How Much Money Was Considered Wealthy In 1800's

Class of the rich, who take been able to maintain their wealth across multiple generations

Wait upward vieux riche in Wiktionary, the free lexicon.

Quondam coin is "the inherited wealth of established upper-class families (i.due east. gentry, patriciate)" or "a person, family, or lineage possessing inherited wealth".^[one] The term typically describes a social form of the rich who have been able to maintain their wealth over multiple generations, often referring to perceived members of the de facto elite in societies that historically lack an officially established aloof class (such as the Usa).

United States [edit]

Wealth—assets held by an individual or by a household—provides an of import dimension of social stratification because information technology can pass from generation to generation, ensuring that a family's offspring will remain financially stable. Families with "old money" use accumulated assets or savings to span interruptions in income, thus guarding against downward social mobility.^[2]

"Sometime money" applies to those of the upper class whose wealth separates them from lower social classes. According to anthropologist W. Lloyd Warner, the upper class in the Usa during the 1930s was divided into the upper-upper and the lower-upper classes.^[3] The lower-upper were those who did not come from traditionally wealthy families. They earned their money from investments and business concern, rather than inheritance. Examples include John D. Rockefeller, whose father was a traveling peddler; Cornelius Vanderbilt, whose begetter operated a ferry in New York Harbor; Henry Flagler, who was the son of a Presbyterian minister; and Andrew Carnegie, who was the son of a Scottish weaver. In dissimilarity to the nouveau riche, the upper-upper class were families viewed as "quasi-aloof" and "loftier social club".^[3] These families had been rich and prominent in the politics of the United States for generations. In many cases their prominence dated since earlier the American Revolution (1765–1783), when their ancestors had accumulated fortunes equally members of the elite planter form, or as merchants, slave traders, ship-owners, or fur traders. In many cases, especially in Virginia, Maryland, and the Carolinas, the source of these families' wealth were vast tracts of land granted to their ancestors by the Crown or acquired by headright during the colonial period. These planter course families were often related to each other through intermarriage for more than 300 years, and are sometimes known every bit American gentry. They produced several Founding Fathers of the United States and a number of early on presidents of the United states. An case of this social grade was George Washington, who had an estimated cyberspace worth of $525 million (in 2016 dollars) due to his vast holdings of land and slaves making him the second wealthiest man to serve as President of the United States.

After the American Civil State of war (1861–1865), many in this social class saw their wealth greatly reduced. Their slaves became freedmen. Union forces under Generals William Tecumseh Sherman and Philip Sheridan had also cut wide swaths of destruction through portions of Virginia, the Carolinas and Georgia. They destroyed crops, killed or confiscated livestock, burned barns and gristmills, and in some cases torched plantation houses and even unabridged cities such as Atlanta. They were using scorched earth tactics, designed to starve the Amalgamated States of America into submission. After the Thirteenth Amendment to the United States Constitution (1865) and the emancipation of the slaves, many plantations were converted to sharecropping. African American freedmen were working as sharecroppers on the same land which they had worked as slaves before the war. Despite the fact that their circumstances were greatly reduced, the enactment of Jim Crow laws and the disenfranchisement of freed black people allowed many planter form families in the Southern Usa to regain their political prominence, if not their great wealth, following Reconstruction (1863–1877). (Sources?)

In the early 20th century, the upper-upper class were seen equally more than prestigious than the nouveau riche even if the nouveau riche had more than wealth.^[3] During the late 19th century and early 20th century, the nouveau rich flaunted their wealth past building Golden Age mansions that emulated the palaces of European royalty, while old coin was more bourgeois. American "Erstwhile money" families tend to attach to various Mainline Protestant denominations; Episcopalians^[4] and Presbyterians are the most prevalent among them.^[v]

Some families with "old money" include:

• The Byrd Family of Virginia is descended from William Byrd I who received a 1,200-acre (4.nine kmⁱⁱ) grant on 27 October 1673 at the fall line of the James River that would later get the site of Richmond, Virginia.^[6] Byrd's son William Byrd II of Westover Plantation who inherited the country was an American planter and author from Charles Urban center Canton in colonial Virginia. He expanded his holdings to approximately 179,000-acre (720 km²) and founded the Urban center of Richmond.^[7] Although much of the family's wealth was squandered during the 18th century by William Byrd III through gambling and bad investments, descendant Richard Evelyn Byrd Sr. became wealthy as an apple grower in the Shenandoah Valley and publisher of the Winchester Star newspaper. He was elected to the Virginia Business firm of Delegates in 1906 and served equally Speaker from 1908 to 1914. His son Harry Flood Byrd was elected the 50th Governor of Virginia in 1925, and later served in the The states Senate until his retirement in 1965. Byrd, controlled a Democratic political machine known equally the Byrd System that dominated Virginia politics for most of the 20th century.^[8] Byrd was succeeded in the United states of america Senate by his son Harry F. Byrd Jr. who served until 1981. The family also produced early Ohio political leader and jurist, Charles Willing Byrd,^[ix] and polar explorer, Rear Admiral Richard Eastward. Byrd.
• The Carter Family unit of Virginia is descended from Robert "King" Carter, of Lancaster County, who was a planter, man of affairs and colonist in Virginia and became one of the wealthiest men in the colonies accumulating over 300,000 acres of land. As President of the Governor's Council of the Virginia Colony, he was acting Governor of Virginia from 1726 to 1727 afterwards the death in office of Governor Hugh Drysdale.^[10] He caused the moniker "King" due to his great wealth, political power, and autocratic business methods. His many notable descendants include: Robert Burwell, a member of the Virginia House of Burgesses,^[11] Robert Carter III, who saturday on the Virginia Governor'south Council, Carter Braxton, a signer of Declaration of Independence, Isle of man Page a Virginia consul to the Continental Congress in 1777, Confederate States Army Full general Robert E. Lee, Confederate Army first lieutenant Robert Randolph Carter, John Page, the 13th Governor of Virginia, Thomas Nelson Page, who served as Us ambassador to Italy during the Woodrow Wilson administration, and civil engineer and industrialist William Nelson Page.
• The Randolph family is descended from William Randolph, an American colonist who accumulated a vast fortune including over 20,000 acres (81 km2) of land every bit a planter and merchant, and played an of import role in the history and government of the English colony of Virginia. He arrived in Virginia sometime between 1669 and 1673, and married Mary Isham a few years later.^{[12] [13]} Randolph'south descendants accept included many prominent Americans including U.S. President Thomas Jefferson, U.S. Principal Justice John Marshall, Amalgamated General, Robert E. Lee,^[xiv] Peyton Randolph, the beginning President of the Continental Congress, and Edmund Randolph who served every bit the seventh Governor of Virginia, the second US Secretary of Land, and the first U.S. Attorney General every bit well as many other notable individuals in Virginia and U.S. politics.
• The Roosevelt family of Manhattan arrived from the Netherlands as colonists in the 17th century and afterwards became prominent in business organisation and politics. 2 distantly related branches of the family from Oyster Bay on Long Island and Hyde Park in Dutchess County rose to national political prominence with the elections of Presidents Theodore Roosevelt (1901–1909) and his fifth cousin Franklin D. Roosevelt (1933–1945), whose wife, First Lady Eleanor Roosevelt, was Theodore's niece.
• The Cabots arrived in Salem from the Isle of Jersey in 1700 and made fortunes in aircraft. At the age of 21, Godfrey Lowell Cabot (see Lowells beneath) founded the Cabot Corporation, the largest producer of carbon black in the country.
• The Lowell family are descended from Boston colonists. Francis Cabot Lowell began the fortune in shipping and later textiles. The family has produced several noteworthy individuals, including Abbott Lawrence Lowell, who presided over Harvard for 24 years.
• The Du Pont family fortune began in 1803, but they became an extraordinarily wealthy family by selling gunpowder during the American Civil State of war. Past Globe War I, the DuPont family produced nearly all American gunpowder. In 1968, Ferdinand Lundberg declared the Du Pont fortune to be America's largest family unit fortune.^[15] Equally of 2008^[update] East. I. du Pont de Nemours and Visitor ranked 81st on the Fortune 500 listing of the largest U.Due south. corporations.^[xvi]
• The Forbes family of Boston made their fortune in the shipping and later railroad industries as well every bit other investments. They accept been a prominent wealthy family in the U.s. for 200 years.
• The Astor family made their fortune in the 18th century, through fur trading, existent estate, the hotel manufacture and other investments.
• The Harrisons of Virginia is an American political family, of the Republic of Virginia, whose direct descendants include a Founding Father of the The states, Benjamin Harrison Five, and three U. Due south. presidents: William Henry Harrison, Benjamin Harrison, and Abraham Lincoln. The Virginia Harrison family consists primarily of ii branches with origins in northern England. One co-operative, led by Benjamin Harrison I, journeyed past manner of Bermuda to Virginia earlier 1633 and settled along the James River where they became wealthy planters; they are ofttimes referred to every bit the James River Harrisons. Successive generations of this branch served in the legislature of the Colony of Virginia, including Benjamin V, who was a signatory of the Declaration of Independence and later governor of Virginia. This branch of the Harrison family produced President William Henry Harrison, Benjamin V's son, and President Benjamin Harrison, William Henry'south grandson, as well as some other Virginia governor, Albertis Harrison. The family also includes 2 Chicago mayors and members of the U.Due south. House of Representatives and the U.S. Senate. The other co-operative of the Virginia Harrisons emigrated from Britain to New England in 1687 and moved south to the Shenandoah Valley of Virginia 50 years after; they were led by Isaiah Harrison. This co-operative most likely descended from an interim clergyman of the Jamestown Colony, Rev. Thomas Harrison, who was kindred to the James River Harrisons, but by 1650 had returned to England. President Abraham Lincoln descended from the Shenandoah Valley Harrisons, as did entertainer Elvis Presley. This branch of family too included the founders of Harrisonburg and Dayton and physician J. Hartwell Harrison who was part of the medical team that accomplished the globe's first successful kidney transplant surgery.

• The Griswold Family of Connecticut made their fortune in shipping, banking, railroads, and industry. They have been prominent in American politics, producing v governors and numerous senators and congressmen.
• The Hartwick family is of mainly English language and German descent, and their ancestry and fortune predates the American Revolution. The Hartwicks have produced several politicians and military generals, such every bit Edward Hartwick. By World War I, the family controlled most of the lumber in the U.s.. The Hartwick's philanthropic works include the founding of Hartwick College, and Hartwick Pines State Park.
• The Pitcairn family of Philadelphia fabricated their fortune in chemic production and plate glass. Established a Trust Co. That continues to back up 5th and 6th generation members. They were amongst Eisenhower and Nixon'due south largest supporters and regularly support the music and arts in Philadelphia and New York.
• The Van Leer family of Pennsylvania made their fortune in the atomic number 26 concern. They have been prominent in academia, business and American politics. Descendants include successful entrepreneurs, governors, congressmen, university presidents and university founders.

Although many "onetime money" individuals do not rank as high on the list of Forbes 400 richest Americans equally they once did, their wealth continues to abound. Many families increased their holdings past investment strategies such as the pooling of resources.^{[17] : 115} For instance, the Rockefeller family's estimated net worth of $i billion in the 1930s grew to $8.5 billion past 2000—that is, not adjusted for inflation. In 60 years, four of the richest families in the United States increased their combined $ii–iv billion in 1937 to $38 billion without holding large shares in emerging industries. When adjusted for aggrandizement, the actual dollar wealth of many of these families has shrunk since the '30s.^{[17] : 115 [xviii] : 2}

From a individual wealth manager'due south perspective, "old coin" tin can be classified into 2: agile "former coin" and passive "quondam money". The former includes inheritors who, despite the inherited wealth at their disposal or that which they can access in the future, choose to pursue their own career or set upwardly their own businesses.^[19] Paris Hilton and Sir Stelios Ioannou are examples of this category. On the other mitt, passive "old money" are those who are the idle rich or those who are non wealth producers.^[19]

"Old money" contrasts with the nouveau riche and parvenus. These autumn under the category "new coin" (those non from traditionally wealthy families).

Europe [edit]

The Rothschild family unit, as an example, established finance houses across Europe from the 18th century and was ennobled by the Habsburg Emperor and Queen Victoria. Throughout the 19th century, they controlled the largest fortune in the globe, in today's terms many hundreds of billions. The family has, at least to some extent, maintained its wealth for over two centuries. The Rothschilds were not, however, considered "old money" by their British counterparts. In United kingdom, the term generally exclusively refers to the landed gentry, normally the aristocracy and nobility who traditionally live off the land inherited paternally.^[20] The British concept is analogous to practiced lineage and information technology is non uncommon to find someone with "old money" who is actually poor or insolvent.^[21] By 2001, however, those belonging to this category—the aristocratic landowners—are still part of the wealthiest list in the United Kingdom.^[22] For case, the Knuckles of Westminster, by way of his Grosvenor manor, owns large swaths of properties in London that include 200 acres of Belgravia and 100 acres of Mayfair.^[23] There is likewise the case of Viscount Portman, who is the possessor of 100 acres of land north of Oxford Street.

In France, the "200 families" controlled much of the nation'due south wealth after 1815. The "200" is based on the policy that of the 40,000 shareholders of the Bank of France, just 200 were immune to attend the annual meeting and they cast all the votes.^[24] Out of a nation of 27 million people, merely 80,000 to 90,000 were allowed to vote in 1820, and the richest 1-quarter of them had two votes.^[25]

Influences on pop culture [edit]

The ITV television series Downton Abbey frequently contrasts the differences between Old Coin and New Money in Britain during the early 20th century. Notably betwixt the newspaperman Sir Richard Carlisle and the heiress Lady Mary Crawley, the distinction being the assailment of the parvenu Sir Richard and the noblesse oblige of the Crawleys.

Perhaps the virtually famous critique of the tension betwixt One-time Money and New Money in American literature can be plant in F. Scott Fitzgerald's The Great Gatsby. The characters in possession of former money, represented past the Buchanan family (Tom and Daisy), get away with murder; while those with new money, represented past Gatsby himself, are alternately embraced and scorned by other characters in the volume. Fitzgerald vastly critiques people in possession of one-time money through his narrator Nick Carraway: "They were devil-may-care people, Tom and Daisy—they smashed up things and creatures and then retreated dorsum into their money or their vast carelessness or whatever it was that kept them together, and let other people clean upwards the mess they had made."

Run across also [edit]

• American gentry
• Elite
• Black elite
• Gentry
• Thousand Burgher (High german Großbürger)
• Hanseaten (course)
• High culture
• La Stardom
• Landed gentry
• Mentifact
• Dignity
• Nouveau riche
• Parvenu
• Patrician (post-Roman Europe)
• Social environment
• Social status
• Status–income disequilibrium
• Symbolic capital
• Rentier commercialism
• White Anglo-Saxon Protestant

References [edit]

1. ^ "Quondam Money" The American Heritage Lexicon of the English Language, Quaternary Edition. Houghton Mifflin Company, 2004. 5 Nov 2008. Dictionary.com http://dictionary.reference.com/browse/oldmoney
2. ^ Scholz, Claudia Due west.; Juanita M. Firestone (2007). "Wealth". In George Ritzer (ed.). Blackwell Encyclopedia of Sociology. Blackwell Reference Online. Malden, MA: Wiley-Blackwell. ISBN978-1405124331.
3. ^ ^{a b c} Warner, William Lloyd (1960). Social Class in America: A Manual of Process for the Measurement of Social Status . Harper & Row.
4. ^ Ayres Jr., B. Drummond (xix December 2011). "The Episcopalians: An American Elite With Roots Going Back to Jamestown". The New York Times . Retrieved 17 August 2012.
5. ^ Davidson, James D.; Pyle, Ralph Due east.; Reyes, David V. (1995). "Persistence and Change in the Protestant Establishment, 1930–1992". Social Forces. 74 (1): 157–175 [p. 164]. doi:ten.1093/sf/74.1.157. JSTOR 2580627.
6. ^ Evans, Emory M. "William Byrd (1728–1777)". Encyclopedia Virginia. Retrieved 5 July 2019.
7. ^ Dabney, Virginius (1990). Richmond: The Story of a City: Revised and Expanded Edition. Charlottesville, Virginia: University Press of Virginia. p. nineteen. ISBN0813912741. OCLC 20263021. At Google Books.
8. ^ Frank B. Atkinson (2006). Virginia in the Vanguard: Political Leadership in the 400-yr-old Cradle of American Commonwealth, 1981–2006. Rowman & Littlefield. p. 7. ISBN9780742552104.
9. ^ Evans, Nelson Wiley; Emmons B. Stivers (1900). A History of Adams County, Ohio: From Its Earliest Settlement to the Present Time, Including Graphic symbol Sketches of the Prominent Persons Identified with the First Century of the Country'south Growth ... E B. Stivers. pp. 526–527; J. Westward. Klise stated that Byrd began his legal instruction with his uncle. J. W. Klise, ed., State Centennial History of Highland County, 1902; 1902. Reprint. Owensboro, KY: Cook & McDowell, 1980, p. 168.
10. ^ Brock, Robert Alonzo (1888). Virginia and Virginians, Vol. I, p. twoscore. Richmond and Toledo: H.H. Hardesty.
11. ^ Tarter, Brett. "Robert Burwell (1720–1777)". Encyclopedia Virginia. Retrieved fifteen July 2015.
12. ^ Sankey, Margaret D. "Randolph, William". Oxford Dictionary of National Biography (online ed.). Oxford University Press. doi:10.1093/ref:odnb/23125. (Subscription or Great britain public library membership required.)
13. ^ Emory G. Evans, A "Topping People": The Rising and Pass up of Virginia's Old Political Elite, 1680–1790 (2009), pp. eighteen–nineteen
14. ^ Dillon, John Forrest, ed. (1903). "Introduction". John Marshall; life, character and judicial services as portrayed in the centenary and memorial addresses and proceedings throughout the Usa on Marshall twenty-four hour period, 1901, and in the classic orations of Binney, Story, Phelps, Waite and Rawle. Vol. I. Chicago: Callaghan & Company. pp. liv–lv. ISBN9780722291474.
15. ^ Lundberg, Ferdinand (1968). The rich and the super-rich . New York: Bantam Books/Lyle Stuart Publishing. pp. 165‒177.
16. ^ "Fortune 500 2008: Fortune chiliad 1–100". Fortune. 5 May 2008. Retrieved 2 December 2008.
17. ^ ^{a b} Phillips, Kevin P (2003). Wealth and democracy: a political history of the American rich . New York: Broadway Books. ISBN9780767905343.
18. ^ Haseler, Stephen (5 May 2000). The Super-Rich: The Unjust New Globe of Global Capitalism. Palgrave Macmillan. ISBN9780312230050.
19. ^ ^{a b} Essvale Corporation Limited (2008). Business concern Knowledge for It in Private Wealth Management: A Complete Handbook for IT Professionals. London: Essvale Corporation Express. p. 45. ISBN9780955412493.
20. ^ Ferguson, Niall (1 November 1999). The Firm of Rothschild: Coin's Prophets: 1798-1848. Vol. 1 (Offset ed.). New York: Penguin Books. p. 481‒85. ISBN0140240845.
21. ^ Popova, Elena (2008). Through Alien Optics: A View of America and Intercultural Marriages . New York: Algora Publishing. pp. 51. ISBN9780875866390.
22. ^ Brass, Tom (2014). Grade, Culture and the Agrestal Myth. Leiden: Brill. p. 240. ISBN9789004259973.
23. ^ Haseler, Stephen (2012). The Grand Delusion: Britain After Sixty Years of Elizabeth II. London: I.B. Tauris. p. 258. ISBN9781780760735.
24. ^ Theodore Zeldin, French republic 1848–1945, Vol. one: Appetite, Honey, and Politics (1973) pp 53–62.
25. ^ Alan B. Spitzer, "Restoration Political Theory and the Debate over the Police of the Double Vote" Journal of Modernistic History 55#1 (1983) pp. 54–seventy online

Further reading [edit]

• Fisher, Nick, and Hans Van Wees, eds. Elite in Antiquity: Redefining Greek and Roman Elites (ISD LLC, 2015).
• Janssens, Paul, and Bartolomé Yun-Casalilla, eds. European Aristocracies and Colonial Elites: Patrimonial Management Strategies and Economic Development, 15th–18th Centuries (Routledge, 2017).
• McDonogh, Gary Wray. Adept families of Barcelona: A social history of power in the industrial era (Princeton University Press, 2014).
• Pincon, Michel, and Monique Pincon-Charlot. K Fortunes. Dynasties and Forms of Wealth in France (1998) excerpt
• Porter, John. The vertical mosaic: An analysis of social grade and power in Canada (1965).
• Rothacher, Albrecht. The Japanese power elite (2016).
• Schutte, Kimberly. Women, Rank, and Marriage in the British Elite, 1485–2000: An Open Elite? (2014).
• Rock, Lawrence. An open elite?: England, 1540–1880 (1986).

United States [edit]

• Aldrich, Nelson W. (1996). One-time Coin: The Mythology of Wealth in America. New York: Allworth Press. ISBN9781880559642.
• Allen, Irving Lewis. "WASP—From Sociological Concept to Epithet", Ethnicity 2.ii (1975): 153–162.
• Baltzell, E. Digby. Philadelphia Gentlemen: The Making of a New Upper Grade (1958).
• Beckert, Sven. The monied urban center: New York City and the consolidation of the American bourgeoisie, 1850–1896 (2003).
• Brooks, David. Bobos in paradise: The new upper class and how they got in that location (2010)
• Davis, Donald F. "The Price of Conspicious [sic] Production: The Detroit Aristocracy and the Machine Industry, 1900–1933." Journal of Social History 16.1 (1982): 21–46. online
• Farnum, Richard. "Prestige in the Ivy League: Democratization and bigotry at Penn and Columbia, 1890–1970." in Paul W. Kingston and Lionel S. Lewis, eds. The loftier-condition track: Studies of aristocracy schools and stratification (1990).
• Foulkes, Nick. Loftier Club – The History of America's Upper Class, (Assouline, 2008) ISBN 2759402886.
• Fraser, Steve and Gary Gerstle, eds. Ruling America: A History of Wealth and Power in a Republic, Harvard Academy Printing, 2005, ISBN 0-674-01747-1.
• Ghent, Jocelyn Maynard, and Frederic Cople Jaher. "The Chicago Business Elite: 1830–1930. A Collective Biography." Business History Review 50.3 (1976): 288–328. online
• Hood, Clifton. In Pursuit of Privilege: A History of New York City's Upper Grade and the Making of a Urban center (2016). Covers 1760–1970.
• Ingham, John N. The Fe Barons: A Social Assay of an American Urban Aristocracy, 1874–1965 (1978)
• Jaher, Frederic Cople, ed. The Rich, the Well Built-in, and the Powerful: Elites and Upper Classes in History (1973), essays by scholars
• Jaher, Frederick Cople. The Urban Establishment: Upper Strata in Boston, New York, Chicago, Charleston, and Los Angeles (1982).
• Lundberg, Ferdinand: The Rich and the Super-Rich: A Report in the Power of Money Today (1968)
• McConachie, Bruce A. "New York operagoing, 1825–50: creating an elite social ritual." American Music (1988): 181–192. online
• Maggor, Noam. Brahmin Commercialism: Frontiers of Wealth and Populism in America'due south First Gilded Historic period (Harvard UP, 2017); 304 pp. online review
• Ostrander, Susan A. (1986). Women of the Upper Class. Temple University Press. ISBN978-0-87722-475-4.
• Phillips, Kevin P. Wealth and Republic: A Political History of the American Rich, Broadway Books 2003, ISBN 0-7679-0534-2.
• Story, Ronald. (1980) The forging of an aristocracy: Harvard & the Boston upper grade, 1800-1870
• Williams, Peter W. Religion, Art, and Money: Episcopalians and American Culture from the Civil State of war to the Great Depression (2016), especially in New York City

Source: https://en.wikipedia.org/wiki/Old_money

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