Taking advantage of the money-making opportunities that might arise while holding public office.
Tammany Hall boss George Washington Plunkitt defined “dishonest graft” as actual theft from the public treasury or taking bribes for making certain public decisions. “Honest graft,” however, simply meant pursuing the public interest and one’s personal interests at the same time. For instance, Plunkitt made most of his money through land purchases, which he knew would be needed for public projects. He would buy such parcels, then resell them at an inflated price.
Said Plunkitt in a famous defense of his actions: “I seen my opportunities and I took ’em.”