History of America’s One Percent – Episode #16

hogaf-logo-wip2In this podcast series we dive into the long and shadowy history of America’s ruling elite through the works of authors who were either silenced, suppressed, or forgotten, to discover the origins of the 1% and from where their power and wealth was, and still is, extracted.

Each recording will be approx. 1 hour in length to allow for easy consumption of the material.  The narrator will only interrupt the reading to provide insight, spell names, read informative footnotes, or provide definitions for archaic words.

In this episode – Continued reading of History of Great American Fortunes by Gustavus Myers.  Includes Part III, Chapter I:  The Seizure of the Public Domain.  Factory Owner’s Fortunes Lag Behind the Railroad Magnates.  Continuing Domination of Government By Business.  Vast Swaths of Land Into the Hands of Speculators and Corporations.  Land Speculators and Their Banking Adjuncts.  Land Continually Secured By Bribery.  The “Yazoo Claims” Scandal.  Congress Reacts to Scandal With New Laws.  Reform Laws Even Easier To Exploit.  Milwaukee, 1847: 6,400+ Land Claims and Only 40 Settlers.  Huge Gifts of Land to Railroads and Canal Corporations.  The Truth About Privatization: Canals Privately Owned, Publicly Financed.  4,000,000 Acres To a Handful of Canal Corporations.  Fraudulent Surveys Give Corporations Vast Copper Lands.  Valuable Natural Resources NEVER Recovered.  They Fail To Complete Construction.  Beg Congress For Further Gifts of Land and Money.  Cash the Great Persuader of Government.

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Click Here for a complete list of episodes in this podcast.
You can also stream the episodes from Archive.org
For more information on the author of this book Click Here.

Link to book review discussed in this episode here.


[1] U. S. Senate Executive Documents, Second Session, Nineteenth Congress, Doc. No. 63.

[2] U. S. Senate Documents, First Session, Twenty-Fourth Congress, 1835-36, Doc. No. 216 : 16.

[3] Senate Documents, Eighteenth Congress, Second Session, 1824-25, Vol. ii, Doc. No. 14, and Senate Documents, Twenty-Fourth Congress, 1836-37, Vol. ii, Doc. No. 212.  After the grants were secured, the companies attempted to swindle the State of Georgia by making payments in depreciated currency.  Georgia refused to accept it.  When the grant was rescinded, both houses of the Georgia Legislature marched in solemn state to the Capitol front and burned the deed.

[4] On Sept. 30, 1822, “credit purchasers” owed the Government: In Ohio, $1,260,870.87; in Indiana, $1,212,815.28; in Illinois, $841,302.80; in Missouri, $734,108.87; in Alabama, $5,760,728.01; in Mississippi, $684,093.50; and in Michigan, $50,584.82 a total of nearly $10,550,000.  (Executive Reports, First Session, Eighteenth Congress, 1824, Report No. 61.)  Most of these creditors were capitalist land speculators.

[5] U. S. Senate Documents, Second Session, Eighteenth Congress, 1824-25, Vol. ii, Doc. No. 25.

[6] U. S. Senate Documents, First Session, Twenty-Third Congress, 1833-34, Vol. vi, Doc. No. 461 : 1-91.

[7] U. S. Senate Documents, Second Session, Twenty-Third Congress, Vol. iv, Doc. No. 151 : 2.

[8] Ibid., 3.

[9] U. S. Senate Documents, Second Session, Twenty-Fourth Congress, 1836-37, Vol. ii, Doc. No. 168 : 5.

[10] Reports of Committees, First Session, Thirtieth Congress, 1847-48, Vol. iii, Report No. 732 : 6.

[11] “Schooled in the art of bribery.” In previous chapters many facts have been brought out showing the extent of corrupt methods used by the bankers.  The great scandal caused in Pennsylvania in 1840 by the revelations of the persistent bribery carried on by the United States Bank for many years, was only one of many such scandals throughout the United States.  One of the most characteristic phases of the reports of the various legislative investigating committees was the ironical astonishment that they almost invariably expressed at the “superior class” being responsible for the continuous bribery.  Thus, in reporting in 1840, that $130,000 had been used in bribery in Pennsylvania by the United States Bank, an investigating committee of the Pennsylvania House of Representatives commented: “It is hard to come to the conclusion that men of refined education, and high and honourable character, would wink at such things, yet the conclusion is unavoidable.” (Pa. House Journal, 1842, Vol. ii, Appendix, 172-531.)

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