out the plan he had cherished ever since. He owned the entire block on Broadway, between Vesey and Barclay streets, with the exception of one house, which was the property of a Mr. Coster, a merchant who had amassed a large fortune and retired from business. Mr. Astor made him many offers for his house, but the old gentleman was unwilling to remove. Mr. Astor offered him the full value of his house, which was thirty thousand dollars, and increased the bid to forty thousand, but Mr. Coster was obstinate. At length Mr. Astor, in despair, was compelled to reveal his plan to his neighbor.

"I want to build a hotel," said he. "I have got all the other lots. Now name your own price."

Mr. Coster replied that he would sell for sixty thousand dollars if his wife would consent, and that Mr. Astor could see her the next morning. Mr. Astor was punctual to the appointment, and his offer was accepted by the good lady, who said to him, condescendingly, "I don't want to sell the house, but we are such old friends that I am willing for your sake."

Mr. Astor used to remark with great glee that any one could afford to exhibit such condescension after receiving double the value of a piece of property.