Business wasn't the only
way to get rich in the late 19th century-there was also politics. The Tweed Ring, a group of corrupt New York City officials led by William March Tweed (1823-1878), is believed to have stolen anywhere from $40 million to $200 million in public funds. Many of these men saw no wrong in what they did. One of Tweed's cohorts, George Washington Plunkett, explained his form of "honest graft" to a journalist as follows: "I seen my opportunities and I took
'em ... I'm tipped off, say, that they are going to lay out a new park at a certain place .... I go to that place and I buy up all the land I can and then there is a rush to get my land. Ain't it perfectly honest to charge a good price and make a profit on my investment
and foresight? Of course, it is.
Well, that's honest graft."
Do you agree that there is
such a thing as "honest graft"? Do you think politicians should be allowed to profit from insider information?