Morning journal and courier. [volume] (New Haven [Conn.]) 1848-1894, 1882-11-30
The American nIiIIionalre.


We have nothing in England quite like the
American millionaire. We have rich men on
this side, but with the possible exception of
the Rothschilds, who are not English, and of
whose position nobody knows anything accu-
rately, our millioDaires are not SO rich, are
not so prominent in the national life, and are
not inclined to devote themselves solely to
affairs. Nobody hears much of Lord Over
stone, perhaps of all British subjects the
man with the largest available resources and
the lesser millionaires, men with from ST.
100000 to 5000, GOO, either "found fami-
lies" a process which involves large pur-
chases of land and comparative obscurity, or
take to art and culture, or, like Sir L. Bras
sey, range themselves into the system by ac
cepting Office. We cannot recall a man who
makes himself very visible by his use of
money alone, and still less one who makes
himself obnoxious. Baron Grant wanted to
do the former, but did not succeed, and now
is only remembered by Emma shareholders,
and the cosmopoltens in rusty coats who sit
about ON his seats and enjoy the dreary live
illness of Leicester Square. In America,
however, the millionaire is what King is in
European object always of perpetual no
tice, and often of fanatical detestation.
Owing partly to the immense spaces, partly
to the diffusion of wealth, and partly to hab
it, almost all great undertakings in the I'm
ion, and more especially undertakings in the
interest of communication, are carried on
rations tend to fall under individual control.
The Americans, to begin with, prefer the
Presidential system to the Parliamentary in
all things, and leave to individuals whom we
should call chairmen far more direct power
than Englshmen usually do. They do not
use, moreover, the checks by which we ha-
bitually prevent single men from monopoli-
zlng stock in any concern and then govern
ing it at their own discretion. The notion
of one man owning all the shares in the
Bank of England and appointing all the di-
rectors would horrify Englishmen An
American with q great fortune can buy
joint stock bank, or railway line, or a great
telegraph system, and govern it he
pleases; and he has many temptations to do
it. He wants occupation, he wants power,
and he wants status; and the CONTROL say, of
railway, with its stocks. it's contracts, its
patronage and it's Importance to State gov
ernments, gives him all he wishes for, be-
sides prospect, if he manages we'll, of in
definitely increasing his ''pile." What Amer
leans want with colossal fortunes we can
hardly imagine, for they get little that Eng
lishmen think pleasant out of them but
they do not want Them and set before them
selves pecuniary ideals which to Englishmen
seem fabulous. Capitalists who should
know tell that Mr.. Stewart, with his $I9-
900, 900, not the richest American alive,
one man, at least, possessing much heavier
impeachment to carry on his road to heaven.
With million and a few sixpence an Eng
1ishman is inclined to retire and pursue his
tastes in quiet, but American is Just be-
ginning to Operate" on the grand scale, and
with sense of power and freedom. With
that money he begins to use his brains. An
American millionaire, therefore, often makes
himself master of some grand concern, or
group of concerns, and is thencefofward
sort of king, governing as he pleases, push
ing his "policy" as against other policies"
fighting huge corporations, defying the public,
with which he is sure sooner or later to come
into collision, corrupting State governments,
and even influencing the government of the
republic. He occupies the position at once
of great company and great aristocrat,
and he has usually as few bowels as a COM
pany, and is as self centered as the great arts
tocrat, he is hated as neither is hated in this
country. And there is often cause for hate.
Nothing can be more vexatious to commu-
nifty than that single man should control all
telegraph lines, as on the eastern side of the
continent is nearly the case in America, or
should be able to make destroy entire
cities, counties and methods of industry, by
altering railway routes rates-things
tirely within Mr.. Vanderbilt's power or Mr.
Jay Goulds-th throughout great States or
not only own, but insist doing the repairs
for half city, like Mr.. Aston in New York.