Via Samizdata, I see that one W. Folsom has written a book entitled The Myth of the Robber Barons (scroll down the Amazon page for some good reviews and a humorously instructive list of what customers who bought this book also purchased). Well, as a direct descendant of the most bastardly of all the robber barons, Jay Gould, I'm not taking this lying down. I'll have you know that he fully deserved his monicker "The Mephistopheles of Wall Street", not to mention the evocative nickname "Robber of Widows and Children." Let's just look at some of the highlights of his career:
In 1867 Daniel Drew, treasurer and longtime director of the Erie Railroad, added Gould and James Fisk to the Erie board of directors. When Cornelius Vanderbilt, of the New York Central, sought to buy control of the Erie a spectacular battle ensued. Gould, Fisk, and Drew promptly issued thousands of shares of new, watered stock. When the angry Vanderbilt obtained an arrest warrant for the three, they ferried company headquarters to Jersey City, and Gould rushed to Albany where a pliable New York legislature authorized the stock issue. Eventually peace was made with Vanderbilt, but that gentleman was reported to have muttered that his trouble with the Erie "has learned me it never pays to kick a skunk." Later in the fall of 1869 Gould and Fisk conspired with the brother-in-law of President Ulysses S. Grant to corner the gold market, causing the panic of "Black Friday," September 24, 1869. Gould continued to loot the Erie until his departure in 1872. His role in the Erie War and the attempted gold corner gave him a reputation as the prime financial predator of the age.
Possessing a fortune, Gould turned to western railroads. In the twenty years after 1872 he was a director of seventeen major lines and the president of five. He purchased much Union Pacific stock and controlled that road until 1878. At first Gould improved the management of the Union Pacific but later blackmailed the company by threatening to have the Gould-controlled Kansas Pacific build a nuisance line to Utah. During the 1880s Gould controlled about half the mileage southwest of St. Louis and Kansas City and tried unsuccessfully to expand his western holdings into a transcontinental rail empire to the Atlantic Coast. He also owned the New York World for a time and held major investments in New York City's elevated railways and several large telegraph companies, including Western Union. In his last years Gould suffered from tuberculosis and died of that disease at the age of fifty-seven, leaving a fortune of $77 million to his six children.
Famous quote from old Jay? "I can hire one half the Working Class to kill the other half." Yeah, that's my boy. Well, he built up the nation's infrastructure some, extending rail lines to the west and consolidating Western Union. And, um, robbed people. No, I mean, he was a creative financier. He didn't go in for any of that pussy, reputation-burnishing charity either. Leave that to your guilt-ridden Carnegie and Rockefeller types. Or collecting art; that's for those damn Fricks (I have a personal animus against a certain descendant of Henry Clay Frick who shall remain nameless. Yeah, I'm talking about you, Miss Thing.) You'll be happy to know that his wastrel offspring, after increasing the family fortune to some extent, just pissed the rest away. My own great-grandmother, neé Edith Gould, spent 30 million (depression-era) dollars between about 1925 and 1938 or so. That's commonly regarded as a lot of money. You'd think we'd have all sorts of property and what not left over, but not really. She liked to gamble, and fly all her friends to Paris for parties with champagne fountains, and perishable stuff like that. Anyway, I don't want people blackening the Gould escutcheon with their insinuations. He was a robber baron of the first rank (although, in our NYT wedding announcement, where I had suggested "robber baron" they insisted on calling him "industrialist" Jay Gould. Ha ha.) After squeezing the working class dry, Gould used his money in pointless Gilded-Age extravagances, such as gardening, being the most hated man in America, and dying of tuberculosis. My favorite: playing chess with living people in stupid costumes (including knights on horseback) on a big lawn mown with alternating squares. Well, at least they didn't make the capturing pieces actually kill the captured ones.

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