The House of Rothschild: The World's Banker, 1849-1999 0670887943

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SOUTH 5,4/V FRANCISCOl PUBLIC LIBRARY

THE

FIRST

HISTORIAN

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stricted access to all the sun-i\;m^i*oUischild archives— including documents hidden for half a century in the KGB's special archive— Niail Ferguson continues and concludes his mythbreaking portrait of one of the most fascinating and powerful families of modern times. Beginning with the family's campaign for Jewish emancipation and describing their prolonged struggles against nationalism, socialism and antiSemitism, Ferguson brings the Rothschild family saga up to the present. ^ Like Moneys Prophct^jg^fffvohxmv of this ..Ts Banker is based monumental histor ns 01 letters (including many in hitherto undeciphered Hebrew script) drawn from more than twenty different archives around the world. Impeccable in its scholarship, it is also enthrallingly readable. Named one of the ten best books of 1998 by Business Week, a finalist for the National Jewish Book Award, and hailed as "a great biography" by Time magazine, Ferguson's widely acclaimed first volume charted the family's rise from the ghetto to European greatness in the age of revolution, covering the years 1798-1848. Now, his equally authoritative second volume reveals for the first time the global extent of their power in an era of war. From the Crimea to World War II, wars repeatedly threatened the stability of the Rothschilds' worldwide empire. Despite these many global upheavals, theirs remained the biggest bank in the world up until the First World War, its interests extending far beyond the realm of finance. They controlled a pan-European railway network; they also ran a worldwide mining empire based on Spanish mercury, African gold and diamonds, Burmese rubies and Russian oil. And as the richest family of modern times, they acquired the greatest art collections and built the,, most sumptuous palaces of the age.

THE

HOUSE

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ROTHSCHILD

OTHER

BOOKS

BY THE

SAME

AUTHOR

Paper and Iron: Hamburg Business and German Politics in the Era of Inflation, 1897-1927 Virtual History: Alternatives and Counterfactuals The House of Rothschild: Money's Prophets 1798-1848 The Pity of War: Exploring World War One

S.S.F. PUBLIC LIBRARY WEST ORANGE AVENUE

The House of ^Rothschild THE

WORLD'S

BANKER

I849-I9P9

Niall Ferguson

Viking

VIKING

Published by the Penguin Group Penguin Putnam Inc., 375 Hudson Street, New York, New York 10014, U.S.A. Penguin Books Ltd, 27 Wrights Lane, London W8 5TZ, England Penguin Books Australia Ltd, Ringwood, Victoria, Australia Penguin Books Canada Ltd, 10 Alcorn Avenue, Toronto, Ontario, Canada M4V 3B2 Penguin Books (N.Z.) Ltd, 182-190 Wairau Road, Auckland 10, New Zealand Penguin India, 210 Chiranjiv Tower, 43 Nehru Place, New Delhi, 1 1009, England Penguin Books Ltd, Registered Offices: Harmondsworth, Middlesex, England First American edition Published in 1999 by Viking Penguin, a member of Penguin Putnam Inc. 13579

108642

Copyright © Niall Ferguson, 1999 All rights reserved This is the second of two volumes of The House of Rothschild. In Great Britain The House of Rothschild was published as one volume by Weidenfeld & Nicolson as The Worlds Banker. LIBRARY

OF CONGRESS

CATALOGING-IN-PUBLICATION

DATA

Ferguson, Niall. The house of Rothschild / Niall Ferguson. p. cm. Includes bibliographical references and index. Contents: — v. 2. The world's banker, 1849-1999. ISBN 0-670-88794-3 1. Rothschild family.

2. Bankers — Europe biography.

3. Businesspeople —

Europe biography. 4. Europe — Politics and government. HG1552.R8F47 1999 99-41868

I. Title.

332.1'092'2— dc21

e

This book is printed on acid-free paper. Printed in the United States of America Set in AGaramond Designed by Jaye Zimet Without limiting the rights under copyright reserved above, no part of this publication may be reproduced, stored in or introduced into a retrieval system, or transmitted, in any form or by any means (electronic, mechanical, photocopying, recording or otherwise), without the prior written permission of both the copyright owner and the above publisher of this book.

FORLACHLAN

Digitized by the Internet Archive in 2012

http://archive.org/details/houseofrothschiOOOferg

CONTENTS

Illustrations in the text Tables xiii Acknowledgements Family tree Preface

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56

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Lhuys haughtily informed Eugenie that the seats in question were reserved for the wives of ministers. Napoleon overheard this, came across to the two women and offered them seats on the imperial dais. After two hours, the Emperor and Eugenie disappeared into the cabinet imperial, to return later arm in arm. Three days later he proposed; on the 22nd the engagement was made public; a week later the wedding took place. "I prefer a young woman whom I love and esteem," declared Napoleon. "One can love a woman without esteeming her," commented Anselm's wife Charlotte shortly after this, "but one only marries a women one honours and respects." This compliment — a rather strained one given the Rothschild family's habitual distinction between romantic love and marriage — was duly relayed to the imperial couple.41 The significance of this should not be exaggerated, of course; on the other hand, it is easy for the modern reader to forget how seriously contemporaries took the complex rituals of nineteenth-century court life — especially, it might be said, at the court of an unpredictable parvenu who owed his throne to a coup d'etat and his legitimacy to carefully managed plebiscites. The Credit Mobilier Of course, it was not at the Tuileries or at Compiegne (where Napoleon did his hunting), but at the bourse and in the railway boardrooms that James's fate in the Second Empire was really decided. Here, the Second Empire witnessed what is usually portrayed as one of the great corporate battles of the nineteenth century: the fight to the finish between the Rothschilds and the Credit Mobilier. Partly because of the coincidence of the foundation of the Credit Mobilier (November 20, 1852) and the formal proclamation of the Second Empire (December 2), the significance of the new bank has often been misunderstood. For example, it is portrayed by many writers as a primarily political challenge to the dominance of the Rothschilds over French public finance — Napoleon Ill's response to Fould's challenge to "free himself" from Rothschild tutelage.42 A second misconception is that the Credit Mobilier represented a revolutionary new kind of bank, in contradistinction tothe "old" private bank personified by the Rothschilds.43 In fact, there was nothing fundamentally new about the idea of creating a bank on the basis of publicly raised share capital. Since 1826, joint-stock banks had been legal in Britain, and banks like the National Provincial and the London & Westminster Bank — both established in 1833 — had revealed the possibilities of the new form long before the Pereires turned to banking; by the time the Credit Mobilier was founded there were around a hundred joint-stock banks in England and Wales, twice the number of London-based private banks. Nor is it true to say that British joint-stock banks eschewed lending to industry (though they tended not to go in for long-term investment, they often extended overdrafts and discounted bills in ways which were long-term in effect). Long-term industrial investment was not really what the Credit Mobilier did anyway, pace the claims of economic historians like Alexander Gerschenkron and Rondo Cameron that it promoted industrialisation not only in France but throughout the continent.44 There were precedents for what the Pereires attempted in France too, the earliest (if one ignores John Law's Banque Generale) being Laffitte's Caisse Generale du Commerce et de l'lndustrie. Nor, as Landes has argued, were the Rothschilds and other established Paris banks especially

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old-fashioned in their response to the Credit Mobilier's challenge: they too saw the rationale of the joint-stock form for longer-term investments.45 Although their capital differed from the Pereires' in being entirely their own, the French and Austrian Rothschilds used it in much the same way as the Credit Mobilier used its bondholders' and depositors' money — and in the long run more successfully. To make a simple but usually overlooked point: the Credit Mobilier was not even bigger than the Rothschilds. Its initial capital was 20 (later 60) million francs; that of de Rothschild Freres in 1852 was in excess of 88 million francs; and that of the combined Rothschild houses no less than 230 million francs. Of the Credit Mobilier's initial capital, the Pereires themselves accounted for only around 29 per cent.46 In reality, it was not so much what they did as they way they did it which convinced contemporaries, and in turn historians, that there was a profound difference between the Rothschilds and the Credit Mobilier. (Only someone unfamiliar with Paris could lump "Rothschild, Fould and Pereyre [sic]" together as Bismarck did.)47 The Pereires continued to use their old Saint-Simonian rhetoric about the collective benefits of industrial investment, even as they speculated in rentes and railway shares and pocketed the profits for themselves. The Rothschilds, by contrast, made no secret of the fact that they were speculating and profiting, and regarded their contributions to the wider communities to which they belonged as a charitable activity, distinct from their business.48 When Castellane met Anthony for the first time in 1850 he was rather shocked by the latter's complaint that "in London you can make [money] on everything, on cotton as well as rentes, as much as you like, but here [in Paris] you can hardly speculate on anything but rentes."49 That was not the way the Saint-Simonians talked: for them it was a matter of mobilising the savings of all France in the pursuit of a steam-driven Utopia. It was a difference in style vividly captured by the stockbroker Feydeau in his memoirs. Unlike the Pereires, he argued, James was "simply a solid, intelligent and astute 'capital merchant' ": The sole task of maximising the return on his colossal fortune constituted for him a round-the-clock occupation. Each liquidation at the end of the month was a combat which he fought for the security of his house, the eminence of his name, the affirmation of his power. He kept abreast of the slightest pieces of news — political, financial, commercial and industrial — from all quarters of the globe; he did his best to profit from these, quite instinctively, missing no opportunity for gain, no matter how small.50 As we have seen, doing business with a man like James was a thankless task for small fry like Feydeau. But one needed only to go the offices of the Credit Mobilier to encounter the most striking contrast possible with the house of Rothschild. At the Pereires' there were no hard words to be feared and no outbursts to dread. Acidulously polite men, ulcerated by hatred, always concentrating, hard and tense like bars of iron, inflexible in their ideas, filled with admiration for themselves, they were always to be found surrounded by friends, all cupping their ears in order to find out the line their patrons were taking, which shares they were working on, if they were buying or selling. The employees of the Credit Mobilier lay in wait for you on the stairs to interrogate you to see if you had an order. Everyone wanted to

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get rich, and at any price; each, necessarily, was trying to work in the same direction as his masters.51 James evidently relished this contrast, and on one occasion, with that sardonic humour which was to become his trademark under the Second Empire, commissioned Feydeau to undertake a speculation on his behalf — in the form of a purchase of a thousand Credit Mobilier shares. He did this no fewer than five times, astonishing his broker by actually paying for them in full at the liquidation. When Feydeau expressed his incredulity, James feigned surprise: Vat do you mean, my young friend? ... I do not mock you at all. Listen: I haf the greatest possible confidence in the chenius of Messrs Pereire. They are the greatest financiers on this earth. I am a family man, and I am happy to infest a part of my little fortune in their affairs. I only regret one thing, and that is that I cannot entrust all off my capital to such defer men.52 Contemporaries — notably the financier Jules Isaac Mires after his fall from grace — sometimes attributed this difference in style to the different cultural backgrounds of the two families. The "Jews of tne North," he suggested, having originated in the harsh, restrictive atmosphere of Germany, were "cold" and "methodical" in their selfish pursuit of wealth, and indifferent to the interests of the state; whereas the "Jews from the Midi" not only had "more noble" "Latin" instincts, but had also benefited from France's more tolerant treatment of the Jews, and so did business in a more altruistic, public spirited way.53 Others conceived of the difference in more political terms: Rothschild represented "the aristocracy of money" and "financial feudalism," while his rivals stood for "financial democracy and an economic '1789.' "54 In reality, the competition between the two had its origins in the prosaic realm of railway concessions. To say the least, the republic had been an unhappy interlude for the railway enthusiasts. Investment and construction had stagnated as the politicians argued interminably about which concession should be granted to whom; interest rates were high, the bourse depressed, employers wary of labour unrest. Only one major line got under way (the Ouest from Versailles to Rennes). One of the most immediate consequences of Napoleon's coup was that it ended all this. The very day after the seizure of power, the concession for the Lyon-Mediterranean line was granted, followed two days later by the Paris-Lyon to a consortium of which both the Paris and London Rothschilds were members. The Nord company's concession was also renegotiated on terms which were singularly favourable to the company. The Empire was a bonanza for rail entrepreneurs: altogether no fewer than twentyfive concessions were awarded between 1852 and 1857, and a further thirty followed in the years to 1870.55 In all this, an influential role was played by Napoleon's illegitimate half-brother the due de Morny, who saw the new regime principally as an opportunity to enrich himself and argued strongly in favour of merging the many small railway companies into a few big lines. James was in touch with Morny in early 1 852, and liked what he heard. Interestingly, the French house's balance sheet drawn up at this time shows that James held shares in various railway companies worth more than 20 million francs (around 15 per cent of the Paris house's total assets).56 The value of these

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shares was now rocketing as investors reacted to the new regime's encouragement: Apponyi estimated that James made 1.5 million francs in a single week in April 1852 "without having to pay out a penny."57 Given the enormous increases in capital achieved by the Paris house in the 1850s, the figure does not seem improbable. It is worth noting that of all the big six French lines the Rothschild-controlled Nord was the most intensively utilised and most profitable: although it accounted for only 9 per cent of total French network in terms of length, it carried 14 per cent of freight and more than 12 per cent of all passenger traffic. The ratio of fares and freight rates to costs was 2.7: in the 1850s and the volume of traffic more than doubled between the 1850s and the 1860s.58 Increasingly, however, James and the Pereires were at odds. The first signs of dissension had manifested themselves in 1849, when the latter had sought to raise money for their proposed Paris-Lyon-Avignon project without reference to the Rothschilds. The process continued apace in 1852, though it is far from easy to say exactly when the decisive breach occurred. An important step towards divorce was taken when James decided to participate in the Paris-Lyon line syndicate, taking around 12 per cent of its stock (other shareholders included Bartholony, Hottinguer and Baring and, although not named as a concessionary, Talabot seems to have played a leading role).59 This signified an unambiguous rejection of the Pereires' rival scheme. In an illuminating series of letters, James explained his reasons for doing so to his nephews: Regarding Lyon, it would be very damaging for the Nord if it were to be left out and if two other companies were to make it, so I said to Hottinguer, we will take as big a share as any other house and if Baring is going to arrange a subscription in London, it should be done jointly with you. In short, I do not want a major operation to take place under a new government without our name being on it. If such an operation were to succeed without us, then people would say "We don't need Rothschild any more." As we can take as much as we like, it is better that we remain part of this camaraderie . . . The gentlemen concerned are very popular with the ministers.60 A passing reference to one of the brothers as "an ass" suggests that relations with James were now rapidly deteriorating.61 But the partnership was not yet over. Indeed, Isaac Pereire was deputed to act as James's representative on the new Paris-Lyon company's board. Moreover, his brother Emile continued to play a leading role as chairman of the Nord board, and was involved in the renegotiation of the Nord's concession — the other major railway deal clinched in January 1852. The company raised 40 million francs by issuing bearer bonds and used the money to take over the Boulogne-Amiens line and to build new branch lines (for example, to Maubeuge); in return, its concession was extended for ninety-nine years, with an option to the state to buy the company out in 1876.62 It was not until later in the year that the split came, when James offered his support to Talabot once again. Talabot's aim was now to merge the new Paris-Lyon company with his lines to the south — Avignon-Marseille, Marseille-Toulon and smaller lines in Gard and Herault — creating a grand Compagnie de la Mediterranee along lines very similar to

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those originally envisaged by the Pereires. James's decision to take 2,000 shares in this ambitious but financially stretched entity left the Pereires out in the cold.63 (The fact that Morny was another shareholder must cast doubt on the simplistic notion that the Pereires had the new regime's backing against the Rothschilds.) The final blow came when James refused to provide similar financial support for the Pereires' Midi company: although his subscription of 3.3 million francs was far from negligible, Alphonse's resignation from the board was a vote of no confidence.64 The Credit Mobilier was therefore founded by the Pereires in response to their exclusion from what looked like a new Talabot-Rothschild axis backed by the regime in the person of Morny. The Pereires did not have to look far for models on which to base their alternative source of railway finance: two successful semi-public banks had already been launched before the Credit Mobilier was conceived. The first was the Foulds' Credit Foncier, a mortgage bank established with governmental backing in March 1852 to provide long-term loans to landowners by selling mortgage bonds — an extremely popular nineteenth-century form of investment — to savers. By the end of 1853 it had increased its capital to 60 million francs and had issued loans totalling 27 million.65 Itis worth pointing out that James was as hostile to the Credit Foncier as he was to the Credit Mobilier, arguing in October 1853 that the interest at which it lent its money was too high and the obligations it issued were viewed with too much suspicion in rural areas for it to perform its intended purpose. Far from supporting agricultural proprietors, it was being used to finance urban property development, much of it of a speculative nature: From the outset we have seen these problems clearly and it is for that reason that we have refused to become involved in the affair, although overtures have repeatedly been made to us . . . The Credit Foncier . . . involves itself in risky operations and it is these which up until now have made its profits ... It is not a soundly established enterprise.66 The other new bank was the Caisse des Actions Reunies, an investment trust established with 5 million francs' capital by Mires, then the Chemins defer, in 1850. Although Mires did not transform ambitious Caisse Generale des Chemins de Fers until claimed that it had given Benoit Fould the idea for a much

editor of the Journal des the Caisse into the more 1853, he subsequently bigger venture:

I said to myself, if M. Mires, on his own, could create such a society, a society made up of more considerable people would represent a powerful financial organisation, destined to conduct simultaneously major financial operations and industrial enterprises. On my return [from Baden] I looked for suitable men to involve in this project and I found no one more suitable . . . than MM. E. and I. Pereire . . . And that was how the Credit Mobilier was born.67 Another version has the Interior Minister Persigny more or less forcing the idea of the Credit Mobilier through against the unbending opposition of Achille Fould — though this was probably an attempt by the Foulds to disclaim responsibility after the Credit Mobilier had failed.68 In fact the Foulds and Pereires were equal partners, with a majority shareholding between them.69 What was new about the Credit Mobilier? It was not, despite the original inten-

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tions of the Pereires, permitted by the Banque de France to call itself a bank. Essential y, itwas an investment trust, set up by a Pereire-led group with a capital of 20 (later 60) million francs, the prime function of which was to attract the savings of smaller investors into railways. Many investors had burnt their fingers in the 1840s when numerous railway companies had issued a multitude of highly volatile shares. The Credit Mobilier simplified matters: it offered its investors standardised bonds of varying duration and used their money to invest in stocks and shares as its directors saw fit. In short, it was an intermediary between the bond market and the share market, a deposit bank which issued bonds rather than non-transferable certificates of deposit. The final statutes of the bank published on November 20 were the result of a compromise between the more cautious government ministers and the Pereires: current accounts and money raised from the sale of short-term bonds were not to exceed double the firm's paid-up capital, twice the level demanded by the Finance Ministry; money from long-term bonds was not to exceed 600 million francs, ten times its capital.70 The Credit Mobilier is usually seen as a direct challenge to the power of de Rothschild Freres.71 It is true that there soon developed a fierce commercial rivalry between the two firms. James was also irked by the social pretensions of his erstwhile subordinates — especially when they bought the 8,200 acre estate of d'Armainvilliers next to Ferrieres, the Palmer vineyards next to Chateau Mouton and even the house next door to Nat's in the rue du Faubourg-Saint-Honore!72 Nor had he made any secret of his reservations about the new bank. As he wrote — in a personal letter to Napoleon on November 15 — it would at once be excessively powerful and excessively vulnerable to crises, a line of argument which was less contradictory than Persigny later made it sound.73 The first objection James raised was the classic conservative objection to jointstock companies, that the directors would be "anonymous" and "irresponsible," and might abuse their power over other people's money. But James went further in predicting that the new bank would be in a position to establish "a redoubtable domination ofcommerce and industry." "By the sheer volume of their investments," he warned, the directors of this company would "make the law in the market, and a law which will be beyond control and beyond competition . . . and concentrate in their hands the greater part of the national wealth . . . That would be a calamity . . . The bank when it is fully active will be stronger than the government itself." At the same time, its very strength would rest on foundations of sand; and this was precisely what made the prospect of a calamity so real. For whereas the bank would offer investors bonds paying fixed interest, its own investments in shares would be "variable, doubtful, uncertain." In a moment of crisis, the bank would lead the economy "to the edge of an abyss." Taking it for granted that the new bank would maintain an inadequate reserve, James predicted that if it got into difficulties the government would have to choose between "a general bankruptcy" or the suspension of gold and silver convertibility.74 These were exaggerated fears designed to intimidate Louis Napoleon; but they were not entirely without foundation, as we shall see. Yet the fact that James was opposed to the Credit Mobilier should not be taken to mean that it was directed against him. It may be that the Pereires were sincere in offering James shares in their new venture; his refusal is not proof of their antagonism towards him. Nor should too much be read into the fact that the bank's char-

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ter was published in the Moniteur Universel while James was away from Paris. The fact that some of the Rothschilds' closest associates in Italy and Germany — TorIonia, Oppenheim and Heine — were among the shareholders also weakens the antiRothschild thesis: these people had too much to lose from incurring James's wrath. In truth, the Credit Mobilier, with its overt claims to be a financial "centre" acting in the public interest, was more of a challenge to the Banque de France. The new institution had been created, declared Pereire in 1854, "out of the necessity to introduce into circulation a new agent, a new fiduciary money, bearing its own daily interest" — an indication that he saw its bonds as performing a quasi-monetary function.75 Above all, as the more astute contemporary commentators discerned, it was a response to the Banque de France's tight lending policy in the wake of the 1 848 revolution: prior to 1852, the Banque refused to lend money against railway shares and lent against rentes at the relatively steep rate of 6 per cent. As the yield on rentes had fallen to 3.6 per cent by November 1852, the advent of the Credit Mobilier becomes more intelligible.76 So does James's opposition: in 1852 de Rothschild Freres held Banque de France shares valued at 1,131,078 francs, which were depressed by the launch of the Credit Mobilier. We see here the beginning of an alliance between Rothschilds and the Banque which would be consummated when Alphonse became a regent of the Banque in 1855. The Credit Mobilier began with a bang. Its 500 franc shares opened at 1,100 and touched 1,600 four days later. At their peak in March 1856 they were trading at 1,982 francs. Those were massive capital gains for the original shareholders which it is hard to believe James did not envy. The dividends too looked healthy, rising from 13 per cent in 1853 to 40 two years later (implying earnings of 4 and 10 per cent).77 Such results seemed to discredit James's prophecies of disaster. Nor were they the products of creative accounting. For these were the glory years of French railway building: between 1851 and 1856 gross investment increased by a factor of five; more than twice as much track was opened in the 1850s as in the 1840s. Moreover, the ratio of fares and freight charges to operating costs was at its all-time peak.78 The Credit Mobilier's raison d'etre was to enable the Pereires to take a share of this buoyant market; and in this it succeeded. Yet the extent of its success should not be exaggerated. It is true that, with the funds they were able to raise through the Credit Mobilier, the Pereires were able to build up shareholdings in a substantial network of railway companies, exerting a dominant influence over the Midi (Bordeaux-Cette), the Paris-Lyon via Bourbonnais line and the Ouest (which merged the Paris-Rouen, Rouen-Havre, DieppeFecamp and Versailles- Rennes lines). But the Rothschilds continued to control the Nord and had the biggest single shareholding in the Paris-Lyon, which later fused with the Grand Central to form the Paris-Lyon-Mediterranean in 1857, not to mention their smaller stakes in the Midi and the Ardennes-et-Oise.79 Between them the Pereires had eight seats on the boards of various French railway companies; the Rothschilds had fourteen.80 Besides, there were numerous other new players, notably Morny himself (who launched the Grand Central Company in 1853), not all of whom can be considered Pereire allies. The lines of battle were far less distinct than has often been claimed: Charles Laffitte was the Pereires' partner in the Ouest, but was also a substantial shareholder in the Nord.81 The due de Galliera was a founder of the Credit Mobilier but also a member of the board of the Nord.82 The

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Pereires may have been predominant in the lines which fused to become the Est, but it was N. M. Rothschild & Sons in London which placed bonds worth £2.5 million in London for the company in 1854.83 One thing is sure: Mires' later claim that by 1855 James had "abdicated" in the face of competition from the "new" bank" is untenable.84 In fact, it was the Credit Mobilier which risked overstretching itself. It was an exaggeration to say, as James did, that its capital was "insignificant," but there is a case for saying that the Credit Mobilier was undercapitalised in relation to the Pereires' aspirations.85 As early as 1853, the company sought to issue bonds worth 120 million francs in an attempt to increase the funds at its disposal, but the government exercised its power of veto. When the Pereires tried again in 1855, they were again thwarted by the government.86 As a result, the Credit Mobilier increasingly found itself relying on some 60-100 million francs of more conventional deposits, mainly from associated businesses like railway companies. These constraints may explain the marked discrepancy between its founders' stated intentions and the reality of its investment strategy. In fact, its portfolio was characterised by a relatively high turnover, with its total assets fluctuating between as little as 50 million francs in 1854 and as much as 266 million francs a year later.87 If the Pereires had confined their activities to France then it is doubtful whether the celebrated "war" between them and the Rothschilds would ever have amounted to much more than a skirmish. But they did not. What made the Credit Mobilier seem genuinely threatening to James was its potential to expand outside France and to become a pan-European phenomenon. On April 2, 1853, the Cologne bankers Abraham Oppenheim and Gustave Mevissen of the Schaffhausenscher Bankverein were granted a licence by the Grand Duke of Hesse-Darmstadt to open a discounting and issuing bank. They called the new bank the Darmstadter Bank fur Handel und Industrie and, with its projected capital set at 25 million gulden (around 54 million francs) and its Pereire-style charter, it obviously aimed to be the German Credit Mobilier. This was effectively a challenge to the Rothschilds in their ancestral home: Darmstadt is less than twenty miles to the south of Frankfurt, and the only reason Oppenheim and Mevissen chose to establish their new bank there was that the authorities in both Frankfurt and Cologne had refused to grant them a licence. Among the nine directors, four were from Frankfurt, including the Rothschilds' old rival Moritz Bethmann. But what was more worrying was the direct involvement of the Pereires and Foulds in the new venture. As we have seen, Abraham Oppenheim himself had been one of the original shareholders in the Credit Mobilier (he had 500 shares), and he sent his brother Simon to Paris to drum up French interest. The agreement he made was generous: of the initial 40,000 shares, the founder-directors retained 4,000; a further 4,000 were issued by Bethmann in Frankfurt, 10,000 were sold at par to Credit Mobilier shareholders and the remainder were held jointly by Oppenheim, Mevissen, Fould and the Credit Mobilier. But it proved the only way of ensuring the success of the new venture. Had it not been for French purchases of the shares when they were offered to the public in May, the price might very well have fallen below par (a weakness which was inevitably blamed on Rothschild machinations). The effect of these purchases was to give the Credit Mobilier a majority shareholding.88 It was not long before there was talk of establishing similar satellites in other coun-

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tries. As early as July 1853, James felt obliged to warn the Piedmontese banker Bolmida against establishing a Credit Mobilier in Turin, warning him that the "disagreeable possibilities" of such a bank would outweigh the "positive advantages."89 The Pereires' first attempt to establish a Spanish Credito Mobiliaro was also in 1853, while the idea of a Belgian Credit Mobilier was floated not much later. By 1854 even Austria did not seem immune to Pereire penetration.90 These moves raised the alarming possibility that the Credit Mobilier might take on the character of a multinational, challenging the hitherto unique position of the Rothschilds in European finance. Again, however, the story should not be oversimplified. It was not only the Pereires who realised the possibilities of joint-stock banking in the 1850s. There were a number of imitations in London (for example, the Credit Foncier and Mobilier of England, the International Land Company and the International Financial Society), though they made little headway. In 1855 and 1856 alone, thirteen such banks were established in German states, including David Hansemann's Disconto-Gesellschaft, the Berliner Handelsgesellschaft, the Vereinsbank and the Norddeutsche Bank (the last two both in Hamburg). Nor should we ignore the equally important newcomers who adopted the more traditional private and merchant banking structure, for in many ways these posed a more enduring threat to the Rothschilds' pre-eminence. In London, the dominant position of Baring Brothers and N. M. Rothschild (especially in the acceptance market) was being challenged by the growth of existing merchant banks like Schroders and Friihling & Goschen, and the advent of newer firms, notably C. J. Hambro & Son (1839), Overend Gurney and Kleinwort &£ Cohen (1855). In Frankfurt too, M. A. Rothschild & Sonne was encountering new competition from Erlanger & Sonne, founded by the converted Jew Lob Moses Erlanger, as well as from Jacob S. H. Stern, Lazard Speyer-Ellissen, Moritz B. Goldschmidt (1851) and Gebriider Sulzbach (1856).91 In Paris, a new force was the firm of Lazard Freres, founded in 1854. Apart from the boom tion of new banks was advent of the telegraph. eighteenth century, and

conditions of the early 1850s, one reason for the proliferathe revolution in communications brought about by the Though the original discovery can be traced back to the successful demonstrations of its application happened in

the 1 830s, it was not until after 1 848 that the telegraph had a real impact on international finance. By 1850 lines were in commercial operation in the United States, England and Prussia, France and Belgium; but it was the Dover-Calais submarine link in 1851 which was the real watershed. Even before the cable had been laid, Julius Reuter92 wrote to New Court: "Should you favour our service for the transmission ofthe Berlin and Viennese exchange rates we would pledge ourselves not to give the service to any other London house and moreover we would refund you for any cable not arriving at the fixed time."93 However, any such monopolistic arrangement had long since vanished on the Continent and did not last long in London. This explains the somewhat unexpected hostility of James to an innovation he might have been expected to embrace. Throughout the 1850s, he repeatedly complained that 'the telegraph is ruining our business." The fact was that the telegraph made it much easier to do what the Rothschilds had managed so ingeniously before, namely to conduct financial business between affiliated houses over long distances.

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Many of their rivals now sought to imitate their example with the assistance of "the wires": by the 1860s, Frankfurt families like the Speyers, Sterns and Erlangers had all established branches in London and Paris and, in the case of the Speyers, in New York as well. "It appears," James complained in April 1851, "that yesterday a great many German scoundrels sold [French] railway shares in London with the telegraph . . . Since the telegraph became available, people work much more. Every day at 1 2 they send a despatch, even for trivial deals, and realise [their profit] before the bourse closes the same day." Once, the Rothschilds had been able to steal a march on their rivals with their unrivalled system of couriers and carrier pigeons; but now "anyone can get the news." James could see that there was no alternative but "to do the same," but it still struck him as a "crying shame that the telegraph has been established." Itmeant that even when he went to take the waters for his summer holiday, there was no respite from business: "One has too much to think about when bathing, which is not good."94 Such complaints were still being echoed by James's son as late as the 1870s:95 although the Rothschilds had no option but to make use of the new technology, they always regretted the way it tended to broadcast financial news, and continued to write letters to one another in their accustomed fashion right up until the First World War. The Gold Rush The significance of such grumblings should not be exaggerated, however. The reality was that, although they were facing increased competition in Europe, the Rothschilds remained in a league of their own as an authentically global operation. Indeed, it was in the continents beyond the reach of the telegraph that they made some of their biggest advances in the 1850s. There was no telegraph link from Europe to North America or India until 1866; no link to Latin America until 1869; and no link to Australia until 1873. In these regions, the Rothschilds' traditional system of semi-autonomous agents, corresponding regularly but not in daily contact, remained unsurpassed. The European agents continued to do their work, of course: Weisweiller and Bauer in Madrid; Samuel Lambert, having succeeded his father-in-law Richtenberger in Brussels; and newer recruits like Horaz Landau who served in Constantinople and then Italy. But their role as intelligence-gatherers was now less important than it had been, though of course confidential political information remained at a premium and could be obtained if an agent was well enough connected. It was the more remote agents, however, whose role was of greater strategic significance in this period. The 1848 crisis had exposed the difficulty of conducting business across the Atlantic, particularly when a single agent occupied such a position of independent power in New York. It had partly been with the idea of replacing Belmont with a full Rothschild partner that James hadhow sent serious Alphonse in October Betty's letters to her son demonstrate thisthere intention was. that He year. should, she advised, be patient until he had acquired enough experience of American affairs but then you can speak the language of the big boys; respectfully first of all, and, if politeness does not work, then with energy and the dignity which befits your status and rights, and which will put the man in his place. If

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after that Mr B. still wants to play the lord and let you take it or leave it, well then you'll be in a position to take up your glove and show this gentleman the door . . .96 Matters evidently came to a head in the spring of 1849. "The situation with Belmont isno longer tenable," she wrote on March 24. He had too little merited one's trust for one to leave him even a pretence of it without failing one's own interest and one's dignity . . . The question is then: wouldn't it be a great help to the future of our family to set up a House in New York, a House which would bear our name . . . America's future appears so grandiose to those who choose to reflect on it that I hold fast to the thought with pride, I confess, that you, my son, will be the one to lay the foundations of a House that will bring honour to our name . . . [Y]our career would take off . . . and you will leap to the head of a great House with one step. Her plan, she told him in May, was "to see you established in America for anything . . . and deliver this great future from the stupidity and greed of an agent ... So I repeat: stay in the New World; if the worst comes to the worst, if the old world should fall, which God will not permit, it would become a new fatherland for us."9 The idea continued to be discussed after her son's (supposedly temporary) return to Europe in 1849. "Alphonse . . . has made up his mind to return," reported Lionel having seen his cousin at Wildbad; "we have spoken in general terms about the American business, but that is all. Uncle James and Alphonse both think a great deal of money is to be made in America and wish to continue that business, so that in any case he will go back."98 Alphonse himself spoke of "putting affairs over there on a more convenient footing" when he returned to America, and Castellane was in no doubt that he would soon leave Paris again "to found a house in New York."99 Even in New York, it was "everywhere known that Baron Alphonse is coming to the States."100 Yet it never happened; an omission which was arguably the Rothschilds' single greatest strategic mistake. It is not easy to say why this was. One possibility, strongly suggested by Betty's letters, is that Alphonse could not bring himself to relinquish the comforts of Parisian life for the less sophisticated ways of New York. It was the mother who had to persuade the son, and she sought to make the idea more appealing to him by suggesting that, after an initial period of two years, the day-to-day running of the projected new house would be entrusted to "a temporary agent up to the time when someone from the family, or later, your brothers, wanted to devote a stay of a few months to it from time to time . . . Once the House was founded you could quickly come back to us, dear son, while at the same time overseeing the man who would come to replace you from afar."101 Nor were the London partners much enthused, though they continued to suspect Belmont of "speculating with our money."102 According to Betty, Lionel and his brothers took "a dim view of this project." They were "worried that Paris is getting too much out of it, and would rather sec an agent there. But this agent could only be Davidson who works very much in their interest. "103 Perhaps the most convincing explanation, however, is that Belmont at last succeeded in persuading James that he could not be replaced. By now he was a well-

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established figure in the US, whose social standing and political influence were growing almost as rapidly as his personal fortune. In 1 849 he was able to announce his engagement to Caroline Perry, daughter of Commodore Matthew Galbraith Perry of the United States Navy and, as Belmont emphasised, a member of "one of our best families."104 Four years later, in an unexpected role-reversal, it was Belmont who came to Europe — as the American ambassador to the Hague.105 These signs of worldly success (which a young, French-educated Rothschild would have taken time to equal) may finally have convinced James to let Belmont be. Even Betty acknowledged that Belmont had "created for himself a strong and independent position; he knows inside-out all the country's resources; he holds the key to all the wheeling and dealing in the commercial world." "I would incline to the view," her husband reluctantly concluded in 1858, that we should leave the management of American business entirely in Belmont's hands, as we can have complete confidence in him and he understands business there so completely, and if we do so we shall no longer have to put up with endless complaints and questions as to whether or not we will accept bills from this or that banker.106 Only seven years before he had been complaining bitterly that Belmont did not let him "see the books" of the New York agency.107 Of course, Belmont was only in charge of the East Coast business; that principally meant bond issues by established north-eastern states like New York, Pennsylvania and Ohio and major railways like the Illinois Central. Of increasing allure in the 1850s, however, was the West Coast, where Benjamin Davidson had been sent from Mexico, armed with a blanket credit of £40,000, on the news that gold had been struck in California.108 Once again, the Rothschilds had misgivings about entrusting their interests to a single individual in so remote a market — "where civilisation isat a very low ebb [and] where affairs are attended with personal risk"; so it was decided to send a clerk named May from the Frankfurt house to join Davidson in San Francisco. James approved of May: he was "a good little chap . . . clever and a Frankfurt Jew. I always have a great deal of confidence in such people."109 But he was soon disillusioned. Just over a year later, a row blew up when May and Davidson decided to spend between $26,000 and $50,000 brother leapt to his defence, pointing out that the profits of £37,762 in just two years; that its running high cost of living in San Francisco; and that prior

on a new house. Davidson's Californian agency had made costs were justifiable given the to acquiring the new house he

had been living in a "shanty built over his vault, like a pig in a sty — which he left to go out & get his meals in fear and trembling lest a cry of fire should call him back & that he should find himself burnt out."110 As in the case of similar disputes with agents, this seems to have blown over, leaving both Davidson and May in situ. Ten years later, they were both still there; indeed, it was now May who requested to be allowed to return home — in a letter which sheds light on the Rothschilds' relations with their American agents: I am growing every day older, I am now in my 36th year, and it is time for me to make up my mind whether I should continue to lead this solitary life and spend the remainder of my days far away from my family, or whether I should return and settle at home. This is no Country where

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a man and particularly a European, even if he should have the least pretensions to civilization and sociability, can remain for many years, it is all very well as long as one is young but the riper age brings on other ideas. You must not suppose . . . that I have accumulated so much wealth in this country, which determined me to withdraw from the business ... it is true that the position which you had been kind enough to give me and which kindness I shall never forget and makes me all my life grateful to you, has been to me a great advantage, but . . . your interests have never in the least suffered by it and . . . your business had always to be considered first and cared for above all.111 Later in the 1850s, it was decided to send another Davidson — Nathaniel — to take Benjamin's place in Mexico, which, for all its political instability, still promised important business opportunities: not only loans to the chronically insolvent state, but also investments in mercury and coal mines and an iron foundry.112 The importance of this continuing Mexican presence increased in 1860-61, when Mexico became the object of French imperial ambitions. Scharfenberg meanwhile remained in Cuba, which momentarily acquired a political importance when the American government sought to buy it from Spain — a scheme in which Belmont had a hand, but which foundered in the face of political opposition in the US. Finally, mention should also be made of another traditional Rothschild sphere of interest in the Americas: Brazil. This had been a hobby-horse of Nathan's in the 1820s, but for two decades business between London and Rio had been limited, partly because successive governments had not had recourse to the London capital market.1 13 That changed with the outbreak of war with Argentina and Uruguay in 1851, the costs of which forced Brazil to issue a £1.04 million loan through N. M. Rothschild the following year. The rapid growth of the country's railway network also created new financial needs. The 1851 loan was quickly followed by a £1.8 million issue for the Bahia and San Francisco Railway Company; another loan of £1.5 million to the government which was also to finance railways (both 1858); a £2 million issue for the Sao Paulo Railway Company (1859) and another government loan of just under £1.4 million.114 A currency crisis in 1860 and a slide in the price of Brazilian bonds necessitated a period of consolidation; a new loan of £3.8 million in 1863 therefore mainly served to convert earlier debts dating from the 1820s and 1840s.1 1S However, the outbreak of war with Paraguay in 1865 put Brazilian finances under renewed pressure and it was only after protracted negotiations with the Brazilian minister Moriera that Lionel agreed to a new loan of just under £7 million.1 16As the war drew to a close in 1 869-70, there was talk of yet another loan. It was just the beginning of an exceptionally monogamous financial relationship between the Brazilian government and the London house which, between 1852 and 1914, generated bond issues worth no less than £142 million.117 Brazil and the United States had been areas of Rothschild activity for decades; Asia was more or less terra incognita by comparison. But here too the 1850s were a time of expansion. In the wake of the "Opium Wars" of 1839-42 (so called because the pretext for fighting them was a Chinese bar on opium imports from British-controlled India), Hong Kong had been annexed by Britain and five other Chinese "treaty ports" opened to European traders. This accelerated the process whereby

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Chinese teas and silks were exchanged for Western silver and Indian opium, and created attractive new opportunities for British business (simultaneously eroding the power of Chinese merchants like Wu Ping-chien, whom one historian has called the Rothschild of the Orient).118 By 1853 the London house was in regular correspondence with a Shanghai-based merchant firm, Cramptons, Hanbury & Co., to whom it made regular shipments of silver from Mexico and Europe.1 19 Silver was evidently the prime concern, though the bank was also interested in Indian opium, some of which found its way westward to Constantinople, and by the later 1850s it was in regular correspondence with a Calcutta firm, Schoene, Kilburn & Co. Peripheral crises like the Chinese rebellions of the 1850s and the Indian Mutiny of 1857 thus had a resonance in New Court which previous Asian upheavals had lacked. For the first time, the bank was becoming involved in the commerce of the British Empire, a field it had previously left to others.120 It was thus a pardonable exaggeration to say that "the entire universe paid tribute [to Rothschild] ; he had his offices in China, in India, in even theandleast countries."121 the Rothschilds thecivilised Eurocentric Pereires. This was the great difference between The great flow of silver to the East which was such a feature of the midnineteenth-century world economy helps explain why discoveries of gold in California and Australia in the 1 840s aroused such excitement. The impact of these discoveries can hardly be overstated. In 1846 world gold production was around 1.4 million troy ounces fine, of which more than half came from Russia. By 1855 total production had risen to 6.4 million ounces, with around half the increase from North America and half from Australia. We have already seen how the Rothschilds sought to involve themselves in the Californian gold rush by sending Benjamin Davidson north from Mexico. They were also interested in the Australian fields. No sooner had gold been discovered in New South Wales and Victoria in 185 1 than the Rothschilds were being urged "that a branch of your House accredited here with an ample supply of coin at the commencement would form the basis of one of the most extensive and moneyed establishments in either hemisphere."122 This advice was not followed to the letter: as in the case of Shanghai and Calcutta it was at first thought sufficient to rely on a separate firm as Melbourne correspondent, though in this case the firm was run by Jacob Montefiore and his son Leslie.123 However, family ties proved no guarantee of competence. As if to confirm Mayer Amschel's hallowed disdain for in-laws, Montefiore & Co. went bankrupt in 1855 owing a substantial sum to the London house, and a proper Rothschild agent, Jeffrey Cullen, had to be sent out to act as fireman. The Cullens had worked for N. M. Rothschild since the time of Waterloo, so Cullen had a good idea of what his employers wanted: even before he had wound up the Montefiores' tangled affairs, he was eagerly asking for consignments of mercury and other goods in demand in the colony (above all alcohol, whether beer, whisky or port). "If you should make me a consignment of this," he wrote, unconsciously echoing the tone of Nathan's letters as a young textile dealer, "you may rest assured of my using all my endeavors to do the business in such a way as to give you satisfaction." BySeptember he was asking for "a credit of £5,000 or £10,000 by every mail ship" and, in order to enable him to visit the gold diggings in person, the assistance of "a good Financier, as there is not such a thing in the whole Colony, even the

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heads of the Government are grossly ignorant of their business and upon more than one occasion I have been sent [for by] the Treasury, to explain some trifling matter of monetary affairs."124 If Cullen was at the periphery of the Rothschilds' nascent gold and silver empire, at its centre lay the various refineries and mints which the family acquired in this period. James had operated his own refinery in Paris since as early as 1 827, moving it to a new building in Quai de Valmy and establishing a societe en commandite under the direction of Michel Benoit Poisat in 1838. At the same time, he went into partnership with Dierickx, the Master of Paris Mint in 1843, a relationship which lasted until I860.125 The new gold discoveries led to an immense increase in the activity of both refinery and mint. It was, in James's words, "a revolution in the money market." Thus, when Lionel resolved in 1849 to involve the London house directly in the gold-refining business, he was following his uncle's lead. In Nathan's day, there had been four private refiners in London — Browne & Wingrove, Johnson & Stokes, Percival Norton Johnson and Cox & Merle — in addition to the Royal Mint's own refinery. Of these, Browne &C Wingrove had done the lion's share of the Bank of England's refining. However, the discoveries in California and Australia greatly increased the volume of gold coming to the Bank: in 1852 gold purchases reached a peak of £15.3 million, over two-thirds of which was in bar form — far more than Browne &C Wingrove could handle. It was to fill this gap that Lionel proposed to lease the Royal Mint's refinery, which since 1829 had been using the sulphuric acid system of parting under its Master, Mathison. From September 1849 he began telling his political allies J. Abel Smith and Lord John Russell "repeatedly" that "a change in the system of the Mint" was necessary, a recommendation duly adopted by a Royal Commission set up to examine its activities. "I hope," he told his brothers, "the ministers will have courage enough to make the alterations and that we shall be able to get it— it would be a capital business." As Nat said, "with such large arrivals of specie from California & Mexico it is more necessary than ever." Mathison predictably sought to resist this "privatisation," but in vain; and fortunately for the Rothschilds Percival Norton Johnson did not listen to his new partner George Matthey, who urged him to enter a bid.126 In January 1852, therefore, Anthony acquired the lease for the refinery, and by December Lionel was in a position formally to ask the Governor of the Bank, Thomas Hankey (another political ally), "to be permitted to present directly to the Bank of England my gold and silver bars, refined and melted under my responsibility." In its first year of activity, the refinery processed over 300,000 ounces of Australian gold and 450,000 ounces of Californian.127 It was a sign of its importance that Gladstone — that most ardent of bullionists — paid a visit there in 1862, directly after an "expedition" to the Bank of England.128 As Flandreau has shown, their control of refining and minting capacity on both sides of the Channel enabled the Rothschilds to operate a unique "system" of arbitrage, with the London house buying American or Australian gold on the French house's account, relaying these via the London bullion brokers to Paris. The Paris house meanwhile bought silver for New Court, which relayed it via London or Southampton to the East. Not only was this profitable; by the late 1850s it was becoming an integral part of a bimetallic international monetary system.129

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Public Finance and the Crimean War For decades, the Rothschilds had regarded a major European war as the greatest of all dangers to their own financial position — worse even than a revolution. In March 1854 war came. Implausibly, the Crimean War had its origins in a dispute between Catholic and Orthodox monks about the so-called Holy Places in Jerusalem. In reality, itwas a revival of the old question about how much power Russia should exercise over the waning Ottoman Empire — in particular, the Danubian principalities of Moldavia and Wallachia — and the Black Sea. This time, in contrast to 1840, France and Britain united: the former in order to break up the Holy Alliance, the latter for no reason other than to give the Tsar a beating, which a liberal public felt he deserved for his conduct in suppressing the Hungarian revolution in 1849. The Tsar, who five years before had been the arbiter of Central Europe, found himself deserted by the other members of the Holy Alliance: Austria flirted with the Western powers and all but joined in the war, Prussia continued her policy of impotence and irrelevance. Piedmont jumped on the anti-Russian bandwagon in the belief that any war would weaken the Austrian position in Italy. Considering how quickly the Russians gave into the demands of this coalition, it was a strangely prolonged war. The first serious military action came in the summer of 1853 when the Tsar ordered troops into the Danubian principalities and the British and French navies approached the Dardanelles. By the time fighting broke out between Russia and Turkey in October, the Russians had effectively dropped their overblown claim to be sole protectors of Christians in the Ottoman Empire; so France and Britain had to go to war over the principalities and the Black Sea. But in June 1854, the Tsar promised the Austrians that he would evacuate the principalities; the war could then only be about the Black Sea. It was therefore to revise the 1841 Straits convention "in the interests of the Balance of Power of Europe" that French and British troops landed at the Crimea, with the practical objective of capturing Sevastopol. As early as November 1854, the Russian government agreed to this point (again for fear of Austria joining in) but because France and Britain had still to decide what it actually meant, the war dragged inconclusively on. Attempts to find a negotiated agreement following Nicholas Fs death in March 1855 foundered. Instead, the Russians rashly decided to resist any restrictions on their naval power in the Black Sea, goading the Western powers to finish the war off. Sevastopol fell on September 8; the French suggested some new war aims; and finally at the Congress of Paris (February-April 1856) the crisis was concluded. The Black Sea was neutralised; Russia lost a chunk of Bessarabia (modern Moldova); and France and Britain agreed to guarantee the future independence of Turkey. In practice, these terms would last as long as Russia took to recover from her defeat — about twenty years, as it turned out, for it had been a traumatic and costly exposure of the Tsarist system's administrative deficiencies. The most enduring achievement of the victors was the creation of Rumania by the fusion of the Danubian principalities, which was achieved in 1859 — something they had not set out to achieve. The precise causes and significance of the Crimean War did not concern the Rothschilds much. Why should they? A dispute between Roman and Greek monks over Christian relics held no interest for the builders of the Jerusalem Jewish hospital. Nor did they have any railway interests in the Danubian principalities. As for the

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international status of the Black Sea, the London house had already taken a conscious decision not to involve itself in grain exports from Odessa for purely eco-

15

nomic reasons.130 What mattered was that a war — any war — between the great powers was bound to have a disruptive effect on the international financial markets. -15 And so it did, as table 2a shows. Table 2a: The financial impact of the Crimean War.

British 3 per cent consols French 4.5 per cent rentes Austrian 5 per cent metalliques Prussian 3.5 per cent bonds

PEAK PRICE 101.38

DATE Dec. 1852

105.25

Feb. 1853

84.62

Dec. 1852

94.50

Dec. 1852

TROUGH PRICE 85.75 89.75

DATE

Apr. 1854 Mar. 1854

PERCENTAGE -24 CHANGE -11

64.25 84.25

Dec. 1854 Dec. 1854

Note: British and French figures are weekly closing prices as quoted in London; Austrian and Prussian figures are end-ofyear prices as quoted in Frankfurt. Sources: Spectator, Heyn, "Private banking and industrialisation," pp. 358-72.

To diplomatic observers, the Rothschilds looked worried, and understandably so. Their correspondent in St Petersburg had reassured them in June 1853 there would be no war, and had been believed.131 When the British Foreign Minister Clarendon saw Lionel on September 27 — shortly after the government's instructions to Admiral Dundas to pass the Straits had been leaked — he told him "he never remember [ed] such a day" in the City.132 In January 1854, with the Western navies finally entering the Black Sea, Hiibner found James "completely demoralised."133 Amschel gave the same impression. When Bismarck heard the news of the Russian ambassador's recall from Paris in February 1854, he "considered whom I could best frighten thereby. My eye fell on [Amschel] Rothschild. He turned as white as chalk when I gave him the news to read. His first remark was, 'If only I had known it this morning'; his second, 'Will you do a little business with me tomorrow?' I declined the offer in a friendly way, thanking him and left him to his agitated reflections."134 John Bright, one of the most vociferous opponents of the war in London, heard Lionel remark gravely on March 31 that "a country with £800,000,000 of debt should have considered much and seriously before it involved itself in another war."135 Yet far from weakening the Rothschilds' position, the Crimean War had precisely the opposite effect in that it emphatically reasserted the Rothschild houses' primacy in the field of public finance. Indeed, it demonstrated that the Rothschilds had for years been exaggerating the financial dangers of war. In reality, wars — and especially short wars of the sort which characterised the period from 1854 to 1871 — created financial opportunities which they, with their distinctive multinational structure, were especially well placed to exploit. Even for those powers which did not directly fight in it, the Crimean War increased military expenditure above the level of revenues available from taxation (see table 2b), and therefore forced all concerned — even parsimonious Britain — to go to the bond market. Although their rivals, including the Credit Mobilier, tried, none could challenge the Rothschilds' traditional pre-eminence in that market.

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It made life easier, of course, that an old rival — Barings — had the misfortune to be banker to the losing side. In 1850, it had seemed a setback when the Russian government entrusted a new £5.5 million loan to Baring.136 Heavily oversubscribed, it had opened at a 2 per cent premium and left Joshua Bates and Thomas Baring with a commission of £1 05,000. 137 But two years later, as diplomatic relations deteriorated, Barings found itself in an exposed position, denounced by Palmerston in the Commons as the Tsar's "agent" and widely (though erroneously) believed to have participated in the 1854 Russian war loan.138 Table 2b: Increases in public spending, 1852-1855 (millions of national currencies).

1852 1853 1854 1855 increase

AUSTRIA

BRITAIN

FRANCE

RUSSIA

(GULDEN)

(POUNDS) 55 83

(FRANCS)

(ROUBLES) 280

310 321 407 441

93 56

69

1,513 1,548 1,988 2,309

384 526 88

42

Source: Mitchell, European historical statistics, pp. 734f.

313

53

This helps to explain the near monopoly enjoyed by Rothschilds over British war finance. As Chancellor when the war began, Gladstone had pledged himself with characteristic rigour against "the system of raising funds necessary for war by loans," on the grounds that it "practise [d] wholesale systematic deception upon the people." Britain was still burdened by a substantial debt left over from the Napoleonic Wars: as Lionel had said, the national debt on the eve of war stood at around £782 million, and although in relation to gross national product the debt burden was steadily falling (from 250 per cent in 1820 to around 115 per cent in 1854), contemporary politicians were unaware of this. Gladstone therefore proposed to finance the war by increasing income tax — first from 7d in the pound to lOVid, finally to l4d — and some consumption taxes. It was not enough, however, and by the time he resigned from office (to be replaced by Sir George Lewis), the government had run up a £6.2 million deficit for the year 1854 (financed by the sale of treasury bills) and faced a shortfall nearly four times as large in the following year. Lewis imposed a further £5.5 million of new taxation, but the 1855 deficit remained £22.7 million. The government had no alternative but to turn to the City; with Barings under a cloud, that could only mean New Court. In 1855 the London house took the whole of a loan worth £16 million. In February the following year — by which time the war was, of course, over — it submitted the only tender for another loan of £5 million; and in May it secured a final tranche of £5 million. In both the 1855 loans, Lionel at first offered fractionally less than the minimum

set by the Chancellor, but had no hesitation in accepting the govern-

ment's terms. It is hard to say how meaningful this bargaining was: the terms agreed were only slightly higher than the current market yield on consols, so there was no question of unjustifiable profits being made by the bank. Lionel was probably seeking as much to strike a patriotic posture as to make a profit, with a view to strengthening the case for his own admission to Parliament. On the other hand, the 1856 loans were heavily oversubscribed (by a factor of nearly six in February and eight in May). Palmerston saw this as a sign of City confidence in the government; it might

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equally well have been proof that the Chancellor was being over-generous in the aftermath of victory.139 In France the revival of Rothschild influence over public finance actually predated the war. On March 14, 1852, Napoleon announced a large conversion operation, intended to cut the cost of debt service by reducing the interest due on the greater part of the national debt from 5 to 4.5 per cent.140 Investors had twenty days to choose between accepting the new 4.5 per cents or redeeming the 5 per cents for cash. The move was justified by the government in macroeconomic terms as part of a strategy to lower interest rates and boost business activity. However, faced with a sudden slump in the price of 5 per cents (from 103 to 99 in just ten days) and fearing that an unexpectedly high number of bondholders would demand the redemption of their rentes rather than conversion, the new Finance Minister Jean Bineau was forced to turn to the bankers. It was Hottinguer and de Rothschild Freres rather than the Pereires who took the largest share in the subsequent support operation, whereby the banks bought up 5 per cents to push the price back above par; and the Banque de France which facilitated their purchases by extending its discounting facilities against rentes.141 The manoeuvre achieved its object, and the great majority of rentiers accepted the new bonds.142 Two years later, when France and Britain issued their ultimatum to Russia to withdraw from the Danubian principalities, James naturally expected to be called on once again by the French Treasury. On March 4, 1854, he told Prince Albert's brother Ernest II, Duke of Saxe-Coburg-Gotha, "that for a war with Russia any sum was at command; he would furnish at once 'as many millions as were desired'."143 By now, however, the Credit Mobilier had entered the lists, and when the government three days later announced its intention to borrow 250 million francs, a contest between the two seemed inevitable. Mires later claimed the credit for persuading Bineau and Napoleon to sell the bonds directly by public subscription; perhaps he did. Yet he exaggerated when he claimed that this and the subsequent 500 million franc war loan of 1855 had "liberated the French government from a tyranny incompatible with the dignity of a dynasty born of universal suffrage."144 For by April 1855, with another 750 million francs needed, the new Finance Minister Pierre Magne had to inform Napoleon that the domestic market was reaching saturation point.145 As a result, a substantial share of the 1855 loan was issued in London, and Napoleon elected to revert to the French government's traditional banker there. Although the Credit Mobilier took a substantial share of this issue, the Rothschilds were once again in charge: while the Paris house handled some 60 million francs, the London house received subscriptions totalling 208.5 million.146 The Rothschilds' role in assisting the Banque de France in the post-war monetary crisis — in part a consequence of the government's short-term borrowing from the Banque during the war — merely underlined James's ascendancy. Writing in April 1856, James could not conceal his glee at the regimes difficulties: "The Emperor is excessively displeased to see that the birth of a prince and the conclusion of peace are not having a better effect on public credit, and that it might be said that he has been forced to make peace for want of money." Indeed, the money market was so tight that, if James were to make a business trip to Brussels, people might say that he was taking all his capital there.147 Not for the last time, James was subtly mocking the regime's financial dependence on him.

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The other combatant power to whom the Rothschilds lent money was Turkey. Here too there was competition, though this is understandable as the Rothschilds had not hitherto established a serious financial relationship with the Porte (with the exception of the Greek indemnity payment). The first Turkish war loan of 1854 was taken by Goldschmidt, Bischoffsheim (a minor City house, Palmer, MacKillop & Dent, also seems to have been involved, though James somewhat paranoiacally suspected the long arm of the Credit Mobilier). It was a failure. Attracted by descriptions of Turkey's copper mines and perhaps thinking of Turkey as Nathan had previously thought of Spain, James therefore resolved to take over.148 In Horaz Landau, who had been sent as the Rothschild agent to Constantinople shortly before the Crimean War, he chose an able negotiator; when the Turks found themselves inneed of more funds in 1855 the Rothschilds were ready and waiting. In February 1855, during a temporary lull in the fighting, Landau began skilfully to weave his way between the Sultan's minister Fuad Pasha and the Western diplomats, proposing a new loan, this time guaranteed by France and Britain, while at the same time drip-feeding short-term advances to the government — a classic Rothschild tactic. In August the London house was able to inform Landau that a £5 million loan to Turkey had been secured with an Anglo-French guarantee, thus allowing much more generous terms to be offered than would otherwise have been possible.149 No sooner was the war over than Alphonse was despatched to Constantinople to discuss the possibility of establishing a new bank there, once again encountering competition from a minor English house (this time Layards). However, the onset of the 1857 economic crisis — combined with a realisation that the risks involved in Turkish finance were greater than had initially been anticipated — led to something of a retreat from Constantinople in the succeeding years.150 Although Landau continued to agree to small advances, the idea that "the national bank of Turkey [might] become a branch of the House of Rothschild" (as The Times put it in 1857) was shelved.151 Austria did not fire a shot in the Crimean War. She had to make substantial military preparations, however, if only to back up her tougher diplomatic communications to Russia regarding the Danubian principalities; and because of the fragility of her financial and monetary system in the wake of 1848-9, the effect was roughly equivalent to that of outright war on the French economy (if not greater). As tables 2a and 2b show, Austrian bonds were actually worse affected by the war than French; and Austrian expenditure rose by only slightly less, despite the policy of non-intervention. This was the first act in a "tragedy" of financial weakness which in many ways provides the key to the disasters which befell Austria in the decade after 1857. Past and present military expenditure weighed heavily on the Austrian budget, so that defence spending and debt service accounted for 60-80 per cent of the total. Although attempts were made to economise, fresh military crises invariably nullified these. Taxes were raised and state assets were sold; still the government had to borrow to meet its outgoings. When it borrowed short from the National Bank, the exchange rate — decoupled from silver in 1848 — depreciated: between mid- 1853 and mid- 1854 the gulden fell from 9 per cent below par to 36 per cent below. When the government borrowed long from a frail bond market, the effect was to crowd out private investment. Between 1848 and 1865 the total funded public debt rose from 1.1 billion gulden to 2.5 billion, an average annual increase of

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around 80 million, but with disruptive peaks as in the mid-1 850s. Constantly haemorrhaging fiscal and monetary policy thus combined to constrain economic growth, so that the tax base stagnated and the downward spiral continued.152 Could anything have been done to remedy this? In November 185 1 the Austrian Finance Minister Krauss wrote a letter to James "in which he lamented a good deal and demanded his counsel, requesting him to shed some light on the situation." On being shown this letter, Apponyi urged James "not just to shed some light, but to take a torch, as only you can, and try to rid us of all our monetary wastepaper."153 James and his partners tried. Though the Rothschilds might justifiably have closed down the Vienna house after 1848, instead Anselm set about rebuilding what his father had built only to destroy. It was a thankless task, the more so as Anselm's wife refused to settle in a city she disliked intensely. A rather lonely figure, he at first went through the motions of following in his father's footsteps: going to see the returned Metternich, making public donations to causes favoured by the Emperor154 — even siding with Austrian foreign policy in a half-hearted sort of way. But Anselm was haunted by the memory of his father's downfall, and all his efforts to shore up Austrian finances were, one senses, premised on a sense of inevitable failure. When he called on Metternich in December 1853, Anselm's mood was bleak: Austria's financial condition, he stated . . . was inevitably approaching a crisis, unless we hit upon the right method of avoiding it . . . Rothschild declared that he had expected better things of Herr Baumgartner [Krauss's successor as Finance Minister], but that Baumgartner had no sense of reality and was not equal to his task . . . The conversation at this stage was interrupted by a visit from the Nuncio. Rothschild took his leave and as I went with him to the door he said to me, "You mark my words, we are on the eve of a crisis; if something is not done to avert it, it will be upon us before the new year!"155 Still, there were successes which kept alive the tradition of Rothschild influence at Vienna, albeit in shadowy form. In 1852 the London and Frankfurt house jointly issued Austrian 5 per cents worth £3.5 million for Baumgartner.156 In April 1854, faced with a run on the currency, the government turned once again to Anselm, who managed to persuade the other houses to participate in a further credit of 34 million gulden, though nearly half of this was provided by Fould.157 In short, the bond issues generated directly or indirectly by the Crimean War were largely handled by the Rothschilds. Table 2c (which only gives the figures for the London house) provides an overview. 2c: Principal bond issues by N. M. Rothschild & Sons, 1850-1859. COUNTRY

1852 1855

1856 1859

NOMINAL AMOUNT ISSUED ( £)

Austria Britain France Turkey

30,000,000

Britain Britain Austria

5,000,800 8,890,000 5,400,000 6,000,000

Sonne: Ayer, Century of finance, pp. 42-9.

3,500,000 16,000,000

COUPON (PER CENT) 5 3 4.5 or 3 4 3 3 5

PRICE

90.00 100.00 89.46 or 63.23 102.62 90.00 93.00 80.00

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Of all the great powers, Prussia played the smallest part in the Crimean crisis — to the point that the British delegation at the Paris Congress demanded her exclusion from the peace negotiations. However, Prussian expenditure was in fact rising rather rapidly in this period: in total it was around 45 per cent higher in 1857 than it had been ten years before. Though the Prussian state had more robust sources of revenue than the Austrian, it too still needed to borrow. Here too the Rothschilds were able to rebuild their financial influence. As early as 1851, James went in person to Berlin for talks with the Prussian Finance Minister Bodelschwingh about a new issue of 4 per cent bonds.158 Relations with Berlin in the early 1850s were to some extent disrupted by a silly quarrel precipitated by Bismarck over the German Confederation's long-standing deposit (the "fortress money") with the Frankfurt house. As the Prussian delegate to the Confederation, Bismarck saw it as his role to make life as difficult as possible for his Austrian opposite number Count Thun. A proposal by Thun that the Confederation should borrow 260,000 gulden from Amschel on the security of the fortress money, to pay for the now obsolescent German navy, gave him the perfect opportunity. The sum of money involved was insignificant: the real question was whether or not the restored Confederation could be made to work in the old, Austrian-led way. No sooner had Thun, as presiding delegate, secured approval for an initial advance (in January 1851), than Bismarck announced that Prussia regarded this as an illegitimate use of federal funds (despite the fact that the money was not actually being drawn from the fortress account). To his horror, Amschel found himself caught in a crossfire of peremptory instructions from Austrian and Prussian representatives. Thun threatened to take the Confederation's business to another banker; Bismarck said he would transfer the Prussian delegation's account to Bethmann. Despite all his attempts to ingratiate himself with Bismarck, and despite an explicit instruction from Bismarck's deputy Wetzel not to pay the money, Amschel felt he had little alternative but to accede to Thun's instructions, which were formally in order. A sense of the intemperate tone used by both sides in the ensuing row can be gained from Thun's letter to Schwarzenberg of January 12, in which he denounced Prussia for having recourse to such a disgustingly contemptible means as to appeal to a Jew against the Diet. I feel that their action has made the position so acute that an understanding and reconciliation will no longer be possible. The Diet naturally could not accept the position, and if Rothschild had not agreed to pay the money, I could not have left the matter in suspense for another twenty-four hours, even if war would have been the inevitable result. "I confess," he wrote to Bismarck himself, "that so long as I live I shall blush to think of it. The evening when Councillor Wetzel showed me the protest [to Rothschild],could I have cried like a child at the disgrace to our common fatherland." Bismarck gave as good as he got, however: It is not our fault if, as you say, the Diet has been dragged in the mud though arguments with a Jew; it is the fault of those who have exploited the Diet's business connection with a Jew in order, in an unconstitu-

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tional manner, to divert moneys that were in the Jew's keeping from the object to which they had been assigned. As for Amschel, Bismarck portrayed him in his report to the Prussian Minister President Count von Manteuffel as so "anxious to please the Austrian Government in every possible way . . . that he immediately informs the Austrian Delegate of every remittance that he receives for the Prussian Delegation to the Diet": On one occasion Count Thun actually informed me that the House of Rothschild had been instructed to make such a payment before I had received any official intimation to that effect. The conduct of the House of Rothschild in connection with this protest has caused me to ignore all invitations from the Herr von Rothschild resident here, and in general to give him to understand that his action has been highly displeasing to the Prussian Government ... I cannot but regard it as highly desirable that the business relationship in which the Prussian Delegation to the Diet has hitherto stood with the House of Rothschild should be broken off, and that the business should be transferred to another firm here. Both Thun and Bismarck had in fact overplayed their hands. Thun was reprimanded bySchwarzenberg for summarily sacking a Prussian official at the Federal Treasury who had also protested at the proposed Rothschild loan; while in Berlin both Bodelschwingh and the President of the Seehandlung made it clear that Bethmann was no substitute for the Rothschilds, who not only held large deposits for the Seehandlung but had also taken a substantial share of the 1850 Prussian loan.159 These were arguments which Bismarck could understand: much as he enjoyed goading Thun, he always grasped the importance of economic self-interest in politics. Within months of the resolution of the naval dispute (it was agreed to sell the ships off), he had changed his tone completely, and was now speaking up on behalf of the Rothschilds against an Austrian-backed protest by Frankfurt Catholics against the laws of 1848 and 1849 which had conferred full citizenship rights on the town's Jews.160 Now, when the Frankfurt house requested the title of "court banker" to the Prussian court — a request which Manteuffel was inclined to grant because "Rothschild will thus be to a certain extent diverted from his fervent efforts to improve the Vienna currency, and will be favourably inclined towards a railway loan we are thinking of raising"161 — Bismarck was in favour, playing down the row over the naval loan with characteristic cynicism: The Rothschilds have never been really guilty of anti-Prussian sympathies; all that happened was that on the occasion of a dispute that occurred between ourselves and Austria . . . they were more afraid of Austria than of us. Now, since the Rothschilds cannot properly be expected to show such courage as would lead the iustum ac tenacem propositi virum [man of firm and righteous will] to resist such ardorem civium prave iubentium [popular clamour for wrong] as Count Thun developed on that occasion, and as the other members of the family have since apologised for the attitude of Baron Amschel, whom they described as senile, I feel that, in view of the services which this financial power is able to render, their mistake on this occasion may be consigned to oblivion.162

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Indeed, he went so far as to propose that Mayer Carl be granted a Prussian honour — the Red Eagle of the Third Class — on the ground that this would woo the Rothschilds away from Austria. This generated one of those Ruritanian debates so typical of Central European bureaucracies: would Rothschild goodwill be more forthcoming if the honour were withheld a little longer? Should the honour be redesigned so that the traditional crucifix motif was replaced by some other symbol more suitable for a Jew? But the bottom line was that the Prussians needed the Rothschilds: Manteuffel overruled Bodelschwingh and the title of court banker was granted, to the chagrin of Bethmann, who remained merely Prussian consul.163 This had the intended effect. Mayer Carl shortly afterwards hinted to Bismarck that "he would be exceedingly grateful if he could be shown a possibility of placing his money at 3 1/2 per cent." When it seemed possible that Prussia too would be drawn into the war in the spring of 1854, Manteuffel sent his adviser Niebuhr to negotiate a 1 5 million thaler loan with the Rothschilds. It is true that this project fell through, despite prolonged negotiations at Heidelberg, where James and Nat travelled tojoin Mayer Carl and Niebuhr, and again at Hanover in June. Bodelschwingh was also able to block the proposal that the interest of all extant Prussian loans be paid through the Frankfurt house. However, Mayer Carl returned to the field in 1856, placing 7 million thalers of a new Prussian loan. Moreover, Bismarck now endorsed the idea of entrusting Prussian interest payments in typically realist style: "We may, of course, assume that the bank has its own reasons for making such a proposal, for it is not going to undertake all the work involved out of devotion to Prussia. The fact, however, that its advantage is identical with ours does not seem to me to furnish any reason why we should ignore ours."164 The request was finally granted in 1860, when Bodelschwingh left office. Bismarck defended Rothschild interests in other ways too. When Mayer Carl took exception to being awarded the Order of the Red Eagle — in its third- and then second-class versions, but with an oval design in place of the usual cross — Bismarck was quick to deny allegations that he had nevertheless presumed to wear the Christian version. In 1861 James too received a Prussian order.165 By the end of the 1850s, then, the Rothschilds had reaffirmed their position as Europe's pre-eminent lender to governments. Britain, France, Turkey, Austria and Prussia had all issued bonds through one or more of the Rothschild houses. Nor does the list end there. Other important clients of the period included Belgium (though here business had to be shared more than in the past with the new Banque Nationale),166 Hesse-Nassau, whose finances the Frankfurt house more or less monopolised,167 and the Papacy. Here the Rothschilds had made an early move, in the hope of securing concessions to the Roman Jews in return for financing the Pope's restoration to the city. The negotiations proved much more difficult than had been anticipated, however, for the Vatican strenuously refused to allow the loan to be made formally conditional on even limited measures of Jewish emancipation, though the Pope did give James a separate guarantee that the ghetto would be abolished.168 The financial terms proved difficult to agree too. While Carl was prepared to advance the Pope only 10 million francs before his return to Rome, the Pope demanded much more. Even Carl's demand that the loan be secured by a mortgage on ecclesiastical lands was rejected.

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The final terms — which James himself had to hammer out — were exceptionally generous, given the Papal record of insolvency and instability. Altogether, 5 per cent bonds with a nominal value of 50 million francs were purchased in advance of the Pope's return (April 1850), followed by two more instalments of 28 million francs.169 Further loans followed in 1853 (26 million francs of 8 per cent bonds at 95) and in August 1857, when an ambitious attempt was made to consolidate the Papal debt and to stabilise the Roman currency. New 5 per cent bonds were floated on the Paris market with a total value of 142.4 million francs — equivalent to around 40 per cent of the total Papal debt (around 350 million francs).170 The paradox of Rothschild relations with the Papacy was that substantial profits could be made as long as the Holy See did not reform its finances; but if it could not reform its finances, it was unlikely to reform its treatment of the Jews. Given the choice between boycotting the Vatican — thus losing their monopoly over the Pope's external borrowing — and accepting defeat over the Jewish question, the Rothschilds opted for the latter. Besides Russia, which was avoided for obvious reasons, there were two exceptions to this rule of financial dominance. One was Spain, which issued a loan through Mires in 1856,171 though it is doubtful whether the Rothschilds had any desire to re-enter the market for Spanish bonds which they had quit so long ago in preference for the system of advances against mercury. The more important exception — though it was only a partial exception — was the Kingdom of Piedmont-Sardinia. In 1 849 James had managed to secure control of a substantial loan to Piedmont, using methods which dismayed the ambitious young financier and aspirant politician Cavour. Having trebled its national debt by its two abortive attempts to drive Austria out of Italy, Piedmont was a natural target for Rothschild financial penetration. Cavour could only watch in disgust as James returned in 1850 to negotiate another loan with the Piedmontese Finance Minister Constantino Nigra. Cavour's critique of Nigra's "deplorable" dependence on James should be read with some caution: the reality was that Piedmontese credit at this juncture was weak, not that James was deliberately driving down the price of its bonds. On the other hand, there is no doubt that James saw Piedmont rather as a farmer might regard an undernourished cow to be fattened and then milked. The 1850 loan, he gleefully reported to his nephews, was "the most beautiful deal I've ever made." Apart from his cent commission, it was essentially an investment in the future: of the new 5 per cent rentes totalling 120 million lire, James took 20 million a forfeit bought them outright) at a price of 85, agreeing to sell a further 60 million

2.5 per issue of (that is, in Paris

on the government's behalf and leaving the rest in Nigra's hands. In fact, he quickly passed on more than half of the first 20 million to the local bankers in Turin, intending to sit on the rest and await the recovery in Piedmontese credit, which he confidently expected.172 Cavour's chance soon came. In October 1850 he became Minister for Agriculture, Trade and Shipping, and made his first tentative attempt to challenge the nascent Rothschild monopoly two months later, when he got wind of a further issue of rentes (to reimburse the Turin central bank for its reparations payments to Austria). Eagerly, Cavour sought to find buyers for the new issue in Frankfurt and Vienna, urging his friend De La Rue to approach Goldschmidt and Sina. "It would delight me," he declared, "to play a trick on that Jew who has us by the jugular."175

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With Cavour's appointment as Finance Minister in April 1851 came the opportunity to attempt a complete break. The financial position was daunting: in addition to the 25 million lire owing to James for the various short-term advances with which he had been "drip-feeding" Nigra, he faced a budget deficit of some 20 million lire and other debts totalling 68 million. Cavour therefore had to move swiftly to break the Rothschild grip. Having raised 18 million lire on the Turin money market to tide him over, he ordered his ambassador in London to look for a new banker willing to fund a substantial new Piedmontese loan. "We must at all costs extricate ourselves from the painful position in which we are placed with regard to the House of Rothschild," he insisted. "A loan concluded in England is the only means whereby we can regain our independence ... If we do not speedily succeed in concluding a loan with London, we shall find ourselves compelled again to pass through the Caudine forks of the Rothschilds."174 To assist the ambassador, Cavour despatched his old rival Count Revel. Revel found Baring reluctant, but the newer house of Hambro was willing to do the business, issuing £3.6 million of Piedmontese bonds at85.175 There is no question that, as soon as James realised what was afoot, he did everything in his power to stymie the new loan. Cavour firmly believed that James was behind a negative report on Piedmontese finances in The Times; he was undoubtedly selling Piedmontese bonds with all his energy. Indeed, this was the occasion of one of the rather crude (but to contemporaries somehow devastating) word plays which were mais James some

to become his trademark under the Second Empire: "L'emprunt est ouvert, non couvert" (literally "The loan has opened, but it is not subscribed").176 came close to winning: the bonds went to a discount in Paris and Cavour had anxious hours. Yet in the end it was beyond him to buck the market indefinitely, especially as he himself had been responsible for making the market for Pied-

montese bonds in the first place. "We can do what we like," he told his nephews, "but we cannot stop the Piedmontese from rising, as it was we who issued them at 85."177 Nor was James so economically irrational as to carry on selling when "the world" was set on a rise. By the end of 1 85 1 , his own holding of Piedmontese bonds was not much changed at around a million francs: Cavour was wrong when he claimed that James had "sold the lot."178 Yet it had never been Cavour's intention "immediately to break with Rothschild, but merely to show him that we can do without him."179 For his part, James could not help but admire Cavour; the man, as he put it in one of his very rare compliments to a politician, had "character."180 Cavour underlined his point in 1852, when Alphonse was sent to Turin offering to take the remainder of Nigra s 1850 rentes (some 40 million lire) at 92. As soon as the Piedmontese parliament took his hint that he had no need of the money and rejected the offer, he was able politely to turn Alphonse away.181 But he fully expected to have to turn to the Rothschilds again in the near future; all he had really been trying to achieve was an improvement in his bargaining position. Thus, when James returned in January 1853 to repeat his offer of the previous year, Cavour — now Prime Minister — was able to bid him up from an initial offer of 88 for the 40 million to 94.5. When Cavour then raised the subject of yet another loan, he made simultaneous approaches to Hambro, to Fould in Paris and to James, who despatched Alphonse once again to Turin. For Cavour, this competition was invaluable: the escalating Crimean crisis was driving the price

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of all bonds down, Piedmontese included: Hambros could offer no more than 65 for the new 3 per cent bonds, Fould would go little higher — but Alphonse, determined to win back his father's pet client, offered 70 and a commission of 2 per cent. As Cavour said, "the rivalry of Fould was worth several millions," and James subsequently grumbled about the "considerable loss" he had incurred.182 At the same time, Cavour needed James to help pay the interest on the Hambro loan during the early phase of the Crimean crisis, until he was bailed out by the British government subsidy paid when Piedmont joined in the war against Russia. "To do Rothschild justice," Cavour remarked with wonderful understatement in January 1855, "it must be said that he never asks for money. That is his better side."183 What Cavour had demonstrated was that the state which shopped around in the more competitive financial markets of the 1850s was more likely to see that better side. That James was once again in favour at Turin was revealed when, to the dismay of the Pereires, he emerged as the main foreign shareholder in the new Piedmontese investment bank. "Pereire is simply furious," wrote Cavour in February 1856, whereas "Rothschild seemed delighted. He says that he wants to make an Italian credit, 'Because, do you see, you must have Italy. Hurry up, for if peace is concluded [between Russia and the Western powers] , it is necessary to be in a position to act immediately' " The new bank, he and Cavour agreed, should be "an Italian affair instead of a Piedmontese affair."184 With astonishing prescience, James was already preparing to finance the next European war — the war he foresaw between Austria and Piedmont. It was the second time he had hinted to Cavour that he would back him in such a conflict. The Counter-Attack The Rothschilds had faced competition during economic upswings before; it was when the downturns came that they tended to see off their rivals. The 1850s were no exception. At a certain point, the demands on the international capital markets from new banks and railway companies, combined with the borrowings of states involved in the Crimean War, could no longer be sustained; and definitely could no longer be reconciled with monetary stability. A slowing-down was detectable even before the war ended; the crash came in August 1857 when the Ohio Life and Trust Co. stopped payments, triggering a domino-like succession of American bank failures. The crisis spread swiftly across the Atlantic to Glasgow and Liverpool, where at least four banks failed, as well as to Hamburg, and might have claimed the AngloAmerican house of Peabody & Co. in London had it not been for an £800,000 loan from the Bank of England.185 As far as can be established, none of the Rothschild houses was badly affected by this crisis. The profits of the London house for 1857 were well down (to a negligible £8,000), but they were still profits; the Naples house did rather better, though it had a bad year in 1858. French monetary policy in this difficult period was in many ways the key to the Rothschild counter-attack against the pretensions of the Pereires; this has seldom been understood. A vital turning point in their rivalry was the election of Alphonse de Rothschild as a regent of the Banque de France in 1855. Viewed strictly in terms of the Rothschilds' importance as shareholders in the Banque, it was natural for a member of the family to become, in effect, one of its directors. The Paris house held over 1,000 Banque shares in 1852; Plessis has shown that this number tended to

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rise, reaching peaks of 1,499 in 1857 and 1,616 in 1864. Moreover, individual family members held up to 200 shares in their own private portfolios. Even allowing for the high level of concentration of share ownership, this made the Rothschilds probably the Banque's biggest shareholders.186 Nevertheless, Alphonse's election was controversial for a number of reasons. First, despite their large stake, the Rothschilds had not been admitted to the Banque's Assemblee Generale prior to 1855 (presumably because James remained technically a foreigner). Second, although the convert d'Eichthal had been a regent before him, Alphonse was the first Jew to become a regent. Third, and most important, his appointment coincided with a potentially crucial debate about the future of the Banque itself. This explains why the meeting of January 22, 1855, at which Alphonse's name was put the period: Mires and the quite exceptionally — the obtained an undisputed

forward as a prospective Pereires were among the election had to go to a majority over the other

regent, was the best attended in 138 members who voted and — second round before Alphonse two candidates. Although the

regents were not quite the haute banque caste of French political legend, Alphonse's election was an important watershed, finally putting the Rothschilds on a par with the Mallets, Davilliers and Hottinguers. More to the point, it gave the Rothschilds a representative in the Banque at a critical juncture. Alphonse may have made more formal contributions to the Banque's deliberations in the 1860s. But a Rothschild influence over French monetary policy in the 1850s is unmistakable, and proved crucial in the Rothschild-Pereire conflict.187 The question, in essence, was how far the Banque should become more like the Bank of England in the way that it influenced the French money market. It had done much to strengthen its own position during the 1848 crisis, killing off the regional banks of issue; but it remained a relatively small entity — its capital of around 70 million francs in 1852 was rather less than that of de Rothschild Freres — and the banking Crimean 1855, to

Credit Mobilier's pretensions and railway boom in 1855, War and a bad harvest, placed replenish its depleted reserves,

posed a serious threat. The climax combined with the fiscal demands the Banque under a severe strain. In the Governor was forced secretly to

of the of the August buy 30

million francs of gold and 25 million francs of silver from de Rothschild Freres.188 A year later, the situation deteriorated so much that the Governor had to request permission to suspend the convertibility of the currency. A substantial number of the regents favoured this move, but Alphonse was not one of them. Supported by the Finance Minister Magne, he and his father successfully argued for an increase in the discount rate and larger purchases of gold and silver — including a million francs from the Rothschilds themselves — in order to maintain ments.189 Between 1855 and 1857 the Paris house provided the Banque worth 751 million francs, purchased through New Court at a premium

further 83 cash paywith gold of around

11 per cent.190 The debate on the renewal of the Banque's charter thus took place at a time when the Governor was increasingly dependent on the Rothschilds to replenish his reserves. Though Alphonse was absent from the Banque during the first half of the year, it seems likely that his father played some part in these debates, arguing against the Pereires' schemes for a radical restructuring of the Banque designed to make it more accommodating to the new investment banks with their large portfolios of

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shares. The final outcome of the debate was essentially a victory for the conservatives: in return for accepting 100 million francs of rentes from the government, the Banque was allowed to double its capital and was freed to raise its discount rate above 6 per cent when monetary tightening seemed necessary. Priority, in other words, was given to maintaining exchange rate stability rather than the liquidity of the domestic financial markets; and this was to prove a real constraint on the Credit Mobilier.191 It was while this institutional battle was being fought (in 1856) that James launched the Reunion Financiere — essentially a loose confederation of private banks and allied railway financiers like Bartholony, Pillet-Will, Blount and Talabot — with the intention of challenging the Pereires at their own game.192 In fact, his plan of using the Reunion as the basis for a new joint-stock bank similar to the Credit Mobilier193 was thwarted by Magne, who imposed a temporary ban on new company formations in early 1856 as part of his effort to cool down the economy and free capital for the government's own pressing financial needs. This seemed to Mires (whose plans were also affected by the ban) like a victory for the Pereires, and there is no denying that the Reunion group controlled a smaller amount of railway capital than the Pereires and their allies (49 million francs to 94). 194 But the signal had been given: from now on, the French Rothschilds at least were prepared to contemplate the adoption of Pereire-style investment banking.195 In fact, it soon became apparent that the restrictions imposed on the domestic capital market, combined with the more restrictive discount policy of the Banque de France, imposed a bigger constraint on the Pereires than on the Rothschilds. Nothing illustrated this more starkly than the Pereires' failure to prevent the fusion of the Grand Central line with the Rothschild-controlled Paris-Orleans line in June 1857, a setback which prompted anguished allegations from the Pereires about a conspiracy against them and their undertakings. "To reduce us to impotence," they complained toNapoleon, "they say we are all-powerful."196 The reality was that, as the financial crisis of 1857 intensified, it was the Pereires who suffered more. Of all the railway lines, it was the Nord which proved most resilient in the crisis; the Banque de France's advances to the other railway companies and the Franqueville conventions (whereby the government guaranteed dividends and subsidised the building of unprofitable branch lines) were responses to the weakness of the "new" bank, not the "old."197 This explains why the Pereires tended to come off second best in the great panEuropean race for railway concessions after 1856-7. That the railway business became genuinely international in this period is often underestimated as a factor in international relations. It is a myth that railways favoured nationalism by creating integrated national markets: the railway map of Europe very quickly spilled over state borders to become a transnational network, and much of the capital invested in railways in Spain, northern Italy, the Habsburg Empire and Russia was either English or French. This internationalisation of the railways coincided with a dawning awareness among military planners that they could play a vital strategic role in transporting armies as well as goods and travellers. The control of the railways thus became a political as well as a financial question, and one of considerable significance in the events leading up to the "unifications" of Italy and Germany. The pattern repeated itself with variations in Belgium, Spain, Piedmont, Naples,

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Austria, the Danubian principalities, Russia and even Turkey. First there were competing attempts to establish Credit Mobilier-style banks in these economies; then, or simultaneously, there was scramble involving much the same people to grab railway concessions. In Belgium the Rothschilds' old friend King Leopold positively encouraged James to establish a Credit Mobilier-style bank, but James dropped the idea as soon as he was sure that the Pereires had no intention of doing so themselves; he acted only when it was necessary to thwart his rivals. In truth, existing Belgian financial institutions like the Societe Generale rendered the Pereires more or less superfluous. James was therefore free to extend the influence of the Nord company over important sections of the Belgian rail network, acquiring control of the Namur-Liege line and forming a consortium with the Societe Generale for the Mons-Hautmont line. He was also indirectly involved as a director of the Est line in its acquisition of the Luxembourg railways — a vital link between the Belgian ports of Ostend and Antwerp and the Rhineland.198 In Switzerland there was more of a contest: the Pereires built up a large shareholding in the Western line along Lake Geneva, but the more important Central and North-East lines remained in Swiss hands until the Reunion Financiere bought a stake in the latter and merged it with other lines to the south to create the United Swiss Railway Company.199 In Naples there was a momentary alarm when it seemed that the King might be about to grant the Pereires a bank charter, but this soon passed; the Bourbon regime had an intense suspicion of economic innovation and made even the construction of railways in Sicily well-nigh impossible.200 Elsewhere the Pereire threat was more serious, and elicited a succession of decisive Rothschild responses. In Spain, they succeeded in establishing the Credito Mobiliaro Espanol following the legalisation of joint-stock banking in December 1855. They were not the only French bankers to do so: Adolphe Prost (of the Compagnie Generale des Caisses d'Escompte) set up a Compania General de Credito and the Rothschilds responded by setting up the Sociedad Espanola Mercantil e Industrial. The banks were broadly similar in their size and objectives. The Pereires dreamt of financing a railway connection from their own Midi line's Bayonne terminus, across the Pyrenees and through Madrid to Cadiz in the south-west. The Rothschild response was swift: in partnership with the ubiquitous Morny, James secured the Madrid-Almansa concession from the marques de Salamanca in 1855 and two years later created the Madrid, Zaragoza and Alicante Railway Company, the first stretch of which (Madrid-Alicante) was opened in May 1858. Morny simultaneously snapped up the concessions to link Madrid to Portugal via Ciudad Real and Badajoz, as well as the routes to Malaga and Granada via Cordoba. This left the Pereires with only the head and the tail of their original design: the BayonneMadrid link, which was constituted as the Norte de Espaiia in December 1858; and the Cordoba-Seville link, which they built in partnership with Charles Laffitte. Although this meant that the Rothschild group failed to secure the connection between Spain and France, the point here is the slowness with which the Pereires moved; plainly their difficulties in 1857 put a brake on their schemes outside France. It is also striking that James was now collaborating with Morny and even Mires (who secured the Pamplona-Zaragoza line), and perhaps equally striking that they were collaborating with him.201 The Rothschild victory in Piedmont was even more clearcut, though in some

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ways it was a Pyrrhic victory. There was a moment

in December 1855 when it

seemed that Cavour and the Pereires (whom he thought "astonishingly able") were going to strike up an alliance, which would have been a serious blow for James. But the Pereires evidently wanted too much — "a monopoly," as Cavour complained. James was more subtle, and it was he who gained the main foreign shareholding (33 per cent) in the new Cassa del Commercio e delle Industrie in Turin, established in February 1856 as the sole chartered joint-stock bank in Piedmont. In fact, James's plans for "an Italian bank" in Turin proved to be premature; the coincidence of the 1857 financial crisis and the death of the bank's director Luigi Bolmida plunged it into difficulties and by 1858 it was all but defunct. Nevertheless, we can infer what Bolmida and James had been trying to achieve from an Italian account of a visit by James to Turin in April 1857, shortly after Bolmida's death. "He wanted," according to this, "to resume Bolmida's projects which consisted essentially of obtaining from M. de Cavour the granting to the Piedmontese Credit Mobilier [that is, the Cassa del Commercio] of all the state railways in order to create in turn a Grand Central [line] and to secure for himself the concession for the grand railway of the two Rivieras." As in Spain, in other words, a new bank was a means to the end of expanding the Rothschild railway empire: James was evidently hoping not only to gain control of the Victor Emmanuel Railway Company, formed by Charles Laffitte and Alexandre Bixio in 1853 to link Turin to France and Switzerland, but also to secure the concession to link Marseille to Nice and Genoa.202 Though he managed only the latter (in partnership with the French financier Gustave Delahante), the extent of James's victory in Piedmont should not be understated. Moreover, we can see that, as in northern France and Belgium, James was building up a railway network which crossed borders in what were soon to become strategically vital areas: Savoy and Nice, which Napoleon III coveted, and the Piedmont-Lombardy border. Significantly, the natural railway routes from northern Italy across the Alps ran not from Turin but from Austrian-controlled Milan or Venice. This explains a good deal of the Rothschild strategy in Austrian territory. The Pereires had stolen a march on the Rothschilds in January 1855, when they persuaded the financially pressed Austrian government to sell them a section of the state railway network (the Prague-Briinn line in Bohemia and the line running east from Marchfeld into Hungary), another early privatisation.203 Though the Rothschilds still controlled Salomon's Nordbahn, they had shown little interest in Austrian railways since 1848, which had increasingly been built and controlled by the state; but the Pereires' coup galvanised Anselm. The Pereires had managed to create a formidable consortium: the board of their new Imperial and Royal Chartered Austrian State Railway Company (Staatsbahn for short) included Morny, Fould, Ludwig Pereira and the Vienna bankers Sina and Eskeles (who already controlled the Vienna-Raab line).204 Moreover, they appeared to have secured a bargain: the lines which they acquired for just 77 million gulden had cost 94 million gulden to build. They had also done Napoleon Ill's foreign policy a favour: the purchase was widely seen as cementing the Austro-French alliance of December 1854, and was actively encouraged by Hiibner in Paris. It was, complained Anselm, a "disgraceful business" — so disgraceful, indeed, that he immediately set about trying to imitate it. When the Pereires proposed to the government the creation of a Credit Mobilier in Vienna — with the obvious intention of buying up the remaining state lines — he and James

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agreed to organise a rival bid. Given that the lines in question were those which would link Vienna to Trieste (the Siidbahn) and Milan to Venice (the Lombard), it is easy to see their concern. The Rothschilds had four decisive advantages. Firstly, the entente between Austria and France proved to be short-lived. Secondly, as the financial position in France deteriorated, the government ruled that foreign securities could not be issued on the bourse; for the Pereires this was a lethal blow — James, by contrast, could still count on New Court and the London market. Thirdly, the Rothschilds were able to assemble a group of grand names (notably Count Chotek and the princes Schwarzenberg, Fiirstenberg and Auersperg) to act as their partners, as well as the banker Leopold Lamel, an influential figure in Prague. Finally, they very probably had sight of the Pereires' bid thanks to the Minister of Commerce Baron Bruck, which enabled them to draw up a similar but more attractive alternative, with nearly double the capital (100 million gulden to the Pereires' 56.6 million) and a more overtly Austrian orientation. Bythe end of October 1855, the issue was settled. On November 6 the Imperial and Royal Austrian Credit Institute for Commerce and Industry (Creditanstalt) was formally chartered; a month later the first shares were issued, of which the Rothschilds and their partners retained at least 40 per cent.205 With its branches in Prague, Budapest, Briinn, Kronstadt and later Trieste and Lemberg, the Creditanstalt swiftly established itself as the dominant financial institution of the Habsburg Empire, a position of unrivalled pre-eminence it retained until the eve of the First World War. Nothing did more to re-establish the Rothschilds' economic influence in Central Europe. Yet the extent to which the Creditanstalt represented a moral victory for the Pereires' methods can hardly be overstated. In order to beat them, James — after all his earlier criticisms of the investment bank as a concept — had been obliged to join them, as he admitted to Count Orlov, the new President of the Russian Council of State: Every time we have been consulted by government, we have indicated with the utmost force the dangers posed by these credit institutions, but when our views have not prevailed ... we have had no option but to participate inthese enterprises, which after all are excellent for those who undertake them ... It was impossible for us to abstain completely . . .206 In almost all respects, the Creditanstalt was modelled on the Credit Mobilier; if anything, its charter gave it even more latitude to invest in or lend money against every conceivable kind of asset — industrial shares, state bonds, land and even commodities— and to raise money in every conceivable way — issuing shares and bonds, accepting deposits. The key to the Rothschild revival in Vienna was thus the unabashed adoption of the methods of their arch-rivals. In the short run, the Creditanstalt secured the Rothschilds the dominant position they had sought in the developing Central European railway network. In 1856 the Pereires were once again defeated in the contest for the crucial Lombard and Central Italian lines, the defection to the Rothschild side of their former ally Galliera proving fatal to their efforts. It was now that the Rothschilds' access to the London capital market also began to tell: when the new Imperial Lombardo Venetian and Central Italian Railway Company was launched, £1.2 million of its total £6 million shares were taken by an English group led by the London house, which also issued

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bonds for the company worth £3.1 million. The Paris house provided just under half the total funds required, the Creditanstalt the rest. This gave the Rothschilds and their associates control of more than 600 miles of Italian railways, of which 260 miles were already in operation.207 Of equal interest were the lines running westwards from Austria into Bavaria. The Frankfurt house had been involved in one of the earliest South German railways, the so-called Taunusbahn connecting Frankfurt to Wiesbaden, which in 1853 had been extended to Nassau. In 1855 it added to its railway interests by joining a consortium with Hirsch, d'Eichthal, Bischoffsheim and others to finance the Bavarian Ostbahn, linking Nuremberg to Regensburg, Munich and Passau on the Austrian border.208 There were also moves to extend this line northwards through Schweinfurth to Bebra.209 It was therefore logical for the Rothschild group to secure the concession to link Vienna, Linz and Salzburg (the Kaiserin Elizabeth-Westbahn): this time the Paris and Vienna houses provided 30 million of the 60 million gulden capital.210 The lines to the Habsburg east were more problematic. Here too the Pereires established an early lead, securing the eastward extension of the Vienna-Budapest line to Szeged and Timisoara (the Franz Joseph Orientbahn), which connected with the state-owned Siidbahn. But once again lack of funds proved their undoing. In addition to acquiring the Hungarian Danube Steamship Company (Danagozhajozai Tarsasag), the Rothschild group struck south into present-day Slovenia and Croatia, acquiring (through Talabot) the line to Agram (Zagreb) and Sisak. There also appears to have been some co-operation with the Oppenheims, who acquired the concession to link Villach and Klagenfurt in Austria to Maribor in Slovenia. By August 1858 the thought of "une affaire gigantesque" linking these various strands to Vienna and Trieste by swallowing up both the Franz Joseph Orientbahn and the Siidbahn was making James "tremble." He did it nonetheless: a month later, for 100 million gulden, he and Talabot bought the Siidbahn from the Austrian government, then merged it with the Lombard and the Franz Joseph lines to form a single railway giant: the South Austrian Lombardo Venetian and Central Italian railway company. There was also talk of building a rail link from Habsburg Transylvania to Bucharest in the now autonomous principalities of Wallachia and Moldavia.21 ' It seemed only a matter of time before the network of lines in which the Rothschilds had an interest would stretch to Constantinople and the Black Sea coast. At this point a note of qualification needs to be sounded: from the moment the Creditanstalt was created and the process of railway mergers began, there was an inevitable dilution of Rothschild control. It cannot be assumed that all the steps described above were initiated or even wholly endorsed by James or Anselm. James patently had reservations about the project for a line to Bucharest, the purpose of which (to judge by the proposed route along the Habsburg frontier) was manifestly more military than commercial. In the summer of 1858, Anselm actually threatened to resign from the board of the Creditanstalt "because he [did] not approve [of] the way in which business is being conducted" — a threat he carried out the following year.212 This did not signify a lasting break between the bank and its founder, for his son Nathaniel took his place in 1861; but it suggests that we should beware of equating Rothschild and Creditanstalt, just as we need to be cautious in using

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phrases like "the Rothschild group" to describe the loose coalition of investors who took over the Austrian rail system — or, for that matter, the Rothschilds and their business associates in France.213 There was only one major European region which the Rothschilds relinquished to their rivals: Russia. In the wake of the Crimean War, tentative advances were made to the new Tsar's government regarding the possibility of developing the embryonic rail network. However, James seems to have been content to let the Pereires take the initiative here, having received pessimistic reports of the likely profitability ofnew lines. This pessimism was vindicated when Barings sought to raise some £2.8 million in London for a new Grande Societe des Chemins de Fers Russes to link Warsaw and St Petersburg. The issue was a flop and earned the firm yet more opprobrium from the Russophobe press.214 Curiously, James seems briefly to have revived the idea of establishing a Rothschild house in St Petersburg in 1858; but when he casually suggested that Alphonse or Gustave might spend "a few years" setting up "an establishment in Petersburg," it was only because he felt that "it might contribute to the emancipation of the Jews" — not because he was attracted by business possibilities there.215 By the end of 1858, then, the challenge posed to the Rothschilds' position not only within France, but right across the European continent, had been quashed. This had largely been possible because, while the Pereires' resources remained fundamentally Parisian, the Rothschilds were an authentic multinational, with a business empire which expanded during the 1850s as far afield as the new goldfields of California and Australia. The Rothschilds' superior resources made it possible for them to reimpose their dominance over European public finance in the period of the Crimean War. At the same time, their alliance with the Banque de France ensured that when the downturn came in 1856-7, the convertibility of the currency was maintained and reforms which might have eased the Pereires' overstretched position were rejected. The contest for control of the Central and Southern European railway networks which followed was therefore an unequal one. Yet in order to secure the crucial railway lines linking Austria to Germany, Italy, Hungary and the Balkans, the Rothschilds had to imitate the Pereires by establishing their own versions of the Credit Mobilier in Turin and, more important, in Vienna. The increasing complexity of the Rothschild business empire makes it harder to consider it as a single, integrated entitv after this period, though there is no question that James himself considered it still to be one. Before 1859 the Rothschilds had been forrunate in one signal respect: they had lent to the winning side in the Crimean War, not to the loser. The real test would come in the period 1859-70, when they would find themselves repeatedly on both sides of decisive conflicts which were to recast the map of Europe.

THREE

7\(ationalism and the ^Multinational (1859-1863)

[TJhe loss of Lombardy . . . is a loss of his rail roads and his dividends on his loan! the earl of Shaftesbury, 18591

On

the evening of Thursday January 14, 1858, the Austrian ambassador in Paris

was dining at Alphonse de Rothschild's house in the rue Saint-Florentin when a clerk from the Rothschild office arrived with an urgent message. James, who was also present, left the room and returned almost at once — "quite pale," according to Hiibner — to inform the assembled company that Italian terrorists had made an attempt on the lives of Napoleon III and the Empress Eugenie.2 Did James discern that this would be the catalyst for yet another French intervention in Italian affairs, this time decisively on the side of "the revolution" and against Austria? It seems unlikely; it would have been more logical to expect the unscathed Emperor to react against the Italian nationalist movement — and that was the course he initially appeared to take. Yet even as he acquiesced in the execution of his own would-be assassin, Felice Orsini, Napoleon chose to use him as the channel for a strange communication of sympathy with the nationalist cause: two letters, supposedly by Orsini, were made public before his execution, the first of which declared that "until Italy regains her independence, there can be no certainty of peace for Your Majesty or for Europe." If he himself did not draft this call to arms, Napoleon undoubtedly intended to answer it. Almost immediately he made overtures to the Piedmontese government; and on July 20 met Cavour at Plombieres to discuss nothing less than a redrawing of the map of Italy: in return for Savoy, Cavour suggested, Napoleon should help Piedmont to create a Kingdom of Upper Italy "from the Alps to the Adriatic," which would then form an Italian federation with the Papal states, the Two Sicilies and the remaining states of central Italy. It was not, in fact, until January 1859 that France and Piedmont reached a formal agreement along these lines, symbolised by the marriage of Victor Emmanuel's daughter Clotilde to Napoleon's disreputable cousin Prince Jerome (Nice was also sacrificed to France for the greater good). But the diplomatic manoeuvres of the intervening months, accompanied as they were by repeated attacks on Austria in the French press, gave James increasing cause for concern— or so it appeared.

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On December 5, James went to see Napoleon to complain about the effect on financial confidence of an article in the previous day's Moniteur which, unbeknown to him, had been inspired by Jerome. Napoleon, after an uncomfortable silence, assured him that he had "no intention of making changes in Italy"; despite his objections toAustrian policy, he "protested his pacific intentions."3 A month later, however, the most Napoleon would say to Hiibner was "that if relations [between France and Austria] were not as good as he desired, that would not affect in the slightest his sentiments towards his sovereign"; this did nothing to reassure James, who visited the ambassador the next day with the English ambassador Cowley in a state of "great alarm." There was, Hiibner reported, panic at the Paris bourse. So James went to see the Emperor once again, who now assured him that he had not intended to offend Hiibner. James "returned quite satisfied, and caused the funds to rise on the bourse."4 Yet just three days later the market slumped back on the announcement of the marriage between Jerome and Clotilde; Napoleon himself admitted that, though France was behind him, he did not have the bourse on his side. When James went hunting with the Emperor on January 23, the latter pointedly complained about Austrian military reinforcements in Italy and warned that Austria "might attack Piedmont."5 And so the guessing game continued: the following weekend, James asked whether he should undertake a loan to Austria. Napoleon did not object; but James assured Hiibner in February that de Rothschild Freres had "refused decidedly to give money to the Piedmontese until all danger of war had disappeared," despite a direct request from Jerome.6 On March 10 there was another panic at the bourse amid rumours that an English attempt at mediation had failed; once again Hiibner detected James's alarm.7 But when Cavour himself came to Paris two weeks later, following Russian proposals for a congress and an Austrian demand for Piedmontese disarmament, it appeared that the crisis was once again abating. "So, M. le baron," he was heard to ask two francs the day I resign as Prime James, "you underestimate yourself!"8 himself of another bon mot, a barbed deaux seven years before:

James, "is it true that the bourse would rise by Minister?" "Oh, monsieur le comte," replied It was at around this time that James delivered allusion to Napoleon's famous speech at Bor-

The Emperor does not know France. Twenty years ago a war might have been proclaimed without causing any great perturbation. Hardly anybody but the bankers held stock exchange or commercial securities, but today everybody has his railway coupons or his three per cents. The Emperor was right when he said "The Empire meant peace," but what he does not know is that the Empire is done for if we have a war. "Entente fous," he concluded darkly, a la Nucingen, "bas de baix, bas d'embire."9 It was the same in London, where Disraeli — who owed his ministerial office to Palmerston's resignation over the Orsini affair — was kept closely informed of developments byLionel. On January 14, he wrote to Derby, relaying information which doubtless came from New Court: The alarm in the City is very great: "the whole of the Mediterranean trade is stopped." The reduced value of securities is not less than 60 millions sterling, the greater part in France. Another such week will break the Paris bourse. "And all because one man chooses to disturb every-

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thing." Only one feeling in the City — that the Government will have nothing to do with the affair. "Though the thing were settled in a few days, months will pass before confidence is again restored, and we were on the eve of immense prosperity."10 Lionel himself called in his election address on April 16 for "a strong government," whether Liberal or Tory, capable of responding to the "critical" events on the continent. This could be interpreted as an endorsement of the Palmerstonian line of strong support for Piedmont against Austria; but there were some Liberals who suspected Lionel of studied ambiguity, to conceal his own pro-Austrian sympathies. It was the first of many hints that, in the realm of international relations, the Rothschilds still had more in common with the Tories than with the Liberals. Shaftesbury (an opponent of emancipation, and therefore hardly unbiased) described Lionel on the eve of the battle of Magenta as "almost frantic, the loss of Lombardy to [that is, by] Austria is a loss of his rail roads and his dividends on his loan! . . . Strange, fearful, humiliating, but so it is, the destinies of this nation are the sport of an infidel Jew!"11 The Finances of "Unification" Between 1859 and 1871 a succession of military conflicts in Europe and in the Americas confronted the Rothschilds with new and apparently insoluble dilemmas. Each was presented by one side as a war of unification — the unification of Italy, of the United States, of Germany — and so historians tend to regard their outcomes as in some sense predestined, if only by the "law" of political economies of scale. In reality, they were wars between multiple states, the outcomes of which were far from easy to foresee. Nationalism was not the decisive factor: the "unification" of Poland failed in 1863; the "unification" of Denmark failed the following year; the "unification" of the slave states the year after that; and the "unification" of Mexico in 1867. Nor was it unitary nation states which the politicians intended to create, but federations: Cavour originally planned a North Italian federation; in America, the war was a war about federalism; and in Germany Bismarck resolved in 1866 "to stick more to the confederation of states [model], while in practice giving it [the North German Bund and later the German Reich] the character of a federal state with elastic, inconspicuous but far-reaching forms of words." Moreover, all the conflicts could have turned out differently if there had been intervention by one or both of the world's two superpowers, Britain and Russia. As it happened, both elected to stay on the sidelines provided events in Europe had no implications for events in the Near East, to which they attached more significance; but this non-intervention was never wholly certain. The choices faced by the Rothschilds were indeed far from easy. When Piedmont went to war with French support against Austria, which side should the Rothschilds support, given their financial involvement with all three states? When the states of the Union and the states of the Confederacy went to war in America, whom should the Rothschilds support? Imports of Southern cotton and tobacco were as much a part of their transatlantic business as investment in the Northern states and railways. When Prussia and Austria fought Denmark, it was perhaps less problematic, though the ties between the British and Danish crowns at times discomfited the London

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Rothschilds. But when Prussia fought Austria and other members of the German Confederation, yet more conflicts of interest arose; as they did again when war broke out between Prussia and France in 1870. The traditional inference drawn from all this is that the wars of the 1 860s must have cost the Rothschilds dear.12 To be sure, the diplomats' diaries from the period are full of references to anxious Rothschilds blanching at this or that piece of bad news: the descriptions quoted above of their responses to the Italian war of 1859 are typical. James himself famously reiterated his family's traditional aversion to war when he told Bleichroder in 1 862 "that it is the principle of our house not to lend money for war; while it is not in our power to prevent the war, we at least want to retain the conviction that we have not contributed to it."13 And it seems at first sight logical to infer from the repeated convulsions of the international financial markets that when war did come, it was damaging to the Rothschild balance sheets. Even more persuasive, the unifications of first Italy and then Germany seem to have sounded the death knell for two of the five Rothschild houses. The Naples house was wound up in 1863, just three years after Garibaldi's redshirts took Sicily from the Bourbons, paving the way for the annexation of their ancient kingdom by the House of Savoy. The firm of M. A. von Rothschild & Sonne limped on for three decades after the Prussian annexation of Frankfurt; but its decline (at least in relative terms) seems to date from 1866, the moment at which Berlin forcibly staked its claim to be the new financial centre of Germany. There is, however, a defect in this argument, namely that it is substantially contradicted bythe available evidence of the Rothschild banks' economic performance in this period. As table 3a shows, the 1860s and 1870s were two of the London house's three most profitable decades for the entire period before 1914 (the 1880s was the other). Taking all five houses together, their average annual profits rose to unprecedented levels in the years 1852 to 1874 (see table 3b). The later periods 1874-1882 and 1898-1904 were more profitable, but compared with what had gone before, the "unification years" were golden ones. Of course, such averages may be misleading, as they lump together periods of war and peace. But even when annual figures are analysed more closely, the results are unexpected. Illustration 3.i shows that the years 1859-61 — the years of the wars of Italian unification — were in fact the most profitable years in the history of the Naples house. Table 3a: Profits at N. M. Rothschild & Sons, 1830-1909 (decennial averages). PERIOD

ANNUAL PROFITS (£)

PROFITS AS A PERCENTAGE 4.9 OF CAPITAL

1830-39

65,915

1840-49 1850-59 1860-69 1870-79 1880-89 1890-99

17,808 102,837

4.9 1.8

1900-09 Source: RAL, RFamFD/13F.

221,278 468,308

7.0

366,819 244,463

7.5 9.8 4.6

265,407

3.3

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Table 3b: Average annual profits of the combined Rothschild houses, 1815-1905 (£ thousand). PERIOD 1815-18 1818-25 1825-28 1828-36 1836-44 1844-52

479 PROFITS 85 209 330 221 219

1852-62 1862-74

1,304 1,096

1874-82 1882-87

1,912 785

1888-96 1898-1904

952 1,558

Source: Appendix 2, table d.

Admittedly, the figures for the London house lend more support to the theory that the wars of the period were detrimental to the Rothschilds. In order to make a comparison, illustration 3.ii compares annual profits at New Court with those of two leading City rivals, Barings and Schroders, in each case calculating profits as a percentage of capital at the end of the previous accounting year. This indicates quite strongly that the years 1863-7 — the years of the wars of German unification — were bad years for the London house; its most profitable years were years of peace: 1858, 1862 and 1873. It was Barings (and to a lesser extent Schroders) who seemed to thrive in the war-torn mid- 1860s — though for Barings these high profits probably had more to do with the return of peace in America than with war in Europe. Nevertheles , iwould t be absurd to argue that there was no connection between the overall profitability of the period as a whole for the Rothschilds and the recurrence of military conflict. For, as we shall see, it was primarily by financing the European states' preparations for war and the international transfers which tended to follow the wars of the period that the Rothschilds were able to boost their profits in the years of peace. Far from damaging their position as the world's leading multinational bank, the wars of the mid-nineteenth century generated unprecedented business for the Rothschilds, just as fifty years before it had been war which had set them on their way to fortune and notoriety. The wars of the 1 850s and 1 860s were fought by states which were, by and large, strapped for cash; this more than anything else explains the importance of the role played by bankers in the period — and the substantial profits they could make. Tax bases remained narrow. Indeed, it might be argued that they were especially restricted in this period, as more and more states followed the British example of trade liberalisation — Austria cutting tariffs and signing a trade agreement with the Prussian-led Zollverein in 1853, France signing a free trade treaty with Britain in 1860 — for in the short term the effect of tariff reductions was to reduce revenue until increased trade volumes filled the gap. The Austrian state had the greatest difficulty inrationalising the tax system of its disparate territories and, despite heroic efforts by Bruck in the 1850s, at no point in the period was the budget balanced.14 The Prussian state, by contrast, had a relatively efficient system of raising revenue, with profitable state enterprises filling its coffers;15 but the political conflict between

NATIONALISM

AND

THE

MULTINATIONAL

(1859-1863)

95

the Liberal-dominated parliament and an increasingly conservative monarch made finance almost as problematic. The question of who should determine the military budget — Landtag or crown? — was one of the two fundamental questions Bismarck was appointed to resolve. In addressing the other — who should rule Germany? — Bismarck had to increase the size of that budget substantially. The financial expedients he adopted to circumvent the Prussian parliament were as crucial to the achievement of German unification as the battles of Sadowa and Sedan. Even more than in the previous decade, politicians seeking to raise money by means other than taxation had the advantage of a rapidly growing and diversifying international banking system. If the 1850s had been the decade of the Credit Mobilier and similar investment banks, the 1860s saw the proliferation of more enduring institutions, joint-stock deposit banks. In Britain this had relatively limited significance for the Rothschilds, because the majority of deposit banks concentrated almost exclusively on the kind of domestic financial business which the London Rothschilds had always eschewed. Nevertheless, in the wake of the liberalisation ofEnglish company law in 1856 and 1862 there were a number of efforts to establish joint-stock banks with foreign ambitions, of which the Anglo-Austrian Bank — set up in January 1864 by George Grenfell Glyn — posed perhaps the most serious challenge to Rothschild interests.16 These were the kind of newcomers who, in the words of Lionel's eldest son Natty, did "a great amount of rash business, so much so that Uncle Muffy [Mayer] would do very little or hardly anything with them."17 In France James had to contend with four important new competitors established in this period: the Credit industriel et commercial (founded in 1859), the Societe de depots et comptes courants (1863), the Societe Generale (1864) and the Credit Lyonnais (which opened its Paris branch in 1865).18 In fact, not all of these were strictly speaking rivals. The Societe Generale, for example, was established by a group including Talabot, Bartholony and Delahante, who were already linked to the Rothschilds through various railway ventures, and the new bank often acted in concert with the Rothschilds.19 Relations with the Credit Lyonnais were also cordial.20 If anything, the new banks posed a more serious threat to the Credit Mobilier, which was itself increasingly acting more like a deposit bank after the limited success of its ambitious investment schemes in the 1850s.21 Even so, their existence served to broaden the bases of French finance, and this could only imply a relative diminution of Rothschild power in Paris. James chose not to involve himself directly in the Societe Generale, though he was explicitly invited to "put himself at its head"; plainly, his own desire to establish a joint-stock bank in Paris had waned since the days of the Reunion Financiere.22 In Austria too there were new joint-stock establishments to rival the Rothschilds' Creditanstalt.23 The idea of establishing an Austrian version of the Credit Foncier in Vienna was more or less dismissed by James and Anselm when it was first suggested in 1863.24 However, this left the field open to the Belgian financier Langrand-Dumonceau, who aimed to create an international network of mortgage banks and other institutions, and sought to cast himself as the Catholic alternative to the Jewish Rothschilds.25 All this gave the warring states more choice than had been the case in the past: if the Rothschilds refused to provide them with funds, they could turn to others. There was therefore no longer any real possibility of a Rothschild veto over bellicose

THE HOUSE

96

OF ROTHSCHILD

g X

x

o

i

It■

Z a o p

ftU>'$ STttesSfcctettfcfcaft.

3« et M. de Rothschild, pp. 6ff.

55 56

Ribeill, Revolution ferroviaire, pp. 469-73. CPHDCM, 637/1/131-1 l.BilandeRF, Dec. 31, 1851.

57

Apponyi, Vingt-cinq ans, vol. IV, p. 449.

58 59

Ribeill, Revolution ferroviaire, p. 54; Levy-Leboyer, "Capital investment," p. 257. Gille, Maison Rothschild vol. II, pp. 166-9; Palmade, Capitalism, pp. 139^8, 154; Cameron, France and Europe, pp. 213ff.; Bouvier, Rothschild, pp. 134-6, 146-8; Girard, Travaux publics, p. 87; Corti, Reign, p. 287. RAJL, XI/ 109/79, James, Paris, to his nephews, London, Dec. 21, 1851; same to same, Dec. 22; Dec. 24; Dec. 25.

60 61

RAL, XI/ 109/79, James, Paris, to his nephews, London, [postscript to a letter from Nat], Dec. 16, 1851.

62

Bouvier, Rothschild pp. 133£; Gille, Maison Rothschild, vol. II, p. I60f; Agulhon, Republican experiment, pp. 181 f.

63

Gille, Maison Rothschild vol. II, pp. 169-73; Girard, Travaux publics, pp. 95ff.

64 65 66 67

Cameron, France and Europe, pp. 134—44; idem, "France," p. 115; Ribeill, Revolution ferroviaire, p. 118. Braudel and Labrousse, Histoire economique, vol. Ill, pp. 377-80. Gille, Maison Rothschild, vol. II, pp. 107-9. Dupont-Ferrier, Marche financier, pp. 113-16. See also Cameron, France and Europe, pp. 1 3 1 F.; Grun-

68 69 70

wald, "Europe's railways," pp. 184ff. See also Marion, Histoire financiers vol. V, pp. 343-8. Aycard, Credit Mobilier, pp. 46-8. Corti, Reign, pp. 292f.; Braudel and Labrousse, Histoire economique, vol. Ill, pp. 393-7. Cameron, France and Europe, pp. 134-44; Braudel and Labrousse, Histoire economique, vol. Ill, pp. 382f. The capital took the form of 120,000 shares with a nominal price of 500 francs each.

71

See e.g. Colling, Roman de la finance, pp. 75-7; Plenge, Credit Mobilier, pp. 75f.

72

Prevost-Marcilhacy, Rothschild p- 83. Persigny was told by Lionel that the purchase of d'Armainvilliers angered James more than the founding of the Credit Mobilier: Gille, Maison Rothschild vol. II, p. 116.

73

On James's resolve never to encounter the Pereires at the train station which the two estates shared; see Goncourt, Journal, vol. I, p. 1 156. Gille, Maison Rothschild vol. II, pp. 1 15f.

74 75 76 77

Ibid, pp. 101-3, 121; Brogan, French nation, pp. 125-30. Marion, Histoire financiere, vol. V, pp. 343-8. Plessis, Banque de France, vol. Ill, pp. 149-54. Palmade, Capitalism, pp. 139-48; Corti, Reign, p. 292.

78 79 80

Caron, "France"; Levy-Leboyer, "Capital investment," p. 257. Ribeill, Revolution ferroviaire, p. 120. Ibid, pp. 157f.

81 82

Cameron, France and Europe, pp. 213-17; Gille, Maison Rothschild vol. II, pp. 169-73; Schnerb, Rouher, pp. 77-82. Plessis, Banque de France, vol. II, p. 1 97.

83 84 85

Ayer, Century of finance, pp. 44f.; Davis, English Rothshilds, pp. 138f. Gille, Maison Rothschild vol. II, pp. 1 83f. Bouvier, Rothschild p. 148.

86

Gille, Maison Rothschild vol. II, pp. 107, 98-200; Palmade, Capitalism, pp. 139^8.

87

Palmade, Capitalism, p. 148; Braudel and Labrousse, Histoire economique, vol. Ill, pp. 382f, 397-400, 442f.; Cameron, France and Europe, pp. I45f.; Kemp, Economic forces, pp. I67f.

88

Stiirmer et al., Striking the balance, pp. 136-40; Cameron, France and Europe, pp. 148-51; Kitchen, Political Economy, pp. 92f; Stern, Gold and iron, p. 10. Gille, Maison Rothschild vol. II, p. 224.

89

524

SOURCE

NOTES

90

Ibid., pp. 252f; Cameron, France and Europe, p. 166.

91 92

Jurk, "Other Rothschilds," pp. 44ff. Born Israel Beer Josaphat, Reuter had begun his career as a clerk in his uncle's bank at Gottingen, where he met the telegraph pioneer Karl Friedrich Gauss. In 1 840 he started work for Charles Havas's Parisbased Correspondance Gamier, which translated foreign press reports into French and in 1850 moved to London, where he established the Reuter agency. Cf. Read, Power of news, p. 18. RAL, T6/271, Reuter, Aachen, to NMR, April 27, 1850. RAL, XI/109/75, James, Paris, to his nephews, London, April 1, 1850; RAL, XI/109/77, same to same, Nov. 19; RAL, XI/109/78, same to same, April 8, 1851 [postscript to a letter from Nat]; AN, 132 AQ 5902, James, Carlsbad, to his nephews and sons, July 1 1, 1858. RAL, XI/ 109/88/1, Mayer Carl, Frankfurt, to his cousins and nephews, London, May 4, 1866; RAL, XI/109/97/1, AJphonse, Paris, to his cousins, London, March 7, 1869; RAL, Tll/7, same to same, April 2; RAL, T 12/ 107, April 18, 1876. RAL, Moscow 224, Betty, Paris, to Alphonse, New York, Dec. 30, 1848; same to same, Feb. 20, 1849; March 7.

93 94

95

96 97 98 99 1 00 101 1 02 1 03 104

RAL, Moscow 224, Betty, Paris, to Alphonse, New York, March 24, 1849; same to same, April 4; May 16; May 24. RAL, XI/109/72/2, Lionel, Wildbad, to Anthony, Paris, Aug. 15, 1849. RAL, XI/ 109/73/1, Alphonse, Paris, to Anthony, Oct. 17, 1849; Castellane, Journal, vol. IV, p. 203. RAL, T6/268, P. A. Curtis, New York, to NMR, April 1,1850. RAL, Moscow 224, Betty, Paris, to Alphonse, New York, March 24; same to same, April 4, 1849. RAL, XI/ 1 09/73/2, Alphonse, Paris, to Anthony, London, undated, c. Nov. 1 849. RAL, Moscow 224, Betty, Paris, to Alphonse, New York, April 4, 1 849. RAL, XI/ 109/73/1, Belmont, New York, to NMR, Oct. 1, 1849. It was Perry who a few years later opened Japan to international trade, though this does not seem to have aroused much interest in New Court.

105 106 107

Katz, Belmont, p. 33; Glanz, "Rothschild legend," pp. 15-19. AN, 132 AQ 5902, James de Rothschild, Carlsbad, to his sons, July 19, 1858. RAL, XI/109/78, James, Paris, to his nephews, London [postscript to an undated letter from Nat], c.

108 1 09 110

111 112

May 1851. RAL, XI/109/71/2, Lionel Davidson, Paris, to NMR, May 2, 1849; RAL, XI/109/71/2, Benjamin Davidson, Valparaiso, to NMR, May 4; AN, 132 AQ 5417/1M21, NMR to deRF, Nov. 23. RAL, XI/ 1 09/74, James, Paris, to his nephews, London, Feb. 7,1850; RAL, XI/ 1 09/74, same to same, Feb. 21; AN, 132 AQ 5420/ 1M24, NMR, London, to Benjamin Davidson, San Francisco, March 8. RAL, XI/109/78, James, Paris, to his nephews, London, [postscript to an undated letter from Nat], c. May 1851;AN, 132 AQ 5423/1 M27, L. Davidson, Mexico to NMR, May 21; RAL, XI/1 09/79, James to his nephews, Oct. 1; RAL, T6/282, John Luck, San Francisco, to NMR, April 29, 1852. AN, 1 32 AQ 5463/ 1 M69, 1. May, San Francisco, to NMR, Feb. 18,1 862. AN, 132 AQ 5433/1M37&38, Nathaniel Davidson, San Rafael, to NMR, Nov. 17, 1853; AN, 132 AQ 5443/1 M48, same, Mexico, to same, Dec. 30, 1856; AN, 132 AQ5452/1M58, same to same, Dec. 2; AN, 1 32 AQ 5453/ 1M59, same to same, April 18, 1859; AN, 132 AQ5455/1M61,

113 1 14 115 1 16

1 17 118 1 19

Sept. l;Dec.6.

Levy, "Brazilian public debt," pp. 214-20. Gille, Maison Rothschild, vol. II, pp. 410-13. RAL, RFamC/4/223, Lionel, London, to Leo, Cambridge, Oct. 12, 1863; RAL, XI/109/86/1, Lionel, Brighton, to Anthony, undated, c. 1864. RAL, XI/109/87/1, Nat, Paris, to Mayer, London, undated, c. 1865 (three letters); RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, Feb. 13; same to same, May 4; RAL, XI/109/87/1, Lionel, Wiesbaden, to his brothers and Natty, London, Aug. 19; same to same, Aug. 20; Sept. 2; same, Paris, to same, Sept. 5; RAL, RFamC/21, Charlotte to Leo, Sept. 13; same to same, Aug. 20, 1866. Cf. Gille, Maison Rothschild, vol. II, pp. 458ff. Ayer, Century of finance.

Fernandez-Armesto, Millennium, p. 293. RAL, T6/287, Cramptons, Hamburg & Co, Shanghai, Nov. 1, 1853; RAL, T6/299, same to same, April 1 2; RAL, XI/ 1 1 5/9B, July 1 2, 1 856; RAL, T6/303, July 3 1 ; RAL, XI/ 1 1 5/9B, Sept. 5; Oct. 6. 120 RAL, XI/1 09/80, James, Paris, to his nephews, London, Jan. 15, 1852; RAL, T6/306 and 308,

SOURCE Schoene, Kilburn & Co., Calcutta, to NMR, RAL,T6/318,April9, 1858.

NOTES

525

May 16, 1857; RAL, T6/325, same to same, Nov. 25;

121 122

Feydeau, Memoires, pp. 143-8. RAL, T6/278, W. H. Burlow, Sydney, to NMR, deRF, Jan. 3, 1853.

123

AN, 132 AQ 5420/ 1M24, NMR

1 24

RAL, XI/ 1 1 5/9A, JefFrey Cullen, Melbourne, to NMR, April 7, 1 855; same to same, April 18; May 1 ; Sept. 29; RAL, XI/ 1 1 5/9A, July 9, 1 856.

June 20, 1852. AN, 132 AQ 5429/1M33, NMR

to

to deRF, Aug. 22, 1853.

125

Flandreau, for du monde, pp. 200-1 1.

126 127

Green, "Precious heritage," pp. 280ff. RAL, XI/109/73/2, Mr Mathison, Royal Mint, to NMR,

Nov. 24, 1849; RAL, XI/1 09/73/3, Nat,

Paris, to his brothers, London, Dec. 27; RAL, T6/284, NMR to Capt. H. D. Harness, Deputy Master of the Royal Mint, Jan. 26, 1852; AN, 132 AQ 5902, James, Gastein, to Salomon and his children, Paris, June 10; AN, 132 AQ 5428/1M32, Master of the Royal Mint to deRF, Oct. 22; RAL, T6/285, NMR to Hankey, Dec. 10. Cf. Davis, English Rothschilds, p. 140; Clapham, Bank of England, vol. II, p. 279; Kirke Rose, Metallurgy of gold, p. 375; Green, New world of gold pp. 1 1, 1 10; White, Silver, p. 97;

128 129 130 131 132 133 134 135 136

137

138

139

Letcher, Gold mines, p. 441. The years 1852-3 also saw the appearance of two new brokers, Samuel Montagu & Co. and Pixley & Haggard (later Pixley & Abell), and another new refinery established by Henry Lewis Raphael. Matthew (ed.), Gladstone diaries, vol. VI, p. 162. Flandreau, Lor du monde, pp. 212ff. Flandreau has gone so far as to say that "bimetallism was the Rothschilds' system": ibid, pp. 193ff. AN, 132 AQ5432/1M36, NMR to deRF, July 18, 1853. AN, 132 AQ 5431/1M35, Itzel, London, to James, Paris, June 9, 1853; CPHDCM, 637/1/122/40, Salomon, Vienna, to Anselm, Frankfurt, July 11. Conacher, Aberdeen coalition, p. 189. Hiibner, Neufans, pp. 203, 320. Cf. Corti, Reign, pp. 355f. Darmstadter, Bismarck, p. 141; Pflanze, Bismarck, vol. II, p. 81. Trevelyan, Life of Bright, p. 234. RAL, XI/109/74, James, Paris, to his nephews, London, Jan. 15, 1850; RAL, RFamC/1/177, Hannah, Frankfurt, to Lionel, London, Jan. 24. The deal was brokered by the St Petersburg banker Baron Ludwig von Stieglitz. Cobden, still fulminating on behalf of the Hungarians, denounced it as an "unholy and infamous transaction"; infact, like so many loans in this period, the funds raised were earmarked for railway construction: Ziegler, Sixth great power, p. 171. It is nevertheless true that Barings continued to pay interest on the earlier Russian bonds; the idea of prohibiting this did not occur to the British Foreign Secretary Clarendon, though he was aware that it was going on. Indeed, Russian bonds continued to be traded in London throughout the war: ibid, p. 173. RA, G45/6, Palmerston, Piccadilly, to Queen Victoria, Feb. 22, 1856. The terms of these loans were rather complex. The terms for the 1 855 loan were: for every £100 in cash subscribed, £100 in 3 per cent consols at par, with an additional annuity of 14s 6d terminable in 30 years (implying an effective interest rate of 3.725 per cent); the first 1856 loan: for every £100 in cash, £111 2s 2d in 3 per cents (i.e. 3.33 per cent, compared with Lionel's offer of £1 12 5s or 3.37 per cent); and the second 1856 loan: for £100 in cash, £107 10s 7d in 3 per cents (i.e. 3.23 per cent, compared with Lionel's offer of £108 or 3.24 per cent). The average yield on consols in February 1856 was 3.29 per cent and in May 3.21, leaving adifference of 0.04 and 0.02 per cent respectively. Cf. The Times, May 15, 1856, p. 4; May 20, p. 11; Buxton, Finance, vol. I, pp. I47ff.; Hargreaves, National debt, pp. I68fif.; Davis, English Rothschilds,

140

pp. 100f, 138-9; Kynaston, Cazenove, p. 46. The national debt at this time was around 5,012 million francs. The conversion affected around 3,740

141

AN, 132 AQ A- 12-2/7, Agreement between Bineau and deRF, March 19, 1852; Revised agreement,

million of this, and implied an annual saving of around 19 million francs. March 24; Agreement between Bineau and James, Aug. 27; AN, 132 AQ 32 A- 12-2/8, Agreement between Bineau and deRF, Feb. 7, 1853. Altogether, the Paris house agreed to buy rentes with a capital value of 25 million francs, charging the government a 0.75 per cent commission. It seems that James

526

SOURCE

NOTES

also demanded an extension of one of his railway concessions as a secret condition of the arrangement: RAL, XI/ 109/80, James, Paris, to his nephews, London [postscript to an undated letter from Nat], c. March; RAL, XI/ 109/81, same to same, April 2. 142 143

Plessis, Banque de France, vol. Ill, pp. 99-104; Gille, Maison Saxe-Coburg-Gotha, Memoirs, vol. Ill, p. 709. 1 am grateful erence. See also Corti, Reign, p. 356. Both Weintraub and source, but there is no question that James was keen to make

Rothschild, vol. II, pp. 57f. to Professor Stanley Weintraub for this refCorti cast doubt on the reliability of the the loan.

144

Mires, A mes juges, pp. 23—6, 95; Marion, Histoire financiere, vol. V, p. 364; Dupont-Ferrier, Marche financier, pp. 72-4; Gille, Maison Rothschild, vol. II, pp. 123-31; Ponteil, Institutions, pp. 397f. 145 Corley, Democratic despot, p. 164. 146

147 148 149

Corti, Reign, pp. 359f.; Gille, Maison Rothschild, vol. II, pp. 273-5; Aycard, Credit Mobilier, pp. 135-8; Ayer, Century of finance, pp. 44f. Investors were offered 3 per cents at an effective price of 89.46 or 4.5 per cents at 63.23. Gille, Maison Rothschild, vol. II, pp. 25 5f. Ibid., pp. 147-50; Dupont-Ferrier, Marche financier, pp. 75-80. Cf. Mires, A mes juges, p. 96. RAL, T6/289, Landau, Constantinople, to NMR, Aug. 30, 1855. The 4 per cent bonds were taken at a price of 102.675, a significantly more generous offer than that made by Palmer, MacKillop & Dent. Cf. Ayer, Century of finance, pp. 46f; Gille, Maison Rothschild, vol. II, pp. 290ff., 298ff., 575-80; Cameron, France and Europe, pp. 459f.

150

15 1

Gille, Maison Rothschild, vol. II, pp. 260-65, 297. Interestingly, the Paris house was being encouraged by the French government to establish the proposed bank rather than leave the field clear to "English capital," whereas it was the London house which had the more sceptical view of Turkey's economic prospects. Gille, Maison Rothschild, vol. II, pp. 348, 367-9, 606-8. Cf. AN, 132 AQ 5441/1M46, NMR to deRF, Jan. 22, 1856; AN, 132 AQ 5445/ 1M51, same to same, Jan. 1; Jan. 19; AN, 132 AQ 5902, James, Carlsbad, to his children, Paris, June 24, 1858.

152

Huertas, Economic growth, pp. 36-50.

153 1 54

Apponyi, Vingt-cinq ans, vol. IV, pp. 329f. Corti, Reign, pp. 345f, 359.

155 1 56

Ibid, pp. 347-9. Cf. Gille, Maison Rothschild, vol. II, p. 145. AN, 1 32 AQ 3/ 1 , Loan agreement between Austrian government and NMR, May 24, 1 852. £2.25 million of the loan was issued in London at 90, the rest in Frankfurt and Paris. Cf. Ayer, Century of finance, pp. 42f; Corti, Reign, pp. 346f; Gille, Maison Rothschild vol. II, pp. 66-8. The London house charged 1 .5 per cent commission, a further 0.5 per cent brokerage and 0.2 per cent on the interest payments due to bondholders.

157

AN, 132 AQ 5435/ 1M40, SMR

158

Feb. 24. Cf. Gille, Maison Rothschild vol. II, pp. 145-7; Macartney, Habsburg Empire, p. 484; Jenks, Francis Joseph, p. 48. RAL, XI/ 109/79, James, Paris, to his nephews, London [postscript to a letter from Nat] , Sept. 25, 1851.

159 160

to deRF, Feb. 11, 1854; AN, 132 AQ 5435/ 1M33, NMR

to deRF,

Corti, Reign, pp. 319-27; Darmstadter, Bismarck, p. 119. Corti, Reign, p. 329. Thun was replaced soon after and the Frankfurt protest shelved. Bismarck attributed this Austrian volte-face to "the efforts of the Rothschilds": "That there are occasions when other but purely business considerations are a determining factor on the attitude of the House of Rothschild in financial operations seems to me to be indicated by the success with which Austria has secured the financial services of the House, since I am convinced that, apart from the financial profit to be gained by such transactions, the influence which the Imperial Government was able to bring to bear upon the

161

Jewish problem at Frankfurt profoundly affected the House of Rothschild": ibid, pp. 331f., 334. Ford (ed.), Correspondence of William I and Bismarck, vol. II, p. 25.

162 163

Corti, Reign, pp. 317-20, 330f. (The allusion is to Horace, Odes, 3.3.) Ibid, pp. 33 Iff.

164

Ibid, pp. 336-40. The Rothschilds offered to take 15 million thalers in 4.5 per cent at 90, implying a yield of 5 per cent, compared with the Prussian minimum of 93 (4.8 per cent). Cf. Gille, Maison Rothschild, vol. II, pp. 142-4, 281-6.

165

Corti, Reign, pp. 341-3. Mayer Carl, he reported, "does not go to big functions, and when he does wear orders, prefers to wear the Greek Order of the Redeemer, or the Spanish Order of Isabella the Catholic.

SOURCE

NOTES

527

On the occasion of the official reception which I myself gave ... to celebrate the marriage of H.R.H. Prince Frederick William, which he would have had to attend in uniform, he excused himself on the grounds of ill-health, it being painful to him to wear the Red Eagle decoration for non-Christians, as he would have had to do on that occasion. I draw a similar inference from the fact that whenever he comes to dine with me, he merely wears the Ribbon of the Order of the Red Eagle in his buttonhole." On James's order of 1861, see Stern, Gold andiron, p. 115. James urged Bleichroder to keep the award out of the Berlin press, for fear of arousing hostile comment. 166

Gille, Maison Rothschild vol. II, pp. 59-64, 131-3, 347-8, 394, 437-9, 539-42. The principal operations of the period were the somewhat unsuccessful 1853 conversion; the 30 million franc loan of 1854, which was shared between the Banque Nationale, the Rothschilds and the Societe Generale; and the 15 million franc loan of 1862, handled by the same trio.

167

Loans to the Duchy totalled 19.4 million gulden between 1849 and 1861: BerghoefTer, Meyer Amsch el,

168

pp. 206-28. Carl had demanded that Jews be allowed to live where they please in the Papal states and that all special taxes and separate forms of procedure in the courts be abolished. In January, Pius IX gave James a written assurance through the Papal nuncio in Paris that these things would be done. However, when Carl visited Rome four months later, he found little sign of improvement; and the Roman Jews formally complained to James the following year. Another appeal on behalf of the Roman Jews was made by Anselm in 1857. Rather as with the Jews of Damascus and later the Christians of Jerusalem, the Jews of Rome became a political "football" between the great powers, in this case Austria and France. The Rothschilds seem to have played one off against the other rather successfully, though without achieving much for their co-religionists.

169

Corti, Reign, pp. 295-300, 366; Gille, Maison Rothschild vol. II, pp. 72ff.; Scott, Roman question, pp. 80—82. The bonds were issued at prices of 77.5 to 78, and the Rothschilds retained a 3 per cent commission.

170

Gille, Maison Rothschild vol. II, pp.134— 6, 351-3; Cameron, "Papal Finance," pp. 132-5; Cameron, France and Europe, p. 432f.

171

See Mires, A mes juges, pp. 97-100. According to this less than objective acccount, James first refused the business, then sought — successfully — to spoil it for Mires. The author may well, of course, have been seeking a scapegoat for his own failure. Cf. Cameron, France and Europe, pp. 13 If.; Gille, Maison

172

173

Rothschild vol. II, pp. 287-9. RAL, XI/109/74, James, Paris, to his nephews, London, Feb. 5, 1850; RAL, XI/109/75, same to same, April 19; April 26; RAL, XI/ 109/77, same, Turin, to same, Oct. 2; same, Paris, to same, Oct. 10; Oct. 21. For Cavour's view, Cavour, Nouvelles lettres, pp. 395, 397ff. Cf. Cameron, France and Europe, pp. 435-52; Corti, Reign, pp. 301^; Gille, Maison Rothschild vol. II, pp. 81-3. Cavour, Nouvelles lettres, pp. 407f.; Corti, Reign, pp. 304ff.; Gille, Maison Rothschild vol. II, pp. 85-7. (Emphasis in original.)

174

Cavour, Politique, pp. If.; Corti, Reign, pp. 305ff.; Whyte, Life and letters of Cavour, pp. 77-9; Mack Smith, Cavour, pp. 54f.

175

Cavour, Politique, pp. 6f., 11; Kynaston, City, vol. I, pp. 173f.

176

RAL, XI/109/78, James, Paris, to his nephews, London, June 9, 1851; same to same, June 10; [postscript to a letter from Nat], June 24. Cf. Cavour, Nouvelles lettres, p. 425. RAL, XI/ 109/79, James, Paris, to his nephews, London, July 2, 1851; same to same, July 3; July 4; [postscript to a letter from Nat], July 30. Cavour, Nouvelles lettres, p. 425.

177 178 179 180 181

CPHDCM, 637/1/131-1 1, Bilan deRF, Dec. 31,1851; Cavour, Politique, pp. If. RAL, XI/109/78, James, Paris, to his nephews, London, May 3, 1851. RAL, XI/ 109/80, James, Paris, to his nephews, London, Jan. 15, 1852; Cavour, Nouvelles lettres, p. 433; Corti, Reign, pp. 308f.

182

Cavour, Nouvelles lettres, pp. 449-54; Corti, Reign, pp. 31 Off.; Gille, Maison Rothschild vol. II, pp. 137^1.

183

Cavour, Nouvelles lettres, pp. 464, 473, 487, 494f. See also pp. 505, 513 for subsequent Rothschild loans in 1854-5. Gille, Maison Rothschild vol. II, pp. 226f. Powell, Money market, pp. 366f.

1 84 185

528

SOURCE

NOTES

186

Plessis, Banque de France, vol. I, pp. 141, 156; vol. II, pp. 13.

187

Ibid., vol. I, pp. 257, 261; vol. II, pp. 61, 67, 81; vol. Ill, pp. 149-54; Cameron, France and Europe, pp. 108-10.

1 88

Plessis, Banque de France, vol. Ill, pp. 47, I66f.; Ramon, Banque de France, p. 260; Gille, Maison Rothschild, vol. II, pp. 278-80. Cf. Bouvier, Banque, pp. 84f. Plessis, Banque de France, vol. Ill, pp. 175-80; Kindleberger, Financial history, pp. 109f.

189 190 191 192

Flandreau, L'or du monde, pp. 179-89. Plessis, Banque de France, vol. I, p. 134; vol. II, p. 286; vol. Ill, pp. 194-7, 240; Braudel and Labrousse, Histoire economique, vol. Ill, pp. 400—405, All— A. Bergeron, Rothschild, pp. 9 Iff.; Cameron, France and Europe, p. 166; Gille, Maison Rothschild, vol. II, pp.107, 185-92; Plessis, Banque de France, vol. Ill, p. 279. De Rothschild Freres was by far the biggest

shareholder (with 25 per cent of the capital), compared with Bartholony's 0.05 per cent. 193 James proposed to establish a new "Comptoir imperial des travaux publics," but he was at pains to stress that, unlike the Credit Mobilier, it would not "interfere directly in any operation or enterpise on its own account." In other words, what he had in mind was more like a deposit bank, lending to companies against all kinds of securities in the way that the Banque de France did not. 194 Ribeill, Revolution ferr oviaire, p. 119. 195 196

Gille, Maison Rothschild, vol. II, pp. 200-2 15. Cameron, France and Europe, pp. 213-17; Gille, Maison Rothschild, vol. II, pp. 173-6, 205, 307ff; Girard, Travaux publics, p. 183; Blanchard, Second Empire, p. 67; Bouvier; Rothschild, pp. I49f.

197

Gille, Maison Rothschild, vol. II, pp. 342ff, 370-79 (and for the 1860s, pp. 504ff); Plessis, Banque de France, vol. Ill, p. 282; Girard, Travaux publics, pp. 194f.

198 1 99 200

Gille, Maison Rothschild, vol. II, pp. 163-6, 252-60, 506ff. Cameron, France and Europe, pp. 1 57—66, 228—4 1 . Gille, Maison Rothschild, vol. II, pp. 243-51; Cameron, France and Europe, pp. 284—91.

20 1

Ibid, pp. 1 66-8, 248-63; Cameron, "Credit Mobilier," pp. 469-74; Tortella, "Spain 1 829-1 874," pp. 106f.; Gille, Maison Rothschild, vol. II, pp. 228ff, 310-14. The authorised capital of the Pereire bank was 60 million francs, that of the Rothschild bank 80; but in the latter case no more than 24 million francs was actually paid in, and this was later reduced. The Pereires, by contrast, had paid in the maximum capital by 1 862, and sought to invest not only in railways but also in the Madrid gasworks and various mines. Significantly, the Rothschild bank was wound up in 1868 — after the Pereire threat had disappeared.

202 203

Gille, Maison Rothschild, vol. II, pp. 224ff, 327, 363-6; Cameron, France and Europe, pp. I69f, 228^il , 284-91 ; Clough, Economic history of modern Italy, pp. 2 If.; Mack Smith, Cavour, p. 97. Between 1855 and 1859, the Austrian government raised 1 18 million gulden by selling off the stateowned sections of the Habsburg railway network, though that figure excludes subsequent payments by the companies which bought the lines: Brandt, "Public finances," p. 99. This should be compared with a total gross budget deficit in the same period of 576 million gulden.

204

The company also acquired a line on the left bank of the Danube to Szeged, via Budapest, as well as var-

205

ious mining and metallurgical interests: Grunwald, "Europe's railways," pp. 18 Iff. Corti, Reign, pp. 356-62; Cameron, France and Europe, pp. 153-7, 221-4; Gille, Maison Rothschild vol. II, pp. 231^40, 314-17; Wirth, History of banking, pp. 126-7; Jacquemyns, Langrand-Dumonceau,

206 207

vol. II, pp. 33-45. See also Marz, "Austrian Credit Mobilier," pp. 178f.; Cameron, "Credit Mobilier," pp. 467f.;Tapie, Rise and fall pp. 291 f.; Macartney, House, p. 142; Gerschenkron, Economic backwardness, p.13; Good, Economic rise, p. 84. Bouvier, Rothschild pp. I66f; Gille, Maison Rothschild vol. II, pp. 1 19f. Corti, Reign, p. 364; Gille, Maison Rothschild vol. II, pp. 314-22; Macartney, Habsburg Empire, pp. 485f; Grunwald, "Europe's railways," pp. 182f.; Berend and Ranki, Economic development, p. 71 f.; Jacquemyns, Langrand-Dumonceau, vol. II, pp. 33-45.

208 209

Grunwald, "Europe's railways," pp. 177f.; Gille, Maison Rothschild vol. II, p. 327. HSM, 3. Best. 16 Rep XV K.5 Nr 1, Bd I, A. M. Neville [SMR], Vienna, to the Interior Minister, Kassel, Oct. 9, 1852; HSM, 3. Best. 16 Rep XV K.5 Nr 1, Bd II, Nr 227f, MAR Kassel, March 6, 1857.

to Kurfurst of Hesse-

2 10

Gille, Maison Rothschild vol. II, pp. 3 1 9-22.

211

Ibid., pp. 332-42, 370-79; Cameron, France and Europe, pp. 224-8, 241-6; Cameron, "Credit Mobilier," pp. 468-9; Grunwald, "Europe's railways," pp. 182; Berend and Ranki, Economic develop-

SOURCE

NOTES

529

ment, pp. 71 f. The merger was a relatively profitable one for the Pereires, who were able to exchange the 212

half-finished Franz Joseph line for shares in the new Rothschild company worth 96 million francs. The Times, May 29, 1858, p. 10; June 1, p. 10; June 8, p. 10; AN, 132 AQ 5902, James, Carlsbad, to his sons and nephew, Paris. July 17; CPHDCM, 637/1/318, Verwaltungsrat der Credit- Anstalt, Vienna, to Anselm, Feb. 1 1, 1859. According to one account (Wilson, Rothschild, p. 190), his resignation was related to the 1859 war between Austria and Piedmont: however, it preceded this by some months.

2 13

For an ambitious attempt to divide the French corporate world into four groups by analysing the membership ofthe boards of some 300 firms in 1863 (around 2,000 individuals, of whom 121 sat on the boards of two or more companies), see Locke, "Corporate businessmen," pp. 261-70. In addition to the Rothschild group, Locke identifies a Pereire group, a [Denys] Benoist d'Azy-[Francois] Bartholony group and an [Armand] Donon-[Felix] Aubry group. Members of the Rothschild group identified by Locke include bastions of the haute banque such as Michel Pillet-Will and Henri Hottinguer. Cf. Plessis, Banque de France, vol. II, pp. 373f. Between them the Pereires as a family accumulated more board seats than the Rothschilds, but many of these were on minor companies: Dupont-Ferrier, Marche

financier, pp. 88f.; Plessis, Banque de France, vol. I, p. 80; vol. II, pp. 184-7. 214 Goldschmidt, Erinnerungen, p. 98; Cameron, France and Europe, p. 276; Gille, Maison Rothschild, vol. 215

TH REE 1 2

II, pp. 103^, 327-32, 575flf.; Ziegler, Sixth great power, pp. 175f. AN, 1 32 AQ 5902, James, Gastein, to his sons, Paris, July 29, 1858.

Nationalism and the Multinational (1 859-1 863)

3

Steele, Palmerston, pp. 9 1 ff. Hiibner, Neufans, vol. II, p. 87. Three hand grenades were thrown at their carriage as they arrived at the opera, killing eight bystanders, but not the intended targets. Ibid, p. 235; Corti, Reign, pp. 371f.

4 5 6 7 8

Hiibner, Neufans, vol. II, pp. 248-51; Blumberg, Accident, p. 54. Hiibner, Neufans, vol. II, p. 267; Corti, Reign, p. 373. Hiibner, Neufans, vol. II, pp. 271, 297. Ibid, vol II, p. 314. Castellane, Journal, vol. V, p. 240.

9 10

Woodward, "Economic factors," p. 92; Case, Opinion, p. 56. Monypenny and Buckle, Disraeli, vol. IV, p. 225.

11

As note 1 . See also p. 100 for evidence of Lionel's role as a mediator between Palmerston and the Tories over the question of electoral reform.

12

See e.g. Kehr, "Biographische Skizzen," p. 292. Kehr also argued that the period witnessed "the victory of the modern [system of] state and war financing through bank consortiums and national subscrip-

13

tions over the old principle of advances of money by a large private banking house." Stern, Gold and iron, p. 73.

14 15 16 17

Brandt, "Public finances," passim. Schremmer, "Public finance," pp. 456fif. Cottrell, "Anglo-Austrian Bank," pp. 128flf.; Macartney, Habsburg Empire, p. 533. RAL, RFamC/3/30, Natty, Mentmore, to his parents, London, Jan. 18, 1863.

18

Braudel and Labrousse, Histoire economique, vol. Ill, pp. 384-9, 421-4, 431-41; Bouvier, Rothschild

19 20

pp. 176ff. Bergeron, Rothschild p. 9 1 flF. Bouvier, Credit Lyonnais, pp. 287, 576.

21

Braudel and Labrousse, Histoire economique, vol. Ill, pp. 397-400. Between 1860 and 1866, the Credit Mobilier accounted for around 28 per cent of the total deposits of the six biggest deposit institutions.

22

RAL, XI/109/85, Alphonse, Paris, to his cousins, London, Aug. 7, 1863. As Alphonse put it sardon-

23

ically, "s'il y a trop Mob., c'est l'appui credit dont il jouit Berend and Ranki,

24

Gille, Maison Rothschild vol. II, pp. 385f; Jacquemyns, Langrand-Dumonceau, vol. Ill, pp. 363f.

25

See esp. Ibid vol. II, pp. 140-43, 245; vol. Ill, p. 102; vol. IV, p. 82. For Alexandre Ullmann's and Jules Balasy's Memoire secret sur la puissance financiere Catholique(\863), see vol. Ill, pp. 468-72.

d'un Mob., que serait ce s'il y en avait deux? D'autant plus que ce qui fait la farce du que le Kaiser donne a Pereire et la creation d'un nouveu Mob. ne lui retirerait pas le en haut lieu." Economic development, pp. 6 1 f.

530

SOURCE

NOTES

26

Gille, Maison Rothschild, vol. II, pp. 346f. Gille estimates that the French house took 50 million francs of rentes.

27

Huertas, Economic growth, p. 42; Macartney, Habsburg Empire, pp. 485f; Ayer, Century of finance, pp. 48f.; Gille, Maison Rothschild, vol. II, p. 360. The Frankfurt house took £1 million of the loan and the

28

29 30 31 32 33

Austrian National Bank £1.5 million. The 5 per cent bonds were issued at 80 in London — a disastrous investment for those who bought them. AN, 132 AQ 5902, James, Carlsbad, to his sons, Paris, June 21, 1858; James to his sons and Nat, undated, June 1858; James to his sons, July 4; same to same, July 8. Cf. Gille, Maison Rothschild, vol. II, pp. 353ff.; Cameron, France and Europe, pp. 435ff. The Piedmontese currency had been reformed shortly before this; the lira was equivalent to the franc. Gille, Maison Rothschild, vol. II, pp. 355-60; Mack Smith, Cavour, p. 140; Cameron, France and Europe, pp. 445f; Blumberg, Accident, pp. 67, 184n. AN, 132 AQ 5453/ 1M59, NMR to deRF, April 9, 1859; same to same, April 26; April 27. Corti, Reign, pp. 377f; Macartney, Habsburg Empire, p. 492. AN, 1 32 AQ 5453/ 1M59, NMR to deRF, April 30, 1859. RAL, RFamC/21, Charlotte, London, to Leopold, undated, 1860.

34 35

Corti, Reign, pp. 382-5; Mack Smith, Victor Emmanuel, p. 171. RAL, RFamC/21, Charlotte, London, to Leopold, Cambridge, April 3, 1864; same to same, April 10; April 12; April 14; April 15.

36 37

Gille, Maison Rothschild, vol. II, pp. 509-22; Cameron, France and Europe, pp. 284—91. Corti, Reign, p. 379.

38

CPHDCM, 637/1/122/26-7, James, Paris, to Anselm, Vienna, March 28, 1860. Cf. Corti, Reign, pp. 38 If; Huertas, Economic growth, pp. 43f ; Gille, Maison Rothschild vol. II, pp. 408f; Jacquemyns, Langrand-Dumonceau, vol. II, p. 55. AN, 1 32 AQ 5902, James to his children, Aug. 8, 1 860; RAL, T6/35d, Landau, Turin, to NMR, Aug.

39

9. Cf. Gille, Maison Rothschild, vol. II, pp. 399-403. 40 41 42 43 44 45 46

47 48 49 50 51

52

Cameron, "Papal finance," pp. 136—8. RAL, RFamC/4/56, Lionel, Paris, to Charlotte, London, April 4, 1861; RAL, RFamC/4/57, same to same, April 5. Holmes, Triumph of the Holy See, p. 148. Jacquemyns, Langrand-Dumonceau, vol. Ill, pp. 468-95, 509-41. Roman bonds which had stood at 96.6 on the Paris bourse in 1853 had fallen to 62.2 by 1867. Cf. Felisini, Finanze pontificie, p. 239. AN, 132 AQ 5902, James, Nice, to Alphonse, Gustave and Nat, Dec. 17, 1861; same to same, Dec. 18; Dec. 25; Dec. 28; Dec. 31; Jan. 11, 1862; Jan. 16. Cf. Gille, Maison Rothschild, vol. II, p. 403. AN, 1 32 AQ 5902, James to Gustave, Aug. 21, 1865. AN, 1 32 AQ 5902, James, Nice, to his children, Paris, Feb. 1, 1862; same to same, Feb. 2; AN, 132AQ 5902, James, Wildbad, to Alphonse, Gustave and Nat, July 22; RAL, XI/ 109/85, James, Paris, to his nephews, London, March 26, 1863. As late as December 1865, he was still confident that it would return to 70: RAL, XI/109/87, James to his nephews, Dec. 14, 1865. Cecco, Money and empire, pp. 44f; Torido, Economic history of liberal Italy, p. 80. RAL, RFamC/2 1 , Charlotte, Paris, to Lionel, Natty and Alfred, Sept. 26, 1 864. RAL, XI/ 109/88/2, Alphonse, Paris, to his cousins, London, March 18, 1866; same to same, March 21. AN, 132 AQ 5902, James, Folkstone, to his sons, Paris, Sept. 14, 1862; RAL, XI/ 10/88/2, Alphonse, Paris, to his cousins, London, Jan. 19, 1866. Cf. Gille, Maison Rothschild, vol. II, pp. 423ff. RAL, XI/ 109/85, Alphonse, Paris, to his cousins, London, undated, c. March 1863; Alphonse, Turin, to his parents, Paris, c. March; same to same, March 2; March 6; James, Paris, to his nephews, London, March 9; same to same, March 10; March 11 (two letters); March 12; March 19; April 1. Cf. Gille, Maison Rothschild vol. II, pp. 402ff.; Cameron, France and Europe, pp. 435-52. The total loan announced by the government was for 700 million francs, of which 500 million were to be issued immediately. The Paris and London houses contracted to buy 285,720,000 francs of 5 per cents at a price of 7 1 with a 1 per cent commission, and to underwrite a further 2 1 4,300,000 francs. The London house issued just 75 million francs, as the market for Italian bonds was less firm than in Paris: RAL, XI/ 109/86/1, Lionel to Anthony and Mayer, undated, 1864; Ayer, Century of finance, pp. 50f. RAL, XI/ 109/85, James, Paris, to his nephews, London, June 17, 1863; RAL, XI/ 109/85, Alphonse, Paris, to his cousins, London, July 31; same to same, Nov. 29; AN, 132 AQ 5902, James, Wildbad, to Alphonse and Gustave, June 22, 1864; RAL, XI/ 109/86/1, Nat, Paris, to his brothers, London, Aug. 8;

SOURCE

NOTES

531

AN, 132 AQ5902, James, Vienna, to his children and nephew, Aug. 14; RAL, XI / 1 09/86/ 1, Alphonse to his cousins, Aug. 16; Nat to his brothers, Aug. 23; James, Paris, to Lionel, Aug. 24; Alphonse to his cousins, Aug. 24; same to same, Aug. 25; AN, 132 AQ 5902, James to Alphonse, undated, c. Sept. 7; RAL, RFamC/21, Charlotte, Paris, to Lionel, Natty and Alfred, London, Sept. 16; RAL, XI/ 109/86/1, Nat to his brothers, Sept. 16; same to same, Sept. 18; RAL, XI/ 109/86, James to his nephews, Sept. 22; RAL, XI/ 109/86/1, Alphonse to his cousins, Sept. 22; Nat to his brothers, Sept. 22; Alphonse to his 53

54 55 56 57 58 59

60

cousins, Sept. 22; same to same, Sept. 30. Gille, Maison Rothschild, vol. II, pp. 428-39. AN, 132 AQ 5902, James, Wildbad, to his sons, Aug. 5, 1 862 (two letters); same to same, Aug. 6; Aug. 7; Sept. 1; Sept. 4; Sept. 7; Sept. 14 (two letters); RAL, XI/ 109/8 5, James, Paris, to his nephews, London, June 8, 1863; RAL, XI/ 109/85, Alphonse, Paris, to his cousins, London, Aug. 7; James to his nephews, Oct. 12; RAL, XI/ 109/86/1, Nat, Paris, to his brothers, London, June 27, 1864; AN, 132AQ 5902, James to Alphonse, June 28; RAL, XI/ 109/86, James to his nephews, June 30; same to same, Sept. 21; Nat to his brothers, Sept. 21; James to his nephews, Sept. 22; RAL XI/ 109/86/1, Nat to his brothers, Sept. 26; RAL, XI/ 109/86, James to his nephews, Sept. 27; same to same, Sept. 28; Jan. 4, 1865; RAL, XI/ 109/86/3, Alphonse to his cousins, Jan. 28; RAL, XI/ 109/86, James to his nephews, Feb. 2; same to same, March 15; March 16; RAL, XI/ 109/87/1, Alphonse to his cousins, Sept. 12; same to same, Oct. 15; RAL, XI/ 109/88/2, Jan. 15, 1866. Cf. Gille, Maison Rothschild, vol. II, pp. 509-22; Cameron, France and Europe, pp. 435-52; Bouvier, Credit Lyonnais, pp. 532-46. Gille, Maison Rothschild vol. II, pp. 523ff. RAL, XI/ 109/86, James, Paris, to his nephews, London, Dec. 16, 1864. AN, 132 AQ 5903/437, James, Nice, to his sons, Paris, Feb. 7, 1867. RAL, XI/ 109/92/1, Alphonse, Paris, to his cousins, London, Dec. 23, 1867. RAL, XI/ 109/94/1, Alphonse, Paris, to his cousins, London, March 5, 1868. RAL, XI/ 109/88/2, Alphonse, Paris, to his cousins, London, June 2, 1866; RAL, XI/109/90/la, same to same, March 27, 1867; AN, 132 AQ 5903/458, James, Homburg, to Alphonse, Paris, July 1 1. Cf. Gille, Maison Rothschild vol. II, pp. 528-35. AN, 132 AQ 5902, James, Nice, to his children, Paris, Dec. 13, 1861; James to Nat and his sons, Jan. 16, 1862; AN, 132 AQ32/A- 12-2/1 1, Contract between deRF and French Minister of Finance, June 13.

61

RAL, XI/ 10/86/1, Alphonse, Paris, to his cousins, London, March 29, 1864; RAL, XI/ 109/86, James to his nephews, June 30; RAL, XI/ 109/86/1, Nat to his brothers, Aug. 23; Alphonse to his cousins, Aug. 23; AN, 132 AQ 5902, James, Dieppe, to Alphonse, Sept. 2; RAL, XI/109/86/1, Alphonse to his cousins, Sept. 6; Nat to his brothers, Sept. 6; same to same, Sept. 7; RAL, XI/ 109/86/3, Jan. 23, 1865; RAL, XI/ 109/86, James to his nephews, April 6; AN, 132 AQ 5902, James, Ostend, to his children,

62

Paris, Aug. 4; same to same, Aug. 1 1; Aug. 13. Cf. Gille, Maison Rothschild vol. II, pp. 453-8. RAL, XI/109/88, James, Paris, to his nephews, London, June 15, 1866; RAL, XI/ 109/89/1, Alphonse to his cousins, Aug. 29; same to same, Sept. 1; Nov. 1; Nov. 5; RAL, XI/ 109/89, James to his nephews,

63

Nov. 5. Cf. Cameron, "Credit Mobilier," p. 474; Bouvier, Credit Lyonnais, p. 614. RAL, XI/109/89, James, Paris, to his nephews, London, Dec. 13, 1866; RAL, XI/ 109/93/1, Alphonse, Paris, to his cousins, London, Jan. 18, 1867; AN, 132 AQ 5903/406, James, Nice, to his children, Jan.

64

21; AN, 132 AQ 5903/426, same to same, Feb. 2; Feb. 1 1. Cf. Bouvier, Credit Lyonnais, pp. 609-16; Gille, Maison Rothschild vol. II, pp. 473-84. RAL, XI/ 1 09/90/ 1 a, Alphonse, Paris, to his cousins, London, Jan. 28, 1 867; AN, 1 32 AQ 5480/ 1 M86, NMR to deRF, Feb. 18; RAL, XI/ 109/9 1/2, Natty, Great Malvern, to his parents, London, Sept. 11; same to same, Sept. 12; Sept. 29; RAL, XI/ 10/92/1, Nat, Paris, to his brothers, London, undated, c. Nov. 1867; RAL, XI/ 109/92/1, Alphonse, Paris, to his cousins, London, Dec. 19; same to same, Dec. 23.

65

RAL, XI/109/90/la, Alphonse to his cousins, Feb. 19, 1867; same to same, Feb. 24; March 12; RAL, XI/109/90/1, April 1; April 28; May 2; May 10; June 2; June 3; June 16; June 18; June 19; June 20; June 22; June 24; June 26; July 2; July 3; July 4 (two letters); July 1 1 ; July 12; July 25; July 28; July 30; Aug. 2; Aug. 5; Aug. 7; Aug. 9; Aug. 12. See also AN, 132 AQ 5903/457, James, Homburg, to Alphonse, Paris, July 10; /456, July 1 1; /458, July 1 1; /464, July 17; AN, 132 AQ 5481/1M87, NMR to deRF, July 26.

66 67

RAL, XI/ 1 09/9 1 12, Anthony, Paris, to his brothers, London, Sept. 29, 1 867. RAL, XI/ 109/9 1/2, Alphonse, Paris, to his cousins, London, Sept. 9, 1867; same to same, Sept. 11; Sept. 18; Sept. 21; Sept. 23; Sept. 24; Sept. 25; Sept. 26; Sept. 27.

532

SOURCE

NOTES

68

RAL, XI/ 109/9 1/2, Alphonse, Paris, to his cousins, London, Oct. 6, 1867. See also same to same, Oct. 9; Oct. 13; Nov. 5; Nov. 6; Nov. 7; Nov. 18; Nov. 24; Nov. 29; Dec. 2; Dec. 6; Dec. 7.

69

RAL, XI/ 109/93/1, Alphonse, Paris, to his cousins, London, Jan. 28, 1868; same to same, Feb. 1; Feb. 19; Feb. 26; Feb. 27; March 8; March 12; April 20; RAL, XI/ 109/94/1, April 22; May 6; May 8; May 11; May 14; May 16; May 25 (two letters). RAL, XI/ 109/96/1, Alphonse, Paris, to his cousins, London, Oct. 6, 1868. RAL, RFamC/4/58, Lionel, Paris, to Charlotte, London, April 7, 1861.

70 71 72

Corti, Reign, p. 380. As the son of the Rothschilds' old friend, he was a welcome replacement for Hiibner.

73

RAL, XI/109/85, Mayer Carl, Frankfurt, to his cousins, London, March 7, 1 860.

74

Corti, Reign, p. 381.

75

The Times, Oct. 10, 1861; Plessis, Banque de France, vol. Ill, pp. 222-37, 242-50; Braudel and Labrousse, Histoire economique, vol. Ill, pp. 421-4; Ramon, Banque de France, pp. 284—9; Gille,

76 77

Maison Rothschild, vol. II, pp. 387-92; Cottrell, "London, Paris and silver," pp. 138ff.; Morgan, Central banking, p. 176. Gille, Maison Rothschild, vol. II, pp. 421ff. Merimee, Correspondance generale, 2e serie, vol. X, p. 226.

78 79

Braudel and Labrousse, Histoire economique, vol. Ill, pp. 441-6; Girard, Travaux publics, pp. 279-81. RAL, XI/ 1 09/86/ 1 , Alphonse, Paris, to his cousins, London, Oct. 1 9, 1 864.

80 81

Gille, Maison Rothschild, vol. II, pp. 610-14. Plessis, Banque de France, vol. Ill, p. 274; Bouvier, Banque, pp. 89-91; Braudel and Labrousse, Histoire economique, vol. Ill, p. 423. As Plessis shows, Alphonse was one of the three most active regents during the 1860s: Plessis, Banque de France, vol. II, pp. 288f. Bouvier, Rothschild, p. 160; Plessis, Second Empire, p. 82. RAL, XI/109/85, James, London, to his children, June 30, 1862 or 1863. Cf. Aycard, Credit Mobilier,

82 83 84 85 86 87 88

89

90 91 92 93 94

pp. 451-3. See also RAL, XI/109/85, Alphonse, Paris, to his cousins, London, Aug. 19, 1863. Corley, Democratic despot, p. 243. Plessis, Banque de France, vol. Ill, pp. 22f, 290ff. RAL, RFamC/4/ 181, Lionel, Paris, to Leopold, London, Nov. 14,1861. AN, 1 32 AQ 5902, James, Nice, to his children, Dec. 25, 1861; same to same, Jan. 6, 1862; Jan. 8; Jan. 11; Jan. 16; Jan. 18; Jan. 19; Jan. 20; Jan. 30; Jan. 31; Feb. 2; Feb. 3. AN, 132 AQ 32 A- 12-2/1 1, Contract 12-2/10, Contract, Feb. 4; AN, 132 12-2/10, Contract, May 8; AN, 132 32/A-12-2/12, Contract, Feb. 19. See

between Fould and deRF, Jan. 24, 1862; AN, 132 AQ 32 AAQ 32 A-12-2/11, Contract, Feb. 14; AN, 132 AQ 32 AAQ 32 A- 12-1/ 12, Contract, Feb. 19, 1863; AN, 132 AQ also RAL, XI/109/85, James, Paris, to his nephews, London,

March 3, 1862 (two letters); same to same, March 22. Cf. Corti, Reign, pp. 389ff.; Gille, Maison Rothschild, vol. II, pp. 387-92; Plessis, Banque de France, vol. Ill, pp. 290-92. Colling, Roman, pp. 79-82; Girard, Travaux publics, pp. 269-74; Brogan, French nation, pp. 125-30; Bergeron, Rothschild, pp. 9 Iff.; Plessis, Banque de France, vol. II, pp. 242, 244; Plessis, Second Empire, p. 80; Stern, Gold and iron, p. 172n.

The Times, Dec. 19, 1862, p. 12. Cf. Corti, Reign, pp. 391-2; Weinstock, Rossini, pp. 321f. RAL, RFamC/3/26, Natty, Paris, to his parents, London, Dec. 17, 1862. Merimee, Correspondance generale, 2e serie, vol. XI, p. 286. Goncourt, Journal vol. I, p. 1 196. Also apparently present was the recently dismissed Foreign Minister Thouvenel, who managed to secure a place in the imperial train as president of the board of the Est line. 95 Goncourt, Journal, vol. I, p. 1217. 96 RAL, XI/109/85, Alphonse, Paris, to his cousins, London, July 9, 1863. 97 Merimee, Correspondance generale, 2e serie, vol. XI, p. 538. 98 RAL, XI/ 109/86/1, Alphonse, Paris, to his cousins, London, Oct. 19, 1864. 99 RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, Nov. 10, 1864; same to same, Nov. 16. 100 RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, Nov. 10, 1865. Cf. Corti, Reign, p. 395; Plessis, Banque de France, vol. II, p. 242. 1 0 1 RAL, XI/ 1 09/9 1 12, Anthony, Paris, to his brothers, undated, 1 867. 1 02 RAL, RFamC/2 1 , Charlotte, Paris, to Lionel, Natty and Alfred, Sept. 1 7, 1 864; same to same, Sept. 20; Charlotte to Leo, Sept. 19; same to same, Nov. 16; Sept. 6, 1866; Aug. 3, 1867.

SOURCE

NOTES

103 104 105 106

RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, Oct. 17, 1866; same to same, Oct. 26. Goncourt, Journal, vol. I, p. 1 143. Ibid, vol I, p. 1255. Feydeau, Memoires, p. 213.

1 07

533

108

Goncourt, Journal, vol. I, pp. 586f. For similar allusions to the role of the Rothschilds in this period, see ibid., pp. 630f., 723, 735. Ibid, vol I, p. 1217.

109 1 10

Feydeau, Memoires, pp. 143-8. Goncourt, Journal, vol. I, p. 1033.

111

RAL, RFamC/3/95, Natty, Paris, to Charlotte, Alfred and Leopold, London, undated, c. 1863; RAL, RFamC/21, Charlotte to Leo, Cambridge, April 28, 1864: "B. D. says that the Baron is a great man, and the great Baroness a greatly prejudiced lady — immensely conservative, viz. illiberal in her prejudices . . . Mr. Pereire, the Emperor and the English are her favorite aversions. She calls us maniacs, and heaps

112

all the coals of her eloquence upon our press because it declares that the French are not fit for liberty." RAL, XI/ 109/85, James, Paris, to his nephews, London, June 16, 1862; AN, 132 AQ 5902, James, London, to his sons and Nat, Paris, June 26.

1 13

RAL, XI/ 1 09/9 1 12, Mayer, Wildbad, to his brothers and nephews, undated, c. July 1 867; AN, 1 32 AQ 5903, James, Wildbad, to Alphonse, Paris, July 19; RAL, XI/109/91/1, Alphonse, Paris, to his cousins, London, July 22; same to same, July 28.

114

AN, 1 32 AQ 5902, James to his children, Aug. 5, 1862; RAL, XI/ 109/85, James, Paris, to his nephews, London, Oct. 27.

115

RAL, XI/ 109/85, Alphonse, Paris, to his cousins, London, July 17, 1863; RAL, RFamC/4/228, Lionel, London, to Leo, Cambridge, Oct. 19; RAL, XI/ 109/85, James, Paris, to his nephews, London, Oct. 24; same to same, Oct. 31; Nov. 9.

1 16 117 118 1 19

RAL, XI/109/85, James, Paris, to his nephews, London, Oct. 31, 1863. RAL, XI/ 109/86, James, Paris, to his nephews, London, April 6, 1865. RAL, XI/ 109/88, James, Paris, to his nephews, London, March 18, 1866. RAL, XI/ 109/88, James, Paris, to his nephews, London, March 19, 1866. See also RAL, XI/ 109/88/2, Alphonse, Paris, to his cousins, London, April 1; James to his nephews, April 4. RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, Feb. 5, 1864; same to same, Aug. 16, 1866. The earlier letter would seem to suggest that Lionel was chairbound for much of the last fifteen years of

120

121

his life, a fact which makes the success of the London house in this period — when his brothers deferred entirely to his leadership — all the more remarkable; see also April 28, 1865. RAL, RFamC/4/61, Lionel, London, to Charlotte, Grasmere, July 30, 1861; RAL, RFamC/4/156, Lionel, London, to Leo, Evelina and Leonora, Aug. 26. See also RAL, RFamC/3/29, Natty, New Court, to his parents, Jan. 16, 1863; RAL, RFamC/3/30, same to same, Jan. 18; RAL, RFamC/2/5, Disraeli to Charlotte, Aug. 21; RAL, RFamC/2/56, same to same, Oct. 21; RAL, RFamC/2/59, undated, c. 1863; RAL, RFamC/4/250, Lionel to Leo, Nov. 30; RAL, RFamC/21, Charlotte to Leo, Sept. 23, 1865; same to same, Nov. 4.

122 123

RAL, RFamC/21 , Charlotte, London, to Leo, Cambridge, Nov. 8, 1865; same to same, Nov. 24; RAL, RFamC/4/319, Lionel, New Court, to Leo, Cambridge, Jan. 29, 1866. RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, April 27, 1866; same to same, April 30. See also RAL, RFamC/21, Charlotte to Leo, June 1; same to same, June 5.

124

RAL, RFamC/3/13, Natty, Cambridge, to his parents, Feb. 12, 1860; RAL RFamC/3/57, same to same, undated, c. 1860; RAL, RFamC/3/82, undated, c. 1860; RAL, RFamC/3/80, undated, c. 1860; RAL, RFamC/3/90, undated, c. 1860; RAL, RFamC/3/116, undated, c. 1861; RAL RFamC/3/126, undated, c. 1861; RAL, XI/130A/4, undated, c. 1861.

125

RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, Feb. 2, 1866; same to same, Feb. 3; March 14; April 21; June 1; July 27; July 30; July 31; Aug. 9. See also RAL, XI/109/91/2, Mayer, Newmarket, to Lionel, London, undated, 1867.

126

RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, Jan. 28, 1867; same to same, Feb. 4; Feb. 8; Feb. 12; May 27; RAL, RFamC/4/77, Lionel, London, to Charlotte, Paris, July 7; RAL, RFamC/4/78, same to same, July 9; RAL, RFamC/4/79, July 10; RAL, RFamC/4/82, July 13; RAL, RFamC/4/83, July 15; July 18. 127 RAL, XI/ 109/88/3, Anselm, Vienna, to Ferdinand, London, March 27, 1866. 128

RAL, XI/ 109/89/1, Alphonse, Paris, to his cousins, London, July 7, 1866.

534 129

Katz, Belmont, pp. 66f, 82f.

130

Ibid., pp. 96-9.

SOURCE

NOTES

131

Ibid., pp. 144-8; Glanz, "Rothschild legend," pp. 15f, 20f. The New York Evening Post even alleged that Belmont was an illegitimate Rothschild, which prompted Belmont to sue for libel. 132 They are repeated by Corti, Reign, p. 387. 133 Diamond (ed.), Casual view, esp. pp. 34, 36, 66, 70f., 90. Cf. Gille, Maison Rothschild, vol. II, pp. 580-89. 1 34 RAL, T6/346, Chieves & Osborne to NMR, May 6,1861; RAL, T6/34 1 , same to same, May 1 6; RAL, T6/343, July 19; RAL,T6/387, Feb. 5, 1864. 135 RAL, XI/ 109/85, Lionel, London, to Leo, Cambridge, Oct. 21, 1863. 136 AN, 132 AQ 131/VG3, NMR to deRF, Dec. 5, 1861; AN, 132 AQ 5902, James, London, to his sons and Nat, June 25, 1862; RAL, XI/109/85, James, Paris, to his nephews, London, June 29; RAL, XI/109/85, Alphonse, Paris, to his cousins, London, Aug. 19, 1863. Cf. Kynaston, City, vol. I, p. 216. 137 138 139

Glanz, "Rothschild legend," pp. 21f. Roberts, Schroders, pp. 66f. It was a sound enough judgement; the issuing houses were able to keep the bonds above par only by massive intervention in the market. AN, 132 AQ 5902, James, Wildbad, to Alphonse, Paris, July 5, 1864; same to same, July 18; RAL, XI/ 109/86/1, Nat, Paris, to his brothers, London, undated, c. Aug. Disagreements over American politics may account for the friction between Belmont and members of the London family when he visited them in 1865: RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, Feb. 8, 1865; same to same, Feb. 21; March 13; March 24.

1 40 141

Glanz, "Rothschild legend," pp. 1 7, 20f. AN, 132 AQ 5902, James, Caen, to his children, Paris, Aug. 13, 1865. There was another abortive attempt to bring Belmont to heel in 1866, but, as James and Alphonse fatalistically pointed out, he had become irreplaceable: RAL, XI/ 109/89/1, Alphonse, Paris, to his cousins, Aug. 22, 1866; RAL XI/ 1 09/89, James to his nephews, Aug. 24; RAL, XI/ 1 09/89/ 1 , Alphonse to his cousins. Aug. 28; RAL XI/ 109/89, James to his nephews, Oct. 20; same to same, Oct. 26; Nov. 6; Nov. 28; AN, 132 AQ 5903/406, James, Nice, to his children, Paris, Jan. 21, 1867. Cf. Ziegler, Sixth great power, pp. 21 If. Carosso, Investment Banking, pp. 10, 12, 18. 142 AN, 132 AQ 5902, James, Homburg, to his children, Paris, Aug. 18, 1865; same to same, Aug. 9, 1866 AN, 132 AQ 5903/426, same, Nice, to same, Feb. 2, 1867. Cf. Gille, Maison Rothschild, vol. II, pp. 580-89. 143 RAL.T10/85, Alphonse, Paris, to his cousins, London, Jan. 31, 1868. 144 RAL, XI/109/99/1, Alphonse, Paris, to his cousins, London, Aug. 14, 1869; RAL, XI/109/100/1, Natty, London, to his cousins, Paris, Dec. 15. 145 Carosso, Investment banking, pp. 24f; Chernow, House of Morgan, p. 36. Lionel was wise: three years later, Cooke & Co. went bust with debts to the Northern Pacific of $5 million. 146

AN, 132 AQ 5481/1M87, NMR to deRF, June 7, 1867. Cf. Katz, Belmont, p. 165; Glanz, "Rothschild legend," p. 15. 147 RAL, XI/109/99/1, Alphonse, Paris, to his cousins, London, Aug. 18, 1869; RAL, XI/ 109/ 102, same to same, June 6, 1870; June 7; Mayer Carl, Frankfurt to his cousins and nephews, London, July 16; RAL, XI/ 109/ 103/1, Mayer Carl, Frankfurt, to his cousins, London, Oct. 17; RAL, XI/ 109/ 104, same to same, March 23, 1871; RAL, XI/109/105, April 2; April 5; April 6; AN, 132 AQ 5706/2M52, Mayer Carl to his cousins, France, April 14; RAL XI/109/105, Mayer Carl to his cousins and nephews, London, April 21; same to same, April 26; May 13; AN, 132 AQ 5494/1M100, NMR to deRF, undated, c. Oct.; RAL, XI/ 109/ 107/1, Mayer Carl to his cousins and nephews, London, Jan. 11, 1872. 148 RAL, XI/109/99/1, Alphonse, Paris, to his cousins, London, Aug. 12, 1869; same to same, Aug. 19; Sept. 20; RAL, XI/109/101/1, Jan. 5, 1870. Cf. Carosso, Morgans, pp. 182f; Ziegler, Sixth great power, 149 150 151 152 153

p. 216; Glanz, "Rothschild legend," p. 22. Katz, Belmont, pp. 177, 188, 222, 238; Glanz, Corti, Reign, p. 387. AN, 1 32 AQ 5459/ 1 M65, Davidson, Mexico, AQ 5460/ 1M66, March 28; May 28; May 31; AN, 132 AQ 5463/ 1M69, Davidson, Mexico,

"Rothschild legend," p. 7. to NMR, Jan. 28, 1 86 1 ; same to same, Feb. 28; AN, 1 32 AN, 132 AQ 5461/1M67, June 29. to NMR, Feb. 27, 1862.

AN, 1 32 AQ 5468/ 1 M74, NMR to deRF, Aug. 4, 1 863; AN, 1 32 AQ 5469/ 1 M75, same to same, Oct. 22; Dec. 1 7; AN, 1 32 AQ 5474/ 1 M80, NMR to deRF, March 2, 1 865.

SOURCE

NOTES

535

1 54 155

Corti, Reign, pp. 273-5. According to Corti it was worth 20 million francs in 1866. RAL, XI/ 109/85, Alphonse, Paris, to his cousins, London, undated, 1863.

156

AN, 132 AQ 5902, James, Ostend, to his children and Nat, Aug. 13, 1863; RAL, XI/ 109/85, James, Paris, to his nephews, London, Jan. 31, 1864; RAL, XI/ 109/86, same to same, Dec. 27; RAL, XI/ 109/86/3, Alphonse to his cousins, Jan. 28, 1865; RAL, XI/ 109/86, James to his nephews, March 16. See also RAL, XI/ 109/86/1, Nat, Paris, to his brothers, London, June 15, 1865; RAL, XI/ 109/90/ la, same to same, undated, c. March 1867.

157

158

RAL, XI/ 109/85, James, Paris, to his nephews, London, Oct. 12, 1863; Alphonse, Paris, to his cousins, London, Nov. 11; same to same, Nov. 29; Dec. 1; RAL, XI/109/86/1, March 7, 1864; March 10; March 15. Cf. Gille, Maison Rothschild, vol. II, pp. 413-17. RAL, XI/109/86/1, Alphonse, Paris, to his cousins, London, March 27, 1864; undated, c. June; RAL, XI/ 109/94/1, undated, c. June; AN, 132 AQ 5902, James, Ischl. to his sons, Aug. 5; RAL, XI/ 109/86, James to his nephews, undated, Nov.; same to same, March 7, 1865; March 9; March 15; March 20; March 21; March 22; March 29; March 30; April 3.

159

AN, 132 AQ 5475/1M81, NMR to deRF, May 3, 1865; same to same, Aug. 17; RAL, XI/109/87/1, Lionel, Wiesbaden, to Natty, London, Aug. 19; AN, 132 AQ 5902, James, Homburg, to Gustave, Paris, Aug. 21; RAL, XI/ 109/87, James, Paris, to his nephews, London, Nov. 22; same to same, Nov. 25; RAL XI/109/87/1, Nat, Paris, to his brothers, London, Nov. 25; RAL, XI/109/87/1, Alphonse, Paris, to his cousins, Nov. 30; RAL, XI/ 109/87, same to same, Dec. 14; Dec. 18; Dec. 20; Dec. 26; RAL, XI/ 109/88, Jan. 15, 1866; Jan. 21; RAL.T9/186, Davidson, Mexico, to NMR, Feb. 27; RAL,T9/187, same to same, April 28; RAL, XI/ 109/88/2, Alphonse to his cousins, June 11. These were presumably

160 161

FOUR

the subject of Alphonse's unhappy interview with the Empress Charlotte that August: RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, Aug. 24. RAL, XI/109/85, James, Paris, to his nephews, London, June 8, 1863. RAL, XI/ 109/9 1/1, Alphonse, Paris, to his cousins, London, July 3, 1867.

Blood and Silver (1863-1867)

1

RAL, XI/ 109/87, James, Paris, to his nephews, London, Sept. 25, 1865. Almost certainly an allusion to

2 3

pour le roi de Prusse." Bismarck, Gesammelte Werke, vol. XIV, p. 546. Stern, Gold and iron, pp. 17f, 96ff.; Pflanze, Bismarck, vol. II, p. 71.

4 5

Stern, Gold and iron, p. 22. See also pp. 27-31. Ibid, p. 1 14. Mayer Carl had his eye on a Grand Cross with a broad ribbon, but the Prussian King

Bismarck's celebrated comment on Austria's role in the Schleswig-Holstein crisis of 1864: "II travaille

William I continued to regard this as too high an honour for a Jew: "Baron von Rothschild," he minuted, "has developed a bad attack of tape-worm at the approach of the investiture ceremony. I can't provide a remedy for this, but I could cure Kreuzschmerzen [literally "cross-ache," a pun on the German expression for lumbago]": Corti, Reign, pp. 430f.; Ford (ed.), Correspondence of William I and Bismarck, vol. I, p. 160. 6 7 8 9

Bleichroder's average profits between 1867 and 1869 were just under 60,000 thalers (£8,770), compared with an equivalent figure for the London house of £220,000 (annual average 1860--69). Corti, Reign, pp. 410-15. RAL, XI/ 109/88, James, Paris, to his nephews, London, March 26, 1866. RAL, XI/ 109/88/3, Anselm, Vienna, to James, March 28, 1866.

10 11 12

RAL, XI/ 109/88, James, Paris, to his nephews, London, April 27, 1866. RAL, RFamC/2 1 , Charlotte, London, to Leo, Cambridge, Sept. 3, 1 866. RAL, RFamC/2 1 , Charlotte to Leo, Oct. 7, 1 868.

13

RAL, T13/101/12, 13/2/65/175, Alphonse, Paris, to his cousins, London, March 19, 1885; RAL, T13/101/12, 13/2/113/177, same to same, May 15, 1885.

14

RAL, T15/35, Alphonse, Paris, to his cousins, London, March 18, 1890.

15 16

He rued the occasion he disregarded Amschel's investment advice: Corti, Reign, pp. 343f. Gall, Bismarck, vol. I, p. 282.

17

High-powered money increased by 30 per cent between 1857 and 1867, primarily as a result of government deficits and the suspension of convertibility.

18

Calculated from various figures in Schremmer, "Public finance," Brandt, "Public finances"; Good, Habsburg Empire.

536

SOURCE

NOTES

19 20

Taylor, Struggle, p. 156. Calculated from figures in Jahrbuch fur die Statistik des Preussischen Staates (1 869), pp. 442f., 544f.

21 22

Stern, Gold and iron, pp. 20-47. RAL, XI/ 109/85, James, Paris, to his nephews, London, March 28, 1862; same to same, April 7 (two letters); April 12; April 13; Alphonse, Paris, to his cousins, London, undated, c. April; same to same, May 12; AN, 132 AQ 5463/ 1M69, NMR to deRF, May 16; same to same, May 20; May 21; June 10; July 16; AN, 132 AQ 5902, James, Wildbad, to his sons, Paris, July 16; same to same, July 25; July 27; Sept. 1; RAL, XI/ 109/8 5, James to his nephews, Oct. 27. Cf. Gille, Maison Rothschild, vol. II, pp. 404-8. So damaging was the Alvensleben convention to Bismarck that Bleichroder arranged a special code with which he would notify the Paris Rothschilds of his resignation: Stern, Gold and iron, p. 30. Monypenny and Buckle, Disraeli, vol. IV, p. 339; Froude, Beaconsfield, p. 185; Corti, Reign, p. 393; Renouvin, Relations, vol. V, p. 269. RAL, XI/109/85, James, Paris, to his nephews, London, March 8, 1863; same to same, March 9; March 10; March 11; March 12; March 18; March 19; June 6; June 8; June 17; AN, 132 AQ, James, Wildbad,

23 24 25

26

27

28 29 30 31

32

33 34

35

to his children and Nat, Paris, July 11; same to same, July 18; July RAL, XI/109/85, Alphonse, Paris, to his cousins, London, Aug. James, Paris, to his nephews, London, Nov. 5; same to same, Nov. RAL, RFamC/4/225, Lionel, London, to Leo, Cambridge, Oct. sparked a major debate within the British Jewish community, in

opponent of intervention on the Poles' behalf: Pollins, Economic history of the Jews, p. 113; Cesarani, Jewish Chronicle, p. 41. See also The Times, History of The Times, vol. II, p. 333. RAL, XI/109/85, James, Paris, to his nephews, London, Nov. 1, 1863; same to same, Nov. 9; Nov. 23; RAL, XI/ 109/86/1, Lionel to Anthony, undated, 1864; RAL, XI/ 10/86/1, Alphonse, Paris, to his cousins, London, March 29, 1 864. Cf. Gille, Maison Rothschild, vol. II, p. 407. RAL, XI/ 109/87/1, Nat, Paris, to his brothers, London, undated, 1865; RAL, XI/ 109/97/1, same to same, Feb. 24, 1867. RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, April 18, 1864. See also RAL, XI/109/89/1, Alphonse, Paris, to his cousins, London, Nov. 19, 1866. Ziegler, Sixth great power, p. 175; Kynaston, City, vol. I, p. 219. RAL, XI/ 109/86/1, Alphonse, Paris, to his cousins, London, Aug. 29, 1864; same to same, Oct. 10; RAL, XI/ 109/86, James, Paris, to his nephews, London, Nov. 22; same to same, Feb. 5, 1865; March 23; AN, 132 AQ 5770/3M37, Anselm, Vienna, to James and his cousins, Paris, April 18; RAL, XI/ 109/86, James to his nephews, June 15; RAL, XI/109/89/1, Alphonse, Paris, to his cousins, London, Sept. 5, 1866. RAL, XI/ 109/90, James, Paris, to his nephews, London, Feb. 22, 1867; RAL, XI/ 109/90/ la, Alphonse, Paris, to his cousins, London, March 22; same to same, March 24; RAL, XI/ 109/90/1, June 3; June 8; June 11; James to his nephews, June 1 1; Alphonse to his cousins, June 15; AN, 132 AQ 5903/463, James to Alphonse, July 17, 1867; RAL, XI/ 109/9 1/1, Alphonse to his cousins, July 23. Macartney, Habsburg Empire, p. 516; Pamlenyi, History of Hungary, p. 305. See also Macartney, House, p. 156. AN, 1 32 AQ 5902, James, London, to Alphonse, July 11, 1860; AN, 132 AQ571/3M38, 39, SMRto deRF, Oct. 29; AN, 132 AQ 5902, James, Nice, to his sons and Nat, Paris, Dec. 15, 1861; same to same, Dec. 17; Dec. 25; AN, 132 AQ 5462/ 1M68, NMR to deRF, Jan. 24, 1862; NMR to Nat, Jan. 24; AN, 132 AQ 5902, James to his children, Jan. 27; AN, 132 AQ 5462/ 1M68, NMR to deRF, Feb. 14; same to same, Feb. 25. RAL, XI/109/85, James, Paris, to his nephews, London, April 13, 1862; CPHDCM, 637/1/38/1, MAR to deRF, May 1; CPHDCM, 637/1/38/6, SMR to deRF and MAR, June 2; CPHDCM, 637/1/38/12, same to same, June 5; CPHDCM, 637/1/38/59, MAR to SMR, June 8; CPHDCM, Maison Rothschild vol. II, pp. 408f.

36

19; July 24; July 27; Aug. 2. See also 19; James to his children, Sept. 8; 10; Nov. 12; Nov. 25. 14, 1863. The crisis in Poland had which Lionel emerged as a leading

637/1/38/18-28, June 6-June 10; CPHDCM, 637/1/38/71, same to same, June 10 Cf. Gille,

RAL, XI/109/85, Alphonse, Paris, to his cousins, London, July 22, 1863; RAL, XI/109/85, James, Paris, to his nephews, London, Oct. 19; same to same, Oct. 25; Alphonse to his cousins, Nov. 29; AN, 132 AQ 5902, James to Alphonse, Gustave and Salomon, Dec. 6; RAL, XI/ 109/87, James to his nephews, Jan. 1, 1864; AN, 132 AQ 5902, James, Wildbad, to Alphonse and Gustave, June 22; RAL, XI/ 109/86, James to his nephews, June 30; AN, 132 AQ 5902, James, Ischl, to his sons, Aug. 5; RAL,

SOURCE

NOTES

537

XI/ 109/86, James to his nephews, Sept. 16; RAL, XI/ 109/87/1, Nat, Paris, to his brothers, London, undated, 1864. Cf. Cameron, France and Europe, pp. 4 1 5 f. ; Cottrell, "Anglo-Austrian Bank," pp. 131-5; Gille, Maison Rothschild, vol. II, pp. 439-49; Jacquemyns, Langrand-Dumonceau, vol. II, p. 65; 37 38

39

Fulford, Glyn's, p. 160. AN, 132 AQ 5902, James, Wildbad, to his sons, July 9, 1862; same to same, July 22; Sept. 5; RAL, XI/ 109/85, James, Paris, to his nephews, London, June 8, 1863. RAL, RJFamC/21, Charlotte, London, to Leo, Cambridge, Feb. 4, 1864; same to same, Feb. 10; Feb. 23; March 10; March 12; Aug. 8. For sceptical Parisian comments on the gap between British bark and bite, see RAL, XI/ 109/86/1, Nat, Paris, to his brothers, London, June 29; RAL, RFamC/21, Charlotte, Paris, to Lionel, Natty and Alfred, London, Sept. 18; RAL, RFamC/4/71, Lionel to Charlotte, Sept. 20. RAL, XI/ 109/86, James, Wildbad, to Alphonse and Nat, Paris, July 10, 1864; AN, 132 AQ 5902, James to Alphonse, July 12; James, Ischl, to his children, July 30; RAL, XI/ 109/86/1, Gustave, Paris, to his cousins, London, Aug. 2; Nat, Paris, to his brothers, Aug. 4. Cf. Clark, Franz Joseph and Bismarck, p. 85. Characteristically, James also asked Bleichroder "to keep an eye out for old paintings or other antiques because the war against the poor Danes probably has brought many beautiful and interesting

40 41

42

pieces on RAL, XI/ RAL, XI/ Wildbad, RAL, XI/

the market": Stern, Gold and iron, p. 109. 1 09/86, James, Paris, to his nephews, London, July 24, 1 864. 109/86, James, Paris, to his nephews, London, June 14, 1865; AN, 132 AQ 5902, James, to Alphonse, Paris, June 24, 1865; AN, 132 AQ 5902, James to Nat and Alphonse, July 10; 109/87/1, Nat, Paris, to his brothers, London, undated, 1865.

RAL, XI/ 109/86/3, Nat, Paris, to his brothers, London, Jan. 15, 1865; Anselm, Vienna, to James and his cousins, Paris, Jan. 28; Mayer Carl, Frankfurt, to his cousins and nephews, London, Jan. 29; RAL, XI/ 109/86, James, Paris, to his nephews and Alphonse, London, Feb. 1; RAL, XI/ 109/86/3, Mayer Carl to his cousins and nephews, Feb. 5; AN, 132 AQ 5770/3M37, Anselm to deRF, April 7; same to

43

same, May 27. Cf. Gille, Maison Rothschild, vol. II, pp. 439-49; Jacquemyns, Langrand-Dumonceau, vol. II, p. 352. AN, 132 AQ 5770/3M37, Anselm, Vienna, to deRF, June 9, 1865; same to same, June 19; June 22. Cf.

44

Steefel, "Rothschilds and the Austrian loan," p. 28. CPHDCM, 637/1/25/7, Privatdepesche des Frankfurter Journals, June 26, 1865; CPHDCM,

45 46

637/1/24/17, MAR to SMR, June 29; CPHDCM, 637/1/25/38, unidentified German newspaper cutting, July 12; CPHDCM, 637/1/25/15, SMR to MAR, Aug. 1; Frankfurter Handelszeitung Aug. 3. CPHDCM, 637/1/24/22, Additional agreement between Paul Esterhazy and MAR and S. G. Sina, June 12, 1863; CPHDCM, 637/1/24/5, Documents detailing loans of 1861, 1862 and 1864, 1865. AN, 132 AQ 5902, James, Nice, to his children, Dec. 18, 1861.

47 48 49

Steefel, "Rothschilds and the Austrian loan," p. 27. Stern, Gold and iron, pp. 38-65. See also Clark, Franz Joseph and Bismarck, p. 212. Sturmer etal., Striking the balance, pp. I66ff.

50

Stern, Gold and iron, pp. 62-5; Sturmer et al, Striking the balance, pp. I68ff. The government also recovered control of a guarantee fund which had been set up for certain minor lines associated with the

51 52 53

54

55

Cologne-Minden. Payment was to be partly in cash (3 million thalers on October 1, 2.7 million by January 2, 1866) and the rest in new Cologne-Minden shares. Stern, Gold and iron, pp. 65fL AN, 1 32 AQ 5902, James to his sons, Paris, Aug. 13, 1865. RAL, XI/109/87, James, Paris, to his nephews, London, Sept. 9, 1865. For an account based on the Austrian government records, see Steefel, "Rothschilds and the Austrian loan," pp. 27-39. Cf. Gille, Maison Rothschild, vol. II, pp. 439^49. RAL, XI/109/87, James, Paris, to his nephews, London, Sept. 11, 1865; RAL, XI/109/87/1, Alphonse to his cousins, London, Sept. 11; same to same, Sept. 12; Sept. 16; Sept. 17; Sept. 20; James to his nephews, Sept. 17 (two letters); Sept. 19; Sept. 25; Sept. 26 RAL, XI/109/87/1, Alphonse to his cousins, Sept. 16, 1865; RAL, XI/109/87, James, Paris, to his nephews, London, Sept. 19.

56

RAL, XI/109/87, James, Paris, to his nephews, London, Sept. 23, 1865.

57

RAL, XI/109/87/1, Alphonse, Paris, to his cousins, London, Sept. 18, 1865; same to same, Sept. 22; Sept. 26; RAL, XI/109/87, James, Paris, to his nephews, London, Sept. 25; same to same, Sept. 26; Sept. 28; Sept. 29.

58

Steefel, "Rothschilds and the Austrian loan"; Gille, Maison Rothschild, vol. II, pp. 443f.

538

SOURCE

NOTES

59

RAL, RFamC/21 , Charlotte, London, to Leo, Oxford, Oct. 4, 1 865.

60 61 62 63 64

RAL, RAL, RAL, RAL, RAL,

XI/ 1 09/87/ 1, Alphonse, Paris, to his cousins, London, XI/ 109/87/1, Alphonse, Paris, to his cousins, London, XI/ 109/87/1, Alphonse, Paris, to his cousins, London, XI/ 109/87/1, Nat, Paris, to his brothers, London, four XI/ 109/87/3, Mayer Carl, Frankfurt, to his cousins

Sept. 3, 1865. Sept. 17, 1865. Sept. 18, 1865. undated letters, Sept. 1865. and nephews, London, undated, c. Oct.

1865; RAL, XI/109/87/3, same to same, Oct. 12. Only if the loan were "excessively cheap" — he suggested aprice of 61 — did he advise going ahead. 65

RAL, XI/ 109/87/1, Alphonse, Paris, to his cousins, London, Sept. 22, 1865. For Ferdinand's reassurances on this score, RAL, XI/109/87/3, Ferdinand, Schillersdorf, to his uncles and cousins, London, Oct. 2, 1865; same to same, Oct. 3; Oct. 13. Cf. Helleiner, "Free trade and frustration,"

66 67 68 69 70 71

pp. 66f.Gold andiron, p. 60. Stern, AN, 132 AQ 5902, James to his children, July 25, 1865. AN, 132 AQ 5902, James, Ostend, to his children, Paris, Aug. 4, 1865; same to same, Aug. 5; Aug. 7. Cf. Stern, Gold and iron, p. 34n. AN, 1 32 AQ 5902, James, Spa, to his children, Paris, Aug. 9, 1 865. AN, 132 AQ 5902, James, Baden, to Gustave, Paris, Sept. 3, 1865; RAL, XI/ 109/87, James, Baden, to his nephews, London, Sept. 3. RAL, XI/ 109/87, James, Paris, to his nephews, London, Oct. 6, 1865; RAL, XI/109/87/1, Alphonse, Paris, to his cousins, London, Oct. 6; same to same, Oct. 7; James to his nephews, Oct. 12.

72 73

Steefel, "Rothschilds and the Austrian loan," pp. 32ff.; Clark, Franz Joseph and Bismarck, p. 212. Stern, Gold and iron, pp. 67ff.

74 75

Steefel, "Rothschilds and the Austrian loan," pp. 32ff; Gille, Maison Rothschild, vol. II, p. 445. RAL, XI/109/87/1, Alphonse, Paris, to his cousins, London, Oct. 13, 1865; same to same, Oct. 15; RAL, XI/ 109/87, James, Paris, to his nephews, London, Oct. 14. RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, Oct. 27, 1865.

76 77

78

Ral, XI/ 109/87, James, Paris, to his nephews, London, Oct. 18, 1865 (two letters, English and Judendeutsch); same to same, Oct. 20; Alphonse to his cousins, Oct. 20; James to his nephews, Oct. 24; Alphonse to his cousins, Oct. 26; same to same, Oct. 27; RAL, XI/109/87/3, Ferdinand, Schillersdorf, to his uncles and cousins, London, Oct. 27; James to his nephews, Oct. 29. RAL, XI/109/87/1, Alphonse, Paris, to his cousins, London, Oct. 30, 1865; same to same, Nov. 2 RAL, XI/ 109/87, James, Paris, to his nephews, London, Nov. 2; same to same, Nov. 3; Nov. 6; Nov. 1 1 Nov. 14 (three letters); Nov. 17; Nov. 20; Nov. 23; RAL, XI/109/87/1, Alphonse to his cousins, Nov. 4 same to same, Nov. 6; Nov. 7; Nov. 16; Nov. 17; Nov. 20; Nov. 25; RAL, XI/109/87/3, Ferdinand, Schillersdorf, to his uncles and cousins, London, Nov. 11; RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, Nov. 1; same to same, Nov. 6; Nov. 8; RAL, XI/109/87/3, Nathaniel, Vienna, to his uncles and cousins, London, Dec. 4. Cf. Steefel, "Rothschilds and the Austrian loan," pp. 37fL; Macartney, Habsburg Empire, p. 544; Pottinger, Napoleon HI and the German crisis, pp. 41-52; Sturmer etal., Striking the balance, p. 170.

79 80

Steefel, "Rothschilds and the Austrian loan," p. 31. RAL, XI/ 109/87, James, Paris, to his nephews, London, Nov. 18, 1865; same to same, RAL, XI/ 109/88, Jan. 1, 1866; RAL, XI/ 109/88/2, Alphonse, Paris, to his cousins, same to same, Jan. 7; James to his nephews, Jan. 10; Jan. 17; Jan. 20; Jan. 22; Jan. 23; Jan. 26; Jan. 29; RAL, XI/109/88/2, Alphonse to his cousins, Jan. 15; same to same,

Dec. 8; Dec. 29 London, Jan. 4 Jan. 24; Jan. 25 Jan. 17; Jan. 19;

Jan. 31. 81 82 83 84

RAL, RAL, RAL, RAL, Feb.

XI/ 1 09/88/2, Alphonse, Paris, to his cousins, London, Feb. 8, 1 866. XI/ 109/88/1, Mayer Carl, Frankfurt, to his cousins and nephews, London, Jan. 16, 1866. T9/182, Leopold, Cambridge, to his parents, undated, early 1866. XI/ 109/88, James, Paris, to his nephews, London, Feb. 7, 1866; same to same, Feb. 12; Feb. 14; 15.

85 86

RAL, XI/109/88/2, Alphonse, Paris, to his cousins, London, Feb. 22, 1866; same to same, March 4. RAL, XI/ 109/88, James, Paris, to his nephews, London, March 14, 1866; RAL, XI/109/88/2, Alphonse, Paris, to his cousins, London, March 15. Cf. Stern, Gold and iron, pp. 69-87; Sturmer etal., Striking the balance, p. 171; Gille, Maison Rothschild, vol. II, pp. 449-51. Goltz wrongly believed that

SOURCE

NOTES

539

James had also turned down the Saar mines, but Bismarck insisted this had "not been offered to him": Stern, Gold and iron, p. 74. 87 88 89 90 91 92 93 94 95 96 97

RAL, XI/ 1 09/88, James, Paris, to his nephews, London, March 15,1 866. RAL, Rf amC/4/3 1 8, Lionel, London, to Leo, Cambridge, March 8, 1 866. RAL, XI/ 1 09/88/2, Alphonse, Paris, to his cousins, London, March 11,1 866. Corti, Reign, pp. 397ff. RAL, XI/ 109/88/1, Anthony, Paris, to his brothers, undated, March, 1866. Corti, Reign, p. 398. Stern, Gold and iron, p. 73. Ibid, pp. 73f. RAL, XI/ 1 09/88, James, Paris, to his nephews, London, March 20, 1 866. RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, March 22, 1866. RAL, T9/125, Gustave, Paris, to his cousins, London, March 20, 1866.

98

RAL, T9/145, Mayer Carl to his cousins, London, March 23, 1866.

99

RAL, XI/ 109/88, James, Paris, to his nephews, London, March 26, 1866. Cf. RAL, XI/ 109/88/2, Alphonse, Paris, to his cousins, London, April 3. Stern, Gold and iron, p. 78.

100 101

1 02 103 104 105

RAL, XI/109/89/1, Alphonse, Paris, to his cousins, London, April 5, 1866; RAL, XI/109/88, James, Paris, to his nephews, London, April 8; same to same, April 22; RAL, XI/ 109/88/2, Nat, Paris, to his brothers, London, April 22; RAL, T9/133, Nathaniel, Vienna, to James, Paris, April 27. RAL, T40/3, XI/64/0/2/ 1 7, Bleichroder, Berlin, to James, Paris, April 27, 1 866. RAL, T40/5, XI/64/0/2/30, Bleichroder, Berlin, to Lionel, London, May 5, 1866. Stern, Gold and iron, pp. 78f.; Stiirmer et al, Striking the balance, p. 171. RAL, XI/ 109/88/2, Alphonse, Paris, to his cousins, London, June 9, 1866.

106

AN, 132 AQ 5902, James, Homburg, to his sons, Aug. 13, 1865; same to same, Aug. 21; RAL, XI/ 109/87, James, Paris, to his nephews, London, Sept. 21; RAL, XI/ 109/87/1, Alphonse to his cousins, Sept. 22.

107 108 109

RAL, RAL, RAL, same,

1 10 111

RAL, XI/ 1 09/88/2, Alphonse, Paris, to his cousins, London, March 2 1 , 1 866. RAL, XI/109/88/2, Alphonse, Paris, to his cousins, London, Jan. 15, 1866; RAL, XI/109/88, James, Paris, to his nephews, London, Feb. 1; Feb. 20; RAL, XI/109/89/1, Alphonse to his cousins, March 3; RAL, XI/109/88, James to his nephews, March 14; RAL, XI/109/88/2, Alphonse to his cousins, March 15; same to same, March 18. The terms of the Lombard deal were complex: the government guaranteed

XI/ 109/87/1, Lionel, Paris, to his brothers and Natty, Sept. 6, 1865. XI/ 109/87, James, Paris, to his nephews, London, Sept. 19, 1865. XI/ 109/87, James, Paris, to his nephews, London, Dec. 14, 1865; RAL, XI/109/88, same to Jan. 6, 1866.

a 6.5 per cent return on the bonds of the Italian part of the line, extended the concession to ninety-nine years, and freed it from the levy on foreign bonds until 1880. In return the company agreed to construct new lines worth 9 million francs, to reduce its fares and to undertake the expansion of the port facilities at Trieste and Venice at a cost of 1 5 million gulden, to be repaid over twelve years. Alphonse described the costs of this deal to the company as "almost illusory." RAL, XI/109/88, James, Paris, to his nephews, London, March 19, 1866; RAL, XI/109/88/2, Alphonse, Paris, to his cousins, London, March 21. 1 1 3 RAL, XI/ 1 09/88/2, Alphonse, Paris, to his cousins, London, March 22, 1 866. 114 RAL, XI/ 109/88/1, Anselm, Vienna, to his uncle, Paris, London, March 24, 1866; same to same, 112

115 116 1 17 1 18

March 25; RAL, XI/ 109/88/3, Anselm to Ferdinand, London, March 27. Cf. Porringer, Napoleon III and the German crisis, p. 80. RAL, XI/109/88, James, Paris, to his nephews, London, March 27, 1866; same to same, March 29; RAL, T9/135, SMR to deRF, April 9. RAL, XI/109/88/2, Nat, Paris, to his brothers, London, April 6, 1866. Clark, Franz Joseph and Bismarck, p.409; Corti, Reign, pp. 397ff. RAL, XI/109/88/2, Alphonse, Paris, to his cousins, London, March 28, 1866. Gille, Maison Rothschild vol. II, pp. 435-8. The Italian treaty did not become public in Paris until July 22. When it did, James and Alphonse were enraged: RAL, XI/109/88/2, Alphonse, Paris, to his cousins, London, April 24, 1866; same to same, April 25; April 27.

540 1 19 120

SOURCE

NOTES

123

RAL, XI/ 109/88, James, Paris, to his nephews, London, April 27, 1866. RAL, XI/ 109/88, James, Paris, to his nephews, London, April 9, 1866; same to same, April 10; RAL, XI/109/88/1, Mayer Carl, Frankfurt, to his cousins, London, April 10; AN, 132 AQ 5697/2M42, MAR to deRF, April 12. RAL, T40/6, XI/64/0/2/33, Bleichroder, Berlin, to Lionel, London, June 2, 1866. RAL, XI/109/88, James, Paris, to his nephews, London, March 19, 1866; RAL, XI/109/88/2, Alphonse, Paris, to his cousins, London, March 21. RAL, XI/ 109/88/3, Anselm, Vienna, to his uncle, Paris, March 28, 1866; RAL, XI/109/88, James,

124 125 126 127 128

Paris, to his nephews, London, April 1; same to same, April 4; RAL, XI/109/88/2, Alphonse, Paris, to his cousins, London, April 1; RAL, XI/109/88/2, Nat, Paris, to his brothers, London, April 4. RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, May 12, 1866. RAL, XI/109/88, James, Paris, to his nephews, London, May 13, 1866; same to same, May 28. RAL, XI/109/88/1, Natty, Paris, to his parents, London, April 8, 1866. RAL, XI/109/88, James, Paris, to his nephews, London, April 11, 1866 (two letters). RAL, XI/109/88/2, Alphonse, Paris, to his cousins, London, April 12. Cf. Corti, Reign, pp. 399f.; Case,

121 122

Opinion, p. 198; Pottinger, Napoleon III and the German crisis, pp. 123-7. RAL, XI/109/88, James, Paris, to his nephews, London, April 23, 1866; same to same, April 24. RAL, XI/109/88/2, Alphonse, Paris, to his cousins, London, April 25, 1866; same to same, April 26; RAL, XI/109/88, James, Paris, to his nephews, London, April 25; same to same, April 26. 131 RAL, XI/109/88/2, Alphonse, Paris, to his cousins, London, May 7, 1866; same to same, May 11. 132 Merimee, Correspondance generate, 2e serie, vol. XIII, pp. 101, 133; Pottinger, Napoleon HI and the German crisis, p. 125; Girard, Travaux publics, p. 361. 1 33 Corti, Reign, p. 40 1 . 134 RAL, XI/109/88/1, Anselm, Vienna, to his uncle and cousins, Paris, April 20, 1866; RAL, XI/109/88, James, Paris, to his nephews, London, April 20. 135 RAL, XI/109/88/2, Alphonse, Paris, to his cousins, London, April 15, 1866; RAL, XI/109/88/1, Anselm, Vienna, to his uncle, Paris, April 19; RAL, XI/109/88, James to his nephews, April 19; same to same, April 20; RAL, XI/109/88/1, Goldschmidt, Vienna, to NMR, April 21. James noted that he had 129 130

136

1 37 138 139 140 14 1 142 143

been "applauded like an actress" at the meeting. RAL, XI/109/88, James, Paris, to his nephews, London, May 15, 1866; same to same, May 16; May 17 (two letters); RAL, XI/109/88/2, Alphonse, Paris, to his cousins, London, May 22; same to same, May 24; May 29; June 4; RAL, XI/109/88, James to his nephews, May 24; same to same, May 25; May 30; RAL, XI/109/88/1, Mayer Carl, Frankfurt, to his cousins and nephews, June 1; AN, 132 AQ 5771/3M38.39, SMR to deRF, June 8, 1866; RAL, XI/109/88/1, Mayer Carl, Frankfurt, to his cousins and nephews, June 9; RAL, XI/109/88/2, Alphonse to his cousins, June 9. RAL, XI/ 1 09/88/2, Alphonse, Paris, to his cousins, London, May 24, 1 866. Wawro, Austro— Prussian War, pp. 294f. I am grateful to Dr Brendan Simms for this reference. RAL, T40/4, XI/64/0/2/26, Bleichroder, Berlin, to Lionel, London, May 4, 1866. Cf. Vincent (ed.), Disraeli, Derby and the Conservative party, p. 250. RAL, XI/109/88, James, Paris, to his nephews, London, June 13, 1866. RAL, T9/ 1 52, Nathaniel, Vienna, to deRF, July 4, 1 866. Corti, Reign, pp. 402f. According to The Times, Aug. 13, 1874, p. 12, the Austrian Minister of State Count Richard Belcredi "put forth the notion of requiring the Jewish congregations to organise several battalions of volunteers at their own expense. Now as the Jews necessarily undertook the obligations of military service in common with other citizens Count Belcredi's plan was neither more nor less than an extraordinary tax levied on the Jews, a disguised renewal of the special Jews' tax." Anselm wrote to him "that he would close his offices, break off all financial negotiations with the Government and leave Austria if the Minister persisted in carrying out a project which would be so injurious to the Jews. His letter had the

144 145

desired effect." When Betty suggested that money be raised for Austrian soldiers who were Jews, Anselm (according to his son Ferdinand) "answered that the money was [to be] equally divided between all soldiers, quite regardless of creed, and that a distinction would create a bad effect": RAL, T9/147, Ferdinand, Scarborough, to Lionel, London, Aug. 9, 1866. RAL, XI/ 109/89/2, Anselm, Vienna, to his uncle and cousins, Paris, July 16, 1866; same to same, July 18; July 19; July 20; July 21. RAL, T9/ 155, Nathaniel, Vienna, to deRF, July 14, 1866.

SOURCE 146 1 47 1 48 149 150 151 1 52 153 1 54 155 1 56 1 57 1 58 1 59 1 60 161 162 163 1 64 165 166 167 1 68 1 69 170 171 1 72

NOTES

541

RAL, XI/109/89/1, Ferdinand, Scarborough, to Lionel, London, Aug. 15, 1866; RAL,T9/ 180, same to same, Aug. 2 1 . RAL, XI/ 1 09/89/ 1 , Ferdinand, Schillersdorf, to Lionel, London, Sept. 18,1 866. RAL, XL/ 1 09/88/ 1 , Mayer Carl, Frankfurt, to his cousins and nephews, London, May 8, 1 866. RAL, XL/ 109/88/1, Mayer Carl, Frankfurt, to his cousins and nephews, London, June 11, 1866; same to same, June 11. See also RAL, XL/ 109/88, James, Paris, to his nephews, London, June 15. RAL, T9/157, Mayer Carl, Frankfurt, to his cousins and nephews, London, June 20, 1866; RAL, T9/ 1 58, same to same, June 22. RAL, XI/ 1 09/89/ 1 , Alphonse, Paris, to his cousins, London, July 8, 1866; RAL, XI/ 109/89/2, Mayer Carl, Frankfurt, to his cousins and nephews, July 13; same to same, July 14; RAL, T9/160, July 15. RAL, XL/ 1 09/89/2, Mayer Carl, Frankfurt, to his cousins and nephews, July 1 7, 1 866. RAL, XL/ 109/89/1, Nat, Paris, to his brothers, London, July 21, 1866; RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, July 31. RAL, XL/ 1 09/88, James, Paris, to his nephews, London, June 25,1 866; same to same, June 28. AN, 13 AQ 5697/2M42, Mayer Carl, Frankfurt, to deRF, June 28, 1866; RAL, XI/109/88, James, Paris, to his nephews, London, June 28. Cf. Stern, Gold andiron, p. 87. RAL, XI/ 1 09/89, James, Paris, to his nephews, London, July 2, 1 866. RAL, T9/ 1 85, Bettina, Paris, to her grandparents, July 2, 1 866. RAL, XI/ 1 09/88/2, Alphonse, Paris, to his cousins, London, April 1 2, 1 866. RAL, XI/ 1 09/89/ 1 , Alphonse, Paris, to his cousins, London, July 1 , 1 866. RAL, XI/ 1 09/89/ 1 , Alphonse, Paris, to his cousins, London, July 3, 1 866. RAL, XI/ 109/89/1, Alphonse, Paris, to his cousins, London, July 8, 1866; RAL, XI/ 109/89, James, Paris, to his nephews, London, July 10. RAL, XI/109/89, James, Paris, to his nephews, London, July 12, 1866; same to same, July 13; July 14; July 16; RAL, RFamC/21 Charlotte, London, to Leo, Cambridge, July 13. RAL, XI/ 109/89/1, Alphonse, Paris, to his cousins, London, July 16, 1866; RAL, XI/109/89, James, Paris, to his nephews,. London, July 24. RAL, XI/ 1 09/89/ 1 , Alphonse, Paris, to his cousins, London, Aug. 1 2, 1 866. RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, July 10, 1866. RAL, XI/ 109/89/1, Alphonse, Paris, to his cousins, London, July 11, 1866; same to same, July 13. RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, July 31, 1866. RAL, RFamC/2 1 , Charlotte, London, to Leo, Cambridge, July 20, 1 866. RAL, XI/ 1 09/88, James, Paris, to his nephews, London, April 9, 1 866. Emphasis added. Stern, Gold and iron, pp. 75f. RAL, XI/109/88, James, Paris, to his nephews, London, April 10, 1866. RAL, XI/ 1 09/88, James, Paris, to his nephews, London, June 6, 1 866.

1 73 174 175

RAL, RAL, RAL, June

1 76 177

RAL, XI/ 1 09/88/ 1 , Mayer Carl, Frankfurt, to his cousins and nephews, London, April 8, 1 866. RAL, XI/ 109/88/1, Mayer Carl, Frankfurt, to his cousins and nephews, London, May 6, 1866; AN, 132 AQ 5697/2M42, Mayer Carl to deRF, May 26; same to same, June 8; RAL, XI/ 109/88/ i, Mayer Carl to his cousins, June 1 1.

178

RAL, XI/ 109/89/2, Mayer Carl, Frankfurt, to his cousins and nephews, London, Feb. 26, 1866; AN, 132 AQ 5697/ 2M42, Mayer Carl to James, Paris, June 17; Mayer Carl to deRF, June 24. Cf. Gille, Maison Rothschild vol. II, pp. 45 Iff.

1 79 180

RAL, RAL, Paris, same,

181

XI/ 1 09/88/2, Alphonse, Paris, to his cousins, London, April 27, 1 866. T9/ 138, SMR to James, Paris, May 18, 1866. XI/ 109/88/1, Mayer Carl, Frankfurt, to his cousins and nephews, June 26, 1866; same to same, 27; June 29.

XI/ 1 09/89, James, Paris, to his nephews, London, Aug. 21,1 866. XI/109/88/2, Alphonse, Paris, to his cousins, London, June 7, 1866; RAL, XI/109/88, James, to his nephews, London, June 8; RAL, XI/109/88/2, Alphonse to his cousins, June 17; same to June 27; RAL, XI/ 109/89/1, July 1; July 3.

RAL, XI/109/89, James, Paris, to his nephews, London, July 5, 1866; same to same, July 8; RAL, XI/ 109/89/1, Alphonse, Paris, to his cousins, London, July 7; same to same, July 8; July 16; July 17; RAL, XI/ 109/89/1, Nat, Paris, to his brothers, London, July 17; same to same, July 18; RAL,

182

XI/109/89, James to his nephews, July 18; same to same, July 19. RAL, XI/ 109/89/1, Alphonse, Paris, to his cousins, London, July 20, 1866, same to same, July 23; July

542

SOURCE

NOTES

24; July 26 (two letters); RAL, XI/ 109/89, James, Paris, to his nephews, London, July 22; same to same,

July 23. 1 83

RAL, XI/ 1 09/89, James, Paris, to his nephews, London, July 30, 1 866; RAL, XI/ 1 09/89/2, Alphonse, Paris, to his cousins, London, Aug. 2; same to same, Aug. 8; AN, 132 AQ 5902, James, Deauville, to Alphonse, Paris, Aug. 8; RAL, XI/ 109/89/2, Anselm, Vienna, to Betty, Aug. 9; RAL, XI/ 109/89, James to his nephews, Aug. 12; RAL, XI/ 109/89/2, Anselm to Landau, Florence, Aug. 13; RAL, XI/ 109/89/1, Alphonse, Paris, to his cousins, London, Sept. 4; RAL, XI/ 109/89/1, Nat, Paris, to his brothers, London, Sept. 5; RAL, T9/179, Nat, Paris, to his brothers, London, Sept. 7; RAL, XI/1 09/89/1, Alphonse to his cousins, Sept. 11; RAL, XI/1 09/89/1, same to same, Sept. 13; Sept. 14; Sept. 17; RAL, XI/1 09/89/1, Ferdinand, Schillersdorf, to Lionel, London, Sept. 23; RAL, XI/1 09/88/2, Nat, Paris, to his brothers, London, Sept. 24; RAL, XI/1 09/89, James, Paris, to his nephews, London, Sept. 25; RAL, XI/109/89/1, Alphonse to his cousins, Oct. 6; same to same, Oct. 7; Oct. 11; Oct. 13; Oct. 16; Oct. 23; RAL, XI/1 09/89, James to his nephews, Nov. 7; RAL, XI/109/89/1, Alphonse to his nephews, Nov. 21; same to same, Nov. 28; James to his nephews, Nov. 29. It was especially galling that Stern and the Credit Foncier offered to advance 100 million lire which the Rothschilds' Lombard line was due to pay the government over four years. See also AN, 132 AQ 5772/3M41, Anselm, Vienna, to James and Alphonse, Paris, Oct. 16, 1867.

184 185 186 187

Stern, Gold andiron, pp. 87-95; Sheehan, German history, p. 909. RAL, XI/1 09/88, James, Paris, to his nephews, London, June 28, 1866. Corti, Reign, pp. 403ff. RAL, XI/109/89/1, Alphonse, Paris, to his cousins, London, Oct. 25, 1866; AN, 132 AQ5698/2M43, Mayer Carl, Frankfurt, to deRF, Nov. 9; same to same, Nov. 11; Dec. 13; AN, 132 AQ 5699/2M44, April 28, 1867. Cf. Stern, Gold and iron, pp. 109f. Such was the competition that the Rothschild houses had to be content with 4 million gulden. 188 RAL, XI/1 09/89/2, Anselm, Vienna, to his uncle and cousins, Paris, Aug. 2, 1866; same to same, Aug. 3; AN, 132 AQ 5771/3M38.39, Goldschmidt, Vienna, to deRF, Aug. 28; Goldschmidt to James, Aug. 29; Goldschmidt to deRF, Sept. 6; RAL, XI/1 09/89/2, Mayer Carl, Frankfurt, to his cousins and nephews, Sept. 9; same to same, Sept. 16; RAL, T9/180, Gustave, Paris, to his cousins, London, Sept. 18; AN, 132 AQ5771/3M38,39, Goldschmidt to deRF, Oct. 28; RAL, XI/109/89/1, Alphonse to his cousins, Oct. 29; RAL, XI/1 09/89, James to his nephews, Oct. 31; RAL, XI/1 09/89/2, Anselm to James and his cousins, Nov. 27. 189 RAL, XI/1 09/89/2, Mayer Carl, Frankfurt, to his cousins and nephews, London, Aug. 8, 1866; AN, 132 AQ 5698/2M43, Mayer Carl, Hirschberg, to his uncle and cousins, Paris, Aug. 23; RAL, XI/1 09/89/2, Mayer Carl, Stuttgart, to his cousins and nephews, Sept. 1; RAL, XI/109/89/1, Alphonse, Paris, to his cousins, London, Sept. 2; RAL, XI/1 09/89/2, Mayer Carl, Frankfurt, to his cousins and nephews, Sept. 6; same to same, Sept. 7; Sept. 12; Sept. 13; AN, 1 32 AQ 5698/2M43, Wilhelm Carl, Frankfurt, to his uncle and mother, Paris, Sept. 17; RAL, XI/1 09/90/1, Mayer Carl to his cousins and nephews, May 10, 1867; same to same, May 14; RAL, XI/1 09/90/2, May 17; May 26; May 190 19 1 1 92 1 93 194 195 196 197 198 199

30. Cf. Gille, Maison Rothschild, vol. II, pp. 451-3; Kitchen, Political economy, pp. 117f. RAL, XI/1 09/9 1/2, Mayer Carl, Berlin, to Lionel, Sept. 20, 1867. RAL, RFamC/2 1 , Charlotte, London, to Leo, Cambridge, Sept. 3, 1 866. RAL, RFamC/2 1 , Charlotte, London, to Leo, Cambridge, Dec. 1 , 1 866. RAL, T9/ 1 86, Adolph, Geneva, to Lionel, London, July 9, 1 866. Schwemer, Geschichte, vol. III/2, pp. 339, 344, 352, 383, 386, 393ff. Manteuffel contemptuously likened Mayer Carl to the Merchant of Venice. RAL, XI/109/89/1, Alphonse, Paris, to his cousins, London, July 23, 1866; same to same, July 24; July 26 (two letters); July 29; RAL, T9/1 56, Nathaniel, Vienna, to deRF, July 24. RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, July 26, 1866. Schwemer, Geschichte, vol. III/2, pp. 373f. RAL, XI/1 09/89/2, Anselm, Vienna, to his uncle and cousins, July 26, 1866. For Bismarck's reply see RAL, XI/1 09/89/2, Bismarck, Nikolsburg, to Anselm, July 28. RAL, XI/1 09/89/2, Mayer Carl, Frankfurt, to his cousins and nephews, London, July 22, 1866; RAL, T9/164, MAR to NMR, July 23; RAL, XI/1 09/89/2, Mayer Carl to his cousins and nephews, July 31; same to same, Aug. 1; Aug. 12; RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, Aug. 4, 1866; same to same, Aug. 1 1. Cf. Stern, Gold and iron, p. 91.

SOURCE

200 201

RAL, RFamC/2 1 , Charlotte, London, to Leo, T9/204, Bleichroder to Lionel, London, Aug. RAL, RFamC/21, Charlotte, London, to Leo, RFamC/3/42, Natty, Frankfurt, to Lionel and 180ff.

NOTES

543

Cambridge, Aug. 20, 1 866; same to same, Aug. 2 1 ; RAL, 22. Cambridge, Aug. 27, 1866; same to same, Dec. 1; RAL, Charlotte, Feb. 3, 1867. Cf. Heuberger, Rothschilds, pp.

202

RAL, RFamC/3/45, Natty, London, to his cousins, Paris, April 16, 1867; Schwemer, Geschichte, vol. III/2, p. 451.

203 204

RAL, XI/ 1 09/89/ 1 , Alphonse, Paris, to his cousins, London, Aug. 1 4, 1 866. AN, 132 AQ 5968/2M43, Mayer Carl, Frankfurt, to deRF, Aug. 16, 1866; RAL, XI/ 109/89/1, Alphonse, Paris, to his cousins, London, Aug. 20.

205

Bohme, Foundation of the German Empire, p. 176; Pflanze, Bismarck, vol. II, p. 16; Kitchen, Political economy, p. 118.

FIVE

Bonds and Iron (1867-1870)

1 2

AN, 1 32 AQ 5903/422, James, Nice, to his children, Paris, Feb. 1 , 1 867. AN, 1 32 AQ 5903/426, James, Nice, to his children, Feb. 2, 1 867.

3 4

RAL, T10/128, Ferdinand, Paris, to Lionel, London, April 15, 1868. RAL, T10/77, James, Paris, to his nephews, London, Oct. 1, 1868; RAL, TlO/76, same to same, Oct. 4.

5

RAL, XI/ 109/96/1, Edmond, Paris, to his cousins, London, Oct. 31, 1868.

6

RAL, XI/ 109/96/1, Alphonse, Paris, to his cousins, London, Nov. 2, 1868; same to same, Nov. 3; Nov.

8 9 10

9. RAL, XI/ 109/96/1, Alphonse, Paris, to his cousins, London, Nov. 17, 1868. RAL, XI/ 109/96/1, Leo, Paris, to his parents, London, Nov. 19, 1868. RAL, XI/ 109/96/1, Natty, Paris, to his parents, London, Nov. 19, 1868. The Times, Nov. 19, 1868. Cf. Muhlstein, Baron James, pp. 213f.

11

Corti, Reign, p. 408; Stern, Gold and iron, p. 109; Rosenbaum and Sherman, M. M. Warburg & Co., p.

12

65. According to the authors, "the expenses for his coach to the cemetery were debited to the Warburg current account." RAL, XI/ 109/96/1, Alfred, Paris, to his parents, London, Nov. 19, 1868.

13

The Times, Nov. 23, 1868, p. 7. Cf. Bouvier, Rothschild, pp. 14 If; Dupont-Ferrier, Marche financier,

pp. 75ff. 14

The lack of detailed accounts for the period 1 852-79 makes it difficult to be sure when the Paris house made its dramatic leap forward ahead of the other houses in terms of capital. We do know that in the five years to 1868 the Paris house made profits in excess of £4 million, an annual average of £800,000: RAL, T10/166, Leo, Paris, to his uncle [Anthony] and Natty, London, Aug. 20, 1869. This was very

15 16

nearly double the average figure for the entire period 1 852-79, suggesting that much if not all the credit for the growth of de Rothschild Freres should go to James. The Times, Dec. 19, 1868. RAL, [formerly CPHDCM], OC 222, James's will, June 16, 1864. Altogether, James left Betty lump sums and annuities worth around 16 million francs, the house at 19 rue Laffitte and its contents, the house at 7 rue Rossini and its contents, as well as use of the houses at Boulogne and Ferrieres. Ownership of Ferrieres James wished to pass to his eldest son Alphonse and to carry on through the male line according to the rule of primogeniture. This was at odds with French law (which favoured partible inheritance), but James explicitly requested his descendants to put his wishes first! In addition, Alphonse was given 100,000 francs a year for the upkeep of the Ferrieres. However, most of the other real estate (Boulogne, 21, 23 and 25 rue Laffitte, 2 rue Rossini, 2 and 4 rue St Florentin, 267 rue St Honore, the three houses in the rue Mondovi and the Lafite estate) was divided equally between his three sons, with the remainder going to Charlotte and Helene. On attaining his majority, Edmond was to receive various sums amounting to around 3 million francs. The rest of James's fortune, including his share in the bank, was divided between Alphonse, Gustave and Edmond (c. 26 per cent each) and Charlotte and Helene (1 1 per cent each). Various codicils distributed further sums to his children (400,000

17 18

francs), their spouses (300,000) and Salomon James's widow Adele (100,000). Muhlstein, Baron James, p. 2 1 1 . Merimee, Correspondance generate, 2e serie, vol. XIII, p. 343.

544

19 20 21

SOURCE

NOTES

RAL, [formerly CPHDCM] , OC 222, James's will, June 1 6, 1 864. Braudel and Labrousse, Histoire economique, vol. Ill, pp. 441-6. RAL, XI/ 109/89/1, Alphonse, Paris, to his cousins, London, Nov. 19, 1866. Cf. Palmade, Capitalism,

25 26 27

pp. 139-48. Girard, Travaux publics, pp. 367f.; Bouvier, Rothschild, p. 162. RAL, XI/ 109/90/ la, Alphonse, Paris, to his cousins, London, March 4, 1867; same to same, March 25. RAL, XI/109/91/2, Alphonse, Paris, to his cousins, London, Sept. 9, 1867; same to same, Sept. 10; Sept. 11; Sept. 18; Plessis, Banque de France, vol. Ill, pp. 300f.; Braudel and Labrousse, Histoire economique, vol. Ill, p. 446. Gille, Maison Rothschild, vol. II, pp. 113,117. AN, 1 32 AQ 5902, James, Nice, to his children, Jan. 24, 1 867 [wrongly dated 1 866] . Girard, Travaux publics, pp. 367f.

28 29

RAL, T10/130, Adolph, Paris, to Lionel, May 10, 1868. Cf. Prevost-Marcilhacy, Rothschild, pp. 83f. Roqueplan, Baron James, p. 4. Cf. Chirac, Haute Banque, p. 225.

30 31 32 33

Girard, Travaux publics, pp. 279-81. Marion, Histoire financiere, vol. V, pp. 343-8. Cobban, Modern France, vol. II, pp. 192f. See e.g. RAL, XI/ 109/89, James, Paris, to his nephews, London, Nov. 12, 1866; RAL, XI/ 109/89, same to same, Nov. 24; RAL, XI/ 109/99/1, Alphonse, Paris, to his cousins, London, Aug. 28, 1869; same to same, Sept.l; Sept. 6; Sept. 7; Sept. 1 1; Sept. 13.

34 35

Einaudi, "Money and politics," esp. pp. 126ff. RAL, XI/ 109/93/1, Alphonse, Paris, to his cousins, London, Jan. 23, 1868. Cf. Corley, Democratic

22 23 24

36 37 38 39 40 41 42 43 44 45 46

Despot, p. 292. RAL, T 10/94, Nat, Paris, to his brothers, London, Aug. 17, 1868; RAL, T10/85, Alphonse, Paris, to his cousins, London, Sept. 5. Vincent (ed.), Disraeli, Derby and the Conservative party, p. 279. See also pp. 311, 319. AN, 132 AQ 5902, James, Nice, to his children, Paris, Jan. 20, 1867 [wrongly dated 1866]; same to same, Jan. 23; AN, 1 32 AQ 5903/4 19, same to same, Jan. 30. AN, 132 AQ 5903/422, James, Nice, to his children, Paris, Feb. 1, 1867. RAL, XI/ 109/90/ la, Alphonse, Paris, to his cousins, London, Jan. 23, 1867. See also RAL, XI/1 09/91/1, same to same, July 3; Oct. 8. RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, Dec. 29, 1866. RAL, XI/ 1 09/92/ 1 , Alphonse, Paris, to his cousins, London, Dec. 18,1 867. RAL, XI/ 1 09/9 1 / 1 , Alphonse, Paris, to his cousins, London, July 22, 1 867; same to same, July 28; Aug. 4; Aug. 5. RAL, T 10/40, Mayer, Paris, to his brothers, London, undated, Aug. 1867. RAL, XI/109/91/2, Mayer, Wildbad, to his brothers and nephews, London, undated, summer 1867; AN, 132 AQ 5903, James, Wildbad, to Alphonse, July 19; same to same, Aug. 2; RAL, T10/6, Aug. 6. Plessis, Second Empire, p. 121. Gustave and Say had become friends at college: RAL, T 16/ 140, Gustave, Paris, to his cousins, London, April 22, 1896.

47 48 49

Lomenie, Dynasties, vol. I, p. 212; Bouvier, Rothschild pp. 182 — 4. Gille, Maison Rothschild vol. II, pp. 392f; Pinkney, Paris, pp. 196f. RAL, XI/ 1 09/97/ 1 , Alphonse, Paris, to his cousins, London, March 3, 1 869.

50 51

Pinkney, Paris, pp. 204f.; Bouvier, Rothschild pp. 184-7; Gille, Maison Rothschild, vol. II, pp. 46 If. RAL, XI/1 09/98/1, Alphonse, Paris, to his cousins, London, May 18, 1869; RAL, T10/158, Gustave, Paris, to his cousins, London, May 25; RAL, XI/1 09/98/1, Nat, Paris, to his brothers, London, June 13; same to same, June 1 7; RAL, XI/ 1 09/ 1 00/ 1 , Nov. 25.

52

RAL, XI/1 09/99/1, Alphonse, Gastein, to Lionel, London, July 14, 1869; Alphonse, Paris, to his cousins, London, Aug. 28; same to same, Oct. 13; Oct. 18; Oct. 19; Oct. 21; Oct. 26; RAL, XI/1 09/ 100/1, Nov. 25.

53 54

RAL, XI/1 09/99/1, Nat, Paris, to his brothers, London, July 6, 1869; same to same, July 18. RAL, XI/1 09/ 100/1, Alphonse, Paris, to his cousins, London, Dec. 27, 1869; RAL, XI/109/101/1, same to same, Jan. 4, 1870; Jan. 6.

55 56

Vincent (ed.), Derby diaries, 1869-78, p. 46. RAL, XI/ 1 09/ 1 0 1 / 1 , Alphonse, Paris, to his cousins, London, Jan. 12, 1 870; same to same, Jan. 13; Jan. 20; Feb. 7; Feb. 9; Feb. 12; Feb. 23; March 20; March 24; April 2.

SOURCE 57

NOTES

545

58

RAL, XI/ 109/ 102, Alphonse, Paris, to his cousins, London, April 4, 1870 (two letters); same to same, April 5; April 6; April 9; April 13; April 14; April 25; May 1; May 5; May 6; May 7. RAL, XI/ 109/ 102, Alphonse, Paris, to his cousins, London, May 10, 1870 (two letters); same to same,

59 60

June 2. RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, Aug. 30, 1866. RAL, T10/120, Gustave, Paris, to his cousins, London, undated, c. Nov. 1868.

61

RAL, XI/ 1 09/89/ 1 , Alphonse, Paris, to his cousins, London, Oct. 20, 1 866; RAL, XI/ 1 09/92/ 1 , same to same, Nov. 24.

62 63 64

RAL, RAL, RAL, RAL,

XI/ XI/ XI/ XI/

109/89, James, Paris, to his nephews, London, Dec. 8, 1866. 109/90/ la, Alphonse, Paris, to his cousins, London, Jan. 17, 1867; same to same, Feb. 15; 109/92/1, Dec. 19; RAL, XI/ 109/93/1, Jan. 2, 1868; Jan. 9; Jan. 15. 109/90/ la, Alphonse, Paris, to his cousins, London, Jan. 1 1, 1867. For other illustrations of

65

his over-optimism about French military preparedness, see RAL, XI/ 109/90/1, same to same, April 18; RAL, XI/ 109/92/1, Dec. 18; RAL, XI/ 109/94/1, May 8; May 14. RAL, RFamC/2 1 , Charlotte, London, to Leo, Cambridge, Feb. 21,1 867.

66

AN, 132 AQ 5903, James to Alphonse, July 26, 1867. The military weaknesses exposed by the Luxem-

67

bourg crisis changed James's view on the need for rearmament somewhat: RAL, XI/ 109/91, James, Paris, to his nephews, London, Nov. 28. RAL, XI/109/93/1, Alphonse, Paris, to his cousins, London, Jan. 15, 1868; RAL, T10/83, same to

68 69 70 71

same, Jan. 24; RAL, XI/109/93/1, Jan. 27; Jan. 30; RAL, XI/ 109/94/1, undated, c. April 22; April 29; May 25. It was a sign of the widening gulf between the government and the Rothschilds that the loan was underwritten by the Societe Generale: RAL, XI/ 109/95/1, James, Paris, to his nephews, London, Aug. 5; RAL, XI/109/95/1, Alphonse to his cousins, Sept. 10. RAL, T10/89, Alphonse, Paris, to his cousins, London, April 10, 1868; RAL, XI/109/94/1, same to same, April 17. RAL, XI/ 109/94/2, Mayer Carl, Berlin, to his cousins and nephews, London, April 17, 1868; same to same, April 20; April 21 . RAL, XI/ 109/ 100/1, Alphonse, Paris, to his cousins, London, Dec. 13, 1869. RAL, XI/109/101/1, Alphonse, Paris, to his cousins, London, Jan. 10. 1870; same to same, Feb. 18; March 2; March 5; March 8.

72 73

Kindleberger, Financial history, p. 222. Corti, Reign, pp. 406f.; Lyons, Internationalism, p. 111.

74 75

See in general Enaudi, "Money and politics." RAL, XI/ 109/90/ la, Alphonse, Paris, to his cousins, London, March 7, 1867; same to same. March 16; RAL, T10/1 1, Nat, Paris, to his brothers, London, undated, June.

76

RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, Aug. 16, 1866.

77

RAL, RFamC/2/6, Disraeli to Charlotte, Jan. 2, 1867. Cf. Vincent (ed.), Disraeli, Derby and the Conservative party, pp. 319, 332. RAL, T10/17, Alphonse, Paris, to his cousins, London, Jan. 16, 1867; RAL, XI/109/90/la, same to same, March 11; March 14; March 25; March 26; March 29; March 31; April 1; April 2; April 3; RAL,

78

XI/ 109/90/1, James, Paris, XI/109/90/1, April 10 (two

79 80 81

Mayer Carl, Frankfurt, to his cousins and nephews, London, April 1; RAL, XI/ 109/91, to his nephews, London, April 2; same to same, April 3; April 4; April 6; RAL, Alphonse to his cousins, April 5 (two letters); same to same, April 7; April 8; April 9; letters); April 12; April 14; April 15; April 17; April 18; RAL, XI/109/91, James to his

nephews, April 16; same to same, April 17; April 18; RAL, RFamC/3/44, Natty, Frankfurt, to his parents, April 16; same to same, April 19; RAL, RFamC/3/45, April 16; RAL, T 10/52, Bleichroder, Berlin, to deRF, April 19; RAL, XI/109/90/1, James to his nephews, April 19; Alphonse to his cousins, April 20; same to same, April 21; April 28 (two letters); April 30; May 1; May 6; May 7; James to his nephews, April 23; same to same, April 24; April 25; May 1; May 2; May 7; May 8; RAL, T10/54, Bleichroder to deRF, May 9; RAL, XI/ 109/90/2, Alphonse to his cousins, June 10; RAL, T 10/29, same to same, June 12; RAL, T10/3, James to his nephews, July 22. Cf. Corti, Reign, pp. 406f; Davis, English Rothschilds, pp. I45f. RAL, XI/ 1 09/9 1 12, Anthony, Paris, to his brothers, Aug. 31,1867. RA, J82/158, Lionel, New Court, to Foreign Office [extract], Sept. 3, 1867. Monypenny and Buckle, Disraeli, vol. IV, p. 470; Davis, English Rothschilds, p. 146; Kynaston, City, vol. I, p. 251.

546 82 83 84 85 86 87 88

89 90

SOURCE

NOTES

RA, J82/ 1 57, Lord Stanley, Foreign Office, to Victoria, Sept. 9, 1 867. Davis, English Rothschilds, p. 104. RAL, XI/ 109/94/1, Alfred, Paris, to his parents, April 20, 1868. Corti, Reign, p. 394. Cf. on Rothschild relations with Leopold II, Dosne, Memoires, vol. II,

pp. 294f.

RAL, XI/109/92/1, Alphonse, Paris, to his cousins, London, Oct. 30, 1867. Cf. Gille, Maison Roth-

schild, vol. II, pp. 425-8, 462-6. See also pp. 539-42. RAL, T10/144, Gustave, Paris, to his cousins, London, Feb. 15, 1869. RAL, XI/ 109/95/1, Alphonse, Paris, to his cousins, London, Sept. 27, 1868; same to same, Sept. 29; RAL, XI/ 109/96/1, Oct. 24; Oct. 27; Nov. 2; Nov. 7; Nov. 9; Nov. 21; Nov. 25; Nov. 29; Dec. 9; James, Paris, to his nephews, London, Oct. 31; Anselm, Schillersdorf, to deRF, Nov. 29. Cf. Gille, Maison Rothschild, vol. II, pp. 473-84; Bouvier, Rothschild, pp. 182-4, 218-21; idem, Credit Lyonnais, pp. 609-16. RAL, XI/ 109/99/1, Alphonse, Paris, to his cousins, London, Sept. 16, 1869; same to same, Sept. 17. RAL, XI/109/96/1, Alphonse, Paris, to his cousins, London, Dec. 13, 1868; RAL, XI/109/97/1, same to same, Jan. 13, 1869; Jan. 21; RAL, XI/109/97/1, Nat, Paris, to his brothers, London, Jan. 24; Alphonse to his cousins, Jan. 25; same to same, March 1; March 10; RAL, T10/152, March 14; RAL, XI/ 109/98/1, April 1; Nat to his brothers, April 1; Alphonse to his cousins, April 8. Cf. Gille, Maison Rothschild, vol. II, pp. 480-84, 528-35: the Zaragoza company's debt to the Rothschild banks now totalled 42.7 million francs.

91 92

93

RAL, XI/ 1 09/98/ 1 , Alphonse, Paris, to his cousins, London, April 1 1 , 1 869; same to same, April 1 3. RAL, XI/ 109/99/1, Alphonse, Paris, to his cousins, London, Sept. 21, 1869; same to same, Sept. 23; Sept. 27; Sept. 28; RAL, XI/ 109/ 100/1, Oct. 4; Oct. 12; Oct. 13; Oct. 14; Oct. 15; Oct. 19; Oct. 21; Oct. 22; Mayer Carl, Frankfurt, to his cousins and nephews, London, Oct. 23; same to same, Nov. 18; Dec. 1 1. Cf. Gille, Maison Rothschild, vol. II, p. 482. RAL, XI/109/100/1, Alphonse, Paris, to his cousins, London, Nov. 22, 1869; RAL, XI/109/101/1, same to same, Jan. 12, 1870; Jan. 13; Jan. 20; Leo, Paris, to his parents, London, Feb. 23; Alphonse to his cousins, March 15; same to same, March 18; March 20; March 23; March 24; RAL, XI/ 109/ 102, April 1; April 9; April 13; April 22; Mayer Carl, Frankfurt, to his cousins and nephews, London, April 28; Alphonse to his cousins, May 3; same to same, June 2. The London and Paris houses jointly advanced £1 .7 million to the Spanish government, which was to be repaid over twenty years. This debt was then converted into 5 per cent bonds with a nominal value of £2,3 1 8,000: Gille, Maison Rothschild, vol. II, pp. 483f. As Lionel was heard to observe in January 1870, "whatever might be the condition of the Spanish government as regards money matters it could always raise funds ... in England. This is certainly not the result of the peculiar honesty of Spanish administration, but of a vague tradition of the

94

95

96 97

98 99

100

ancient wealth of Spain . . .": Vincent (ed.), Derby diaries, 1869—78, p. 46. RAL, XI/ 109/ 106, Alphonse, Paris, to his cousins, London, July 7, 1871; same to same, Sept. 1; RAL, RFam/C/4/357, Lionel, London, to Leo, Innsbruck, Sept. 7; RAL, RFamC/4/358, same to same, Sept. 8. The syndicate included Fould, Pillet-Will, Credit Lyonnais, the Banque Franco-egyptienne, Oppenheim, the Societe Generale and the Banque Imperiale Ottomane — one of the heterogeneous combinations so characteristic of the period after 1 870. RAL, XI/109/108/1, Alphonse to his cousins, April 22, 1872; RAL, XI/109/109/1, Natty, Birnam, to his parents, London, Aug. 21; RAL, XI/109/109/1, Alphonse, Paris, to his cousins, London, Aug. 31; same to same, Sept. 23. Cf. Bouvier, Rothschild, pp. 218-21; idem, Credit Lyonnais, pp. 628-35 (see also p. 651 for the loan of 1876). Calculated from figures in Martin, Rothschild pp. 285f, 413; Mitchell, European historical statistics, p. 789; Carreras, Industrializacion Espanola, pp. 185-7. RAL, XI/ 109/ 107/1, Alphonse, Paris, to his cousins, London, Nov. 29, 1871; RAL, XI/109/108/1, same to same, April 6, 1872; April 24; RAL, Tl 1/43, Weisweiller, Madrid, to Lionel, London, Nov. 17, 1 873; RAL, Tl 1/63, Weisweiller to NMR, July 5, 1 874. Martin, Rothschild, pp. 258f, 308-10, 389, 491-4. RAL, XI/109/109/1, Natty, Birnam, to his parents, London, Aug. 20, 1872; Alphonse, Paris, to his cousins, London, Sept. 19; RAL, T10/410, same to same, Nov. 30; RAL, Tl 1/6, undated, c. Feb. 1873. The possibility had been raised before: see The Times, May 17, 1870, p. 10. RAL, Tl 1/79, Alphonse, Paris, to his cousins, London, Dec. 31, 1874.

SOURCE

101 102

103

NOTES

547

Cameron, France and Europe, pp. 263-73; Carr, Spain, p. 266n. AN, 132 AQ/322/A-4-1/4 Espagne, deRF agreement with comte de Girgenti; Sept. 10?, 1868; AN, 132 AQ/322/A-4-1/1 Espagne, Separation agreement between Isabella at Francis of Assisi, May 9, 1874; AN, 132 AQ/322/A-4-1/2 Espagne, Isabella to deRF, Sept. 9, 1881; AN, 132 AQ/322/Succession (Alphonse XII), Moreno to Bauer, April 13, 1901; AN, 132 AQ/322/Succession AlphonseFrancois d'Assise, Bauer to deRF, June 6, 1904. RAL, T10/104, Gustave, Paris, to his cousins, London, Oct. 5, 1868; RAL, T10/105, same to same, Oct. 20; RAL, XI/ 1 09/96/ 1 , Mayer to his brothers, Oct. 2 1 ; RAL, XI/ 1 09/97/ 1 , Alphonse, Paris, to his cousins, London, Jan. 13, 1869.

104

RAL, XI/ 109/96/1, Alphonse, Paris, to his cousins, London, Oct. 10, 1868. Erroneously, Alphonse

1 05

described Amadeo as "of all the candidates, the most dangerous." RAL, XI/ 1 90/97/ 1 , Nat, Paris, to his brothers, London, Feb. 7, 1 869.

106

Figures from Mitchell, European historical statistics, pp. 407, 698; Mack Smith, Italy, pp. 85ff.

107 108

Ciocca and Ulizzi, "I tassi di cambio," pp. 354f. See e.g. RAL, XI/ 109/92/1, Alphonse, Paris, to his cousins, London, Jan. 22, 1867; RAL, XI/ 109/90/ la, same to same, Jan. 25; RAL, XI/ 109/90/ la, March 23; RAL, XI/ 109/90/1, May 31; RAL, XI/ 109/9 1/1, July 3; RAL, XI/ 109/ 100/1, Dec. 9, 1869. AN, 1 32 AQ 5902, James, Nice, to his children, Paris, Jan. 1, 1867; same to same, Jan. 9; Jan. 16; RAL, XI/ 109/90/ la, Alphonse, Paris, to his cousins, London, Jan. 1 1; AN 132 AQ 5903/396, James to his children, Jan. 17; AN, 132 Q 5903/399, same to same, Jan. 18; AN, 132 AQ 5903/400, Jan. 20. Cf.

109

1 10 111

Jacquemyns, Langrand-Dumonceau, vol. IV, pp. 1 52f. RAL, XI/ 109/93/1, Alphonse, Paris, to his cousins, London, Jan. 18, 1867; RAL, T 10/81, James, Nice, to his children, Paris, Jan. 21; RAL, XI/ 109/90/ la, Alphonse to his cousins, Jan. 28. AN, 1 32 AQ 5903, James, Nice, to his children, Paris, Jan. 30, 1 867; AN, 1 32 AQ 5903/426, same to same, Feb. 2; AN, 132 AQ 5903/429, Feb. 3; AN, 132 AQ 5903/431, Feb. 4; RAL, XI/ 109/90/ la, Alphonse, Paris, to his cousins, London, Feb. 5; AN, 132 AQ 5903/433, James, Nice, to Landau, Feb. 6; AN, 132 AQ 5903/443, James to his children, Feb. 1 1 ; RAL, XI/ 109/90/ la, Alphonse to his cousins, Feb. 23; RAL, XI/ 109/97/1, Nat, Paris, to his brothers, London, Feb. 24; RAL, XI/ 109/90/ la, Alphonse to his cousins, March 12; same to same, March 31; RAL, XI/ 109/90/1, undated, c. April 14;

112

April 28. Cf. Gille, Maison Rothschild, vol. II, pp. 466-72; Jacquemyns, Langrand-Dumonceau, vol. IV, pp. 179-91; Bouvier, Credit Lyonnais, pp. 532-46. RAL, XI/ 109/90/ la, Nat, Paris, to his brothers, London, undated, c. March 1867 (several letters); RAL, XI/ 109/93/1, James, Paris, to his nephews, London, Feb. 14; RAL, XI/ 109/90/ la, Alphonse, Paris, to his cousins, London, Feb. 27; RAL, XI/ 109/90/1, same to same, undated, c. April (several letters); RAL,

113 1 14

RFamC/3/47, Natty, Genoa, to his parents, London, May 4; RAL, XI/ 109/90/1, Alphonse to his cousins, May 7; same to same, May 8; May 9; May 10; May 11; May 14; RAL, XI/ 109/91, James :o his nephews, May 14. AN, 1 32 AQ 5902, James, Ostend, to his children, Paris, July 30, 1 865. RAL, XI/ 109/91, James, Paris, to his nephews, London, May 15, 1867; same to same, May 16; May 17; May 22. Cf. RAL, XI/ 109/90/1, Alphonse, Paris, to his cousins, London, May 15; same to same, May 17; May 19. Cf. Bouvier, Rothschild, pp. 22 Iff.

1 15 116

RAL, XI/ 1 09/90/ 1 , Alphonse, Paris, to his cousins, London, May 1 9, 1 867; same to same, May 20. RAL, XI/ 109/9 1/2, Mayer, Wildbad, to his brothers, London, undated, c. July 1867; RAL, XI/ 109/9 1/1, Alphonse, Paris, to his cousins, London, July 7; AN, 132 AQ5903, James, Homburg, to Alphonse, undated, c. July; AN, 132 AQ 5903/459, same to same, July 13; RAL, XI/ 109/91/1, Alphonse to his cousins, July 15; same to same, July 17; July 19; July 20; July 22; undated, c. July 23; July 25; Aug. 2; Aug. 4; Aug. 12; Aug. 15; AN, 132 AQ 5903, James to Alphonse, July 17; RAL, XI/ 109/9 1/2, Ferdinand, St Moritz, to Lionel, London, July 26. 117 RAL, T10/39, Nat, Paris, to his brothers, London, undated, c. Aug. 1867; RAL, XI/ 109/92/1, Alphonse, Paris, to his cousins, London, Sept. 23; RAL, T10/4, James, Paris, to his nephews, London, undated, c. Sept.; RAL, XI/ 109/9 1/2, Nat to his brothers, undated, c. Sept.; RAL, XI/ 109/92/1, Alphonse to his cousins, Oct. 2; same to same, Oct. 4; Oct. 5; Oct. 6; Oct. 10; Oct. 21; Oct. 27; Oct. 29 (two letters); Oct. 30; Oct. 31; Nov. 2; Nov. 4; Nov. 5; Nov. 6; Nov. 24; Dec. 2; Dec. 6; Dec. 7; Dec. 14; Dec. 16; Dec. 23; RAL, XI/ 109/93/1, Jan. 2, 1868. 118

RAL, RFamC/3/4l, Natty, Paris, to his parents, London, May 16, 1867. Interestingly, the London

548

119

SOURCE

NOTES

house tendered for a contract to supply rifles to the Italian government in the aftermath of the Roman crisis: AN, 132 AQ 5483/1 M89, NMR to deRF, Jan. 13, 1868. RAL, XI/109/96/1, Alphonse, Paris, to his cousins, London, Oct. 14, 1868; same to same, Oct. 22; Oct. 27; Dec. 28; Dec. 29; RAL, XI/ 109/97/1, Jan. 7; Feb. 1.

120

RAL, XI/ 109/93/1, Alphonse to his cousins, Feb. 1, 1868. Cf. Alphonse to his cousins, Jan. 14; same to same, Jan. 15; Jan. 17; Jan. 22; Jan. 23; James, Paris, to his nephews, London, Jan. 29; Alphonse to his cousins, Feb. 3; same to same, Feb. 11; Feb. 14.

121

RAL, XI/ 109/97/1, Nat, Paris, to his brothers, London, Feb. 7, 1869. James's death considerably enhanced Nat's influence in Paris; he became the senior figure to whom Alphonse, unaccustomed to taking decisions for himself, turned for counsel. RAL, XI/ 109/97/1, Alphonse, Paris, to his cousins, London, Feb. 12, 1869; same to same, Feb. 20. RAL, XI/ 109/93/1, Alphonse, Paris, to his cousins, London, Jan. 14, 1868; same to same, Feb. 4; Feb. 6; Feb. 7; Feb. 13; Feb. 14; Feb. 19; Feb. 23; March 2; March 8.

122 123 124 125 126 127

128 129

130 13 1 132 133

134

135

RAL, XI/109/97/1, Mayer Carl, Frankfurt, to his cousins and nephews, London, Feb. 5, 1869; same to same, Feb. 11; Feb. 20; April 6; April 8. Clough, Economic history, p. 52n.; Bouvier, Rothschild, pp. 221f. AN, 132AQ5520/lM126,NMRtodeRF,May20, 1881. RAL, XI/ 109/90/1, Alphonse, Paris, to his cousins, London, May 22, 1867; same to same, May 25; May 27; RAL, XI/109/91, James, Paris, to his nephews, London, May 28; RAL, XI/ 109/90/1, Alphonse to his cousins, June 4; same to same, June 5; June 14; June 16. See also RAL, XI/ 109/99/1, Sept. 18, 1869. Cf. Gille, Maison Rothschild, vol. II, pp. 469f.; Bouvier, Credit Lyonnais, p. 542. Cameron, France and Europe, pp. 300f. RAL, RFamC/3/47, Natty, Genoa, to his parents, London, May 4, 1867; RAL, XI/109/97/1, Nat, Paris, to his brothers, London, Jan. 24, 1869; RAL, XI/ 109/99/1, Anthony, Vienna, to his brothers, undated, summer 1869; same, Venice, to same, Sept. 19; Sept. 20; RAL, XI/ 109/ 100/1, same, Turin, to same, Oct. 12. RAL, XI/109/96/1, Alphonse, Paris, to his cousins, London, Oct. 10, 1869; same to same, Nov. 9. Cf. Gille, Maison Rothschild vol. II, pp. 519f. Gille, Maison Rothschild vol. II, p. 520. Aver, Century of finance, pp. 50, 54. AN, 132 AQ 5500/1 M 106, NMR to deRF, Jan. 23, 1874; same to same, Jan. 30; Feb. 3; Feb. 13; Feb. 17; March 3; March 10; March 27; April 14; April 17; April 24; April 28; AN, 132 AQ5501/1M107, May 1; May 5; May 12; May 19; June 1; July 3; July 7; July 10; July 14; July 17; July 21; July 24; July 31; Aug. 7; Aug. 14; Aug. 28; AN, 132 AQ 5502/1M108, Sept. 4; Sept. 11; Sept. 22; Oct. 2; Oct. 6; Oct. 9; Oct. 13; Oct. 16; Oct. 20; Oct. 23; Oct. 27; Nov. 3; Nov. 13; Nov. 27; Dec. 29. RAL, XI/ 109/89, James, Paris, to his nephews, London, Nov. 5, 1866; RAL, XI/ 109/89/1, Alphonse, Paris, to his cousins, London, Nov. 6; same to same, Nov. 9; Nov. 20; Nov. 21; Nov. 27; RAL, XI/109/89, James to his nephews, Dec. 10; AN, 132 AQ 5902, James, Nice, to his children, Jan. 1, 1867; AN, 132 AQ 5903, same to same, Jan. 12; RAL, XI/ 109/92/1, Alphonse to his cousins, Nov. 16; same to same, Dec. 6; RAL, XI/ 109/93/1, Jan. 20, 1868; Jan. 22; Jan. 23; Feb. 3; RAL, XI/109/94/2, Mayer Carl, Berlin, to his cousins and nephews, London, April 10; RAL, XI/ 109/94/1, Alphonse to his cousins, April 1 1; AN, 132 AQ 5701/2M46, Mayer Carl to deRF, April 27; RAL, XI/ 109/94/1, deRF to NMR, May 11; AN, 132 AQ 5701/2M46, Mayer Carl to deRF, Aug. 11; RAL, XI/ 109/ 10 1/1, Alphonse to his cousins, Jan. 4, 1870; RAL, XI/ 109/ 102, same to same, April 13; April 19; RAL, XI/ 1 09/ 102/1, Salbert, Vienna, to Lionel, April 30; RAL, XI/ 1 09/ 1 02, Alphonse to his cousins, May 4; RAL, XI/ 109/ 102, Lionel, London, to his cousins and nephews, Paris, May 9; RAL, XI/ 109/ 104, Alphonse to his cousins, March 5, 1871; RAL, XI/109/105, Mayer Carl, Frankfurt, to his cousins and nephews, London, April 19; same to same, April 21; Salbert, Vienna, to Lionel, London, April 23; Anselm to Alphonse, May 12; RAL, XI/109/106/3, Anselm, Homburg, to Lionel, Aug. 7; RAL, XI/ 1 09/ 1 07/ 1 , Alphonse to his cousins, Feb. 21,1871; same to same, Feb. 23; RAL, T 1 0/408, Nov. 2. AN, 132 AQ 5903/396, James, Nice, to his children, Paris, Jan. 17, 1867; AN, 132 AQ 5903/422, same to same, Feb. 1; AN, 132 AQ 5903/443, Feb. 11; AN, 132 AQ 5903, James, Inverness, to his children, undated, summer 1868; RAL, XI/ 109/95/1, Alphonse, Paris, to his cousins, London, Sept. 19.

SOURCE 136

137

NOTES

549

RAL, XI/1 09/94/1, Alphonse, Paris, to his cousins, London, April 29, 1868; RAL, XI/ 109/ 102, same to same, June 6; June 17; June 20; June 30; July 4; July 31; Aug. 1. An exemption from the new tax, which would have cost the company around 4 million lire a year, could be bought only by giving the government an advance payment of 22 million lire. Cf. Gille, Maison Rothschild, vol. II, pp. 520fF. RAL, XI/ 109/93/1, Alphonse, Paris, to his cousins, London, Feb. 16, 1868; same to same, Feb. 21; Feb. 26; James, Paris, to Anselm, Feb. 28; Alphonse to his cousins, March 1; same to same, March 5; March 8; March 12; RAL, XI/109/94/2, Anselm to deRF, April 25; RAL, XI/ 109/94/1, Alphonse to his cousins, May 16.

138 139

AN, 1 32 AQ 5705/2M50&5 1 , Mayer Carl to deRF, June 1 , 1 870; same to same, June 6. RAL, XI/ 109/1 03/ l.Salbcrt, Vienna, to Lionel, London, Nov. 1, 1870; same to same, Jan. 14; AN, 132 AQ32/1D2(16), Anselm to deRF, Jan. 7, 1871.

140

Cameron, France and Europe, p. 301; Bouvier, Rothschild pp. 22 Iff.

141 142

Bodleian Library, Queen Victoria Papers 5-7 0340, Lionel, New Court to Disraeli, Sept. 3, 1867. On the diplomatic ramifications, see RAL, XI/ 109/91, James, Paris, to his nephews, London, March 7, 1867; RAL, XI/ 109/90/ la, Alphonse, Paris, to his cousins, London, March 16; RAL, T10/16, C. de B. [Alexandre de Saint-Cheron] to deRF, July 25; RAL, XI/ 109/92/1, Alphonse to his cousins, London, Nov. 6.

143

RAL, XI/ 109/96/1, Anselm, Vienna, to Lionel, London, Dec. 10, 1868; same to same, Dec. 16;

Anselm to Alphonse, Paris, Dec. 17; RAL, XI/ 109/96/1, Alphonse to his cousins, Dec. 22; RAL, XI/ 109/97/1, Salbert, Vienna, to his cousins, Jan. 14, 1869; Anselm to deRF, Jan. 16. 144 RAL, XI/ 109/89, James, Paris, to his nephews, London, Nov. 29, 1866; AN, 132 AQ 5903/398, James, Nice, to his children, Paris, Jan. 19, 1867. Cf. RAL, XI/ 109/9 1/2, Mayer, Paris, to his brothers, London, undated, 1867. The London house also took a bullish view of Austrian securities at this point: RAL, RFamC/3/42, Natty, Frankfurt, to his parents, London, Feb. 3. 145 RAL, XI/ 109/9 1/2, Mayer, Wildbad, to his brothers, London, undated, summer 1867 (two letters); same, Frankfurt, to same, July 20; RAL, XI/ 109/9 1/2, Alphonse, Paris, to his cousins, London, Sept. 3. 146 RAL, XI/ 109/9 1/2, Mayer Carl, Frankfurt, to James, Paris, undated, c. Sept. 1867; Mayer Carl to James and his cousins, Sept. 3; Mayer Carl, Berlin, to James, Sept. 14; same to same, Sept. 18; Mayer Carl, Berlin, to Lionel, Sept. 19; same to same, Sept. 23. 147 RAL, XI/ 109/9 1/2, Natty, Great Malvern, to his parents, London, Sept. 22, 1867. 148 RAL, XI/1 09/92/1, Anselm, Vienna, to James and his cousins, Nov. 8, 1867; RAL, XI/ 109/92/1, Alphonse, Paris, to his cousins, London, Nov. 11; same to same, Nov. 25; RAL, XI/109/93/1, Feb. 1, 1868; Feb. 5; March 1; March 3. 149

RAL, XI/109/93/1, Alphonse, Paris, to his cousins, London, March 4, 1868; same to same, March 8: March 26 (two letters); RAL, XI/109/94/1, Alphonse to his cousins, April 22; same to same. May 3i; RAL, XI/1 09/95/2, Natty, Frankfurt, to his parents, London, Aug. 2. Whenever a government imposed a tax on securities — and it happened increasingly often after 1866 — the Rothschilds were outraged, predicting collapsing bond prices if not national bankruptcy. Yet, as Alphonse himself on occasion

1 50

151

admitted, the effect of such taxes, if they served to reduce a government's budget deficit, could actually be to strengthen bond prices. This paradox perplexed "practical men" like Alphonse and Natty so they generally ignored it and continued to denounce such taxes. RAL, XI/ 1 09/92/ 1 , Anselm, Vienna, to James and Alphonse, Paris, Oct. 3, 1 867; same to same, Nov. 4; RAL, XI/1 09/95/2, Anselm to James, Sept. 2, 1868; RAL, XI/1 09/96/2, Mayer Carl, Frankftirt, to his cousins and nephews, London, Dec. 12. Cf. Macartney, House, p. 208. RAL, XI/1 09/90/ la, Alphonse, Paris, to his cousins, London, Feb. 13, 1867; same to same, Feb. 15; AN, 132 AQ 5903/447, James, Nice, to his children, Feb. 15; RAL, XI/109/90/la, Alphonse to his cousins, Feb. 19; same to same, Feb. 24.

152

Berend and Ranki, Economic development, pp. 64, 101; Michel, Banques et banquiers, p. 225. On the

153

Creditanstalt's capital reduction after 1867, Wirth, History of banking, pp. 126f. RAL, XI/109/94/2, Anselm, Vienna, to NMR, April 16, 1868; CPHDCM, 637/1/38/10, SMR to MAR, June 3; RAL, XI/1 09/97/1, Anselm, Vienna, to Lionel, March 20, 1869; RAL, XI/1 09/ 108/2, Anselm and Salbert to Lionel, March 11, 1872; same to same, April 24; May 30. For Beust's vain efforts to secure James's approval of this measure, see Corti, Reign, p. 407; Gille, Maison Rothschild, vol. II, pp. 484-7.

154

RAL, XI/109/101/2, Anselm, Vienna, to Lionel, London, Feb. 25, 1870; Salbert to Lionel, Feb. 28.

550 155

156

1 57 158 159 160 161 162 163 164

SOURCE

NOTES

RAL, XI/ 109/ 107/1, Mayer Carl, Frankfurt, to his cousins and nephews, London, Oct. 16, 1871; same to same, Nov. 5; Dec. 14; Dec. 17; Dec. 18; Dec. 30; Dec. 31; Jan. 10, 1872. For details of Hungarian bond issues, see Ayer, Century of finance, pp. 56ff. RAL, XI/ 109/1 02/ l.Salbert, Vienna, to Lionel, London, April 13, 1870; RAL, XI/ 109/ 107/1, same to same, Oct. 2, 1871; Oct. 12; Oct. 16; Oct. 21; Oct. 25; Nov. 3; Nov. 7. Cf. RAL, XI/ 109/ 107/1, Anselm, Vienna, to Lionel, Nov. 8, 1871; RAL, XI/ 109/1 07/ 1, Anselm to Ferdinand, Nov. 27. RAL, XI/ 1 09/92/ 1 , Alphonse, Paris, to his cousins, London, Dec. 11,1 867. RAL, XI/ 109/ 106/3, Mayer Carl, Frankfurt, to his cousins and nephews, London, July 22, 1871; RAL, XI/ 109/ 107/1, Alphonse, Paris, to his cousins, London, March 14, 1872. AN, 132 AQ 5772/3M41, Anselm, Vienna, to James, Paris, Nov. 13, 1867. RAL, XI/109/98/1, Ferdinand, Wiesbaden, to Lionel and Charlotte, April 15, 1869. RAL, XI/ 109/99/1, Anthony, Vienna, to his brothers, undated, c. Sept. 1869; same to same, Sept. 6; Sept. 10. He was right: Huertas, Economic growth, p. 44. RAL, XI/ 109/ 102/1, Anselm, Vienna, to Lionel, London, April 14, 1870. RAL, XI/ 109/97/1, Anselm, Vienna, to deRF, Jan. 5, 1869 (two letters); same to same, Jan. 12; Jan. 16; RAL, XI/ 109/98/2, Salbert, Vienna, to deRF, May 19; same to same, Feb. 20. RAL, XI/ 109/99/1, Alphonse, Gastein, to Lionel, London, July 14, 1869; RAL, XI/ 109/99/1, Nat Paris, to his brothers, London, July 18; RAL, XI/ 109/99/1, Alphonse, Paris, to his cousins, London Aug. 4; same to same, Aug. 5; Aug. 6; Aug. 1 1; Aug. 12; Alfred, Paris, to his parents, Aug. 13; RAL XI/ 1 09/ 100/1, Alphonse to his cousins, Aug. 2 1 ; same to same, Sept. 1 1 ; Oct. 4; Oct. 1 1 ; Oct. 1 6; Oct, 27; RAL, XI/109/101/2, Anselm to NMR, Jan. 17, 1870; Albert to NMR, Jan. 25. Cf. Gille, Maison Rothschild, vol. II, pp. 500, 525—8; Bouvier, Union Generale, pp. 73-80; Grunwald, "Europe's railways,'

165 166

pp. 203f.

RAL, XI/ 109/ 102, Alphonse, Paris, to his cousins, London, June 20, 1870; RAL, XI/ 109/ 107/1, same to same, Jan. 24, 1872; Feb. 14. RAL, XI/ 109/ 108/2, Anselm, Vienna, to Ferdinand, London, March 9, 1872.

1 67 168

RAL, XI/ 1 09/9 1 , James, Paris, to his nephews, London, May 27, 1 867. RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, May 29, 1867; RAL, RFamC/4/79, Lionel, London, to Charlotte, Paris, July 10. Cf. Vincent (ed.), Disraeli, Derby and the Conservative party, p.

169

Stern, Gold and iron, p. 355. The Hohenzollern-Sigmaringens were the senior but Catholic branch of the Hohenzollern family, and hence related to the Prussian royal family. RAL, XI/ 109/9 1/2, Ferdinand, St Moritz, to Lionel, July 20, 1867. RAL, XI/ 109/93/1, Mayer Carl, Berlin, to his cousins and nephews, London, March 30, 1868. RAL, XI/ 109/94/2, Mayer Carl, Berlin, to his cousins and nephews, London, April 1, 1868. Stern, Gold and iron, p. 356. RAL, XI/ 109/94/2, Mayer Carl, Berlin, to his cousins and nephews, London, April 8, 1868. RAL, XI/ 109/ 100/1, Alphonse, Paris, to his cousins, London, Oct. 14, 1869. See also Gille, Maison

310.

170 171 172 173 174 175 176

177 1 78 179

Rothschild, vol. II, pp. 596-7. RAL, XI/ 109/ 107/1, Mayer Carl, Berlin, to his cousins and nephews, London, March 16, 1872; RAL, XI/ 109/ 108/1, Anselm, Vienna, to his cousins, London, April 4; RAL, XI/4/37, Gustave, Paris, to Lionel, London, July 3, 1876; RAL, XI/4/37, Samson Tauber, Rabbi of Vaslui near Jassy, to Chief Rabbi Adler, London, Jan. 4, 1867; same to same, Jan. 18; Adler to Lionel, Jan. 15; illegible signature, Jassy, to Lionel, Jan. 18; Frankl, Secretary of the Alliance Universelle in Vienna, to Goldschmidt, Vienna, Jan. 28; Salbert, Vienna, to Lionel, Jan. 29; Adler to Lionel, Feb. 16; same to same, Feb. 26; RAL, T13/85, Alphonse, Paris, to his togesellschaft to Kornfeld (Hungarian RAL, RFamC/3/42, Natty, Frankfurt, RAL, RFamC/2 1 , Charlotte, London, RAL, RFamC/21, Charlotte, London,

cousins, London, May 25, 1881; AN, 10 132 AQ 132, DisconCredit Bank), Aug. 21, 1900. to Lionel and Charlotte, London, Feb. 3, 1867. to Leo, Cambridge, Feb. 3, 1 867. to Leo, Cambridge, Feb. 15, 1867; same to same, Feb. 16. Cf.

The Times, Feb. 21, 1867, p. 7, quoting "a mercantile letter from Frankfort": "This choice was not influenced byparty feeling. Baron Rothschild can do a deal of good for our commercial interests, and particularly byinsisting on the maintenance of the florin currency, which is essential to our commerce with the South . . . There has rarely been such general enthusiasm for a candidate, and all was done without any previous understanding, and even without a regular committee."

SOURCE

NOTES

551

180

RAL, TT0/13, Nat, Paris, to his brothers, London, undated, summer

181

Alphonse, Paris, to his cousins, London, undated, summer 1867. RAL, T 10/49, Alphonse, Paris, to his cousins, London, Nov. 29, 1867. Cf. Pulzer, Jews and German state, p. 74.

1867; RAL, XI/ 109/90/1,

1 82 183

RAL, XI/ 1 09/ 1 06/3, undated, unsigned note to NMR, 1 87 1 ; Corti, Reign, pp. 430f. RAL, XI/ 109/94/2, Mayer Carl, Berlin, to his cousins and nephews, London, April 30, 1868. See also RAL, XI/ 109/ 10 1/2, same to same, March 30, 1870.

184 1 85

RAL, XI/ 109/97/1, Mayer Carl, Berlin, to his cousins and nephews, London, March 14, 1869. RAL, XI/109/101/2, Mayer Carl, Berlin, to his cousins and nephews, London, March 7, 1 870; same to same, March 8; April 1 .

186

RAL, XI/ 109/94/2, Mayer Carl, Berlin, to his cousins and nephews, London, April 4, 1868; same to same, April 15; April 22. Monypenny and Buckle, Disraeli, vol. V, p. 85. RAL, XI/ 1 09/94/2, Mayer Carl, Berlin, to his cousins and nephews, London, April 23, 1 868. A similar letter was sent to the Paris house: Mayer Carl to deRF, April 23. Monypenny and Buckle, Disraeli, vol. V, p. 85. RAL, XI/ 109/94/2, Mayer Carl, Berlin, to his cousins and nephews, London, April 25, 1868. See also same to same, April 26; April 27; May 1. Vincent, Disraeli, Derby and the Conservative party, p. 332. RAL, XI/ 109/97/1, Mayer Carl, Berlin, to his cousins and nephews, London, March 15, 1869; same to same, March 19.

187 1 88 189 190 191 192 1 93 194 195

AN, 1 32 AQ 5705/2M50&5 1 , Mayer Carl to deRF, June 1 , 1 870. RAL, XI/ 109/ 102, Mayer Carl, Frankfurt, to his cousins and nephews, London, July 3, 1870. Gall, White revolutionary, vol. I, p. 343.

196 197

Stern, Gold and iron, pp. 121-6. RAL, XI/ 109/96/1, Alphonse, Paris, to his cousins, London, Oct. 10, 1868; RAL, XI/ 109/96/2, Mayer Carl, Frankfurt, to his cousins and nephews, London, Oct. 17. AN, 132 AQ 5701/2M46, Mayer Carl, Berlin, to deRF, Jan. 6, 1867; same to same, Jan. 8; Jan. 9; Jan. 13; RAL, XI/ 109/90/ la, Alphonse, Paris, to his cousins, London, Feb. 24.

198 1 99 200

201

Gille, Maison Rothschild, vol. II, pp. 496-8. AN, 132 AQ 5701/2M46, Mayer Carl, Berlin, to deRF, May 24, 1868; RAL, XI/ 109/95/2, Mayer Carl, Frankfurt, to his cousins and nephews, London, July 15; AN, 132 AQ 5903, James, Dieppe, to Gustave, Paris, July 22. AN, 13 AQ 5702/2M47, Mayer Carl, Berlin, to deRF, Nov. 10, 1868; same to same, Nov. 15; RAL, XI/ 109/96/2, Mayer Carl, Frankfurt, to his cousins and nephews, London, Nov. 23; same to same, Dec. 5; AN, 132 AQ5703/2M48, Mayer Carl, Frankfurt, to deRF, May 8, 1869; RAL, XI/ 109/98/1, Mayer Carl to his cousins and nephews, London, May 8; same to same, May 10; AN, 132 AQ 5703/2M48,

202 203

Mayer Carl to deRF, May 12. Cf. Gille, Maison Rothschild, vol. II, pp. 496-8. RAL, XI/109/100/2, Mayer Carl, Frankfurt, to his cousins and nephews, London, Dec. 25, 1869. RAL, XI/109/101/2, Mayer Carl, Berlin, to his cousins and nephews, London, March 3, 1870; same to same, March 21.

204

Jahrbuchfur die Statistik des Preussischen Staates (1 869), pp. 372-443, 466-545.

205 206 207

Schremmer, "Public finance," p. 454. RAL, XI/ 109/94/2, Mayer Carl, Berlin, to his cousins and nephews, London, May 9, 1868. RAL, XI/ 109/96/1, Mayer Carl, Frankfurt, to his cousins and nephews, London, Oct. 2, 1868; same to same, Oct. 9.

208 209

RAL, XI/ 109/98/1, Mayer Carl, Berlin, to his cousins and nephews, London, April 6, 1869. RAL, XI/ 109/98/1, Mayer Carl, Berlin, to his cousins and nephews, London, May 10, 1869; same to same, May 23; May 25; May 27; May 31; June 3; June 5; June 10. Emphasis added. RAL, XI/ 109/98/1, Mayer Carl, Berlin, to his cousins and nephews, London, June 10, 1869; same to same, June 14; June 15; June 16; June 21; RAL, XI/ 109/99/1, July 24; July 28; RAL, T10/182, same, Lucerne, to same, Aug. 10; same, Frankfurt, to same, Aug. 21; RAL, XI/109/100/1, Oct. 9; Oct. 11; Oct. 31. After lengthy negotiations, Mayer Carl had secured a 12 million thaler share of this operation. Cf. Stern, Gold and iron, p. 111. Undaunted, Hansemann revived the scheme by floating the bonds

210

exclusively outside Germany, but the Paris Rothschilds declined to participate, to Mayer Carl's annoy-

552

211 2 12 2 13

214

SOURCE

NOTES

ance: RAL, XI / 109/ 10 1/1, Mayer Carl, Frankfurt, to his cousins and nephews, London, Jan. 28, 1870; same to same, Jan. 29; Feb. 9; Feb. 10; RAL, XI/109/101/1, Alphonse, Paris, to his cousins, London, Feb. 21; Mayer Carl to his cousins and nephews, Feb. 24; same to same, Feb. 26; March 4. Cf. Gille, Maison Rothschild, vol. II, pp. 496ff. RAL, XI/109/101/1, Mayer Carl, Berlin, to his cousins and nephews, London, Feb. 18, 1870; RAL, XI/ 109/10 1/2, same to same, March 31; April 6; May 5. RAL, XI/ 1 09/ 1 0 1 12, Mayer Carl, Berlin, to his cousins and nephews, London, March 2, 1 870. RAL, XI/ 1 09/ 1 00/ 1 , Mayer Carl, Frankfurt, to his cousins and nephews, London, Nov. 9, 1 869; RAL, XI/ 109/ 100/2, same to same, Dec. 25; RAL, XI/109/101/1, Jan. 1, 1870; RAL, XI/ 109/10 1/2, March 20; May 1; RAL, XI/109/102, July 2; July 3; July 5. AN, 132 AQ 5704/2M49, Mayer Carl, Frankfurt, to deRF, July 4, 1869; RAL, XI/109/101/1, Mayer Carl, Frankfurt, to his cousins and nephews, London, Feb. 3, 1870; same to same, Feb. 13; Feb. 18; Feb. 21; Feb. 23; Feb. 24; March 1; March 6; March 7; March 8; March 11; March 12; March 19; March 20; March 25; April 4; Alphonse, Paris, to his cousins, London, March 20; March 24; June 7. Cf. Pflanze, Bismarck, vol. II, pp. 88f.; Sturmer etal, Striking the balance, pp. 174f. According to Mayer

215

216 2 17 2 18 219 220 221

222

223

224

Carl, he and Hansemann "first applied for the concession in 1867"; Oppenheim became involved only "after all the work has been done by Mr Hansemann and myself." RAL, XI/109/102, Mayer Carl, Frankfurt, to his cousins and nephews, London, June 25, 1870; same to same, June 29; Gustave, Paris, to his cousins, London, June 30; same to same, July 1; Mayer Carl to his cousins and nephews, July 6. Cf. Stern, Gold and iron, p. 127. RAL, XI/109/96/2, Mayer Carl, Frankfurt, to his cousins and nephews, London, Nov. 15, 1868. RAL, XI/ 1 09/99/ 1 , Mayer Carl, Frankfurt, to his cousins and nephews, London, July 24, 1 869. RAL, XI/ 1 09/ 1 0 1 12, Mayer Carl, Berlin, to his cousins and nephews, London, March 3, 1 870; same to same, March 4; March 29. RAL, XI/109/102, Mayer Carl, Frankfurt, to his cousins and nephews, London, April 26, 1870; same to same, June 29; July 24. RAL, XI/ 109/ 103/1, Mayer Carl, Frankfurt, to his cousins and nephews, London, Oct. 10, 1870; same to same, Oct. 23; Dec. 1; RAL, XI/ 109/ 104, March 7, 1871. AN, 132 AQ 5699/2M44, Mayer Carl, Frankfurt, to deRF, April 28, 1867; RAL, XI/109/90/1, Mayer Carl, Frankfurt, to his cousins and nephews, London, May 10; same to same, May 14; RAL, XI/109/90/2, May 17; May 26; May 30; RAL, XI/109/96/2, Oct. 17, 1868; Nov. 20; RAL, XI/ 109/97/1, Jan. 11, 1869 [wrongly dated 1868]; Jan. 13; Jan. 19 [wrongly dated 1868]; RAL, XI/109/101/2, March 14, 1870; March 17; RAL, XI/109/102, April 13; April 16; April 18; April 20; April 22; April 26. AN, 132 AQ 5700/2M45, MAR to deRF, Aug. 27, 1867; RAL, XI/ 109/9 1/2; Mayer Carl, Frankfurt, to his cousins and nephews, London, Sept. 3; Sept. 4; Sept. 8; AN, 1 32 AQ 5700/2M45, Mayer Carl to James and his cousins, Sept. 12; RAL, XI/ 109/9 1/2, Mayer Carl to his cousins and nephews, Sept. 16; RAL, XI/ 109/94/2, same to same, May 5, 1868; RAL, XI/109/101/1 , Jan. 19, 1870; Jan. 28; Feb. 2. RAL, XI/109/96/2, Mayer Carl, Frankfurt, to his cousins and nephews, London, Dec. 12, 1868; RAL, XI/109/100/1, same to same, Nov. 13, 1869; RAL, XI/109/100/2, Dec. 11; Dec. 16; RAL, XI/109/101/1, Feb. 8, 1870; RAL, XI/109/102, June 25. RAL, XI/109/100/1, Mayer Carl, Frankfurt, to his cousins and nephews, London, Nov. 14, 1869; same to same, Nov. 22; RAL, XI/109/100/2, Dec. 21.

225

RAL, XI/ 109/94/2, Mayer Carl, Berlin, to his cousins and nephews, London, April 6, 1868; RAL, XI/109/96/2, same, Berlin, to same, Oct. 14; AN, 132 AQ5702/2M47, Mayer Carl to deRF, Oct. 14; RAL, XI/ 109/98/1, Mayer Carl to his cousins and nephews, April 26, 1869; same to same, May 5; RAL, XI/109/98/1, June 5; RAL, XI/109/101/1, Jan. 15, 1870; RAL, XI/109/101/2, Feb. 28; RAL, XI/ 1 09/ 1 02/ 1 , March 27; RAL, XI/ 1 09/ 1 03/ 1 , Dec. 1 1 .

226 227

RAL, XI/ 109/94/2, Mayer Carl, Berlin, to his cousins and nephews, London, April 16, 1868. RAL, XI/109/100/2, Mayer Carl, Frankfurt, to his cousins and nephews, London, Dec. 4, 1869; same to same, Dec. 17; RAL, XI/109/101/2, March 5, 1870; RAL, XI/109/102, April 2; April 7; April 10. AN, 132 AQ 5703/2M48, Mayer Carl, Berlin, to deRF, May 16, 1869; RAL, XI/109/102, Mayer Carl, Berlin, to his cousins and nephews, London, May 2, 1870; same to same, May 3; May 8. RAL, XI/ 1 09/92/ 1 , Alphonse, Paris, to his cousins, London, Nov. 7, 1 867; same to same, Nov. 1 2; Nov. 21.

228 229 230

RAL, XI/ 1 09/95/ 1 , James, Paris, to Lionel, London, Aug. 26, 1 868; RAL, XI/ 1 09/95/2, Natty, Paris, to

SOURCE

NOTES

553

his parents, London, Sept. 4; RAL, XI/ 109/95/1, Alphonse, Paris, to his cousins, London, Sept. 19; same to same, Sept. 22; RAL, XI/ 109/96/1, Oct. 12; Oct. 14; RAL, XI/ 109/96/2, Mayer Carl, Frankfurt, to his cousins and nephews, London, Oct. 21. Cf. Gille, Maison Rothschild, vol. II, pp. 491,

23 1 232 233

234

235 236 237

238

239

240

539-42. The Russian government kept a large deposit at the Paris house until April 1869: RAL, XI/ 109/98/1, Mayer Carl, Frankfurt, to his cousins and nephews, London, April 25, 1869. RAL, XI/ 1 09/96/2, MAR to deRF, Nov. 8, 1 868. RAL, XI/ 1 09/97/ 1 , Mayer Carl, Frankfurt, to his cousins and nephews, London, Feb. 6, 1 869. AN, 132 AQ 5703/2M48, Mayer Carl to deRF, Feb. 7, 1869. See also RAL, XI/ 109/97/1, Nat, Paris, to his brothers, London, Feb. 7; Alphonse, Paris, to his cousins, London, Feb. 9; Mayer Carl to his cousins, Feb. 10; Alphonse to his cousins, Feb. 24; same to same, March 1; Anselm, Vienna, to Gustave, Paris, March 6; RAL, XI/ 109/98/1, Mayer Carl, Berlin, to his cousins and nephews, London, April 9. RAL, XI/ 109/99/1, Alphonse, Paris, to his cousins, London, Aug. 6, 1869; RAL, XI/ 109/ 100/1, Nat, Paris, to his brothers, London, Oct. 8; Mayer Carl, Frankfurt, to his cousins and nephews, London, Oct. 10; Alphonse to his cousins, Oct. 11; same to same, Nov. 13. Cf. Gille, Maison Rothschild vol. II, pp. 494f. RAL, XI/ 109/ 106/3, Mayer Carl to his cousins and nephews, London, Aug. 16, 1871. RAL, XI/ 109/ 108/2, Anselm, Vienna, to his nephews, Paris, March 22, 1872; RAL, XI/ 109/ 107/1, Alphonse, Paris, to his cousins, London, March 27. RAL, XI/109/92/1, Mayer Carl, Berlin, to Lionel, London, Oct. 11, 1867; RAL, XI/109/93/1, Alphonse, Paris, to his cousins, London, Jan. 3, 1868; same to same, Jan. 8; Jan. 20. Cf. Gille, Maison Rothschild, vol. II, p. 487; Stern, Gold and iron, p. 342. RAL, XI/109/93/1, James, Paris, to his nephews, London, Feb. 21, 1868; RAL, XI/109/94/2, Mayer Carl, Berlin, to his cousins and nephews, London, May 6; same to same, May 13; June 7; June 10; RAL, XI/ 109/95/2, Natty, Frankfurt, to his parents, London, Aug. 2; RAL, XI/ 109/96/2, Mayer Carl, Frankfurt, tohis cousins and nephews, London, Nov. 6; MAR to deRF, Nov. 8; Mayer Carl to his cousins and nephews, Dec. 15; same to same, Dec. 16. See also RAL, XI/109/105, April 16, 1871; April 18. RAL, XI/109/92/1, Mayer Carl, Berlin, to Lionel, London, Oct. 11, 1867; RAL, XI/ 109/94/1, Alphonse, Paris, to his cousins, London, May 25, 1868; RAL, XI/109/94/2, Mayer Carl, Berlin, to his cousins and nephews, London, May 27; same to same, June 22; RAL, XI/ 109/95/2, July 13; RAL, XI/109/95/2, Natty, Paris, to his parents, London, Sept. 5; AN, 132 AQ 5702/2M47, Mayer Carl to deRF, Oct. 6. RAL, XI/ 109/98/1, Mayer Carl, Berlin, to his cousins and nephews, London, May 10, 1869. See also RAL, XI/ 109/ 100/1, same, Frankfurt, to same, Oct. 21; RAL, XI/109/101/2, same, Berlin, to same, March 8, 1870; March 10; March 13; March 14; RAL, XI/109/103/1, Nov. 27; RAL, XI/109/105, April 20, 1871; AN, 132 AQ32, Bleichroder, Berlin, to Alphonse, May 4; RAL, XI/109/105, Mayer Carl to his cousins and nephews, May 26; RAL, XI/ 109/ 106/3, same to same, July 24; RAL, XI/ 109/ 107/1, same to same, Oct. 23; Nov. 1; Jan. 10, 1872; March 13.

241

RAL, XI/ 109/98/1, Mayer Carl, Berlin, to his cousins and nephews, London, April 9, 1869; same to same, April 10.

242

RAL, XI/ 109/ 100/2, Mayer Carl, Frankfurt, to his cousins and nephews, London, Dec. 3. 1869; RAL, XI/109/100/1, Alphonse, Paris, to his cousins, London, Dec. 12; RAL, XI/109/101/1, Mayer Carl to Natty, Jan. 13, 1870; same to his cousins and nephews, Jan. 16; Jan. 27; Alphonse to his cousins, Jan. 28; same to same, Feb. 1; RAL, XI/109/101/2, Anselm, Vienna, to Anthony, London, Jan. 28; RAL, XI/109/101/1, Alphonse to his cousins, Feb. 3; same to same, Feb. 7; AN, 132 AQ5489/1M95, to deRF, Feb. 3.

NMR

243

RAL, XI/109/101/1, Mayer Carl, Frankfurt, to his cousins and nephews, London, Feb. 1, 1870; same to same, Feb. 5.

244

RAL, XI/ 109/ 104, Mayer Carl, Frankfurt, to his cousins and nephews, London, March 7, 1871; same to same, March 10; March 12; March 14; March 24; RAL, XI/109/107/1, Dec. 20; March 28, 1872; RAL, XI/109/108/1, April 1 (two letters); April 6; April 8; April 12; RAL, XI/109/108/1, Anselm, Vienna, to Lionel, London, April 18; AN, 13 AQ 5500/ 1M 106, NMR to deRF, Feb. 20, 1874; same to

245

same, March 20. Cf. Davis, English Rothschilds, p. 1 56; Gille, Maison Rothschild vol. II, p. 496; Rosenbaum and Sherman, M. M. Warburg & Co., p. 66; Bouvier, Credit Lyonnais, pp. 586-8. AN, 132 AQ 5705/2M50&51, Mayer Carl, Frankfurt, to deRF, Feb. 9, 1870; RAL, XI/109/101/1, Alphonse, Paris, to his cousins, London, Feb. 10; Mayer Carl, Frankfurt, to his cousins and nephews, London, Feb. 12; same to same, Feb. 13; Feb. 18; Alphonse to his cousins, Feb. 22; same to same, Feb.

554

246

SOURCE

NOTES

28; RAL, XI/109/101/2, Mayer Carl, Berlin, to his cousins and nephews, London, March 23; RAL, XI/109/102, same to same, June 28; RAL, XI/ 109/ 103/1, Nov. 1; RAL, XI/ 109/ 105, Anselm, Cologne, to Lionel, London, April 21, 1871. RAL, XI/ 109/ 107/1, Mayer Carl, Berlin, to his cousins and nephews, London, March 9, 1872. See also RAL, XI/ 109/ 108/1, same to same, May 14.

247

RAL, XI/ 109/ 103/1, Mayer Carl, Berlin, to his cousins and nephews, London, Nov. 7, 1870; Salbert, Vienna, to Lionel, London, Nov. 16; same to same, Nov. 17; Anselm, Vienna, to Lionel, London, Nov. 18.

248

RAL, Tl 1/53, Alphonse, Paris, to his cousins, London, Feb. 16, 1874; RAL, Tl 1/62, Edmond, Paris, to his cousins, London, Feb. 18.

SIX 1 2 3 4 5 6 7 8 9

Reich, Republic, Rentes (1870-1873)

10

RAL, XI/109/102, Mayer Carl, Frankfurt, to his cousins and nephews, London, Sept. 1, 1870. RAL, XI/ 1 09/ 1 02, Alphonse, Paris, to his cousins, London, Aug. 22, 1 870. Goldschmidt, Erinnerungen, p. 87. Paret, Art as history, pp. 174f. Civilians are wholly absent in the later 1885 version. Stern, Gold and iron, p. 127. RAL, T10/251, Mayer Carl, Berlin, to his cousins and nephews, London, April 5, 1870. RAL, XI/109/102, Alphonse, Paris, to his cousins, London, May 5, 1870. RAL, XI/109/102, Mayer Carl, Frankfurt, to his cousins and nephews, London, July 2, 1870. RAL, XI/109/102, Mayer Carl, Frankfurt, to his cousins and nephews, London, July 7, 1870; same to same, July 8. Kynaston, City, vol. I, p. 255.

11 12

Carr, Wars of German unification, pp. 183-203. RAL, XI/109/102, Gustave, Paris, to his cousins, London, July 4, 1870; same to same, July 5.

13

RAL, XI/109/102, Gustave, Paris, to his cousins, London, July 6, 1870. It is worth asking whom Gustave referred to when he used the pronoun "on." The answer would seem to be that this was not just bourse gossip but a Rothschild version of "sources close to the government," if not the government itself.

14 15 16

RAL, XI/ 1 09/ 1 02, Gustave, Paris, to his cousins, London, July 6, 1 870. RAL, XI/109/102, Gustave, Paris, to his cousins, London, July 11, 1870. RAL, XI/109/102, Mayer Carl, Frankfurt, to his cousins and nephews, London, July 14, 1870.

17

Morley, Gladstone, vol. II, p. 325; Corti, Reign, pp. 410-15. Cf. Matthew (ed.), Gladstone diaries, vol. VII, pp. lOOf. It cannot be entirely coincidental that three days later Lionel sent Gladstone two tickets for the Derby via Granville: Ramm 101.

(ed.), Gladstone— Granville correspondence, 1868—1876, vol. I, p.

18 19

RAL, XI/ 1 09/ 1 02, Gustave, Paris, to his cousins, London, July 7, 1 870. The London Rothschilds also intimated to the Prussian ambassador Bernstorff that war would be

20

"inevitable" if Leopold accepted: Lord, Origins of the War of 1870, p. 135. By the 1 1th, Gustave was writing to Bleichroder "as if the war between France and Prussia had already broken out": Stern, Gold andiron, p. 128. RAL, XI/109/102, Gustave, Paris, to his cousins, London, July 11, 1870. Emphasis added.

21 22 23 24 25 26

27

28

Morley, Gladstone, vol. II, p. 328; Ramm

(ed.), Gladstone-Granville correspondence, 1868-1876, vol. I,

p. 109. RAL, XI/ 1 09/ 1 02, Gustave, Paris, to his cousins, London, July 1 2, 1 870. RAL, XI/109/102, Mayer Carl, Frankfurt, to his cousins and nephews, London, July 12, 1870. RAL, XI/ 1 09/ 1 02, Gustave, Paris, to his cousins, London, July 1 4, 1 870. RAL, XI/109/102, Gustave, Paris, to his cousins, London, July 14, 1870. RAL, XI/ 1 09/ 1 02, Mayer Carl, Frankfurt, to his cousins and nephews, London, July 15,1 870; same to same, July 18; July 20; RAL, T10/260, July 22; RAL, XI/109/102, July 23. Cf. Sturmer et at, Striking the balance, pp. 1 76f. Compare RAL, T 10/236, Gustave, Paris, to his cousins, London, Aug. 5, 1870, with RAL, T46/24, M. M. Warburg & Co. to NMR, Aug. 5; RAL, XI/109/102, Mayer Carl, Frankfurt, to his cousins and nephews, London, Aug. 5; Alphonse, Paris, to his cousins, London, Aug. 6; same to same, Aug. 9; RAL, T46/25, M. M. Warburg & Co. to NMR, Aug. 9. Matthew, Gladstone, 1809-1874, p. 185. Lionel told Disraeli that "the cabinet had been completely

SOURCE

NOTES

555

taken by surprise: none of them knew anything of foreign affairs except Granville: and Gladstone really

29 30

31 32

33 34

35 36

believed Cobden's theory that men were growing to civilised for war": Vincent (ed.), Derby diaries, 1869-78, p. 66. RAL, XI/ 109/ 102, Gustave to his cousins, Sept. 3, 1870; RAL, XI/4/29, deRF to NMR, March 30, 1871; Stern, Gold and iron, p. 134; Wilson, Rothschild, pp. 206f. RAL, Xl/ 109/ 102, Gustave, Paris, to his cousins, London, July 17, 1870; RAL, XI/ 109/1 02, Alphonse, Paris, to his cousins, London, July 20; same to same, July 21; July 25; Gustave to his brothers, July 25; Alphonse to his cousins, Aug. 1; same to same, Aug. 2; Aug. 12; Nathan James to his uncles and cousins, Aug. 19; Alphonse to his cousins, Aug. 21; same to same, Aug. 22; Sept. 12. Landes, "Spoilers foiled," p. 86; Kynaston, City, vol. I, p. 256. Morgan issued the 6 per cent bonds at 85, terms which were regarded by the French as excessively harsh. RAL, XI/ 109/ 102, Mayer Carl, Frankfurt, to his cousins and nephews, London, July 24, 1870; RAL, XI/109/103/1, same to same, Oct. 9; Oct. 10; Oct. 12; RAL, T10/275, Oct. 19; RAL, XI/109/103/1, Nov. 4. RAL, XI/109/103/1, Stern, Gold and iron, RAL, XI/109/103/1, same, Nov. 26; Nov.

Mayer Carl, Berlin, to his cousins and nephews, London, Nov. 23, 1870. Cf. p. 131; Sturmer etal., Striking the balance, p. 177. Mayer Carl, Berlin, to his cousins and nephews, London, Nov. 25, 1870; same to 27; Nov. 29; Dec. 1; Dec. 4; Dec. 5; Dec. 6; Dec. 8; Dec. 9; RAL, XI/109/101/1,

Jan. 8, 1871 [wrongly dated 1870]. RAL, XI/ 109/ 102, Gustave, Paris, to his cousins, London, July 19, 1870; Alphonse, Paris, to his cousins, London, July 20; same to same, July 23. Cf. Davis, English Rothschilds, p. 142. RAL, XI/ 109/ 102, Alphonse, Paris, to his cousins, London, July 25, 1870; same to same, July 27; July 28; Aug. 1; Aug. 24. Cf. Davis, English Rothschilds, pp. 147-9. It is worth noting, on the other hand, that Gustave had himself mentioned the possibility of French designs on Belgium less than two weeks before.

37 38

Matthew, Gladstone, 1809-1874, p. 181. RA, 166/70, Ponsonby to the Queen, Oct. 16, 1870.

39

"[Disraeli] gives me the Rothshild view of the war: his friends fear it will be long . . . they think the Prussians well armed and well prepared; and that neither is a decisive result to be expected for the pre-

40 41 42 43 44 45 46

sent, nor can either party acquiesce in a defeat which is not decisive": Vincent (ed.), Derby diaries, 1869-78, p. 66 (July 19, 1870). RAL, XI/ 109/ 102, Mayer Carl, Frankfurt, to his cousins and nephews, London, Aug. 4, 1870; RAL, T 10/267, same to same, Aug. 9. Cf. Sturmer etal, Striking the balance, p. 176. RAL, XI/ 109/ 102, Mayer Carl, Frankfurt, to his cousins and nephews, London, Aug. 7, 1870 (two letters); same to same, Aug. 14. RAL, XI/ 109/ 102, Mayer Carl, Frankfurt, to his cousins and nephews, London, Aug. 27, 1870. RAL, XI/ 109/ 102, Mayer Carl, Frankfurt, to his cousins and nephews, London, Sept. 1, 1870; same to same, Sept. 3; Sept. 7; Sept. 17; RAL, XI/109/103/1, Oct. 9; Oct. 10; Oct. 11; Oct. 12; Oct. 29. RAL, XI/109/103/1, Mayer Carl, Berlin, to his cousins and nephews, London, Nov. 23, 1870. RAL, XI/109/103/1, Mayer Carl, Berlin, to his cousins and nephews, London, Nov. 30, 1870. RAL, T 10/266, Mayer Carl, Frankfurt, to his cousins and nephews, London, undated, Aug. 1870; RAL, T 10/277, same to same, Oct. 24.

47

RAL, T10/286, Bleichroder, Berlin, to Lionel, London, Dec. 11, 1870; RAL, T10/285, Mayer Carl,

48

Frankfurt, to his cousins and nephews, London, Dec. 28. Bundesarchiv Potsdam, Alphonse to Bismarck, July 17, 1870.

49 50

RAL, XI/ 109/ 102, Alphonse, Paris, to his cousins, London, Aug. 21, 1870; same to same, Aug. 24. RAL, XI/ 109/ 102, Gustave, Paris, to his cousins, London, July 17, 1870; Alphonse, Paris, to his cousins, London, July 23.

51

RAL, XI/ 109/ 102/1, Ferdinand, Paris, to Lionel, Paris, Aug. 6, 1870; same to same, Aug. 6.

52 53

RAL, XI/ 109/ 102, Alphonse, Paris, to his cousins, London, July 31, 1870. RAL, T10/239, Gustave, Paris, to his cousins, London, Sept. 14, 1870; RAL, XI/109/102, Alphonse, Paris, to his cousins, London, undated, c. Sept. 14; RAL, XI/109/103/1, Arthur, Brussels, to his uncles, Dec. 7.

54

Merimee, Correspondance generate, 2e serie, vol. XV, p. 147. According to the anecdote, he had to be shown how to polish his shoes and make soup by his valet de chambre. RAL, T 10/273, Anselm, Paris, to NMR, July 17, 1870.

55

556

SOURCE

NOTES

56 57

RAL, XI/ 109/ 102, Alphonse, Paris, to his cousins, London, July 20, 1870. RAL, XI/ 109/ 102, Alphonse, Paris, to his cousins, London, July 27, 1870; same to same, July 28; Alphonse and Gustave, Paris, to their cousins, London, July 28. Cf. Ramon, Banque de France, pp. 3l6f.

58 59 60 61 62 63 64 65

RAL, XI/ 109/ 102, Alphonse, Paris, to his cousins, London, Aug. 4, 1870. RAL, XI/ 109/ 102, Alphonse, Paris, to his cousins, London, Aug. 11, 1870; same to same, Aug. 16. RAL, XI/ 1 09/ 1 02, Alphonse, Paris, to his cousins, London, Aug. 3, 1 870. RAL, XI/ 109/ 102, Alphonse, Paris, to his cousins, London, Aug. 6, 1870; same to same, Aug. 8. RAL, XI/ 109/ 102, James Edouard, Paris, to Natty, London, Aug. 11, 1870. RAL, T4 1 /209, Lambert, Brussels, to NMR, Sept. 30, 1 870. Stern, Gold and iron, p. 135. RAL, XI/ 109/ 102, Gustave, Paris, to his cousins, London, July 19, 1870; Alphonse, Paris, to his cousins, London, July 25.

66 67 68

RAL, XI/ 109/ 102, Alphonse, Paris, to his cousins, London, Aug. 1, 1870. RAL, XI/ 109/ 102, Alphonse, Paris, to his cousins, London, Aug. 3, 1870; same to same, Aug. 6. RAL, XI/ 109/ 102, Alphonse, Paris, to his cousins, London, Aug. 9, 1870; same to same, Aug. 10; Aug. 11; Aug. 12. RAL, XI/ 109/ 102, Alphonse, Paris, to his cousins, London, Aug. 13, 1870. RAL, XI/ 109/ 102, Alphonse, Paris, to his cousins, London, Sept. 4, 1870. RAL, XI/ 109/ 102, Alphonse, Paris, to his cousins, London, Sept. 12, 1870. Corti, Reign, p. 424. RAL, T 10/240, Gustave, Paris, to his cousins, London [postscript by Alphonse], Aug. 30, 1870. Stern, Gold and iron, p. 137. RAL.T10/306, F. Bergman, Ferrieres, to Leonora, Jan. 1, 1871. Stern, Gold and iron, pp. 137f. Bismarck, Gesammelte Werke, vol. XIV/2, p. 793.

69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96

Corti, Reign, pp. 416-18. Bismarck, Gesammelte Werke, vol. XIV/2, p. 794. The Times, Oct. 29, 1870, p. 6; Stern, Gold and iron, p. 137. Stern, Gold and iron, p. 141 n. See also pp. I46f. RAL, Tl 0/306, Bergman, Ferrieres, to Leonora, Jan. 1, 1871. RAL, T10/338, Gustave, Paris, to his cousins, London, July 21, 1871; RAL, RFamC/21, Charlotte, London, to Leo, Brussels, Aug. 29. RAL, XI/ 1 09/ 1 06/ 1 , Anthony, Paris, to his brothers, London, Sept. 1,1871. RAL, TT 0/337, Alphonse, Paris, to his cousins, London, March 28, 1871. RAL, XI/ 109/ 102, Alphonse, Paris, to his cousins, London, Aug. 8, 1870. RAL, XI/ 109/ 102, Alphonse, Paris, to his cousins, London, Aug. 13, 1870. Cf. RAL, XI/ 109/ 102, Gustave, Paris, to his cousins, London, undated, between Aug. 7 and Aug. 14. RAL, XI/ 109/ 102, Alphonse, Paris, to his cousins, London, Sept. 4, 1870. See also Gustave, Paris, to his cousins, London, Sept. 3; Alphonse to his cousins, undated, c. Sept. 5; same to same, Sept. 5. RAL, XI/ 109/ 102, Alphonse, Paris, to his cousins, London, Sept. 6, 1870; same to same, Sept. 7. Corti, Reign, p. 421. RAL, XI/ 1 09/ 1 02, Alphonse, Paris, to his cousins, London, Sept. 1 1 , 1 870. RAL, XI/ 109/ 102, Mayer Carl, Frankfurt, to his cousins and nephews, London, Aug. 15, 1870; same to same, Aug. 20; Aug. 21. RAL, XI/ 109/ 102, Mayer Carl, Frankfurt, to his cousins and nephews, London, Aug. 26, 1870. RAL, XI/ 109/ 102, Mayer Carl, Frankfurt, to his cousins and nephews, London, Sept. 8, 1870. RAL, XI/ 1 09/ 1 02, Alphonse, Paris, to his cousins, London, Sept. 6, 1 870. RAL, XI/ 109/ 102, Alphonse, Paris, to his cousins, London, Sept. 12, 1870; Sept. 14; Sept. 16; Sept. 17.

97 98

Matthew, Gladstone, 1809-1874, p. 185. Ramm (ed.), Gladstone-Granville correspondence, 1868-1876, vol. I, pp. 126, 134.

99

It was a sign of Gladstone's growing wariness towards the Rothschilds that in March 1871 he declined to provide them with "inside information" about the international conference then being held in London to discuss this old question: Matthew (ed.), Gladstone diaries, vol. VII, pp. 457, 460; Ramm (ed.), Gladstone— Granvilk correspondence, 1868—1876, vol. I, p. 226.

SOURCE

NOTES

557

1 00 101

RAL, XI/ 1 09/ 1 02, Alphonse, Paris, to his cousins, London, Sept. 6, 1 870. RAL, XI/109/102, Gustave, Paris, to his cousins, London, Sept. 17, 1870; RAL, T10/226, Alphonse, Paris, to his cousins, London, Sept. 18; RAL, XI/109/102, same to same, Sept. 21.

102

Bismarck, Gesammelte Werke, vol. XIV/2, p. 793. Cf. Howard, Franco— Prussian War, pp. 231 f.; Stern, Gold and iron, p. 149.

103

RAL, XI/ 109/ 102/1, Mayer Carl, Frankfurt, to his cousins and nephews, London, Sept. 30, 1870; RAL, T 10/289, deRP to NMR, Nov. 16; RAL, XI/ 109/ 103/1, Mayer Carl to his cousins and nephews, Nov. 19; RAL, T10/290, deRP to NMR, Nov. 23; RAL, T10/293, Mayer to Lionel, undated, Dec. Other correspondence, such as Bleichroder's to the Paris house, accumulated in London after September 1and was not received until February: Stern, Gold and iron, p. 135. For the circular newsletters sent

104 105 106 107

108 109 1 10

to (among others) the London Rothschilds by "C. de B." (an obscure Bourbon legitimist named Alexandre de Saint-Cheron), see Henrey, Letters; Bury, "Identity," pp. 538ff. RAL, T 10/291, Alphonse, Paris, to his cousins, London, Dec. 10, 1870. RAL, XI/ 1 09/ 1 04, Alphonse, Paris, to his cousins, London, Feb. 3,1871. Stern, Gold and iron, p. 148. The reparations imposed on France in 1815 had been 700 million francs, in the region of 7 per cent of gross national product. The figure of 5,000 million demanded by Germany in 1871 represented around 19 per cent of GNP: see Schremmer, "Public finance," p. 398. Using net national product figures in Hobson, "Wary Titan," p. 505. For one of the few published attempts, see Kindleberger, Financial history, pp. 247ff. RAL, XI/ 109/1 03/ 1, Anselm, Vienna, to Lionel, London, Nov. 11, 1870; same to same, Nov. 18. Cf. Stern, Gold and iron, p. 142. Keudell noted to Bleichroder, "As a rule we would prefer to use native

111 112 113

[meaning Prussian] firms." Stern, Gold and iron, pp. I48f£; Landes, "Spoilers foiled," pp. 76f. RAL, XI/ 109/ 104, Mayer Carl, Frankfurt, to his cousins and nephews, London, Jan. 7, 1871. At this stage, communications were so poor that it was impossible to involve the Frankfurt and Vienna

1 14

houses — that at least was Alphonse's excuse for not doing so: RAL, XI/ 109/ 104, Anselm, Vienna, to deRF, Feb. 7, 1871; Alphonse, Paris, to his cousins, London, Feb.ll; Mayer Carl, Frankfurt, to his cousins and nephews, London, Feb. 12; same to same, Feb. 14. RAL, XI/ 109/ 104, Alphonse, Paris, to his cousins, London, Feb. 6, 1871; same to same, Feb. 9; Feb. 11; Feb. 12; Feb. 13. Unlike the later payments, this was not an especially profitable transaction for the banks; Alphonse felt compelled by the circumstances to charge a low commission of just 0.5 per cent and grumbled that he was only acting under duress.

115 116 1 17

Stern, Gold and iron, p. 148; Landes, "Spoilers foiled," p. 84. Bouvier, Credit Lyonnais, p. 40. RAL, XI/ 109/ 104, Alphonse, Paris, to his cousins, London, Feb. 4, 1871. Cf. Kindleberger, Financial

118

history, pp. 239-43; Bouvier, Rothschild, pp. 184-7; Bouvier, Credit Lyonnais, p. 433; Landes, "Spoilers foiled," p. 84. RAL, T10/369, Lionel Davidson, Paris, to Lionel, London, Feb. 16, 1871; Stern, Gold and iron, pp.

119

15 Iff. See also Landes, "Spoilers foiled," pp. 70f. on the German bankers' conflicting estimates. RAL, XI/109/104, Gustave, Paris, to his cousins, London, Feb. 22, 1871; same to same, Feb. 24; Alphonse, Paris, to his cousins, London, Feb. 24.

1 20

RAL, XI/ 1 09/ 1 04, Alphonse, Paris, to his cousins, London, Feb. 26, 1871. Alphonse's numerous grammatical errors and missing accents in this important letter testify to the intensity of the strain he was under.

121 1 22

Corti, Reign, p. 419; Stern, Gold and iron, p. 154. The interest amounted in the end to 30 1 million francs, slightly less than the value of the railways (325

123 124

million), so the final total paid was in fact 4,976 million: Kindleberger, Financial history, p. 241 (though he quotes a higher figure of 4,993 on p. 247). RAL, XI/109/104, Alphonse, Paris, to his cousins, London, Feb. 12, 1871. RAL, XI/109/104, Gustave and Alphonse, Paris, to their cousins, London, March 1, 1871; same to same, March 8; March 13.

125

Bismarck himself had proposed "the phased withdrawal from the occupied territory in proportion to

1 26

the sums paid." The Prussians agreed to accept gold, silver, banknotes from the central, banks of England, Prussia, Holland and Belgium, cheques on the same banks and immediately payable first-class bills of exchange on

558

SOURCE

NOTES

London, Amsterdam, Berlin or Brussels. In May it was also agreed to accept a further 125 million in French banknotes. From the outset Bismarck and the German bankers opposed the idea of accepting French rentes. 127

RAL, XI/ 109/ 104, Alphonse, Paris, to his cousins, London, March 1, 1871; same to same, March 2; March 5; March 8; March 13; March 14; March 15; March 17.

128

At Alphonse's initiative, and with an eye to "public opinion," the Banque had reduced the interest it charged the government from 6 per cent to 3 per cent: Ramon, Banque de France, pp. 333f.; Bouvier, Rothschild, p. 187. There was never any serious discussion of other possibilities such as amortisable bonds or a lottery loan;

129

130 131 132

133 134 135 1 36 137 138 139 140

141 1 42 143

144

145

rentes were what investors in London and Paris expected from a French government: Landes, "Spoilers foiled," p. 81. The National Assembly initially met at Bordeaux but moved to Versailles on March 20. See Tombs, War against Paris. RAL, XI/ 109/ 104, Alphonse, Paris, to his cousins, London, March 18, 1871; Gustave to his cousins, undated, c. March 20; same to same, March 21; Gustave and Alphonse to their cousins, March 24; March 26; Gustave, Versailles, to his cousins, March 28; same to same, c. March 30. RAL, go to RAL, RAL, RAL, RAL, RAL,

XI/109/105, Alphonse, Paris, to his cousins, London, April 2, 1871. He took the opportunity to London for further financial discussions. XI/109/105, Alphonse, Paris, to his cousins, London, May 25, 1871; same to same, May 29. T 10/331, Alfred, Paris, to his parents, June 23, 1871. XI/ 1 09/ 1 06/ 1 , Ferdinand, Dieppe, to Lionel, Aug. 9,1871. XI/109/105, Alphonse, Paris, to his cousins, London, April 8, 1871. XI/109/104, Gustave, Versailles, to his cousins, London, March 28, 1871.

RAL, XI/109/105, Alphonse, Paris, to his cousins, London, April 5, 1871; same to same, April 8. RAL, XI/109/104, Alphonse, Paris, to his cousins, London, Feb. 14, 1871; same to same, Feb. 15; March 14; RAL, XI/109/105, same, Versailles, to same, April 2; Gustave, Versailles, to his cousins, April 14; Alphonse to his cousins, June 1. RAL, XI/ 109/ 107/1, Alphonse, Paris, to his cousins, London, Jan. 4, 1872. RAL, XI/ 1 09/ 1 09/ 1 , Alfred, Paris, to his parents, London, Sept. 30, 1 872. RAL, XI/ 109/ 107/1, Alphonse, Paris, to his cousins, London, Oct. 21, 1871; RAL, XI/109/104, same to same, Jan. 3, 1872 [wrongly dated 1871]. See also RAL, XI/109/106, Aug. 25; RAL, XI/109/107/1, Nov. 15. RAL, XI/109/105, Alphonse, Paris, to his cousins, London, June 5, 1871. See also same to same, June 8; RAL, XI/109/107/1, Dec. 1 1; Jan. 22, 1872; Feb. 20; RAL, T10/385, March 14. The main obstacle to this was the existence of an alternative monarchist party around the Bourbon claimant, the due de Chambord. To draw another Weimar parallel, Alphonse was, on balance, a "Vernunftsrepublikaner"; he spoke disparagingly of crypto-monarchists he had to deal with on the Seine et Marne council. RAL, XI/109/105, Alphonse, Paris, to his cousins, London, June 7, 1871.

146

Bouvier, Rothschild, pp. 201-3; Chapman, Third Republic, p. 38. In fact, Thiers fell in May 1873, two months before the last instalment of the indemnity was paid.

147

RAL, XI/109/105, Gustave, [Versailles?], to his cousins, London, May 10, 1871; Mayer Carl, Frankfurt, tohis cousins and nephews, London, May 10; Gustave to his cousins, May 11; same to same, May 15; RAL, T46/29, M. M. Warburg & Co., Hamburg to NMR, May 31; AN, 132 AQ 32/BIeichroder, Bleichroder, Berlin, to Alphonse, Paris, June 1 1; same to same, June 12; June 14; RAL, XI/109/105, Leo, London, to his cousins, Paris [draft], June 12; Alphonse to his cousins, June 12.

148 149 150

Landes, "Spoilers foiled," pp. 87f. Bouvier, Credit Lyonnais, pp. 403f. RAL, XI/109/105, Alphonse, Paris, to his cousins, London, June 7, 1871. This raises the possibility that he never intended to allow Bleichroder or Hansemann into the underwriting syndicate and that the negotiations described by Landes were a sham. That would certainly explain the numerous garbled

telegrams. Alternatively, the Berlin bankers wanted their rentes at too low a price: Landes, "Spoilers foiled," pp. 90, 96, 99f. 1 5 1 Bouvier, Credit Lyonnais, pp. 404f. 152 RAL, XI/109/105, Alphonse, Paris, to his cousins, London, June 1, 1871; same to same, June 2; June 6; June 7; June 9; June 12; June 14; June 18; undated, c. June 20; June 21; Edmond to his cousins, June

SOURCE

NOTES

559

2 1 ; Alphonse to his cousins, June 22; same to same, June 23; June 24; AN, 1 32 AQ 32/ 1 D2 (1 6) , NMR to deRF, June 24 (two telegrams). 153 154 155 156

AN, 132 AQ33/A- 12-3/4, Pouyer-Quartier to Alphonse, July 27, 1871. Cf. Landes, "Spoilers foiled," pp. 82, 88f., 104f. Ibid, p. 102. RAL, XI/ 109/ 105, Alphonse, Paris, to his cousins, London, June 21, 1871; RAL, XI/ 109/ 106, same to same, July 7. AN, 132 AQ 33/A- 12-3/4, Contract between deRF and joint-stock banks, June between deRF and private banks, June 26. The underwriting syndicate in London oly of Rothschild and Baring and I have assumed that they shared the total of equally; in Paris, the underwriting shares were distributed as follows: de Rothschild

26, 1871; Contract was simply a duop325 million francs Freres 248 million;

haute banque (twelve houses, including Fould, Mallet Freres, Hottinguer and Pillet-Will) 362 million; Societe Generale 60 million; other joint-stock banks 65 million. The Societe Generale was given preferential treatment because of the French Rothschilds' common railway interests with Talabot: Bouvier, Credit Lyonnais, pp. 405f; Mayeur, Troisieme Republique, p. 23. 1 57

1 58

159

1 60 161 162

This should be regarded as an upper limit; it seems unlikely that the Rothschilds acted in quite this optimal way. Cf. the lower estimates in Bouvier, Rothschild, p. 1 9 1 and Palmade, Capitalism, p. 1 27. By way of comparison, the Credit Lyonnais made only 5.7 million francs from the 1871 operation. RAL, XI/ 1 09/ 105, Alphonse, Paris, to his cousins, London, June 25, 1 87 1 ; same to same, June 26; June 27. This is the only pre-1914 allusion by a Rothschild I have come across to the possibility of holding a governmental office, something they always avoided. RAL, XI/109/105, Alphonse, Paris, to his cousins, London, June 28, 1871; same to same, June 29; RAL, XI/109/106, July 20. The target of 2.6 billion francs had been more or less met by the end of June 26 from subscriptions in Paris alone. Bouvier, Credit Lyonnais, pp. 407ff. The signatories included the Banque de Paris, the Credit Foncier and the Credit Lyonnais. Landes, "Spoilers foiled," pp. lOOff. Cf. Stern, Gold and iron, pp. 320ff. His vain efforts can be followed in AN, 132 AQ 32/1D2, deRF [via S. Lambert, Brussels] to Bleichroder, Berlin, June 21, 1871; AN, 132 AQ 32/Bleichroder, Bleichroder to Lehmann, June 21; same to same, June 22; AN, 132 AQ 32/1D2 (16), Bleichroder, Berlin [via Lambert, Brussels], to Nathan James, Boulogne, June 22; Bleichroder to deRF, June 23; same to same, June 24; M. M. Warburg, Hamburg, to deRF, June 26; AN, 132 AQ 32/Bleichroder, Bleichroder to deRF, June 26; same to same,

June 29. 163

AN, 132 AQ 32/lD2(16), Anselm, Carlsbad, to deRF, June 24, 1871; AN, 132 AQ 32/1D2 (16), SMR to deRF, June 27.

164

1 67

RAL, XI/109/105, Mayer Carl, Frankfurt, to his cousins and nephews, London, June 26, 1871; AN, 132 AQ 32/1D2U6), Mayer Carl to his cousins, Paris, June 28; AN, 132 AQ 5706/2M52, same to same, Nov. 17. He wisely sold half at the peak of the hausse in November. RAL, XI/109/105, Alphonse, Paris, to his cousins, London, June 28, 1871. RAL, XI/109/106, Alphonse, Paris, to his cousins, London, July 2, 1871; same to same, July 5; July 6; RAL, T10/333, July 9; RAL, XI/109/106, July 12; July 13; Aug. 21; Aug. 23; Aug. 24; Aug. 25. Cf. Kindleberger, Financial history, p. 247. The desire to minimise the influx of bills on London reflected fears of pressure on the thaler. It is worth

168

noting that Mayer Carl failed to persuade the Seehandlung to entrust the London house with the remittance of money from London to Berlin: RAL, XI/ 109/ 107/1, Mayer Carl, Berlin, to his cousins and nephews, London, Dec. 1, 1871; same to same, Dec. 17; Dec. 20; Dec. 31. AN, 132 AQ 32/Bleichroder, Bleichroder, Berlin, to deRF, June 28, 1871; same to same, undated, c.

165 166

July 1; July 2; Aug. 24; Aug. 28; Aug. 31; Sept. 8; Sept. 23; Sept. 29; Oct. 17; Oct. 23; Nov. [1?]; Nov. 11. 1 69 170

RAL, XI/ 1 09/ 1 07/ 1 , Alphonse, Paris, to his cousins, London, Oct. 6,1871. RAL, Tl 0/339, Nathan James, Paris, to Lionel, London, undated, 1871; RAL, XI/109/106, Alphonse, Paris, to his cousins, London, Aug. 17; RAL, XI/109/107/1, same to same, Dec. 19; Dec. 21; Dec. 28; Dec. 30; Jan. 13, 1872; Jan. 22; Jan. 23; Jan. 24; March 5; March 7; RAL, XI/ 109/ 108/1, April 2; April 9; May 4.

171

RAL, XI/109/106, Alphonse, Paris, to his cousins, London, July 7, 1871; same to same, Sept. 2; Sept.

560

SOURCE

NOTES

4; Sept. 5; Sept. 6; Sept. 11; Sept. 17; Sept. 19; Sept. 20; Sept. 21; Sept. 22; Sept. 23; Sept. 28; RAL, XI/109/107/1, Oct. 5; Oct. 14; Oct. 16; Oct. 17; Oct. 21; Oct. 30; Nov. 2; Nov. 15; Nov. 16; Nov. 24; Nov. 27; Nov. 30; Dec. 2; Dec. 8; Dec. 12; Dec. 27; Jan. 10, 1872; Jan. 12. 172

In January 1 872 the Banque de Paris merged with the Amsterdam-based Banque de Credit et de Depots

173

des Pays Bas to form the Banque de Paris et des Pays-Bas, usually known as "Paribas" for short: Bussiere, Paribus, pp. 25ff. RAL, XI/109/107/1, Mayer Carl, Berlin, to his cousins and nephews, London, Dec. 19, 1871; same to same, Jan. 21, 1872; RAL, XI/109/107/1, Alphonse, Paris, to his cousins, London, Jan. 2; same to same, Feb. 26; Feb. 27.

174

175 1 76

AN, 132 AQ32/1D2 (16), Bleichroder, Berlin, to deRF, Nov. 15, 1871; AN, 132 AQ 32/Bleichroder, same to same, Dec. 27; Jan. 10, 1872; Jan. 28; Feb. 3; Feb. 15; Feb. 20; Feb. 23; March 2; March 24; April 20; May RAL, XI/ 109/ RAL, XI/ 1 09/ 3; Feb. 5; Feb.

25; June 20; June 24. Cf. Stern, Gold and iron, pp. 324f. 108/1, Alphonse, Paris, to his cousins, London, May 22, 1872. 1 07/ 1 , Alphonse, Paris, to his cousins, London, Jan. 31,1 872; same to same, Feb. 1 ; Feb. 6; Feb. 7; Feb. 13; Feb. 26; Feb. 27; March 8; March 18; March 22; RAL, XI/ 109/ 108/1,

April 11; May 2; May 7; May 11; May 14; undated, c. May 19; May 20; May 29; May 30; June 7; June 15. 177 178 179 1 80

RAL, XI/ 109/ 109/1, Alphonse, Paris, to his cousins, London, undated, c. July 1, 1872; Gustave to his cousins, undated, c. July 3; Alphonse to his cousins, July 6; same to same, July 8; July 9. RAL, XI/ 109/ 109/1, Alphonse, Paris, to his cousins, London, July 10, 1872; same to same, July 1 1; July 12; July 13; July 16; July 17. RAL, XI/ 109/ 109/1, Alphonse, Paris, to his cousins, London, July 18, 1872; same to same, July 19; Natty, Paris, to his parents, undated, c. July 19. RAL, XI/ 1 09/ 109/1, Alphonse, Paris, to his cousins, London, July 23, 1 872; same to same, July 24; July 25; July 26; AN, 132 AQ 33/A- 12-3/4, Contract between deRF, NMR and Barings, July 26; Contract between Goulard, Minister of Finance, deRF, NMR, Barings, representatives of German banks, Daru, Germain and Goubert (as representatives of the French "credit establishments") and others, July 26; Contract signed by eleven private Paris banks, July 27; Alphonse to his cousins, July 27. Cf. Bouvier,

181 182

1 83

184 185 186 187

Credit Lyonnais, pp. 411-18. RAL, XI/109/107/1, Mayer Carl, Berlin, to his cousins and nephews, London, March 11, 1872. Cf. Kindleberger, Financial history, p. 247. AN, 132 AQ 32/Bleichroder, Bleichroder, Berlin, to deRF, July 30, 1872. Cf. Stern, Gold and iron, p. 326. Bleichroder was convinced that Hansemann was conspiring against him with Harry von Arnim, the Prussian ambassador in Paris. Bismarck certainly disliked Arnim (as did the Rothschilds) and used Bleichroder to communicate indirectly with Thiers via the French ambassador in Berlin, GontautBiron; but the financial significance of this was minimal. Cf. Corti, Reign, p. 440. RAL, XI/ 1 09/ 108/1, Mayer Carl, Bad Kissingen, to Natty, London, June 23, 1 872; same to same, June 25; Mayer Carl, Frankfurt, to his cousins, Paris, June 29; RAL, XI/ 109/ 109/1, Mayer Carl to Natty, July 7; same to same, July 19; July 21; July 22; July 23; RAL, T10/354, Mayer Carl to Alfred, July 24; RAL, T 10/35 5, Mayer Carl to Natty, July 29; RAL, XI/ 109/ 109/1, same to same, July 31; Aug. 1. Cf. the lower estimates in Bouvier, Rothschild, pp. 192-8. RAL, XI/ 109/ 109/1, Alphonse, Paris, to his cousins, London, July 29, 1872; same to same, July 31. AN, 132 AQ 32/Bleichroder, Bleichroder, Berlin, to deRF, Sept. 12, 1872; RAL, XI/ 109/ 109/1, Alphonse, Paris, to his cousins, London, Sept. 14; same to same, Sept. 26; Sept. 28; Sept. 30. AN, 1 32 AQ 32/Bleichroder, Bleichroder to deRF, Oct. 30, 1 872; same to same, Nov. 3; Nov. 4; Nov. 5; Nov. 15; Nov. 19. The rejection of Hamburg bills reflected the pressure within Berlin to put Ger-

1 88 189 190 191 192

many on to a new gold currency; the Hamburg "marc banco" was silver-based. On the role of the Hamburg bank M. M. Warburg & Co. in supplying bills to the Paris house see Rosenbaum and Sherman, M. M. Warburg & Co., p. 75. RAL, T 1 0/4 1 1 , Alphonse, Paris, to his cousins, London, Dec. 18,1 872. RAL, Tl 1/10, Alphonse, Paris, to his cousins, London, May 28, 1873; RAL, Tl 1/14, same to same, Aug. 13; RAL, Tl 1/16, Sept. 3. RAL, XI/109/104, Mayer Carl, Frankfurt, to his cousins and nephews, London, Jan. 16, 1871. RAL, XI/109/107/1, Mayer Carl, Frankfurt, to his cousins and nephews, London, Oct. 25, 1871. RAL, XI/109/107/1, Mayer Carl, Frankfurt, to his cousins and nephews, London, Nov. 1 1, 1871.

SOURCE

NOTES

561

193 194

RAL, XI/ 109/ 108/1, Mayer Carl, Frankfurt, to his cousins and nephews, London, May 10, 1872. RAL, XI/ 109/ 104, Mayer Carl, Munich, to his cousins and nephews, London, Jan. 12, 1871; same, Frankfurt, to same, Jan. 16; Jan. 19; Jan. 21; Jan. 31.

195

RAL, XI/ 109/ 107/1, Mayer Carl, Frankfurt, to his cousins and nephews, London, Oct. 29, 1871; RAL, XI/ 109/ 107/1, same, to same, Feb. 7; Feb. 14; Feb. 20.

196

RAL, XI/ 109/ 107/1, Mayer Carl, Berlin, to his cousins and nephews, London, Dec. 17, 1871; same, Frankfurt, to same, Jan. 21, 1872; March 19.

197

RAL, XI/ 109/ 104, Mayer Carl, Frankfurt, to his cousins and nephews, London, Feb. 7, 1871; same to same, Feb. 21; RAL, XI/ 109/ 107/1, Oct. 22.

198

RAL, XI/ 109/ 108/1, Mayer Carl, Frankfurt, to his cousins and nephews, London, April 11; same to same, May 28, 1872; June 5; June 7; June 25.

199 200

Goldschmidt, Erinnerungen, pp. 89f~.; Corti, Reign, p. 434. RAL, XI/ 109/ 107/1, Mayer Carl, Berlin, to his cousins and nephews, London, March 4, 1872; same to same, March 14.

201

Kindleberger, Financial history, pp. 248f.

202 203 204

Borchardt, "Wahrung," pp. 3-17. RAL, T4 1 /243, Lambert, Brussels, to NMR, May 5, 1 875. RAL, RFamC/21, Charlotte to Leo, May 11, 1875; same to same, May 14.

SEVEN

"The Caucasian Royal Family"

1 2 3

Kynaston, City, vol. II, p. 314. RAL, XI/ 1 09/87/ 1 , Alphonse, Paris, to his cousins, London, July 22, 1865. A fourth son, Anselm Alexander, had died in 1854 at the age of eighteen; scarcely anything is known about him.

4

RAL, XI/ 109/ 101/1, John Carl [Nat's servant], Paris, to Lionel, London, Jan. 5, 1870; same to same, Feb. 19; Leo, Paris, to his parents, Feb. 20; RAL, RFamC/21, Charlotte, London, to Natty, Alfred and Leo, Paris, Feb. 20; RAL, XI/109/ 101/1, Natty to his parents, Feb. 21; RAL, XI/ 109/10 1/2, Albert, Vienna, to Lionel, Feb. 22; Anselm, Vienna, to Lionel, Feb. 22.

5 6

Disraeli remembered him fondly as "a thoro[ugh]ly good hearted fellow, the most geniai being I ever knew, the most kind-hearted, and the most generous": Monypenny and Buckle, Disraeli, vol. V, p. 430. The Times, June 4, 1879, pp. 9f. (emphasis added). Delane, who had retired in 1877, also died in 1879,

7

though it is possible that he wrote Lionel's obituary while still working: as today, obituaries were often written well in advance of an eminent figure's death. Monypenny and Buckle, Disraeli, vol. VI, p. 434.

8

RAL, RFamFP/20, Lionel's draft will, Nov. 1866 (which seems to omit his share in the business); The Times, June 27, 1879, p. 12.

9

Kynaston, City, vol. I, p. 316. Bleichroder's son Hans noted sourly that "few people genuinely mourned because Lionel did not know how to make himself liked and did next to nothing for the poor": Stern, Gold and iron, p. 479. This is not borne out by the obituary in the Middlesex County Times, June 7, 1879: 1 am grateful to Lionel de Rothschild for this reference. Brock and Brock (eds), Asquith letters to Venetia Stanley, p. 484. RAL, XI/ 109/99/1, Anthony, Schillersdorf, to his brothers, London, undated, c. Sept. 1869. See e.g. RAL, XI/ 109/9 1/2, Mayer, Paris, to his brothers and Natty, London, undated, c. Aug. 1867:

10 11 12

"Anselm admires a Russian Countess, accompanies her to the theatres & even orders dresses for her at the shops"; and RAL, T10/38, Alphonse, Paris, to his cousins, London, Aug. 19; RAL, Tll/27, Anselm, Vienna, to Ferdinand, London, undated, 1873 (recalling an affair with Lady Ellenborough,

13 14 15

"who after various marriages dissolved and she always the guilty party, finally married in Damascus an Arab chieftain with whom she lived during 15 years steadily in most peaceful wedlock"). So much for Goldschmidt's claim that Anselm was a misogynist. RAL, XI/109/95/2, Ferdinand, Schillersdorf, to his cousins, London, Aug. 23, 1868. Goldschmidt, Erinnerungen, pp. 70ff., 92f; Prevost-Marcilhacy, Rothschild, pp. 144, 153f. See also RAL, RFamC/21, Charlotte, London, to Leo, Lucerne, July 19, 1864; same to same, July 22; July 30.

RAL, Tll/63, Alphonse, Paris, to his cousins, London, July 27, 1874; RAL, RFamC/21, Charlotte to Leonora and Leo, Trouville, July 28; same to same, July 30; July 31. 16 The Times, Aug. 13, 1874, p. 12; Aug. 15, p. 9.

562

SOURCE

NOTES

17 18

Corti, Reign, p. 432. The Times, June 7, 1879. Carriages were also sent by the Duke of Wellington, Disraeli (now the Earl of Beaconsfield), the Duke of Manchester, the Duke of St Albans and the Duchess of Somerset, to say nothing of numerous ambassadors.

19

To speak of "generations" presents problems because of the extent to which the Rothschild generations overlapped: in the period 1827 to 1884 when the fourth generation was born, six members of the third were also born and ten members of the fifth. I am grateful to Lionel de Rothschild for his assistance on this and related points. Goncourt, Journal, vol. I, p. 586. RAL, RFamC/2, Disraeli to Leopold, Dec. 11,1 880. For comments on this subject, see RAL, RFamC/21, Charlotte, Paris, to Lionel, Natty and Alfred, London, Sept. 16, 1864 (two letters); same to same, Sept. 17; Sept. 18; Sept. 21; Sept. 25; Charlotte to Leo, Cambridge, Sept. 17; same to same, Sept. 25; Oct. 22, 1865; Oct. 24; Nov. 9. These premature

20 21 22

male deaths were somewhat "counterbalanced" by the premature deaths of six Rothschild women: Clementine in 1865 (aged twenty); Evelina in 1866 (aged twenty-seven); Georgine in 1869 (seventeen); Hannah in 1878 (thirty-nine); Bettina in 1892 (thirty- four); and Bertha in 1896 (twenty-six). 23

Davis, English Rothschilds, pp. 63, 111; RAL, RFamPD/1-2, Charlotte's Commonplace Book, April 1855. She continued to comment adversely on his shyness even when he was in his twenties: RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, Feb. 4, 1867. See also Rothschild, Dear Lord Rothschild, p.25.

24

History was his strong suit. Disraeli once remarked: "If I want to know a date in history, I ask Natty": Corti, Reign, p. 450.

25

Honours in the "Little Go" required knowledge of one of the Gospels in Greek, prescribed Latin and Greek texts, William Paley's anti-Deist Evidences of Christianity, the first three books of Euclid and arithmetic as well as the fourth and sixth books of Euclid, elementary algebra and mechanics: Davis, English Rothschilds, pp. 107f. RAL, RFamC/2 1 , Charlotte, Paris, to Leo, Cambridge, Feb. 2, 1 867. RAL, RFamC/3/57, Natty, Cambridge, to his parents, London, undated, 1860; RAL, RFamC/3/82, same to same, undated, 1860; RAL, RFamC/3/90, undated, 1860; RAL, RFamC/3/129, undated,

26 27

28

29 30 31 32 33 34

1860; RAL, RFamC/3/30, Jan. 18, 1863. Cf. Davis, English Rothschilds, pp. 102, 107-14. RAL, RFamC/21, Charlotte, London, to Leo, London, May 14, 1875; same to same, May 15. Two years later he served as a member of the Royal Commission on the London Stock Exchange: see Minutes ofEvidence . . . Royal Commission on the London Stock Exchange, pp. B9-3A3. Cassis, City bankers, p. 102. RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, Nov. 9, 1864; same to same, Sept. 20, 1865; Sept. 5, 1866; Sept. 29; Oct. 23. RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, Nov. 21, 1866. Davis, English Rothschilds, pp. 1 08, 1 1 5. RAL, RFamC/2 1 , Charlotte, London, to Leo, Cambridge, Jan. 23, 1 867; same to same, Jan. 26; Feb. 2. RAL, T10/127, Nat, Paris, to his brothers, London, undated, 1868. Cf. Cassis, City bankers, pp. 34f, 87; Black, Social politics, p. 9; Allfrey, Jewish court, p. 33. It has been claimed that Alfred was obliged to decline re-election in 1890 after taking the illicit liberty of looking at the account of someone from whom the National Gallery was considering buying a painting; the difference between what the seller was asking and what he had originally paid he considered "out of all proportion to convention and decency." His interest supposedly stemmed from his role as trustee of the National Gallery. However, the Bank of England archives do not corroborate this. In fact, Alfred seems to have retired because of ill health despite an attempt by the Governor to persuade him to stay on: Bank of England, G2/47 423 1908/8, Lidderdale, Bank of England, to Alfred de Rothschild, Feb. 3, 1890; G2/47 423 1908/8, Alfred, New Court, to Lidderdale, Bank of England, Feb. 4; Bank of England, G16/4 Historical Index, Feb. 4.

35 36

RAL, RFamC/21, Charlotte, London, to Leo and Leonora, Aug. 14, 1874. RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, Feb. 2, 1864; same to same, March 9; May 30; Charlotte, Paris, to Lionel, Natty and Alfred, London, Sept. 25; Charlotte to Leo, Oct. 1; same, Brighton, to same, Oct. 4; Oct. 12; Oct. 25; Nov. 9; Nov. 28; April 20, 1865; Sept. 20; Feb. 17, 1866; Feb. 19; Feb. 23.

SOURCE

NOTES

563

yj

Davis, English Rothschilds, p. 116.

38

RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, July 20, 1866. See also same to same, Nov. 22; May 23, 1867; May 28; June 5; July 30.

39

RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, Nov. 15; same to same, Nov. 21 (two letters). Though Flower later marrried a Rothschild, he appears to have been a homosexual and the intimacy of his friendship with Leo evidently perturbed Charlotte. Black, Social politics, p. 9. Leo was elected to the Jockey Club in 1 891 and was one of the founders of a motoring club which later became the Royal Automobile Association.

40 41

RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, Sept. 17, 1864; same to same, Feb. 20, 1865; Nov. 9; Nov. 30; Jan. 29, 1866; Dec. 23. After practising law for a short time, he joined the firm, beginning by taking over his father's post on the Nord board: RAL, XI/ 109/ 100/1, Alphonse, Paris, to his cousins, London, Dec. 10, 1869.

42

For an assessment of his contribution to bibliography, see Damascene and Fatout, Baron James, pp.

43 44 45 46 47 48 49 50 51

vii-xiv. Cf. Goncourt, Journal, vol. IV, p. 767. Nat's younger son Arthur was another obsessive collector in the same generation: see Rothschild, Dear Lord Rothschild, pp. 1 10, 332f. RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, Nov. 3, 1866. Dasent, Piccadilly, pp. 1 4 1 ff. , 292; Roth, Magnificent Rothschilds, pp. 1 79ff. Kynaston, City, vol. I, p. 389. The Times, Oct. 1, 1902, p. 10. Roth, Magnificent Rothschilds, p. 182. The model was a gift to Leo from his wife Marie in 1912. Goldschmidt, Erinnerungen, pp. 70ff, 90, 105; Corti, Reign, p. 435. RAL, T 10/404, Ferdinand, Ostende, to Lionel, London, Aug. 14, 1872. RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, Feb. 27, 1864; same to same, Feb. 1, 1866. RAL, Tl 1/76, Anthony, Homburg, to Lionel, London, undated, Aug. 1874; RAL, Tl 1/70, Alphonse, Paris, to his cousins, London, Aug. 1; RAL, RFamC/21, Charlotte, London, to Leo and Leonora, Trouville, Aug. 3; same to same, Aug. 13. Cf. Corti, Reign, pp. 435f; Michel, Banques et banquiers, pp. 106f The Frankfurt Gruneburg estate went to his unmarried daughter Alice.

52 53 54 55 56 57 58 59 60 61

Feydeau, Memoires, pp. 143-8. Goncourt, Journal, vol. I, pp. 1033, 1082. Briggs, Victorian things, p. 349. Bouvier, Rothschild p. 239. Goncourt, Journal, vol. II, p. 255. Ibid, vol I, p. 1082. AN, 132 AQ 5902, James, Edinburgh, to Alphonse and Gustave, Paris, Aug. 14, 1861 . Plessis, Banque de France, vol. I, pp. 198, 219. This explains the relatively small sum he left in his will: just 1,200,000 francs (£48,000). Goncourt, Journal, vol. II, p. 48. RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, May 17, 1864; same to same, May 18; May 19; May 22; May 23; same, Paris, to same, Sept. 16; Charlotte to Lionel, Natty and Alfred, Sept. 25. To judge by her descriptions of his parents' intense grief, Salomon was something of a favourite. Natty and Alfred "found the whole deeply afflicted family awfully calm, with the exception of poor Uncle James, who burst into tears when he saw the travellers, and sobbed convulsively; it was quite dreadful to hear him. — Addy's intense sorrow is quite alarming, she is so fearfully quiet, and utterly unable to shed a single tear — she speaks — never a word of herself — only of her husband's qualities; she thinks he was too good to live . . . Aunt Betty thought he might be in a trance, and would not hear of the last mournful ceremony taking place

62

RAL, RFamC/21, Charlotte, Paris, to Leo, Cambridge, Sept. 17, 1864; Charlotte to Lionel, Natty and Alfred, Sept. 20.

63 64

RAL, T10/351, Mayer Carl, Frankfurt, to his cousins and nephews, London, May 10, 1872. Its extent is usually said to have been 15,000 acres in this period, but a figure of 30,000 seems more likely: Kynaston, City, vol. I, p. 387; schild, Rothschild gardens, p. 131. In an estate in Northamptonshire, but that the yield of English agricultural

Davis, English Rothschilds, pp. 94f.; Rothschild, Garton and Rothfact, Ferdinand had initially tried to persuade his father to buy him Anselm dismissed the idea, making the very Rothschildian point land was 1.5 per cent lower than that of Austrian: RAL, T10/404,

Ferdinand, Ostend, to Lionel, London, Aug. 14, 1872; RAL, T10/413, Anselm, Schillersdorf, to Ferdi-

564

65

SOURCE

NOTES

nand, London, Aug. 20. It was only with after his father's death that he was able to buy Waddesdon (for £220,000 from the 7th Duke of Marlborough): RAL, Tl 1/76, Anthony, Homburg, to Lionel, London, undated, Aug. 1874; Cannadine, Aspects, p. 1 1. Rothschild, Dear Lord Rothschild, pp. 4ff.; Davis, English Rothschilds, pp. 174, 226. Lionel paid £230,000 for Tring in 1872, near the peak of rural property prices.

66

Rothschild, Garton and Rothschild, Rothschild gardens, pp. 72-82; Rothschild, Gilt-edged life, p. 12.

67

Prevost-Marcilhacy, Rothschild, pp. I6lff., 181f., 198fT., 336, 34lf. Cf. Timberlake, "Hastoe near Tring," pp. Iff. for the recollections of a Tring tenant's son. The others were: Charlotte (Nat's widow) 's medieval abbey des Vaux-de-Cernay at Auffargis, restored for her by Felix Langlais; Gustave's chateau de Laversine at Saint-Maximin (Seine-et-Oise), designed by Alfred-Philibert Aldrophe after 1882; James Edouard's chateau des Fontaines (Oise), again by Langlais (1878-92); his widow Therese's maison Normande built there by Girard in 1892; as well as a new seaside villa at Cannes (for Betty): Prevost-Marcilhacy, Rothschild, pp. 152, 175, 178ff., 182, 202, 204, 206, 211, 296, 314, 327fif, 354. Mention should also be made of chateau de Vallvere a Mortefontaine

68

(Oise), built by Aldrophe for the due and duchesse de Gramont (Mayer Carl's daughter Margaretha) in 1890. 69 70

Goldschmidt, Erinnerungen, pp. 70ff., 105; Prevost-Marcilhacy, Rothschild, pp. 161, 173, 183f, 354f. Rothschild, Garton and Rothschild, Rothschild gardens, pp. 152ff.

71 72

Prevost-Marcilhacy, "Rothschild architecture," pp. 245ff.; idem, Rothschild, pp. 205f, 218, 305. Leo's at 5 Hamilton Place, designed by William Rogers of William Cubitt & Co. in the French style; Alfred's at 1 Seamore Place, purchased from the courtier Christopher Sykes; Ferdinands at 143 Piccadilly; Edmonds at 41 rue du Faubourg-Saint-Honore, reconstructed by Langlais after 1878; baronne Salomon James's at 1 1 rue Berryer, designed by Leon Ohnet in 1872-8; Nathaniel's Vienna "hotel" at 14-16 Theresianumgasse; and Albert's at 24-26 Heugasse (later Prinz Eugen-Strasse), the latter built by Gabriel-Hippolyte Destailleur in 1876: Prevost-Marcilhacy, Rothschild, pp. 152ff., 156f., 177f, 194f, 218, 225, 228, 350ff.,355ff.

73

Bartetzko, "Fairy tales and castles," pp. 237f. The architect Franz von Hoven took a number of liberties with the original house, moving it back several feet, replacing the old slate front with more picturesque oak timbers and effectively merging what had originally been two very narrow houses, though the interiors were more faithful to the early part of the century. Bartetzko suggests a conscious effort to imitate the Goethe house in Grosser Hirschgraben, which had been renovated in 1863 and had become Frankfurt's main tourist attraction. In 1 890 Von Hoven was also asked to alter and extend the Bockenheimer

75 76 77

Landstrasse house, once Amschel's. Reitlinger, Economics of taste, vol. I, pp. 176, 178, 180; vol. II, p. 1 19. Cf. RA, L20/1, Charlotte, Gunnersbury, to Lady Ely, Feb. 9, 1882. Reitlinger, Economics of taste, vol. II, pp. 5, 12, 45f., 113, 1 16, 237. Ibid, pp. 3, 138. Ibid, vol I, pp. 193, 197.

78 79

Hall, "English Rothschilds as collectors," pp. 274-8. Prevost-Marcilhacy, Rothschild, pp. 230, 233.

80

Prevost-Marcilhacy, Les Rothschild, pp. I6lff., 181f, 198ff.; Hall, "English Rothschilds as collectors," pp. 278-84; Davis, English Rothschilds, p. 221; The Times, April 4, 1885.

81 82 83 84

See in general Escott, "Story of Halton House"; Adam, Beechwoods and bayonets, esp. pp. 19-105. Wilson, Rothschild, pp. 256-60. Allfrey, Jewish court, p. 36. See also p. 201 . Vincent (ed.), Crawford papers, p. 600.

85

Rothschild, Garton and Rothschild, Rothschild gardens, pp. 20, 24, 32-47. See also Rothschild, Rothschilds atWaddesdon Manor, Schwartz, Waddesdon.

86

Prevost-Marcilhacy, Rothschild, pp. 185ff., 189. For a detailed Edmonds son Jimmy see Blunt Allfrey, Jewish court, p. 36. Vincent (ed.), Crawford papers,

74

87 88

pp. I64ff., 173, 185ff., 196f., 223; Reitlinger, Economics of taste, vol. I, catalogue of the collection, much of which passed into the hands of (ed.) , James A. de Rothschild collection; Sutton etal, Waddesdon Manor. p. 49. For a different version of the tea story, see Heuberger, Rothschilds,

p. Ill: "When the curtains were drawn, a powdered footman entered the room, followed by an underling with a tea trolley, and would query politely: 'Tea, coffee or a fresh peach, Sir?' — 'Tea, please.' —

SOURCE

89

NOTES

565

'China, Indian or Ceylon, Sir?' — 'China, if you please.' — 'With lemon, milk or cream, Sir?' — 'Milk, please.' — 'Jersey, Hereford or Shorthorn, Sir?' " Barnbougle Castle, Rosebery Papers, Ferdinand to Rosebery, undated, c. Sept. 1878: "[M]y heart is so full that I must pour out some of its contents into your hearing. — 111 as I have been during the whole of my stay with you I assure you to have never felt more happy. I have so often told you that I am devoted to and fond of you that I will not repeat these expressions from fear of annoying and wearying you; but you will allow me to add, that since I have lived under your roof I have learnt to estimate your character more highly still than I did and that I am more devoted to and fonder of you than I ever was . . . Pray don't, as you threatened, withhold your trust from me in the future. — I assure you I am worthy of it. — I have had very few friends in my life, hardly any true ones, and it would grieve me beyond anything if I thought that when we meet there was no longer the free exchange of thought and feeling between us which has existed and on which I pride myself. — I am a lonely, suffering and occasionally a very miserable individual despite the gilded and marble rooms in which I live. — There is but one thing in the world, that I care for; and that is the sympathy and the confidence of the few persons whom I love. Believe me that I am neither low nor morbid nor even sentimental at this moment . . ." See also same to

90

same, Feb. 17, 1881: "You know I love you more than any man in the world"; Nov. 7, 1882: "I wish Parliament, the Cabinet and Politics at the bottom of the sea, as they have estranged you from me"; May 7, 1 884: "That I am 'yours' entirely you are aware of and if I am occasionally 'peculiar' put it down to my nervous system and not to any other cause"; also Nov. 13, 1888. Allfrey, Jewish court, pp. 1 89f.

91 92

Fritsche, Bilder, pp. 233-4 1 ; Prevost-Marcilhacy, Rothschild, pp. 1 58, 1 94, 350f. Of course, the business of gardening was done by small armies of servants: Nathaniel employed enough

93 94

at Hohe Warte to start one of Austria's first football clubs; Haldane joked that Ferdinand employed 208 at Waddesdon — almost certainly an exaggeration: Vincent (ed.), Crawford papers, p. 49. In fact fifty gardeners were employed at Waddesdon and at Ascott, though there were a hundred at Grasse: Rothschild, Garton and Rothschild, Rothschild gardens. Goldschmidt, Erinnerungen, p. 105. Cf. Tait, Waddesdon bequest. The bequest was valued at £400,000.

95

Davis, English Rothschilds, p. 222; Prevost-Marcilhacy, Rothschild p. 148. See also pp. 239f. on donations to museums by Edmond and Adolph.

96 97

Wilde, Works, pp. 219-23. Rosenbaum and Sherman, M. M. Warburg & Co., p. 93; Farrer, Warburgs, pp. 44f; Chernow, Warburgs, pp. 38f. Interestingly, this was the first time an outsider had been allowed to work in such a capacity; a similar request from the Bleichroders had been turned down: RAL, T15/65, Arthur, Paris, to Natty, April 24, 1891; RAL, T46/33, Moritz Warburg to Natty, Jan. 5, 1898. Palin, Rothschild relish, p. 63. Kynaston, City, vol. I, p. 354. Davis, English Rothschilds, p. 204. Ziegler, Sixth great power, p. 285. Kynaston, City, vol. II, pp. 271 f. Ibid, vol. I, pp. 354f, 4l0f. Cassis, City bankers, p. 14 In. Kynaston, City, vol. II, p. 171. Ibid, vol II, pp. 271f, 563. Bouvier, Rothschild pp. 176ff., 198. Palmade, Capitalism, pp. 1 8 1 f., 2 1 1 .

98 99 100 101 102 103 104 105 106 107 1 08 109 110

Pose, Monnaie, p. 244; Plessis, Banque de France, vol. II, pp. 109-13. RAL, XI/109/98/1, Mayer Carl, Berlin, to his cousins and nephews, London, April 8, 1869; RAL, XI/109/ 101/2, same to same, March 6, 1870; March 25; May 11.

111 112 1 13 1 14

RAL, XI/ 1 30A/0, Natty, London, to his cousins, Paris, May 7, 1 906. RAL, Tl 5/60, Alphonse, Paris, to his cousins, London, Jan. 15, 1891. RAL, XI/130A/0, Natty, London, to his cousins, Paris, April 4, 1906. CPHDCM, 637/1/38/59, MAR to SMR, June 8, 1862.

115 116

RAL, XI/ 109/85, Alphonse, Paris, to his cousins, London, March 1, 1863. RAL, XI/ 109/86, James, Paris, to his nephews, London, April 3, 1865.

566 117

118 119

SOURCE

NOTES

See e.g. AN, 1 3 AQ 5697/2M42, Mayer Carl, Frankfurt, to deRF, June 28, 1 866; RAL, XI/ 1 09/89/ 1 , Alphonse, Paris, to his cousins, London, Aug. 28; RAL, XI/ 109/9 1/2, Mayer Carl, Berlin, to his cousins and nephews, London, Sept. 16, 1867; RAL, Tl 10/1 19, Gustave, Paris, to his cousins, London, Nov. 17, 1868; RAL, XI/ 109/96/1, Alphonse to his cousins, Nov. 17; RAL, XI/ 109/ 100/1, same to same, Dec. 11, 1869; RAL, XI/ 109/101/1, Feb. 21, 1870; RAL, XI/ 109/ 103/1, Mayer Carl, Berlin, to his cousins and nephews, London, Nov. 27; RAL, T12/6, Alphonse to his cousins, May 19, 1875; RAL, T13/101/6, same to same, June 5, 1879; RAL, T16/121, Jan. 2, 1896. Barth, Hochfinanz, p. 16. RAL, XI/109/85, James, Paris, to his nephews, London, April 27, 1863; RAL, XI/109/85, Alphonse, Paris, to his cousins, London, Aug. 11; AN, 132 AQ 5902, James, London, to his sons, Paris, Sept. 7; RAL, RFamC/4/215, Lionel, Paris, to Natty and Leo, London, Sept. 8; RAL, XI/109/85, Alphonse, Paris, to his cousins, London, Sept. 9; RAL, RFamFD/3, 9, Quittance, Sept. 22; AN, 132 AQ 3/1, Bordereau etReglement des Droits et Reprises de M. le Baron Adolphe de Rothschild, Sept. 22; same, Sept.

120

121 1 22 1 23 124 125 1 26 1 27

20. Cf. Gille, Maison Rothschild, vol. II, pp. 568-72, 575-80; Born, International banking, pp. 53ff. AN, 132 AQ 5902, James to Alphonse, undated, c. June 1864; James, Wildbad, to Alphonse and Gustave, June 22; James to Adolphe, June 22; RAL, XI/ 109/86, James to his nephews, London, July 24; AN, 132 AQ 5902, James, Nuremberg, to Alphonse, Paris, July 26. RAL, XI/ 109/87/1, Lionel, Wiesbaden, to his brothers and Natty, London, Aug. 20, 1865; AN, 132 AQ 5902, James, Homburg, to Gustave, Aug. 21; same to same, Sept. 3. RAL, XI/ 1 09/9 1 12, Nat, Paris, to his brothers, London, July 11,1867. AN, 1 32 AQ 3/Projets 1 863, Reinganum, Frankfurt, to Anselm, Vienna, Sept. 8, 1 863. RAL, XI/109/88/2, Alphonse, Paris, to his cousins, London, Feb. 22, 1866. RAL, XI/109/90/la, Alphonse, Paris, to his cousins, London, March 16, 1867. AN, 1 32 AQ 5772/3M4 1 , Anselm, Vienna, to James, Paris, Nov. 13,1867. RAL, XI/ 1 09/92/ 1 , Alphonse, Paris, to his cousins, London, Dec. 11,1 867; RAL, XI/ 1 09/93/ 1 , same to same, undated, 1868.

128 129

RAL, XI/ 109/10 1/2, Mayer Carl, Berlin, to his cousins and nephews, London, March 17, 1870. RAL, T10/142, Nat, Paris, to his brothers, London, Feb. 20, 1868.

130 13 1 132

RAL, RFamC/21, Charlotte, Paris, to Lionel, Natty and Alfred, London, Sept. 21, 1864. RAL, XI/ 1 09/9 1 12, Alfred, Paris, to his parents, London, Sept. 26, 1 867. RAL, XI/ 109/ 106/1, Ferdinand, Dieppe, to Lionel, London, Aug. 9, 1871; RAL, XI/ 109/ 109/1, same, Paris, to same, Sept. 1, 1872. For similar comments see RAL, XI/ 109/ 108/1, Mayer Carl, Kissingen, to Natty, London, June 21, 1872; RAL, Tll/26, Anthony, Vienna, to his brothers, London, undated, 1873. And see also RAL, T12/4, Alphonse to his cousins, April 6, 1875. See e.g. RAL, XI/ 109/92/1, Nat, Paris, to his brothers, London, undated, Nov. 1867; RAL, XI/ 109/95/2, Natty, Paris, to his parents, London, Sept. 4, 1868; RAL, XI/ 109/96/1, Mayer Carl, Frankfurt, to his cousins and nephews, London, Oct. 10; RAL, XI/ 109/96/2, same to same, Oct. 21. RAL, XI/ 1 09/99/ 1 , Leo, Paris, to his uncle and Natty, London, Aug. 30, 1 869.

133

1 34 135

Since the mid- 1860s, the system of shared accounts had more or less broken down, so that balance sheets were being drawn up two years late, if at all: RAL, XI/ 109/87, James, Paris, to his nephews, London, June 6, 1865. See also AN, 132 AQ 5902, James, Spa, to his children, Paris, Aug. 9; RAL, XI/ 109/89/1, Alphonse, Paris, to his cousins, London, Aug. 6, 1866. A major fraud at the Paris office in 1870 exposed the deficiencies in the accounting system there: RAL, XI/ 109/ 102, Alphonse, Paris, to his cousins, London, April 8, 1870; RAL, XI/ 109/ 102, Mayer Carl, Gotha, to his cousins and nephews, London, April 1 0. For later accounting problems see RAL, XI/ 1 09/ 1 07/ 1 , Alphonse to his cousins, Jan. 16, 1872; and a case of embezzlement by a clerk in Frankfurt, RAL, T 16/07, same to same, April 21, 1892.

136

RAL, XI/ 109/ 100/1, Mayer Carl, Frankfurt, to his cousins and nephews, London, Nov. 13, 1869; RAL, XI/109/101/1, same to same, Jan. 25, 1870.

137

RAL, XI/ 109/ 107/1, Mayer Carl, Berlin, to his cousins and nephews, London, Nov. 29, 1871; same to same, Feb. 6, 1872 (emphasis in original). RAL, XI/ 109/ 107/1, Alphonse, Paris, to his cousins, London, Dec. 17, 1871; same to same, Jan. 14, 1872.

138 139 140 141

RAL, T13/101/10, Alphonse, Paris, to his cousins, London, Oct. 12, 1882. Corti, Reign, pp. 429f. RAL, XI/ 109/98/1, Alphonse, Paris, to Lionel, London, May 21, 1869; RAL, XI/ 109/99/1, same,

SOURCE

NOTES

567

Salzburg, to same, July 1; RAL, XJ/ 109/99/1, Alfred, Paris, to his parents, London, Aug. 13; same to same, Aug. 15. 1 42

RAL, XI/109/101/1, Natty, Paris, to his parents, London, Feb. 21,1 870; RAL, XI/ 1 09/ 1 04, Alphonse, Paris, to Lionel, London, Jan. 12, 1871. See also RAL, T 10/397, Alphonse to his cousins, undated, c. Dec. 1872.

1 43 144 145

Davis, English Rothschilds, p. 227. RAL, XI/ 109/99/1, Mayer Carl, Frankfurt, to his cousins and nephews, London, July 28, 1869. RAL, T10/406, Alphonse, Paris, to his cousins, London, Oct. 11, 1872.

146

RAL, XJ/109/109/1, Alphonse, Paris, to his cousins, London, Sept. 9, 1872; RAL, T10/414, Albert, Vienna, to Lionel, London, Oct. 15. Cf. Davis, English Rothschilds, pp. 150f. AN, 132 AQ 3, Gesamtbilanz, July 27, 1874; AN, 132 AQ 3/1, Reglement de la question Amschel, undated, 1874. Cf. RAL, T12/5, Alphonse, Paris, to his cousins, London, May 3, 1875. AN, 132 AQ2, 2, Partnership act, Sept. 1, 1879. AN, 132 AQ2, Partnership act no. 2, Oct. 1882; Partnership act no. 2, bis, Oct. 24.

147 148 149 1 50

AN, 1 32 AQ 3/Inventaires, Balance sheets of NMR, deRF, MAR, Oct. 1 6, 1 886; AN, 1 32 AQ 2, Partnership act, June 28, 1887; Partnership act, Oct. 20; Partnership act, April 2, 1888; Partnership act Jan. 1898; Partnership act, Nov. 1899.

151

AN, 132AQ2, Partnership act, Dec. 16, 1901; Partnership act, Oct. 31, 1904; Partnership act, July 25, 1905; Partnership act, Oct. 17. These withdrawals make it very hard to assess the actual profitability of the partnership in these years; certainly a bald statement of the capital account would understate total earnings.

152

RAL, RFamFD, 3, B/l, Articles of partnership between Natty, Alfred and Leo, July 15, 1909. Cf. Davis, English Rothschilds, p. 193. RAL, Tl 1/78, Alphonse, Paris, to Lionel, London, Dec. 10, 1874.

153 1 54

Ferdinand had no objection to entrusting his share entirely to Albert "provided only that I don't suffer any diminution of income": CPHDCM, 637/1/318, Ferdinand, London, to Nathaniel, Vienna, Oct. 28, 1887.

155

AN, 132 AQ 3/1, Partnership act, June 14, 1875. This clause was deleted in the 1879 act: AN, 132AQ 2, Partnership act no. 1, Sept. 1879. RAL, RFamFD/3, 1 , Agreement between Natty, Alfred and Leo, June 10, 1 879.

1 56 1 57 158 159 160 161 162

Heilbrunn, "Haus Rothschild," p. 39. AN, 132 AQ2, Partnership act, Dec. 18, 1899; AN, 132 AQ3, Note sur l'association, Dec. 18. Vincent (ed.), Crawford papers, p. 498. RAL, XI/130A/0, Leo, London, to his cousins, Paris, Dec. 21, 1906; RAL, XI/130A/1, Natty to his cousins June 28, 1907; RAL, XI/130A/2, same to same, May 12, 1908. Roqueplan, Baron James, pp. 6fF. Emphasis added. For complaints on this subject, see RAL, XI/109/85, James, Paris, to his nephews, London, April 13, 1 862; CPHDCM, 637/ 1 /38/63, MAR to SMR, June 9; AN, 1 32 AQ 5902, James, London, to his children and nephew, Sept. 1; RAL, XI/109/85, James, Paris, to his nephews, London, Oct. 29; RAL, XI/109/85, James to his nephews, Nov. 1, 1863; RAL, XI/109/85, Alphonse, Paris, to bis cousins, London, Nov. 29; AN, 132 AQ 5902, fragment of a letter from James to Alphonse, undated, 1865; RAL, XI/109/89, James to his nephews, Nov. 29, 1866; AN, 132 AQ 5903/447, James, Nice, to his children, Feb. 15, 1867; RAL, XI/109/90/la, Alphonse to his cousins, Feb. 15; same to same, Feb. 19.

163

164

RAL, XI/ 109/ 102, Alphonse, Paris, to his cousins, London, April 9, 1870; RAL, XI/ 109/ 102/1, Anselm, Vienna, to Lionel, London, April 14. See also RAL, XI/ 109/ 102, Mayer Carl, Frankfurt, to his cousins and nephews, London, July 2; RAL, XI/ 109/ 104, same to same, Jan. 7, 1871; RAL, XI/109/106, Alphonse to his cousins, Sept. 5; RAL, XI/109/106/3, Mayer Carl to his cousins and nephews, Sept. 18; RAL, XI/ 109/ 107/1, Alphonse to his cousins, Feb. 6, 1872; same to same, Feb. 21; Feb. 23; March 14; March 27; RAL, XI/ 109/ 108/2, Anselm, Vienna, to his nephews, London, March 22; RAL, XI/109/109/1, Alphonse to his cousins, July 10; same to same, July 12; RAL, T10/356, Mayer Carl to his cousins, Dec. 23. RAL, XI/ 109/ 102/1, Albert, Vienna, to Lionel, London, April 30, 1870; RAL, XI/ 109/ 103/1, Mayer Carl, Frankfurt, to his cousins and nephews, London, Nov. 2; RAL, XI/ 109/ 108/2, Anselm, Vienna, to Ferdinand, London, March 9, 1872.

165

See e.g. RAL, T13/101/12, Alphonse, Paris, to his cousins, London, Jan. 16, 1885; RAL, T13/203, same to same, Dec. 10; RAL, Tl 5/01, Jan. 22, 1889.

568

SOURCE

NOTES

166

RAL, XI/ 109/ 104, Alphonse, Paris, to his cousins, London, March 2, 1871; RAL, XI/ 109/ 104, Mayer Carl, Berlin, to his cousins and nephews, London, March 7; same to same, March 26; March 30; April 12.

167 168

RAL, XI/ 109/ 109/1, Natty, Birnam, to his parents, London, Aug. 20, 1872. RAL, Tl 1/29, Mayer Carl, Frankfurt, to his cousins and nephews, London, Jan. 13, 1873.

169 170

Hansert, "Dynastic power," pp. 175f. RAL, T 15/47, Alphonse, Paris, to his cousins, London, Dec. 1, 1890. See also the accounts for 1899

171 172

173 1 74

and 1901, AN, 132 AQ4/Bilanz MAR 1901 ff. 44-6. AN, 132 AQ 4, Natty, London, to Alphonse, Paris, May 22, 1901; J. Nauheim to Natty, May 30; Nauheim liquidation report, Nov. 19, 1901. Corti, Reign, p. 432; Mosse, Jews in the German economy, pp. 179, 181, 211. On total capital of 359 million marks, the Frankfurt Rothschilds had a total income of just 12 million marks, implying a rate of return of just 3.3 per cent. Max and his sons did not try their hands at banking until after the First World War. Heuberger, "Family history," pp. 15fF. The house in the Neue Mainzer Strasse was sold, the house on the Untermainkai became a library, and the house in the Zeil became an old people's home. Fourteen if we include the marriage in 1910 between Edmonds daughter Miriam and Albert von Gold-

175 176 177 178 179

schmidt-Rothschild, son of Wilhelm Carl's daughter Minna and Max Goldschmidt. Corti, Reign, p. 395; Davis, English Rothschilds, pp. 124-7. RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, Feb. 3, 1865. RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, March 1, 1865; same to same, April 26. Possibly because of complications arising from a railway accident. RAL, RFamC/21, Charlotte to Lady Ely, Dec. 10, 1866; Charlotte, London, to Leo, Cambridge, Dec. 17; same to same, Dec. 18.

180

Spencer-Silver, Pugin's builder, pp. 180f. Inscribed on the wall of the mausoleum in Hebrew and English were the following lines: She opened her lips with wisdom And in her speech was the law of kindness My darling wife. If I ascend up into heaven Thou art there If I lie down in the grave Behold I find thee Even where thy hand leads me And thy right hand supports me.

18 1 182 1 83 184 185 1 86 1 87

He also donated money to the tuberculosis hospital in Brompton Road and St George's Hospital at Hyde Park Corner. RAL, RFamC/2 1 , Charlotte, London, to Leo, Cambridge, Nov. 22, 1 866; same to same, Jan. 28, 1 867. RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, Sept. 26, 1866; same to same, Oct. 11; Feb. 1, 1867. Cf. Rothschild, Dear Lord Rothschild, p. 10; Davis, English Rothschilds, pp. 127f. RAL, XI/ 1 09/ 109/1, Ferdinand, Paris, to Lionel, London, Sept. 1,1872. RAL, RFamC/21, Charlotte, London, to Leo, May 13, 1875. RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, March 14, 1865. Cf. Corti, Reign, pp. 435f. RAL, RFamC/2 1 , Charlotte, London, to Leo, Stockport, July 21,1 874.

191

Lord Hardwicke had a distinguished naval career and served as Postmaster-General in Lord Aberdeen's Cabinet in 1852 and Lord Privy Seal under Palmerston in 1858. His son was equerry to the Duke of Edinburgh: Allfrey, Jewish court, p. 31. Corti, Reign, p. 444; Palmade, Capitalism, pp. 2l4f. Endelman, Radical assimilation, p. 224; Finestein, Jewish society, pp. 198f. Endelman, Radical assimilation, p. 91. As Endelman points out, this was not unique: the daughters of Henry BischofTsheim also married Christians without converting. Davis, English Rothschilds, p. 162; Endelman, Radical assimilation, pp. 89f.

1 92 193

Vincent (ed.), Derby diaries, 1869-78, p. 1 1 9. See e.g. Barnbougle Castle, Rosebery Papers, Natty, London, to Rosebery, Dalmeny, Oct. 22, 1889.

188 189 190

SOURCE 1 94 195 196 197

NOTES

569

Rothschild, Dear Lord Rothschild, p. 32 1 ; Allfrey, Jewish court, p. 29. Rothschild, Whims, pp. 213ff; Lottman, Rothschilds, p. 182. Cf. Goncoun, Journal, vol. IV, pp. 493, 958. Rothschild, W%/»w, pp. 254ff. RAL, RFamC/21 , Charlotte, London, to Leo, Cambridge, March 6. 1864; same to same, April 5; Sept. 4; Oct. 1 ; Oct. 3 1 ; Nov. 3; April 26, 1 865; March 5, 1 866; April 26; June 7. But see also May 4, 1 865; Sept. 7, 1869; Sept. 23: A Bischoffsheim, a Cohen or a Morpurgo was considered suitable, but not a Sichel or a Davidson. The latter family's reputation was badly damaged by the suicide of one of its members, which was evidently occasioned by his own bankruptcy: RAL, RFamC/21, Charlotte to Leo, Nov. 9, 1865; same to same, Nov. 1 1.

198 199 200 20 1

RAL, RFamC/21, Charlotte, London, March 28; March 29; April 1; May 4; RAL, RFamC/21, Charlotte, London, RAL, RFamC/21, Charlotte, London, Wilson, Rothschild, pp. 222ff.

to Leo, Cambridge, March 16, 1865; same to same, March 26; Sept. 13; Sept. 25; Nov. 15. to Leo, Cambridge, Sept. 26, 1866. to Leo, Cambridge, Nov. 19, 1866.

202

Surtees, Coutts Lindsay, pp. 92fT., 1 02-3 1 ; Davis, English Rothschilds, pp. 1 62ff.; Rothschild, Dear Lord Rothschild, p. 15; Wilson, Rothschild pp. 264ff. Cf. RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, July 8, 1864; same to same, Dec. 1, 1865. Flower was MP for Brecon after 1880. He died of diabetes in 1907.

203 204

Allfrey, Jewish court, p. 35. RAL, T 13/33, Mayer Carl, Frankfurt, to his cousins and nephews, London, Jan. 9, 1878; RA, B54/43, Disraeli, 10 Downing Street, to Queen Victoria, undated, c. Jan. 1878. Davis, English Rothschilds, pp. I64f; James, Rosebery, pp. 79fT. Vincent (ed.), Crawford papers, p. 600. John Sholto Douglas, the 9th Marquess of Queensberry, is best known as the father of Lord Alfred

205 206 207

Douglas, the lover of Oscar Wilde. A "homophobe" avant la lettre and quite mad, Queensberry was convinced that Rosebery was drawing his eldest son Lord Drumlanrig (then Rosebery's private secretary) into the homosexual milieu. In August 1893 he sought to confront Rosebery with a horsewhip at Bad Homburg, though he was dissuaded by the effectual combination of the police and the Prince of Wales. When Drumlanrig shot himself in October 1894, Queensberry was convinced he had committed suicide to avoid blackmail over his relations with Rosebery, whom he denounced as a "Snob Queer" and "that cur and Jew friend Liar Rosebery." When Wilde took Queensberry to court for libel, a letter from Queensberry was read out in court which referred to Rosebery (and Gladstone); this made it more or less inevitable that Wilde would be prosecuted for homosexuality after the Queensberry trial, lest the government appear to be protecting him. According to one account, Rosebery considered trying to help Wilde, but was told by Balfour: "If you do, you will lose the election." The first trial of Wilde failed to reach a verdict; there would not have been a second, the Solicitor General Sir Frank Lockwood confided, "but for the abominable rumours against Rosebery": Ellmann, Wilde, pp. 381, 402, 423f, 434, 437, 524. 208 209

Davis, English Rothschilds, pp. 166-8. Barnbougle Castle, Rosebery Paper, Diary, Feb. 9, 1877; March 12; March 16; May 1; May 3; May 25; June 20; Jan. 3, 1878; March 20; April 16.

210

Another unpleasant fantasist, Billing claimed that Rosebery's son, along with Evelyn Achille de Rothschild, had encouraged his campaign against the supposed 47,000 "perverts" in the British establishment and, grotesquely, that both men had in fact been killed to silence them: Hoare, Wildes last stand,

211

pp. 107, 119, 164-7, 184. Davis, English Rothschilds, p. 1 69.

212

See esp. Ward, Sir George Tressady, pp. 87ff. The weakness of this identification lies in the absence of any allusion to religion.

213

Barnbougle Castle, Rosebery Papers, Diary, Nov. 1 8, 1 890. Cf. Davis, English Rothschilds, p. 169; Rothschild, Dear Lord Rothschild, pp. 15ff. Crewe, Rosebery, vol. II, p. 369.

214 215

For examples of this, ibid, pp. 376, 378, 557, 558, 636, 653, 655; Rothschild, Dear Lord Rothschild, p. 16.

216 217

Endelman, Radical assimilation, p. 91; Davis, English Rothschilds, p. 167; Kynaston, City, vol. I, p. 387. Davis, English Rothschilds, p. 173.

570

SOURCE

NOTES

218

It is worth noting in this connection another possible symptom of decadence: Alfred was one of three male members of his generation who did not marry.

2 19

Rothschild, Dear Lord Rothschild, p. 1 1 . It was this money which helped finance Lord Carnarvon's fateful 1922 expedition with Howard Carter to find the tomb of Tutankhamun: Wilson, Rothschild, pp. 343f.

220

Barnbougle Castle, Rosebery Papers, Ferdinand to Rosebery, Oct. 23, 1870; Crewe, Rosebery, vol. II, pp. 55, 115; Davis, English RothschiUis, pp. 90f.; Weintraub, Disraeli, p. 611. The first of their children

22 1 222 223 224

was christened Sybil, presumably in allusion to Disraeli's heroine. Cassis, City bankers, pp. 204f. McCagg, History, p. 149; idem, Nobles and geniuses, p. 124. The Times, Dec. 27, 1887, p. 3. Cf. Morton, Rothschilds, pp. 184-9; Corti, Reign, pp. 437-8. The Empress Elizabeth paid a visit to Ferdinand and Alice at Waddesdon in 1 876, riding and dining with them: RAL, RFamC/21, Charlotte, London, to Leo, Paris, March 18, 1876; same to same, March 2 1 . Ferdinand also held a ball in honour of Crown Prince Rudolf when he visited London two years later.

225 226 227 228

229

230 23 1

May, Habsburg monarchy, p. 1 80; Allfrey, Jewish court, p. 66. RAL, T15/04, Alphonse, Paris, to his cousins, London, Feb. 6, 1889. Cf. Allfrey, Jewish court, p. 68; Wilson, Rothschild, pp. 275f. Mayer, Persistence, p. 142. RAL, XI/ 109/ 107/1, Mayer Carl, Berlin, to his cousins and nephews, London, March 2, 1872; same to same, March 8; March 18. Interestingly, Mayer Carl suspected Bleichroder of intending to convert to Christianity. RAL, XI/ 109/1 07/ 1 , Mayer Carl, Berlin, to his cousins and nephews, London, Dec. 17, 1871; same to same, Dec. 19; Feb. 3, 1872; March 8; RAL, XI/ 109/ 108/1, May 2. See also RAL, T10/132, Mayer Carl, Berlin, to his cousins and nephews, London, May 24, 1868; RAL, T 12/20, Mayer Carl to Lionel, July 2, 1875. Leo Baeck Institute, New York, Sally Bodenheimer Collection, AR 7169, 47, draft letter of condolence to Empress Friedrich, undated, 1888; Cf. Heuberger, Rothschilds, p. 187. Mosse, Jews in the German Economy, p. 1 79n. According to the French ambassador George Louis in 1908, William II invited the Rothschilds to re-establish a house in Germany; this seems to have been a

232 233 234 235

236

237

figment of the ambassador's imagination: Corti, Reign, pp. 432f. RA, Queen Victorias Journal, April 10,1856. RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, May 9, 1864; same to same, May 30. RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, May 25, 1864; same to same, May 17, 1866. These ranged from large balls to routine levees and private games of whist: RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, June 1, 1864; same to same, June 8; Feb. 26, 1865; March 25; May 16; May 19; May 23; June 9; March 3, 1866; March 16; May 23; July 12; June 3, 1867. See also Wilson, Rothschild, pp. 22 1 f. For example, Lionel gave a dinner in May 1865 attended by "the Duke of Cambridge and Colonel Macdonald, Prince and Princess Edward of Saxe- Weimar, the Duke and Duchess of Manchester, the Duchess of Newcastle, Lord and Lady Proby, Lord Hartington, Lord Sefton [and] Lord Hamilton": RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, May 19, 1865. To Charlotte's anger, the Duchess of Manchester did not reciprocate: same to same, July 12, 1866. RAL, RFamC/4/92, Lionel, London, to Charlotte, Paris, March 6, 1868; RAL, RFamC/3/50, Natty, London, to Charlotte, March 6; RAL, T10/86, Alphonse, Paris, to his cousins, London, April 5. See also RAL, T10/132, Mayer Carl, Berlin, to his cousins and nephews, London, May 24. Cf. Davis, English Rothschilds, pp. 121 f.

238 239

RA, Add. A12/13, Maj. Gen. Hon. A. E. Hardinge, Marlborough Club, to Col. Henry Frederick Ponsonby, June 5, 1871; Monypenny and Buckle, Disraeli, vol. VI, p. 98. Allfrey, Jewish court, pp. 35, 53.

240

Hence the lines in Iolanthe: "The shares are a penny and ever so many are taken by Rothschild and

241

Baring; And just as a few are allotted to you, you awake with a shudder despairing": Rothschild, "Musical associations," pp. 294f. RA, Z458/39, Ferdinand, 143 Piccadilly, to Sir Arthur Bigge, July 21, 1898; The Times, July 20, 1898. Their friendship was close enough for the Prince to attend Ferdinand's funeral: RA, Add. A4/91 Prince of Wales to Vicky, Dowager Empress of Germany, Dec. 26.

SOURCE 242

243

NOTES

571

RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, Nov. 26, 1866; same to same, Nov. 30; May 2 1 , 1 867; May 28; July 4; RAL, T 1 0/8, Natty to his brothers, undated, c. May; RAL, XI/ 1 09/9 1 , James, Paris, to his nephews, London, May 9. RAL, T10/385, Alphonse, Paris, to his cousins, London, March 14, 1872; RAL, T10/395, same to same, May 11; RAL, T 14/40, Oct. 22, 1888. See also Allfrey, Jewish court, pp. 4 Iff. According to All-

244 245 246 247

248 249 250 251 252

frey, it was Margaretha's Barucci"), "the greatest Gustave's daughter (the RAL, T16/55, Gustave,

husband the due de Gramont who introduced the Prince to Giulia Beneni ("La whore in the world." The Prince's yacht Aline was also reputedly named after wife of Sir Edward Sassoon). Paris, to his cousins, London, March 19, 1894.

RAL, XI/130A/0, Natty, London, to his cousins, Paris, July 9, 1906; RAL, XI/130A/1, same to same, March 4, 1907; May 7. Cassis, City bankers, p. 257. RAL, REamC/3/11, Natty, Cambridge, to his parents, London, undated, 1861; RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, Aug. 1, 1866. Cf. Pollins, Economic history of the Jews, pp. I67ff; Davis, English Rothschilds, pp. 1 13ff.; Allfrey, Jewish court, pp. 27ff. RAL, RFamC/21, Charlotte, London, to Leo, undated, c. May 1866; same to same, Cambridge, May 1. RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, June 1, 1866. RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, Jan. 26, 1867; same to same, Jan. 28. RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, Oct. 1, 1866; Charlotte, London, to Leo and Leonora, June 29, 1867; same to same, Aug. 8; Aug. 14. Fulford (ed.), Darling Child, p. 147. I owe this reference to Professor Stanley Weintraub. When

255

Anthony died, the Queen wrote to her son: "You will be very sorry for poor Sir Anthony Rothschild who was so very kind and loyal and so fond of you and a good man": Davis, English Rothschilds, p. 162. Allfrey, Jewish court, pp. 19 If. After Edward's accession, Sir Ernest Cassel seems to have played a more important role in the royal finances. RAL, RFamC/21, Charlotte, London, to Leo and Leonora, Trouville, July 28, 1874; same to same, July 31. Cf. Kynaston, City, vol. I, pp. 326f. RAL, XI/130A/1, Leo, London, to his cousins, Paris, June 26, 1907.

256 257 258 259 260 261

RAL, RFamC/3/129, Natty, Cambridge, Kynaston, City, vol. I, p. 387. RAL, REamC/21, Charlotte, London, to RAL, REamC/2 1 , Charlotte, London, to RAL, REamC/21, Charlotte, London, to RAL, RFamC/21, Charlotte, London, to

262

RAL, RFamC/3/8, Natty, Cambridge, to his parents, London, undated, Dec. 1861; RAL, RFamC/3/9, same to same, Dec. 16.

263 264 265 266

RAL, RAL, RAL, RAL,

267 268 269 270

RAL, RFamC/3/34, Natty, Mentmore, to his parents, London, Jan. 25, 1863. RAL, REamC/21, Charlotte, London, to Leo, Cambridge, May 6, 1864. Allfrey, Jewish court, p. 31. Lant, Insubstantial Pageant, p. 135.

271 272 273

RA, Add. A12/13, Maj. Gen. Hon. A. E. Hardinge, Marlborough Club, to Col. Henry Frederick Ponsonby, June 5, 1871. RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, March 8, 1865. RAL, REamC/21, Charlotte, London, to Leo, Cambridge, Oct. 29, 1864; same to same, Feb. 8, 1865;

274 275

Feb. 14; March 4; March 11. For Lady Ely's condolences on Evelina's death see Charlotte, Gunnersbury, to Lady Ely, Dec. 10, 1866. RAL, REamC/21, Charlotte, London, to Leo and Leonora, Dieppe, Aug. 5, 1867. RAL, REamC/4/93, Lionel, London, to Charlotte, Paris, March 9, 1868.

253 254

276 277

REamC/21, Charlotte, REamC/21, Charlotte, REamC/21, Charlotte, REamC/2 1 , Charlotte,

London, London, London, London,

to to to to

to his parents, London, undated, 1861. Leo, Leo, Leo, Leo,

Leo, Leo, Leo, Leo,

Cambridge, Nov. 3, 1866. Cambridge, Oct. 29, 1 864. Cambridge, Dec. 13, 1864. Baden, Sept. 4, 1871.

Cambridge, Cambridge, Cambridge, Paris, March

March 16, 1866; same to same, April 25. June 3, 1867. May 19, 1865. 21,1 876.

RA, R5 1/8, Lord Granville to Queen Victoria, Aug. 23, 1 869. Cf. RA, R5 1 1 A, Gladstone to Queen Victoria, Aug. 11; RA, R51/19, same to same, Oct. 28. RA, R51/5, Maj. Gen. Sir T[homas] M[yddleton] Biddulph to Queen Victoria, Aug. 15, 1869; RA,

572

SOURCE

NOTES

R51/10, same to same, Aug. 24. Biddulph was master of the Queen's household from 1851 and keeper of the privy purse from 1867. He had to withdraw his initial advice that a Jewish peer would be unable to take his seat in the Lords. 278

RA, R51/6, Queen Victoria, Balmoral, to Granville, Aug. 22, 1869; RA, R51/1 1, same to same, Aug. 24.

279

RA R51/19, Gladstone to Queen Victoria, Oct. 28, 1869.

280

Ramm (ed.), Gladstone-Granville correspondence, 1868-1876, vol. I, pp. 47-52, 59, 67, 70. Cf. Gille, Maison Rothschild, vol. II, pp. 599f; Kynaston, City, vol. I, pp. 25 If. Endelman, Radical assimilation, p. 101.

281 282

283 284 285

Revealingly, she described Natty as "a handsome man, of about 38 or 40, with a fine type of Jewish countenance" when she met him for the first time (in his capacity as one of Disraeli's executors): RA, Queen Victoria's Journal, May 4, 1881. RA, Queen Victorias Journal, Oct. 31,1 869. RA R5 1/2 1 , Queen Victoria to Gladstone, Nov. 1 , 1 869.

286

Kynaston, City, vol. I, pp. 215f. Alexander Baring had been created Baron Ashburton in 1835, Samuel Loyd (of the London and Westminster Bank) had been created Baron Overstone in 1850 and George Glyn had subsequently been created Baron Wolverton. Quinn, Patronage and piety, pp. 22, 27; Smith, House of Lords, pp. 52, 124.

287 288

Ramm (ed.), Gladstone-Granville correspondence, 1868-1876, vol. II, p. 403. See also p. 289. Ibid, p. 401.

289

BL, Add MS Gladstone 44491 f. 189, Natty to Gladstone, June 25, 1885. Cf. Davis, English Rothschilds, pp.196f. In fact the Queen continued to resist, but when Gladstone resubmitted his original list unaltered, she tacitly acquiesced: RA, C36/126, Gladstone to Queen Victoria, June 15, 1885; RA, Add. A/12/1154, Queen Victoria to Sir Henry Ponsonby, June 17. Corti, Reign, pp. 450f. Ziegler, Sixth great power, p. 187. Cassis, City bankers, pp. 260f. Checkland, Industrial society, p. 289. Pollins, Economic history of the Jews, p. 168; Allfrey, Jewish Court, p. 188. Matthew (ed.), Gladstone diaries, vol. XI, p. 361. Cf. Kynaston, City, vol. I, pp. 382, 387. RAL, T13/184, Alphonse, Paris, to his cousins, London, June 25, 1885; RAL, T13/185, same to same,

290

291 292 293 294 295 296 297

June 26; RAL, T13/186, June 27. The Lord Lieutenancy of Buckinghamshire followed in 1889: Hatfield House, 3M, Natty to Salisbury, May 7, 1889. 298

Buckle (ed.), Letters of Queen Victoria, vol. Ill, pp. 123, 183; Lant, Insubstantial pageant, p. 135; Davis, English Rothschilds, p. 169.

299

RA, Queen Victoria's Journal, May 14, 1890; RA, Ll l/25d, Anonymous account of the Queen's visit to Waddeson, May 14; RA, Lll/25e, Ferdinand, Waddesdon, to Sir Henry Ponsonby, May 16; RAL, T15/36, Alphonse, Paris, to his cousins, London, May 14. Between 1881 and 1898, other royal visitors included the Prince of Wales, who visited every summer except 1882, 1887, 1888, 1894 and 1898;

300

Vicky, Crown Princess of Germany, (1887) and Prince Henry of Battenberg (1890): Brassey, "Visitors to Waddesdon Manor." See RA, F40/108, Prince of Wales to Queen Victoria [telegram], Dec. 18, 1898; RA, Add. A4/88, Prince of Wales to Vicky, Dowager Empress of Germany, Dec. 18; RA, Add. Al 5/6246, Duke of Connaught to Queen Victoria, Dec. 18; RA, Add. A 17/932 Prince of Wales to Princess Louise, Dec. 20. Cf. Lee (ed.), Empress Frederick, pp. 144, 246, 279, 291.

30 1

302 303

RA, Queen Victoria's Journal, March 26, 1891; March 28; March 3 1 ; April 8; April 14; April 1 7; April 22. According to family legend she was told to get off a newly planted flower-bed: Corti, Reign, pp. 450f.; Morton, Rothschilds, pp. 188f.; Allfrey, Jewish court, pp. 185f.; Heuberger, Rothschilds, p. 106. However, the Queen's journal merely records that "Miss de Rothschild . . . most kindly purposely had the road widened to enable my donkey chair to go along it." Dairnvaell, Histoire edifiante, pp. 8f. RAL, T16/25, Alfred, Brussels, to his brothers, London, Dec. 5, 1892. In 1835 Thomas Raikes had recorded a similar conversation, though this was probably an apocryphal story: "When Rothschild was at Vienna, and contracted for the last Austrian loan, the Emperor sent for him to express his satisfaction at the manner in which the bargain had been concluded. The Israelite replied: '}c peux assurer votre

SOURCE

NOTES

573

Majeste que la maison de Rothschild sera toujours enchantee de faire tout ce qui pourra etre agreable a la maison d'Autriche'": Raikes, Journal vol. II, pp. 221 fF. For an interesting American comparison of the Rothschilds and royalty, see Phillips, "Empire of Rothschild," pp. 50 Iff.

EIGHT 1 2 3

Jewish Questions Herzl, "Dem [Rothschild] Familienrat," in Tagebiicher, vol. I, pp. 187f. See e.g. RAL, RFamC/21, Charlotte, Paris, to Leo, Cambridge, Oct. 1, 1864; same, London, to same, Oct. 26. For a different view, see Muhlstein, Baron James, p. 118. Allfrey, Jewish court, p. 73; Heuberger, Rothschilds, pp. 190ff.

4

Mosse, Jews in the German Economy, p. 179n.; Heilbrunn, "Haus Rothschild," p. 39. Interestingly, he did this only after Minna's death.

5

According to Edouard's daughter Jacqueline, the Halphen girls' mother had hoped they would not marry Jews: Piatigorsky, Jump, pp. 5ff. Background on the Anspach and Halphen families is provided in

6

8

Capdebiele, "Female Rothschilds." Heuberger, Rothschilds, p. 96; Jackson, Sassoons, pp. 54, 71, 85; Cassis, City bankers, p. 208; Black, Social politics, p. 9; Allfrey, Jewish court, p. 53. Jackson, Sassoons, pp. 8 If; Allfrey, Jewish court, p. 56. Albert later became the Unionist MP for Hythe, the seat previously held by Mayer.

9 10

Gustave's daughter Zoe married Baron Leon Lambert of the Belgian agency in 1 882 and a year later her cousin Beatrice married Maurice Ephrussi, who was involved in the French Rothschilds' oil business in Russia. In 1892, Gustave's daughter Bertha Juliette married Baron Emmanuel Leonino; and in 1913 Edmonds son James Armand (usually known as "Jimmy") married Dorothy Pinto. Bermant, Cousinhood, passim. RAL, RFamC/4/ 1 60, Lionel, Paris, to Leo, London, Oct. 21,1861; RAL, RFamC/2 1 , Charlotte, Paris,

11 12 13 14 15

to Leo, Gunnersbury, Nov. 4; same to same, Nov. 6. RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, Sept. 26, 1864. RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, Feb. 4, 1867. RAL, RFamC/3/1 1, Natty, Cambridge, to his parents, London, undated, 1861. RAL, XI/ 109/99/1, Leo, Vienna, to his parents, London, Sept. 16, 1869. The Times, June 11, 1877.

16

Alderman, British Jewry, p. 216.

17

Ibid., pp. 21 If; Newman, United Synagogue, p. 49. Lionel Louis Cohen, Chairman of the organisation's Executive Committee, was in practice the more important figure. Lipman, Social service, p. 41.

18 19 20 21

Black, Social politics, pp. 48f. On the Jews' Free School and the Rothschilds in this period, see Black, JFS, pp. 56, 58. Lipman, Social service, pp. 267f Cesarini, Jewish Chronicle, p. 105.

22 23 24 25 26 27

Heuberger, Rothschilds, p. 122; Prevost-Marcelhacy, Rothschild pp. 145-7, 249f Cf. Wistrich, Jews of Vienna, p. 165; McCagg, Vienna and Budapest, p. 251. Gartner, Jewish immigrant, p. 202. Ibid, p. 203. Black, Social politics, pp. 10, 53. Alderman, British Jewry, pp. I6lff.

28

Newman, United Synagogue, pp. 9 If; Alderman, British Jewry, pp. 16 Iff.

29

Anglo-Jewish Archives, Southampton, Natty to Lord Swaythling, Feb. 1, 1912. Cf Alderman, Federation ofSynagogues, p. 51. For an account which emphasises Natty 's tendency to ride roughshod over other members of the United Synagogue, see Newman, United Synagogue, pp. lOOf.

30 31

Mace, "From Frankfurt Jew," p. 191. Zimmermann, Marr, pp. 124f.

32

Germanicus, Frankfurter Juden, esp. pp. 17f The argument is taken further in idem, Die RothschildGruppe, published the following year.

33 34 35 36

Pulzer, Rise of political anti-Semitism, p. 106n.; Evans, Proletarians, p. 169. Scherb, Geschichte, esp. pp. I45f. Sombaxx., Juden, pp. 115ff. Bauer, Bismarck und Rothschild, pp. 2 1 ff.

574

SOURCE

NOTES

37

Anon., Untergang Oesterreichsr, Anon., Ruin des Mittelstandes.

38 39

Pulzer, Rise of political anti-Semitism, p. 138. Wistrich, Jews of Vienna, p. 214; Pulzer, Rise of political anti-Semitism, p. 147; Macartney, Habsburg Empire, p. 672. Cf. Jenks, Iron Ring.

40 41 42

Wistrich, Jews of Vienna, p. 179. See also May, Habsburg monarchy, p. 178. Schonerer's father had been a railway engineer employed by the Rothschilds. Wistrich, Socialism, pp. 217, 250, 253, 259, 273, 284, 318; Wistrich, Jews of Vienna, pp. 233, 333. Rozenblit, Jews of Vienna, p. 69.

43 44

Sigurd, "Contexts and nuances," p. 101. Bouvier, Union Generale, pp. 147-54, 172-8. See in general Poliakov, Antisemitismus, vol. VII, pp. 52,

45 46

Zola, L'Argent, pp. 2 If., 9 If., 202. Here Zola draws heavily on Feydeau's descriptions of the offices in the rue Laffitte: see esp. ibid., pp. 90-95.

47 48 49 50

Ibid., p. 182. Charnace, Baron Vampire, pp. 26f, 66f. Bontoux, Union Generale, esp. p. 139. Drumont, France juive, vol. I, p. 22; vol. II, p. 268.

51

Ibid, vol. I, esp. pp. 327f., 335, 344, 348, 352, 354f., 363ffi, 401, 462f., 508; vol. II, pp. 322-6. Most of the passages on the Rothschilds were later republished in Drumont, Barons juifi, pp. 15-65. Drumont, France juive, vol. II, pp. 98, 106f. Though see also idem, Testament, p. 337. Ibid, pp. I4f, 29fif., 91f, 102f.

54.

52 53 54

55 56 57

Not all these charges went unchallenged. For example, Drumont was sued for alleging that a parliamentary deputy had taken bribes from Rothschild to pass a piece of legislation convenient to Banque de France: Vm&emznn, Jew accused p. 85. Drumont, Testament, pp. 132fF., 137f, 312. Drumont, Juifi contre la France, p. 38. See also Hemont, Juifi et Bazaine, p. 39. Drumont, Testament, p. 131.

58

Chirac, Rois de la Republique, pp. 127-54.

59 60

Chirac, L'agiotage, esp. pp. 36, 45, 50, 52f., 56, 62, 64ff., 68f., 72, 80ff., 88, 100ff., 106. Pere Peinard, Rothschild, in Fuchs, Juden in der Karikatur, p. 186.

61 62 63 64

Drumont, France juive, vol. II, pp. 93, 95f., 108-18, 1 19-22, 179f. Drumont, Testament, pp. 34, 42, 219f. Chirac, Rois de la Republique, pp. 128f. Goncourt,>ttr«^vol. Ill, pp. 87,285,293,326,387,406,410, 575f., 733, 746, 1108, 1150;vol.IV,

67 68 69 70 71 72 73 74 75

pp. 219f, 235,493. Ibid, vol. II, p. 981; vol. Ill, pp. 460, 562, 733, 745, 887, 982f, 1150, 1171, 1178; vol. IV, p. 58. RAL, T16/72, Alphonse, Paris, to his cousins, London, Nov. 2, 1894; RAL, T16/78, same to same, Dec. 14; RAL, T 16/79, Dec. 24; RAL.T16/155, Sept. 14, 1896; RAL, T 16/ 164, Nov. 19. Monsignor Montagnini, quoted in Bouvier, Rothschild, pp. 203f. See esp. Proust, Recherche, vol. III/2, p. 1 89. Ibid, p. 263. Ibid, vol. IV, pp. 67f. Ibid, vol. V, pp. 32f. Ibid, vol. V, p. 35. Wistrich, Redemption, p. 135. Vincent (ed.), Crawford papers, p. 62. Cassis, City bankers, p. 220.

76 77 78 79 80 81 82 83

Paucker, "Image," p. 317. Reeves, Rothschilds, p. 86. Davis, English Rothschilds, p. 228. Rubinstein, History of the Jews, pp. 1 1 Iff. Hobson, Imperialism, pp. 56ff. See chapter 25 below. Hofstadter, Age of reform, pp. 75ff. Cf. Harvey, Coins financial school Rothschild, Dear Lord Rothschild, p. 224; Endelman, Radical assimilation, pp. 98f. The Times, Aug. 26, 1 895, p. 7.

65 66

SOURCE 84 85

86 87

88 89 90 91

NOTES

575

Kynaston, City, vol. II, pp. 545f.; Wilson, Rothschild, p. 32 1 . RAL, T 15/32, Alphonse, Paris, to his cousins, London, Jan. 24, 1890; The Times, April 2, 1900, p. 6; The Times, April 3, 1900, pp. 5f. Edouard fought his duel, which was typically French in that neither party was killed. Robert's challenge was not accepted because his antagonist, the comte de Lubersac, was declared too young to fight by his seconds. Stern, Gold and iron, p. 521. See also p. 506. Lipman, History of the Jews, p. 73. The figure is for all Jewish emigration in the period 1881-1914. On average 5,000 arrived every year in Britain between 1881 and 1905, though the majority did not stay, continuing on to the New World, principally the United States. Bodleian Library, dep. Hughenden 141/3 f. 146, Natty to Disraeli, Nov. 22, 1880 (enclosing f. 150, Bleichroder to NMR). Cf. Stern, Gold and iron, pp. 520, 525; Davis, English Rothschilds, pp. 227, 234. Lipman, Social service, pp. 267f; Rothschild, Dear Lord Rothschild p. 20. Heuberger, Rothschilds, pp. 124, 19 Iff.; Mosse, Jews in the German economy, p. 319. Morton, Rothschilds, pp. 184f.

92

Prevost-Marcilhacy, Rothschild pp. 142-5, 245f.; Rothschild, Garton and Rothschild, Rothschild gardens,?. 158.

93 94

Prevost-Marcilhacy, Rothschild p- 145. Mosse, Jews in the German economy, p. 189. It is striking that the Rothschilds specified in their foundation's charter that "no condition regarding the religious denomination of any nominee for a professorship shall be attached to any of the Chairs, and in accordance with that, religious or confessional status shall not in any instance be grounds for exclusion in filling a Chair or a position in the research institu-

95 96

tion": Pulzer, Jews and the German state, p. 113. This was as prescient as it was — ultimately — ineffective. Bergeron, Rothschild pp. 128-30. Rothschild, Dear Lord Rothschild pp. 19ff.; Rothschild, Garton and Rothschild, Rothschild gardens, p. 156.

97

Prevost-Marcilhacy, Rothschild p. 243.

98 99

Dumont, Logement social, pp. 31-57, 79-93. Prevost-Marcilhacy, Rothschild pp. I43f. The ecole consistoriale israelite at 60 rue des Feuillantines (1879) and the ecole israelite Edmond de Rothschild, 37 avenue de Segur (1880). Ibid, p. 144.

100 10 1 102 103 104 105 106

Heuberger, Rothschilds, pp. 1 24, 1 9 1 ft*. RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, March 23, 1876. Cf. Hyamson, Jews' College, p.82. RAL, XI/130A/2, Leo, London, to his cousins, Paris, April 9, 1848. Cf. Davis, English Rothschilds, pp. 2361 Black, Social politics, pp. I43ff. Ibid, p. 240. Lipman, Social service, p. 252.

107

Black, Social politics, pp. I43ff. See also Anglo-Jewish Archives, Southampton, AJ 136, Leo to Mrs

1 08 109

Mocatta, Feb. 20, 1900 (inviting the West Central Working Lads' Club to visit Gunnersbury). The Times, June 3, 1 89 1 , p. 9. Wohl, Eternal slum, pp. 144, 169.

1 10 111

White, Rothschild buildings, pp. 1-30. See also Lipman, History of the Jews, p. 48; Davis, English Rothschilds, p.234. Black, Social politics, p. 225.

1 12 1 13

Lipman, Social service, p. 248; Marks, Model mothers, pp. 1 lOf. Rothschild, Dear Lord Rothschild p. 1 9.

1 14

100,000 francs to be invested to provide dowries for daughters of officials of the Chemin de Fer du

1 16

Nord; 60,000 francs for the poor of Ferrieres, Pontcarre and Lagny; 1 ,000 francs a year for public works in the same localities (implying a capital sum of around 25,000 francs); 250,000 francs to the Jewish hospital in the rue Picpus; and 200,000 francs to the Jewish Charities Commission. Feldman, Englishmen and Jews, p. 220; Gartner, Jewish immigrant, p. 125. Cf. Pollins, Economic history of the Jews, p. 157; Davis, English Rothschilds, pp. 236f. White, Rothschild buildings, p. 72.

117 1 18

See Morris, "Voluntary action." I am grateful to Susannah Morris for her assistance on this point. Gartner, Jewish immigrant, pp. 54f.

1 15

576

SOURCE

NOTES

119 120

Warnke-Dakers, "Lord Rothschild and his poor brethren," pp. 121ff. Alderman, British Jewry, p. 136; Garrard, English and immigration, pp. 119f.; Finestein, Jewish Society,

12 1

p. 222; Warnke-Dakers, "Lord Rothschild and his poor brethren," p. 125. Garrard, English and immigration, pp. 39f.

122 123

Warnke-Dakers, "Lord Rothschild and his poor brethren," pp. 12 Iff. Ibid., $.124.

124

Davis, English Rothschilds, p. 233. Selig Brodetsky went on to become Professor of Applied Mathematics at Leeds University. I am grateful to Aubrey Newman for this information. 125 The Times, Jan. 23, 1905, p. 6. 126 In May 1904 he led a delegation from the Jewish Board of Deputies to lobby the Home Secretary: 127 128 129

Warnke-Dakers, "Lord Rothschild and his poor brethren," pp. 12 Iff. Thompson, Socialists, Liberals and Labour, p. 30n. Churchill, Churchill, vol. II, p. 82. Alderman, British Jewry, p. 136; Lipman, History of the Jews, pp. 74f.; Black, Social politics, p. 308; Feldman, Englishmen and Jews, p. 358; Garrard, English and immigration, p. 131; Lipman, History of the

Jews, p. 73. 130

Llndemann, Jew accused, p. 169.

13 1 132

Iliowzi, "In the Pale, "pp. 255-308. RAL, XI/ 109/91, Glickstein, London Jewish Board of Guardians, to unidentified recipient, Aug. 13, 1867; RAL, XI/ 109/94/3, The Secretary of the "East End Emigration and Relief Fund," London to Alfred, May 12, 1868.

1 33 1 34 135 1 36 137

White, Rothschild buildings, p. 1 6. Rothschild, Dear Lord Rothschild, p. 1 9n. RAL, T 15/82, Maurice de Hirsch, Austria, to Natty, London, Sept. 3, 1891. Cf. Sokolow, History of Zionism, vol. I, pp. 253f.; Black, Social politics, p. 48; Allfrey, Jewish court, pp. 115, 120f. Rhodes House, Rhodes MSS Afr. S. 228 C3a f. 1 84, Grey to Rhodes, July 31, 1891. Black, Social politics, p. 253.

138 1 39 140

Warnke-Dakers, "Lord Rothschild and his poor brethren," p. 124. Iliowzi, "In the Pale, "p. 260. RAL, T 14/49, Dr. Schwarz, Jerusalem, to Leo, London, April 21, 1886.

141 142

143 144

Mayorek, "Between East and West," pp. 130f. Schama, Two Rothschilds. See also Sokolow, History of Zionism, vol. I, pp. 232f, Heuberger, Rothschilds, pp. 159ff.; Wistrich, Jews of Vienna, pp. 77, 438; Friedman, Germany, pp. 38, 43; Gower, Years of endeavour, pp. 1 78f. Bergeron, Rothschild, p. 126. Heuberger, Rothschilds, pp. 159flf.; Sokolow, History of Zionism, vol. II, p. 10.

145 146 147 148

Mayorek, "Between East and West," p. I44n. Lipman, History of the Jews, p. 120; Cohen, English Zionists, p. 9. Lipman, History of the Jews, pp. 123, 125; Cohen, English Zionists, p. 101. RAL, T15/73, Edmond, Paris, to his cousins, London, Sept. 22, 1891.

149

The following is based largely on Herzl, Tagebucher, vols I— III. Cf. Schorske, Ein-de-siecle Vienna, pp. I67f; Heuberger, Rothschilds, p. 165. Herzl, Tagebucher, vol. I, pp. 28, 42fT., 50, 79, 83, 90, 103, 1 10.

150 151

152 153 154

1 55 156

Ibid., pp. 120-25, 144-210. The "family council" was a typical figment of Herzl's imagination: in many ways he exaggerated the Rothschilds' power in much the same way as Drumont and the other anti-Semites: see esp. pp. 186f. The Address was subsequently published as Der Judenstaat. Cf. Hiittl, LudwigH, p. 376. I am grateful to Tim Blanning for this reference. Herzl, Tagebucher, vol. I, pp. 219, 266, 27 If., 288, 307, 331, 375, 398, 423, 456f, 466ff., 472, 478, 482, 499, 504-7. Herzl, Tagebucher, 206f., 243f., 358; cousins, London,

Cf. Wistrich, Jews of Vienna, pp. 62, 85, 450f. vol. I, pp. 51 1, 518, 526f., 541; vol. II, pp. 26ff., 48fT, 59, 67fT., 80, 83, 110, 198f, vol. Ill, pp. 60f, 181. For Edmonds version see RAL, T45/1, Edmond, Paris, to his Oct. 1 1, 1898.

Herzl, Tagebucher, vol. II, pp. 476, 550, 576ff.; vol. Ill, pp. 197f., 202, 208, 21 5fT. Cf. Cohen, English Zionists, pp. 54, 61, 81, 89. Lipman, History of the Jews, pp. 123, 125; Cohen, English Zionists, p. 101.

SOURCE

157

NINE

NOTES

577

Herzl, Tagebucher, vol. Ill, pp. 219f., 228ff., 232, 236f., 276, 280ff., 292, 299-307, 324ff., 332-4, 348f., 373, 376ff., 404, 408, 4l0f., 415-19, 440-46, 454f., 481ff., 507f., 574-9.

"On the Side of Imperialism" (1874-1885)

1 2

Hobson, Imperialism, pp. 56ff., chapter entitled "Economic parasites of imperialism." Braudel and Labrousse, Histoire economique, vol. Ill, pp. 43 Iff.

3

Whales, Joint Stock Banking, pp. 23 1 , 340-54.

4 5 6

Cottrell, "Domestic commercial banks," pp. 48f. Gall et ai, Deutsche Bank, p. 1 29. Chapman, Merchant banking, p. 209.

7

RAL, RFamFD/13A/l; 13B/1; 13C/1; 13D/1; 13D/2; 13/E; Ziegler, Sixth great power, pp. 372-8; Roberts, Schroders, pp. 527-35.

8

Rubinstein, "British millionaires," pp. 210-14. On bankers, Cassis, City, pp. I43f.; idem, City bankers, p. 198. Carosso, Morgans, pp. 276, 643f. Cassis, City bankers, p. 4 In. The organisation of the Morgan group was indeed somewhat similar to

9 10

that of the Rothschilds: it was a partnership between three houses, one in New York, one in Philadelphia and one in Paris. After J. P. Morgan's reorganisation in 1895 these were called: J. P. Morgan, Drexel & Co. and Morgan, Harjes. The London house (J. S. Morgan until 1910 when it became Morgan Grenfell) was always run separately. 11

Brockhaus, Real-Enzyklopadie (1 827) , pp. 43 1 -4 .

12

There is some reason to doubt them. In 1906 Leo told his Paris cousins: "We ourselves discounted £28,000,000 of bills this year, of which £12,000,000 have been for your account." That figure would have made Rothschilds by far the biggest bill-broker in the London market: RAL, XI/130A/0, Leo, London, to his cousins, Paris, Dec. 21, 1906.

13

Morgan and Thomas, Stock Exchange, pp. 88f.

14

Financial Times, May 6, 1997, p. 18: gross direct plus portfolio investment in the period 1990-95 was just under 12 per cent of GDP.

15 16 17

Pollard, "Capital exports," pp. 49 1 f. See Cain, Economic foundations, pp. 43ff. Edelstein, Overseas investment, pp. 24ff., 48, 313ff.

18

Davis and Huttenback, Mammon, pp. 81-1 17; Pollard, "Capital exports," p. 507; O'Brien, "Costs and benefits," p. 179. Davis and Huttenback, Mammon, p. 107. Ibid, p. 28.

19 20 21

Michie, London and New York Stock Exchanges, p. 1 14; Ayer, Century of finance, pp. 14-81. This total includes a small number (nine) of substantial loans — totalling £526 million — which were issued jointly with other non-Rothschild banks, mainly Barings but also J. S. Morgan and, in one instance, Schroders. Cf. Pollins, Economic history of the Jews, p. 112; Jenks, Migration of British capital, pp. 421-4; Morgan and Thomas, Stock Exchange, pp. 88, 94f; Kynaston, City, voi. I, pp. 350f.; Ziegler, Sixth great power, p. 196.

22 23 24

Kynaston, City, vol. II, pp. 27 If. Ibid, vol. I, pp. 405ff., 410; Ziegler, Sixth great power, pp. 198ff. RAL, XI/ 109/ 108/1, Alphonse, Paris, to his cousins, London, May 19, 1872; RAL, T 16/57, same to same, April 9, 1894. See also on the profits made by Belmont from the New York Interborough Rapid Transit, Hood, 722 Miles, pp. 1 22ff.

25

RAL, XI/130A/0, lotte, London, to London, May 28, to deRF, June 25,

26 27

Kynaston, City, vol. I, pp. 407, 410. RAL, T15/69, Edmond, Paris, to Natty, London, Sept. 9, 1891; RAL, T15/70, Alphonse, Paris, to his cousins, London, Sept. 16; RAL, T 16/ 11, same to same, June 14, 1892.

28 29

Chapman, Merchant banking, esp. pp. 17-45, 172. RAL, XI/130A/0, Natty, London, to his cousins, Paris, May 31, 1906; same to same, Nov. 21; Nov. 29.

Natty, London, to his cousins, Paris, Nov. 5, 1906. See also RAL, RFamC/21, CharLeo, Cambridge, July 9, 1866; RAL, XI/ 109/ 108/1, Alphonse, Paris, to his cousins, 1872; RAL, T 12/1, same to same, Jan. 12, 1875; AN, 132 AQ5520/1M126, NMR 1880.

578

30 31

SOURCE

NOTES

See esp. Wolf, "Rothschildiana," pp. 287-308. The title of Khedive was purchased from the Sultan by Ismail in 1 867 in return for an increase in the Egyptian tribute to Constantinople from around £337,000 to £682,000.

32 33 34 35 36 37

Details and figures in Shaw, "Ottoman expenditures," pp. 374ffi; Issawi, Economic history of the Middle East, pp. 94-106; Hershlas, Introduction, pp. 53-66; Owen, Middle East, p. 106. Details and figures in Crouchley, Economic development, pp. 274-8; Issawi, Economic history of the Middle East, pp. 439-45; Hershlas, Introduction, pp. 99-122. Calculated from figures in Mitchell, British historical statistics, pp. 396-9, 402f. Landes, Bankers and pashas, pp. 169, 176, 209-12, 302; Grunwald, "Europe's railways," pp. 202f. RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, June 6, 1867; same to same, Boulogne, July 21; July 22; July 24. According to the concessions granted in 1854 and 1856, the Khedive Said was given preference shares in Lesseps's Compagnie Universelle du Canal Maritime de Suez, the interest on which accounted for 1 5 per cent of its net profits. The Khedive also bought 96,5 17 ordinary shares in the first subscription, just under a quarter of the total, for which he paid £3.56 million (largely in 10 per cent treasury bills); and his nephew Ismail took up a further 85,606 shares on becoming Khedive in 1863 (though some of the total of 182,123 shares must subsequently have been sold, as only 176,602 were available for sale in 1875). On all these shares, the Khedive was supposedly entitled to a minimum 5 per cent dividend. In return, the Company was given a strip of land rather wider than was needed for the canal itself, exemption from tax and (under a secret annexe to the second concession) free forced labour for the completion of the canal. Moreover, as a result of legal action taken by the Company against the Khedive, he had to pay it a further £3.36 million; to raise the money, he had to mortgage his share coupons for twenty-five years. By 1875 the Egyptian Treasury had paid £16 million for the construction of the canal and had

38 39

borrowed £35.4 million at rates ranging from 12 to 27 per cent: Wolf, "Rothschildiana," pp. 289f, 299; Rothschild, "You have it, Madam, "pp. 10f, 54f. AN, 132 AQ/324/Suez, Lesseps to James, June 23, 1854. RAL, T51/3, 000/43/1, E. Landau, Alexandria, to H. Landau, Turin, undated, 1864; RAL, XI/ 109/86/1, Alphonse, Paris, to his cousins, London, July 14; RAL, XI/ 109/86, Nat, Paris, to his brothers, London, July 14; RAL, XI/ 109/56, James, Wildbad, to his sons, Paris, July 17; AN, 132 AQ 5902, same to same, July 18; RAL, XI/ 109/86/1, Nat to his brothers, Aug. 8; Alphonse to his cousins, Aug. 9; same to same, Aug. 22; Aug. 23; Aug. 24; Aug. 30; AN, 132 AQ 5902, James, Wildbad, to Nat and Alphonse, Paris, July 10, 1865; RAL, XI/ 109/86, same to same, July 17; RAL, XI/ 109/87, James to his nephews, Aug. 23; RAL, XI/ 109/87/1, Alphonse to his cousins, Sept. 19; RAL, T6/394, E. Landau to NMR, Nov. 29. On Landau, see RAL, XI/ 109/ 100/1, Anthony, Turin, to his brothers, London, Oct. 12, 1869.

40

41

42 43 44 45

RAL, XI/ 109/90/1, Alphonse to his cousins, April 14, 1867; RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, June 5; RAL, RFamC/4/79, Lionel, London, to Charlotte, Paris, July 10; RAL, RFamC/4/80, same to same, July 11; RAL, RFamC/4/82, July 13; RAL, RFamC/4/83, July 15. RAL, T10/174, Alphonse, Paris, to his cousins, London, Nov. 23, 1869; RAL, T10/175, same to same, Nov. 28; RAL, TlO/185, March 5, 1870; RAL, XI/109/109/1, Gustave, Paris, to his cousins, London, Aug. 2, 1872; RAL, T4 1/231, Lambert, Brussels, to NMR, July 30, 1873. RAL, XI/109/99/1, Alphonse, Paris, to his cousins, London, Aug. 4, 1869; RAL, XI/109/108/2, Anselm, Vienna, to Ferdinand, London, March 9, 1872. RAL, Tl 1/47, Landau, Turin, to Lionel, London, March 5, 1874; RAL, Tl 1/55, Alphonse, Paris, to his cousins, London, undated, c. April; RAL, Tl 1/57, same to same, May 9. Kent (ed.), Great powers, p. 56. Weintraub, Disraeli, p. 541.

46 47

Rothschild, "You have it, Madam, "p. 17. RAL, Tl 1/59, Gustave, Paris, to his cousins, London, May 5, 1874; RAL, Tl 1/60, same to same, May 6; RAL, Tl 1/61, May 7.

48 49

Wolf, "Rothschildiana," pp. 287-30 1 . It was originally intended that only half the coupons due on external debts would be redeemed in cash, the remainder to be paid in bonds carrying 5 per cent interest that would mature five years later; within three months even this was abandoned: Hershlas, Introduction, p. 63; Issawi, Economic history of the Middle East,?. 101.

50

Sokolow, History of Zionism, vol. II, pp. 246f.; Corti, Reign, pp. 446f. The Paris Rothschilds do not

SOURCE

NOTES

579

seem to have relayed this information until November 23: RAL, T12/15, Alphonse, Paris, to his cousins, London, Nov. 23, 1875. 51 52 53 54 55

Rothschild, "You have it, Madam," pp. 15ff.; Davis, Disraeli, pp. 190f. Buxton, Finance, vol. II, p. 351. Powell, Money market, p. 522. Monypenny and Buckle, Disraeli, vol. V, pp. 446ff.; Blake, Disraeli, pp. 583f. RA, 012/127, Disraeli, Whitehall Gardens, to the Prince of Wales, Dec. 11, 1875.

56

RAL, T51/8, The Times Money-Market and City Intelligence, Alexandria, to Bank of Egypt, London, Nov. 26, 1875.

57 58

Rothschild, "You have it, Madam," 'p. 19. Ibid., pp. 29f. The figure was slightly less than £4 million because the Khedive's shareholding turned out to be slightly smaller than stated in the contract (176,602 instead of 177,642). This constituted a 44 per cent shareholding; the remaining 56 per cent were largely in French hands. Bank of England, C40/492 1652/1, NMR to the Chief Cashier, March 31, 1876. RAL, T51/17, 000/43/46, W H. Smith, Treasury Chambers, to the Barons Rothschild, Feb. 2, 1876;

59 60

Rothschild, "You have it, Madam," 'p. 44; Buxton, Finance, vol. II, p. 237n. Cf. Hargreaves, National debt, p. 205; Davis, English Rothschilds, pp. 151ff.; Johnson (ed.), Diary of Gathorne Hardy, p. 262. 61 62

Rothschild, "You have it, Madam, "pp. 15f. RAL, REamC/2, Disraeli, 2 Whitehall Gardens, to the Queen, Nov. 24, 1875.

63

Monypenny and Buckle, Disraeli, 263f; Clarke, Disraeli, pp. 234f. RA, 0 12/ 127, Disraeli, Whitehall It is true that no correspondence became public on November 25:

64

vol. V, pp. 449f. Cf. Murray, Disraeli, p. 223; Maurois, Disraeli, p. Gardens, to the Prince of Wales, Dec. 1 1, 1875. This seems unlikely. exists to indicate that Alphonse knew of the transaction before it RAL, T12/16, Alphonse, Paris, to his cousins, London, undated, c.

Nov. 26; Rothschild, "You have it, Madam, "p. 27. But Lionel could not have raised the money without the assistance of the Paris house. The possibility cannot be ruled out that there was telegraphic communication, the records of which have not survived. 65 66

Whibley, Lord John Manners, pp. 178f. RAL, T40/10, Bleichroder, Berlin, to Lionel, London, Dec. 1, 1875.

67

Matthew, Gladstone, 1875-1898, p. 14; Jackson, Hartington, p. 71; Rothschild, "You have it, Madam, "

68 69

p. 37. Ramm (ed.), Gladstone-Granville correspondence, 1868-1876, vol. II, p. 474. Winter, Lowe, pp. 306f.; Briggs, Victorian people, p. 260; Blake, Disraeli, p. 584.

70 71

Rothschild, "You have it, Madam," p. 19. Swartz, Politics of British foreign policy, p. 202.

72

RA, 0 12/ 127, Disraeli, Whitehall Gardens, to the Prince of Wales, Dec. 11, 1875; Rothschiid, "You

73 74 75 76

have it, Madam, "p. 22. The Times, Feb. 29, 1876, p. 6. In this respect, Lionel's election defeat was fortunate. Wolf, "Rothschildiana," pp. 307f. Kynaston, City, vol. I, pp. 336f. RAL, T51/9 000/43/4, Alphonse, Paris, to his cousins, London, Nov. 29, 1875; RAL, T12/24, same to same, Dec. 1 .

77

RAL, T51/7, Gustave, Paris, to his cousins, London, Dec. 31, 1875; RAL, T12/44, Alphonse, Paris, to his cousins, London, Jan. 15, 1876.

78 79 80

Park (ed.), British Prime Ministers, pp. 237fr". RAL, T 12/21, Mayer Carl, Frankfurt, to Natty, London, Dec. 7, 1875. Kynaston, City, vol. I, p. 335.

81 82 83

Rothschild, Woodward, Rothschild, However, it value to £22

84

Blake, Disraeli, p. 586. Nor could the French complain that they had been wholly excluded from the

85

profits of Egyptian insolvency: the Credit Foncier did acquire the Khedive's rights to 1 5 per cent of the Canal's revenues for 22 million francs in 1880. RAL, T12/1 14, Alphonse, Paris, to Bismarck, Berlin, July 7, 1 876.

"You have it, Madam, "pp. 23ff.; Monypenny and Buckle, Disraeli, vol. V, p. 448. "Economic factors," pp. 1 1 If. "You have it, Madam, "pp. 46, 49. In stricdy financial terms, that was the moment to sell. was not until 1 979 that the government sold the shares, by which time they had fallen in million, in real terms rather less than their original purchase price.

580

86 87

88

89 90

SOURCE

NOTES

RAL, T 12/27, T51/10, 000/43/27, Austro-Egyptian Bank circular, December 1875. RAL, T12/59, Elliot to Parkinson, Feb. 1, 1876; RAL, T12/50, Alphonse, Paris, to his cousins, London, March 4; RAL, T12/53, Wilson to Lionel, March 8; RAL, T12/60, Alphonse to his cousins, March 8; RAL, Tl 2/61, same to same, March 10; RAL,Tl2/62, March 13; RAL, T5 1/16, 000/43/61, Stanton, Cairo, to Foreign Office, London, March 20. Cf. Davis, English Rothschilds, pp. 157f. RAL, T12/33, Lionel, London, to Leo, Cambridge, undated, c. Feb. 1876; RAL, RFamC/4/374, same to same, Paris, undated, c. March; RAL, RFamC/4/443, c. March; RAL, RFamC/4/444, undated, c. March. Cf. RAL, T12/32, Austro-Egyptian Bank circular, Feb. 5. RAL, T51/13, 000/43/59, Lionel, London, to Leo, Paris, March 17, 1876; RAL, T12/68, Alphonse, Paris, to his cousins, London, May 1; RAL, T 12/73, same to same, Sept. 11. RAL, T12/45, Alphonse, Paris, to his cousins, London, Jan. 20, 1876; RAL, T12/48, same to same, Feb. 23.

91

RAL, T12/58, Alfred, Paris, to his parents, London, March 20, 1876; RAL, T51/14, 000/43/66, Lionel, London, to Leo and Laurie, Paris, March 25.

92

RAL, T12/67, Alphonse, Paris, to his cousins, London, March 29, 1876; RAL, T12/63, same to same, April 16; RAL, T 12/69, Rivers Wilson, Cairo, to Lionel, London, May 21. Hershlas, Introduction, vol. II, pp. 103f. There were four foreign representatives, one apiece for Britain, France, Italy and Austria. Crouchley, Economic development, p. 276. Hershlas, Introduction, vol. II, pp. 104f.

93 94 95 96

97 98 99 100 101

RAL, Tl 3/ 10 1/6,7- 1/1 5 1/19, Alphonse, Paris, to his cousins, London, June 22, 1878; RAL, T13/101/6.7-1/226/25, same to same, Sept. 24; RAL, T13/101/6.7-1/230/26, Sept. 29. See The Times, Nov. 13, 1878, p. 10; Dec. 20, p. 3; Dec. 25, p. 8; Jan. 18, 1879, p. 7; March 17, p. 6. The Times, Nov. 13,1 878, p. 5. Bodleian Library, dep. Hughenden 141/3 f. 31, Lionel to Disraeli, May 26, 1876. Blake, Disraeli, pp. 589f. Bodleian Library, dep. Hughenden 141/3 f. 33, Lionel to Disraeli, Sept. 8, 1876; f.35, same to same, Sept. 16; £41, Oct. 12. RAL, T12/91, Mayer Carl, Frankfurt, to Natty, London, Oct. 23, 1876; RAL, T13/34, same to same, Feb. 10, 1878; RAL, T 12/ 11 5, Alphonse, Paris, to his cousins, London, undated, 1877; RAL, Tl 2/ 124,

102

same to same, Oct. 19; RAL.T12/134, Dec. 19; RAL, 101/6,7-1/1, Jan. 2, 1878; RAL, 101/6,7-1/2, Jan. 3; RAL, 101/6,7-10/3, Jan. 4; RAL, 101/6,7-1/4, Jan. 5; RAL, 101/6,7-1/9, Jan. 10; RAL, 101/6,7-1/11, Jan. 14; RAL, 101/6,7-1/16, Jan. 19; RAL, 101/6,7-1/17, Jan. 21; RAL, 101/6,71/19, Jan. 24; RAL, 101/6,7-1/26, Jan. 31; RAL, 101/6,7-1/27, Feb. 1; RAL, 101/6,7-1/28, Feb. 2; RAL, 101/6,7-1/30, Feb. 5; RAL, 101/6,7-1/31, Feb. 6; RAL, 101/6,7-1/33, Feb. 8; RAL, 101/6,71/35, Feb. 11; RAL, 101/6,7-1/36, Feb. 12; RAL, 101/6,7-1/37, Feb. 13. Powell, Money market, p. 515.

103

Girault, Emprunts russes, pp. 86f., 140; Bouvier, Credit Lyonnais, pp. 586fT., 748-55. It is possible that

106

the French house took a share in this loan; however, Alphonse's letters make it clear that he supported Disraeli's policy. RA, B52/25, Disraeli, Osborne, to Queen Victoria, Aug. 17, 1877. In fact, Lionel had intimated to Disraeli that he would not give Russia financial assistance as early as October the year before: Bodleian Library, dep. Hughenden 141/3 f. 39, Lionel to Disraeli, Oct. 11, 1876. RAL, T12/14, Alphonse, Paris, to his cousins, London, Aug. 30, 1875; RAL, T12/74, same to same, Sept. 30, 1876; RAL, T12/122, Edmond, Paris, to his cousins, London, Aug. 16, 1877. RAL, T12/75, Alphonse, Paris, to his cousins, London, Oct. 3, 1876.

1 07 108

Vincent (ed.), Derby diaries, 1869-78, p. 333. Bodleian Library, dep. Hughenden 141/3 f. 37, Lionel to Disraeli, Sept. 19, 1876.

109

Corti, Reign, pp. 449f; Alderman, Jewish community, pp. 38f; idem, British Jewry, p. 99; Weintraub, Disraeli, p. 572. Stern, Gold and iron, pp. 338, 373f. Bodleian Library, dep. Hughenden 141/3 f. 43, Lionel to Disraeli. March 31, 1877. Cf. Davis, English Rothschilds, p. 155; Corti, Reign, pp. 448f.

104

105

110 111 1 12

"Turkish as I have always been, I am astonished at the Turkish feeling everywhere": Bodleian Library, dep. Hughenden 141/3 f. 1 10, Natty to Montagu Cony, Aug. 31, 1877.

SOURCE

NOTES

581

113

RA, B52/25, Disraeli, Osborne, to Queen Victoria, Aug. 17, 1877. See also Bodleian Library, dep. Hugenden 141/3 f. 114, Natty to Corry, Sept. 4; f. 7, Alfred to Disraeli, Sept. 13.

1 14 115

Vincent (ed.), Derby diaries, 1869-78, p. 473. Ramm (ed.), Gladstone-Granville correspondence, 1868-1876, vol. II, p. 490; Matthew, Gladstone, 1876-1898, p. 18.

1 16 1 17

Ramm (ed.), Gladstone-Granville correspondence, 1876-1886, vol. I, pp. 64f. Vincent (ed.), Later Derby diaries, p. 131.

1 18

For Bleichroder's communications of Bismarck's views (e.g., on the acceptability to Germany of the British acquisition of Cyprus), see RAL, T40/14, Bleichroder to Lionel, London, Jan. 4, 1878; RAL, T40/15, same to same, Feb. 28; RAL, T40/1 1, July 6; RAL, T40/12, July 10. Bodleian Library, dep. Hughenden 141/3 f. 47, Lionel to Disraeli, March 15, 1878; RAL, RFamC/21, Charlotte, Piccadilly, to Disraeli, July 18. See also RAL, RFamC/2/33, Disraeli to Charlotte, Jan. 13, 1879.

1 19

120 121

Kynaston, City, vol. I, p. 338; Davis, English Rothschilds, p. 176. Bodleian Library, dep. Hughenden 141/3 f. 200, Rivers Wilson, Paris, to NMR, April 8, 1879.

122

125 126 1 27

Bodleian Library, dep. Hughenden 141/3 f. 196, Barington to Disraeli, April 10, 1879. Cf. Davis, English Rothschilds, pp. 181-5. Bodleian Library, dep. Hughenden 141/3 f. 202, deRF to Disraeli, June 5, 1879. Bodleian Library, dep. Hugenden 141/3 f. 120, Natty to Disraeli, Aug. 21, 1879; f. 122, same, Tring, to same, Aug. 30; f. 128, Oct. 25; f. 130, Dec. 1; f. 132, Dec. 8; f. 134, Dec. 8; f. 136, Dec. 9; The Times, Nov. 21, 1879, p. 5; Nov. 26, p. 5; Dec. 13, p. 5; Dec. 23, p. 3. Hershlas, Introduction, p. 63. Bodleian Library, dep. Hughenden 141/3 f. 144, Natty to Disraeli, Oct. 7, 1880. Davis, English Rothschilds, pp. 1 86f.

128 1 29 130

Ramm (ed.), Gladstone— Granville correspondence, 1876—1886, vol. I, p. 194. Davis, English Rothschilds, pp. 1 86f. The total debt was reduced from 237 million to 142 million Turkish pounds and the annual charges

123 124

from 15 to just 3 million — i.e. from 6 per cent to just 2 per cent of the capital sum. This was a generous ifrealistic settlement. 13 1 132 133 1 34 135

Barth, Hochfinanz, p. 74. RAL, T14/32, Alphonse, Paris, to his cousins, London, Aug. 6, 1888. Hershlas, Introduction, p. 64; Issawi, Economic history of the Middle East, pp. 102ff. Stern, Gold and iron, p. 3 1 1 n. Ibid, p. 341.

136

Hershlas, Introduction, p. 65; Issawi, Economic history of the Middle East, pp. 102fF. By 1914, Germans held 22 per cent of the Ottoman public debt, compared with figures of 63 per cent for France and 1 5 per cent for Britain. See also Barth, Hochfinanz, p. 117.

137

Bouvier, Union Generale, pp. 73-86. See also Allfrey, Jewish court, pp. 76-89; Grunwald, "Europe's railways," pp. 203f. Bouvier, Union Generale, pp. 7-19, 44-50, 58-70, 87-98; idem, Credit Lyonnais, pp. 13-20; Corti, Reign, pp. 435f.

138 139

Bouvier, Union Generale, pp. 52—8.

1 40 141 142 143

Ibid, pp. 2 1-6, 3 1^4; idem, Rothschilds, pp. 223-7. Braudel and Labrousse, Histoire economique, vol. Ill, p. 449; Bouvier, Union Generale, pp. 44-50, 1 lOff. Bouvier, Union Generale, pp. 129-36, 167. Ebstein, Crise, pp. 5fi; Bouvier, Union Generale, pp. 136-47; Braudel and Labrousse, Histoire economique, vol. Ill, pp. 450f.

144 145

Bouvier, Union Generale, pp. l62fL, 204ff.; Priouret, Caisse des Depots, p. 168. BL, Add. MS 43912 f. 4, Natty to Dilke, Jan. 25, 1882, enclosing a letter from Alphonse, Paris, to his cousins, London, Jan. 25.

146 147

RAL, T13/101/10, Alphonse, Paris, to his cousins, London, Feb. 6, 1882. BL, Add. MS 43912 f. 1 1 , Natty to Dilke, Feb. 16, 1882.

148 149

Ramm (ed.), Gladstone-Granville correspondence, 1876-1886, vol. I, p. 348. RAL, T13/101/10.1 1-1/73/99, Alphonse, Paris, to his cousins, London, March 30, 1882; RAL, T13/101/10,! 1-1/76/100, same to same, April 3; RAL, T13/101/10,! 1-1/90/101, April 20; RAL,

582 T13/101/10.11-1/142/105, June 101/10,11-1/145/107, June 26. 150

15 1 152 153 154

SOURCE

NOTES

22;

T13/101/10.1 1-1/143/106,

RAL,

June

23;

RAL,

T13/

RAL, T13/101/10.1 1-1/161/109, Alphonse, Paris, to his cousins, London, July 15, 1882; RAL, T13/101/10.1 1-1/166/1 10, same to same, July 21; RAL, T13/101/10.1 1-1/168/1 11, July 24; RAL, T13/101/10,l 1-1/21 1/113, Sept. 13; RAL, T13/101/10.1 1-1/212/1 14, Sept. 16. Matthew, Gladstone, 1875-1898, p. 1 37. Ramm (ed.), Gladstone-Granville correspondence, 1876-1886, vol. I, p. 417. Matthew, Gladstone, 1875-1898, pp. 137^2. RAL, T13/101/10.1 1-1/224/1 16, Gustave, Paris, to his cousins, London, Oct. 2, 1882; RAL, T13/ 101/10,11-1/227/118, Alphonse, Paris, to his cousins, London, Oct. 5; RAL, T13/101/ 10,11-1/252/120, same to same, Nov. 10; RAL, T13/101/10.1 1-2/50/124, March 3, 1883; RAL,

155 1 56

157 158 1 59 160 16 1 162 163 1 64 165

166 167 168

T13/101/10.1 1-2/125/128, June 4; RAL, T13/101/10.1 1-2/164/131, July 20; RAL, T13/101/ 10,1 1-2/16/132, July 24; RAL.T13/101/10.1 1-2/273/138, Gustave to his cousins, Dec. 5. Cf. Ramm (ed.), Gladstone-Granville correspondence, 1876-1886, vol. I, p. 440; vol. II, p. 69. RAL, T 13/1 01/10, 11 -2/1 15/1 26, Alphonse, Paris, to his cousins, London, May 23, 1883. Baring had been a member of the board of the Caisse since 1 877 and served as one of the Anglo-French Comptrollers in 1879. After a brief tour of duty in India, he had returned to Egypt in 1881 to become consul-general. With the abolition of dual control in 1883, financial power effectively was transferred to him as British Agent, a post he retained until 1907: Hershlas, Introduction, p. 112. Childers, Life of Childers, pp. 208f; Ziegler, Sixth great power, p. 195. Matthew (ed.), Gladstone diaries, vol. XI, pp. 184, 236, 287, 297, 299-305. Cf. Swartz, Politics of British foreign policy, p. 152. Davis, English Rothschilds, p. 206. BL, Add. MS 44787 f. 204, Natty to Hamilton, Nov. 26, 1884; Ramm respondence, 1876-1886, vol. II, p. 241. Davis, English Rothschilds, pp. 1 9 1 f. Dugdale (ed.), German diplomatic documents, vol. I, p. 139. Crewe, Rosebery, vol. II, pp. 21 2f. Rothschild, Dear Lord Rothschild, p. 30.

(ed.), Gladstone-Granville cor-

RAL, T13/101/12.13-1/2/14, Gustave, Paris, to his cousins, London, Jan. 3, 1884; RAL, T13/101/12, 13-1/23/144, same to same, Jan. 28; Ramm (ed.), Gladstone-Granville correspondence, 1876-1886, vol. II, p. 136. Barnbougle Castle, Rosebery Papers, Rosebery Diary, Feb. 8, 1885. Barnbougle Castle, Rosebery Papers, Natty to Rosebery, Feb. 11, 1885. Cf. Davis, English Rothschilds, p. 199. RAL, Tl 3/101/1 2, 13-2/29/ 167, Gustave, Paris, to his cousins, London, Feb. 6, 1885; RAL,T13/180, Alphonse, Paris, to his cousins, London, June 6. The surviving balance sheets indicate substantial holdings of Egyptian paper, e.g. £144,348 of Suez Canal shares in 1886: AN, 132 A Q3, Inventarium des englischen Hauses, Oct. 16, 1886.

169

RAL, T13/101/1 2, 13-2/36, Alphonse, Paris, to his cousins, London, Feb. 13, 1885; RAL, T13/189, Edmond to his cousins, July 14; RAL, T 13/ 190, same to same, July 21; RAL, T 13/1 91, July 22; RAL, T13/192, Alphonse to his cousins, July 23; RAL, T13/193, same to same, July 24. Cf. Clapham, Bank of England vol. II, p. 316; Swartz, Politics of British foreign policy, pp. 152ff.; Stern, Gold and iron, p. 422; Kynaston, City, vol. II, pp. 352f.

170 171

Details in Issawi, Economic history of the Middle East, pp. 439^45; Hershlas, Introduction, pp. 1 13-22. RAL, T 15/ 18, Vincent, Cairo, to Natty, London, Feb. 25, 1889; RAL, T 15/79, Palmer, Cairo, to Natty, Feb. 9, 1891; RAL, Tl 5/77, Milner to Natty, April 29. Calculated from Crouchley, Economic development, pp. 274ff.

1 72 173

174 175 176

RAL, T 15/78, Milner, Cairo, to Natty, London, July 20, 1891; BL, MS Milner dep. 27 ff. 72-3, Natty to Milner, July 31. See also AN, 132 AQ/324/Suez, Suez Canal Co. to deRF, Dec. 1, 1894; same to same, April 7, 1898. RAL, XI/130A/1, Natty, London, to his cousins, Paris, May 8, 1907; RAL, XI/130A/2, same to same, May 6, 1908; RAL, XI/130A/4, April 25, 1910. Hatfield House, 3M, Herbert von Bismarck, Berlin, to Natty, London, Sept. 15, 1885; Natty to Salisbury, Sept. 19. Spinner, Goschen, pp. 158f.

SOURCE

177 178

TEN

NOTES

583

Matthew, Gladstone, 1875-1898, pp. Hn., 135f., 375f. Matthew's figures are not quite consistent. Taylor, Struggle, p. 288.

Party Politics

1

RAL, T 12/57,25/03/ 1876, Lionel, London, to Leo and Laurie, March 25, 1876.

2

Disraeli was created Earl of Beaconsfield in 1876, but he will continue to be referred to as "Disraeli" to avoid confusion.

3

Barnbougle Castle, Rosebery Papers, Ferdinand, Chislehurst, to Rosebery, July 29, 1880.

4

RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, Nov. 19, 1866; RAL, XJ/ 109/95/2, Mayer to his brothers and nephews, Oct. 16, 1868; RAL, XI/ 109/96/1, same to same, Oct. 21; RAL, XJ/ 109/95/2, Oct. 28. See also RAL. RFamC/3/29, Natty to Lionel and Charlotte, Jan. 16, 1863; RAL RFamC/3/30, same to same, Jan. 18.

5 6

Corti, Reign, pp. 406f. Davis, English Rothschilds, pp. 1 03f., 1 1 9f.

7 8

Ramm (ed.), Gladstone-Granville correspondence, 1868-1876, vol. I, p. 12. Matthew (ed.), Gladstone diaries, vol. VII, p. 36; BL, Add. MS Gladstone 44428 f. 1 2 1 , Charlotte, Piccadilly, toGladstone, Sept. 28, 1870.

9 10

Matthew (ed.), Gladstone diaries, vol. VII, p. 52; vol. VIII, p. 357; vol. IX, p. 45. RAL, T12/57, Lionel, London, to Leo and Laurie, March 25, 1876; Ramm (ed.), Gladstone-Granville

11

correspondence, 1876-1886, vol. I, p. 75. BL, Add. MS 44443 f. 62, Charlotte, Piccadilly, to Gladstone, March 6, 1874; 44446 f. 306, same to same, March 9, 1875; 44450 f. 301, July 27, 1876; 44451 f. 40, Aug. 11; 44452 f. 74, Aug. 21. Cf. Matthew (ed.), Gladstone diaries, vol. IX, p. 18.

12 13

BL, Add. MS 44485 f. 304, Natty to Gladstone, March 19, 1884. Cf. Weintraub, Disraeli, p. 61 1 . BL, Add. MS 44787 f. 204, Natty to Hamilton, Nov. 26, 1884; 44505 f. 133, Emma to Gladstone, Nov. 19, 1888; 44789 f. 3, same to same, March 5, 1889; 44512 f. Ill, Feb. 18, 1891; f. 118, Feb. 20; 44517 f. 244, Walter to Gladstone, Sept. 11, 1893; Matthew (ed.), Gladstone Diaries, vol. XI, pp. 331, 488; vol. XII, p. 368.

14

BL, Add. MS 44504 f. 204, Gladstone, Hawarden, to Emma, London, Aug. 2 1 , 1 888; f. 225, Emma to Gladstone, Aug. 25; f. 284, same to same, Sept. 26; 44505 f. 70, Gladstone to Emma, Oct. 27; f. 85, Emma to Gladstone, Nov. 3; 44490 f. 164, same to same, April 30, 1889; 44490 f. 197, May 6; 44509 f. 21, Jan. 6, 1890; 44511 f. 204, Nov. 28; Dec. 3; 44512 f. 145, March 2.

15

Barnbougle Castle, Rosebery Papers, Leo, New Court, to Hannah [Rosebery], April 3, 1888; BL, Add. MS 44798 f. 121, Ferdinand to Gladstone, Feb. 24, 1893; Matthew (ed.), Gladstone diaries, vol. XI, p. 378; vol. XII, pp. 22, 109, 1 14, 279; vol. XIII, p. 295. Wilson, Rothschild, pp. 309f. Davis, English Rothschilds, p. 226. BL, Add. MS, 44523 f. 295, Emma, Tring, to Gladstone, Hawarden, Sept. 20, 1896. Emma requested

16 17 18

19

20 21 22 23 24 25

that Gladstone send her, by way of "remembrance," "a little chip when you remove a branch from one of your beautiful trees." Most of the documents detailing Disraeli's financial dealings with the Rothschilds were apparently destroyed when he died, so it may be that they assisted him in more ways than this account suggests: see Wintraub, Disraeli, pp. 43 1 f. Blake, Disraeli, pp. 424, 754. Cf. RAL, T 13/92, Mayer Carl, Frankfurt, to his cousins, London, April 22, 1881: "I suppose that your late friend Lord Beaconsfield left a great name and a very small fortune." RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, Jan. 29, 1866. See also same to same, Paris, Nov. 5, 1867. RAL, RFamC/4/78, Lionel, London, to Charlotte, Paris, July 9, 1867; RAL, RFamC/4/79, same to same, July 10; RAL, RFamC/4/82, July 13; RAL, RFamC/4/83, July 15; RAL, RFamC/4/85, July 18. RAL, RFamC/21, Charlotte, London, to Laurie and Leo, Dieppe, Aug. 5, 1867; same to same, Aug. 8; Aug. 9. RAL, XI/ 109/92/1, Mayer, Wildbad, to his brothers, London, undated, Sept. 1867; RAL, RFamC/3/48, Natty, London, to Charlotte, Feb. 28, 1868. RAL, RFamC/2/10, Mary Anne Disraeli to Lionel and Charlotte, Feb. 25, 1868; RAL, XI/ 109/93/1, Alphonse, Paris, to his cousins, London, Feb. 25, 1867.

584

SOURCE

NOTES

26

RAL, RFamC/4/88, Lionel, London, to Charlotte, Paris, Feb. 29, 1868; RAL, RFam/C/4/340, Lionel to Charlotte and Leo, March 2; RAL, RFamC/4/90, Lionel to Charlotte, March 4; RAL, RFamC/4/92, March 6; RAL, RFamC/4/93, March 9.

27 28

Bodleian Library, dep. Hughenden 141/3 £ 206, Lionel to Disraeli, March 22, 1869. Blake, Disraeli, pp. 517ff.; Cohen, Lady de Rothschild, pp. 30f. Ten years later, it was a signed copy of

29

30 31 32 33

Lothair which Natty s wife Emma requested as "a precious souvenir": Bodleian Library, dep. Hughenden 141/3 f. 170, Emma to Disraeli, April 26, 1880; f. 168, same to same, May 21. Bodleian Library, dep. Hughenden 141/3 f. 90, Charlotte, Piccadilly, to Disraeli, May 19, 1870; f. 92, same to same, July 12; f. 94, Aug. 12; f. 210, Constance to Disraeli, July 19; f. 98 Charlotte to Disraeli, Jan. 30, 1873. Bodleian Library, dep. Hughenden 141/3 f. 102, Charlotte, Gunnersbury, to Disraeli, Hughenden, Sept. 11, 1873. Monypenny and Buckle, Disraeli, vol. V, pp. 234, 399. Weintraub, Disraeli, pp. 61 Off. Bodleian Library, dep. Hughenden 141/3 f. 65, Alfred and Leo, June 3, 1879; f. 162, Natty to Disraeli,

June 7. 34 35 36 37 38

Swartz, Politics of British foreign policy, p. 40; Alderman, British Jewry, p. 99. Jenkins, Gladstone, Whiggery and the Liberal party, p. 71. Parry, Democracy and religion, pp. 226f; Alderman, Jewish community, p. 226. Jenkins, Gladstone, Whiggery and the Liberal party, pp. 295ff, 30 Iff.. Bodleian Library, dep. Hughenden 141/3 f. 160, Natty, Turf Club, to Montagu Cony, undated, c. 1878.

39

Bodleian Library, dep. Hughenden 141/3 f. 118, Natty to Corry, March 22, 1879. See also f. 126, same to same, Oct. 22; f. 138, Dec. 17.

40

Bodleian Library, dep. Hughenden 141/3 f. 136, Natty to Disraeli, Dec. 9, 1879; f. 140, same to same, Dec. 30. Cf. Davis, English Rothschilds, pp. 158f., 178. Barnbougle Castle, Rosebery Papers, Ferdinand, Chislehurst, to Rosebery, July 29, 1880. Bodleian Library, dep. Hughenden 141/3 f. 146, Natty to Disraeli, Nov. 22, 1880; f. 152, same to same, Nov. 29; f. 154, Dec. 15; f. 152, Dec. 21.

41 42 43

Bodleian Library, dep. Hughenden 141/3 f. 152, Natty to Disraeli, Nov. 29, 1880.

44

Monypenny and Buckle, Disraeli, vol. V, p. 599; Blake, Disraeli, pp. 723, 736f., 743, 746; Clarke, Disraeli, pp. 287, 296; Davis, English Rothschilds, pp. 178f. BL, Add. MS Gladstone 44469 ff. 122 and 123, Natty to Gladstone, April 20, 1881; Ramm (ed.),

45

Gladstone-Granville correspondence, 1876-1886, vol. I, pp. 261, 266; Blake, Disraeli, pp. 75 Iff. Gladstone himself did not attend the funeral. 46 47 48

RAL, Tl 3/81, Alphonse, Paris, to his cousins, London, April 19, 1881. Davis, English Rothschilds, pp. 1 03f., 1 1 9f. RAL, XI/ 1 09/96/ 1 , Anthony, Paris, to his brothers, London, Oct. 1 , 1 868. Cf. Southgate, Passing of the

49

Cesarini, Jewish Chronicle, p. 39. That there was a "Jewish vote" which could be to some degree influenced bythe Board of Deputies or the Chronicle is clear: see e.g. RAL, T 10/373, Moses Montefiore to Lionel, Aug. 3, 1871. The Times, June 4, 1879, p. 10; Dasent, Piccadily, p. 291; Corti, Reign, pp. 449f. See also RAL, RFamC/4/377, Lionel, London, to Leo, undated, 1874. It was revealing that Lionel (vainly) appealed for a return to the Liberal unity of the 1 840s: Parry, Democracy and religion, p. 392.

Whigs, p. 335.

50

51

Ramm (ed.), Gladstone-Granville correspondence, 1876-1886, vol. I, pp. 8, 10; Swartz, Politics of British foreign policy, p. 40. Lionel was meanwhile keeping Disraeli informed about the campaign: Bodleian Library, dep. Hughenden 141/3 f. 31, Lionel de Rothschild to Disraeli, May 26, 1876.

52 53 54

Ramm (ed.), Gladstone-Granville correspondence, 1876-1886, vol. I, pp. 113f. See also Vincent (ed.), Derby diaries, 1869-78, p. 333. RAL, T 13/62, Gustave, Paris, to his cousins, London, April 1, 1880. RAL, Tl 3/204, Gustave, Paris, to his cousins, London, Dec. 19, 1885.

55 56 57 58

BL Add MS 43913 ff. 89-90, Ferdinand, Paris, to Dilke, London, Jan. 14, 1885. Davis, English Rothschilds, p. 195. Ibid, pp. 197f. The Times, March 23, 1884, p. 4; April 16, 1890, p. 8; March 18, 1891, p. 6.

SOURCE

NOTES

585

59

Brassey, "Visitors to Waddesdon Manor." Other regular visitors included Henry Calcraft (twenty visits), Permanent Secretary to the Board of Trade, the banker Horace Farquhar, the Austrian diplomat Albert Mensdorff and the Russian ambassador Baron de Staal.

60

61

BL, Add. MS 43913 ff. 89-90, Ferdinand, Paris, to Dilke, London, Jan. 14, 1 885. Harcourts Ground Game Act had given tenants equal rights with landowners to kill ground game and was much resented by dedicated hunters like the Rothschilds. Davis, English Rothschilds, p. 199.

62 63

RAL, RFamC/21, Charlotte, Gunnersbury, to Leo, Sept. 15, 1865. RAL, XI/ 109/96/1, Ferdinand, Killarney, to Lionel and Charlotte, Oct. 19, 1868.

64 65

RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, Oct. 24, 1865. Davis, English Rothschilds, pp. 207f.

66 67 68 69 70

Southgate, Passing of the Whigs, pp. 370f.; Jenkins, Gladstone, Whiggery and the Liberal party, pp. 300ff. Davis, English Rothschilds, pp. 194f. James, Churchill, pp. 225ff. Foster, Churchill, p. 241. James, Churchill, p. 228.

71

Churchill College, Cambridge, Randolph Churchill Papers Add. 9248/ 1 350, Alfred to Churchill, Jan. 30, 1886. Cf. Davis, English Rothschilds, pp. 207f.

72 73 74 75

Harcourt Williams (ed.), Salisbury-Balfour correspondence, pp. 133f.; Dugdale, Balfour, vol. I, p. 97. Kynaston, City, vol. I, p. 371; Ziegler, Sixth great power, p. 188. Alderman, British Jewry, p. 99; Southgate, Passing of the Whigs, p. 420. RAL, T14/05, Alphonse, Paris, to his cousins, London, April 9, 1 886.

76

Churchill College, Cambridge, Randolph Churchill Papers Add. 9248/1489, Natty to Churchill, May 4, 1886; 9248/1510, same to same, May 23. Dugdale, Balfour, vol. I, p. 103; Egremont, Balfour, p. 76. Churchill College, Cambridge, Randolph Churchill Papers Add. 9248/ 1 534, Natty to Churchill, June 17, 1886.

77 78 79

80 81 82

Blewett, Peers, parties and people, pp. I4f. Cf. Churchill College, Cambridge, Randolph Churchill Papers Add. 9248/ 1537a, Natty to Churchill, June 10, 1886; 9248/1534, same to same, June 17; Birmingham University, Chamberlain Papers, JC 8/5/3/48, Natty to Chamberlain, June 22; JC 5/76/43, Chamberlain to Natty, June 22. Barnbougle Castle, Rosebery Papers, Natty, Tring, to Rosebery, India, Dec. 6, 1886. Birmingham University, Chamberlain Papers, JC 5/76/44, Chamberlain to Natty, Dec. 20, 1886; James, Churchill, p. 285; Hurst, Chamberlain and Liberal reunion, p. 105. Churchill College, Cambridge, Randolph Churchill Papers Add. 9248/2401 , Natty to Churchill, Feb. 18, 1887; 9248/2416, same to same, March 19.

83 84

Davis, English Rothschilds, p. 205. Churchill College, Cambridge, Randolph Churchill Papers Add. 9248/2423, Natty to Churchill, March 25, 1887. See also 9248/2641, same to same, Aug. 24.

85

Barnbougle Castle, Rosebery Papers, Natty to Rosebery, Feb. 18, [1887]: "[T]he cause of the Union seems more assured than ever although Joe is of opinion that the liberal party will be reunited ... If so

86 87

88 89 90 91 92 93 94 95

what was the use of Gladstone making a fuss last year[?]." Bahlman (ed.), Hamilton diary, pp. 64f., 89. Churchill College, Cambridge, Randolph Churchill Papers Add. 9248/3 155, Natty to Churchill, April 1, 1889; 9248/3156, same to same, undated, April. See also Birmingham University, Chamberlain Papers, JC 6/5/5/1, Natty to Chamberlain, Dec. 19. Vincent (ed.), Later Derby diaries, p. 87. Kynaston, City, vol. I, p. 373. RAL, T16/03, Alphonse, Paris, to his cousins, London, March 8, 1892; RAL, T16/38, same to same, Sept. 9, 1893. Cf. Brooks, Destruction of Lord Rosebery, p. 186. RAL, RFamC/21, Charlotte, London, to Leo, Cambridge, Oct. 24, 1865; same to same, Oct. 26. The lines were the Bengal Central; the Rohilkund-Kumaon; Bengal-Nagpur. Foster, Churchill, p. 1 94n. Kynaston, City, vol. I, p. 378. Foster, Churchill, pp. 195, 210f.

the Bengal and North West; and the

586

96 97 98 99

SOURCE

NOTES

Kynaston, City, vol. I, p. 410; Turrell and van Helten, "Rothschilds, the Exploration Company and mining finance," p. 191. Foster, Churchill, p. 277; Davis, English Rothschilds, p. 205. Foster, Churchill, p. 331; Kynaston, City,, vol. I, p. 374; Rothschild, Dear Lord Rothschild, p. 29. Foster, Churchill, pp. 349, 394f.

100 10 1 102 103 104

Ibid., pp. 289-303. Davis, English Rothschilds, pp. 204f. Vincent (ed.), Later Derby diaries, p. 128. Foster, Churchill, p. 349. Ibid, pp. 313, 375. See Churchill College, Cambridge, Randolph Churchill Papers Add. 9248/2440, Natty to Churchill, April 1, 1887; 9248/2718, same to same, Nov. 1; 9248/2962, Sept. 1; 9248/3231, April 1, 1889; 9248/3316, Nov. 8; 9248/4016, Oct. 16, 1892; 9248/4055, Jan. 15, 1893; 9248/4525, Emma to Churchill, June 25, 1895.

105

Churchill, Churchill, vol. I, pp. 206, 285, 330, 342, 443. The younger Churchill visited Tring in 1893,

106 107 108 109 1 10

in 1896, when he met the Asquiths and Balfour, and again in 1899 (a similar cast). See Rose, "Churchill and Zionism," pp. I48f. Barnbougle Castle, Rosebery Papers, Ferdinand to Rosebery, Sept. 6, 1878. Barnbougle Castle, Rosebery Papers, Ferdinand, Piccadilly, to Rosebery, Nov. 2, 1878. Barnbougle Castle, Rosebery Papers, Natty to Rosebery, undated, c. Feb. 1880. Crewe, Rosebery, vol. II, p. 212. Barnbougle Castle, Rosebery Papers, Rosebery Diary, Feb. 13, 1885; Feb. 15; Feb. 20; Feb. 23. By June

111 1 12 1 13 1 14 1 15

Natty was addressing his letters to "Dear Archie," rather than "Dear Archibald" or "Dear Rosebery." Barnbougle Castle, Rosebery Papers, Natty to Rosebery, Aug. 18, 1885; Alfred to Rosebery, Sept. 3. Davis, English Rothschilds, pp. 2 1 Of. Bahlman (ed.), Hamilton Diary, p. 64; Kynaston, City, vol. II, p. 373. Barnbougle Castle, Rosebery Papers, Alfred, New Court, to Rosebery, April 2, 1886. Barnbougle Castle, Rosebery Papers, Natty, Bentley Priory, Gt Stanmore, Middlesex, to Rosebery, Dec. 25, 1888.

1 16 1 17 118

RAL, T16/10, Alphonse, Paris, to his cousins, London, May 4, 1892. Dugdale (ed.), German diplomatic documents, vol. II, p. 163. RAL, T16/53, Alphonse, Paris, to his cousins, London, March 2, 1894.

1 19

Bank of England, G4/ 1 1 7 206 1 / 1 f. 2 1 , Court of Directors Minutes, April 26, 1 894; ff. 7-8, Court of Directors Minutes, May 3; David Powell, Governor, to Alfred , April 27; Alfred to Governor, April 27; Rosebery to Chief Cashier, April 30. It is impossible to establish the details of this extraordinary affair because "papers in the case were put away in the drawer of the Secretary's cupboard": Bank of England, G16/4, Historical Index.

120

Barnbougle Castle, Rosebery Papers, Natty, Tring, to Rosebery, Naples, Feb. 27, 1897. Cf. on Har-

121 1 22 123 124

court's increases in direct taxation RAL, T 16/66, Alphonse, Paris, to his cousins, London, 1894; RAL, T 16/69, same to same, Aug. 28. Martel, Imperial diplomacy. Davis, English Rothschilds, pp. 2 1 Of. Emphasis added. See e.g. RAL, Tl 1/51, Alphonse, Paris, to his cousins, London, Jan. 28, 1874. RAL, Tl 1/12, Alphonse, Paris, to his cousins, London, June 27, 1873; RAL, Tl 1/13, same Aug. 9; RAL, Tl 1/17, Oct. 3; RAL, Tl 1/18, Oct. 16; RAL, Tl 1/56, March 23, 1874; RAL, Dec. 31. See also RAL, Tl 1/74, Ferdinand, Paris, to his uncle and cousins, London, undated,

125

July 10,

to same, Tl 1/79, 1874.

RAL, Tl 1/8, Alphonse, Paris, to his cousins, London, May 26, 1873; RAL, Tl 1/9, same to same, May 27; RAL,Tl3/101/6, Jan. 30, 1879.

126

RAL, T12/126, Alphonse, Paris, to his cousins, London, Nov. 5, 1877; RAL, T12/128, same to same,

127

Nov. 8; RAL,T12/128, Nov. 9; RAL,T12/130, Nov. 26; RAL, 101/6,7-1/6, Jan. 7, 1878. Lomenie, Dynasties, vol. II, p. 26; Bouvier, Rothschild, pp. 198ff.; Mayeur, Troisieme Republique, p. 120.

128

129

AN, 132 AQ33/A- 12-3/5, Contract between Finance Ministry and deRF, March 16, 1881; AN, 132 AQ 33/A- 12-3/6, Ministry of Finance to deRF, May 23. As Bouvier notes, the Rothschilds now shared the spoils of government bond issues with an elite of joint-stock banks: the Credit Lyonnais, the Societe Generale, the Comptoir d'Escompte and Paribas. RAL, XI/109/104, Gustave, Paris, to his cousins, undated, c. May 1871; RAL, XI/109/106, Alphonse,

SOURCE

NOTES

587

130

Paris, to his cousins, London, Sept. 4; RAL, XI/ 109/ 107/1, same to same, Dec. 16; Dec. 21; Jan. 4, 1872; Jan. 15; Jan. 17. RAL, Tl 1/17, Alphonse, Paris, to his cousins, London, Oct. 3, 1873; RAL, T12/82, same to same,

131

Nov. 15; RAL, 101/6,7-1/2, Alphonse, Paris, to his cousins, London, Jan. 3, 1878; RAL, 101/6,7-1/14, Jan. 16. RAL, T 13/ 101/6, Alphonse, Paris, to his cousins, London, March 21, 1878.

132 133 134 135

137

Bouvier, Rothschild, pp. 201ff.; Lomenie, Dynasties, vol. II, p. 52; Chapman, Third Republic, p. 214. Bouvier, Union Generate, pp. 159ff. Corti, Reign, pp. 440f.: Bouvier, Rothschild pp. 199f. RAL, T15/53, General Boulanger, Jersey, to Natty, April 14, 1890; RAL, T15/54, same to same, April 22. Cf. Lomenie, Dynasties, vol. II, p. 208; Bouvier, Rothschild pp. 204ff. RAL, T16/14, Edmond, Paris, to his cousins, London, July 19, 1892; RAL, T16/16, Alphonse to his cousins, Sept. 3; RAL, T 16/ 51, same to same, Feb. 19, 1894; RAL,T16/135, Feb. 25, 1896. RAL, T 16/ 10, Alphonse, Paris, to his cousins, London, May 4, 1892; RAL,Tl5/02, same to same, May

138

5. RAL, T16/22, Alphonse, Paris, to his cousins, London, Nov. 16, 1892.

139

Palmade, Capitalism, pp. 2 1 6f. ; Bouvier, Rothschild pp. 233-9.

136

ELEVEN

The Risks and Returns of Empire (1 885-1902)

1 2 3

Rotberg, Rhodes, pp. 234f. Bahlman (ed.), Hamilton diary, pp. 89ff.; Kynaston, City, vol. I, pp. 41 Iff RAL, Tl 5/58, Churchill to Alfred, Nov. 1 7, 1 890.

4 5

RAL, T14/39, Alphonse, Paris, to his cousins, London, Oct. 1 2, 1 888. RAL, T14/41, Gustave, Paris, to his cousins, London, Oct. 24, 1888.

6 7

RAL, T15/14, Gustave, Paris, to his cousins, London, Aug, 29, 1889. RAL, Tl 5/29, Alphonse, Paris, to his cousins, London, Jan. 8, 1890; RAL, Tl 5/30, same to same, Jan. 16; RAL, T 15/62, Jan, 31.

8 9 10 11

Kynaston, City, vol. I, p. 426. Spinner, Goschen, p. 146; Kynaston, City, vol. I, p. 426. Cecco, Money and empire, p. 89. Kynaston, City, vol. I, pp. 427f.

12 13

Fulford, Glyn's, p. 210. Clapham, Bank of England vol. II, pp. 326f.

14

Kynaston, City, vol. I, pp. 41 Of. Revelstoke had in fact been a guest at Tring in February 1890: "It is rather amusing to see the heads of the two great rival financial Houses together," noted Edward Hamilton. "They take stock of each other with jealous eyes, the jealousy being somewhat ill-disguised." Ziegler, Sixth great power, p. 245. RAL, T15/42, Alphonse, Paris, to his cousins, London, Nov. 12, 1890. Davis, English Rothschilds, p. 230. Clapham, Bank of England vol. II, pp. 335f. Ibid, pp. 328f.; Spinner, Goschen, pp. I47f. Ziegler, Sixth great power, pp. 246f.; Kynaston, City, vol. I, p. 431. RAL, T15/42, Alphonse, Paris, to his cousins, London, Nov. 12, 1890. As usual, the Rothschilds charged a fee and costs amounting to £6,000, though in fact the money does not even seem to have crossed the Channel: Clapham, Bank of England vol. II, p. 337; Sayers, Bank of England operations, p. 103n.

15 16 17 18 19 20 21 22

23

25 26

Bank of England, G23/68 2881/1 ff. 297-8, Lidderdale, Bank of England, to Governor of Banque de France, Paris, Nov. 12, 1890. Cf. Morgan, Central Banking, p. 206. AN, 1 32 AQ122/A- 10-3/3, Lidderdale to NMR, Nov. 12, 1890; RAL, T 15/43, Alphonse, Paris, to his cousins, London, Nov. 13. A further £1.5 million was borrowed from St Petersburg. Spinner, Goschen, p. 148. Chandler, Four centuries, p. 331.

27 28

Clapham, Bank of England vol. II, pp. 334f. Cecco, Money and empire, p. 93.

29

Fulford, Glyn's, p. 21 1; Kynaston, City, vol. I, p. 433.

24

588

SOURCE

NOTES

30

RAL, T15/44, Alphonse, Paris, to his cousins, London, Nov. 15, 1890. The Economist took a similar view.

31 32

RAL, Tl 5/23, Ernesto Tornquist & Co., Buenos Aires, to NMR, Nov. 20, 1 890. The other members were Walter Burns of J. S. Morgan, Everard Hambro, Charles Goschen of the Bank of England, Herbert Gibbs; George Drabble of the Bank of London and the River Plate. There was also a French representative (Cahen d'Anvers) and a German (Hansemann): Bank of England, G 15/260 3662/1 f. 2, The Rothschild Committee, first meeting, Nov. 27, 1890. The committee met regularly until December 1897.

33 34 35 36 37 38

AN, 132 AQ 122/A- 10-3/3, NMR to Lidderdale, Dec. 3, 1890. The Times, April 19, 1893. Ziegler, Sixth great power, pp. 258fif.; Cain and Hopkins, Imperialism, vol. I, pp. 157, 295. RAL, T 15/51, Alphonse, Paris, to his cousins, London, Dec. 29, 1890. Ziegler, Sixth great power, pp. 263f. Kynaston, City, vol. II, p. 372.

39

Bodleian Library, Harcourt MSS dep.120 f. 66, Natty to Harcourt, Jan. 23, 1893; dep.120 f. 68, Harcourt to Natty, Jan. 24; dep.120 f. 73, Herbert Wagg to Natty, Jan. 27; dep.120 f. 71, Natty to Harcourt, Jan. 28; dep.120 f. 74, Harcourt to Natty, Jan. 29. See also dep.124 f. 89, Alfred to Harcourt, April 11, 1895. Ziegler, Sixth great power, p. 272. RAL, T14/04, Alphonse, Paris, to his cousins, London, Feb. 25, 1886; Ayer, Century of finance, pp. 14-81.

40 41 42 43

Levy, "Brazilian public debt," pp. 218f; Fritsch, External constraints, pp. Iff. Cf. Joslin, Century of banking, pp. 1 52f. RAL, T15/17, Alphonse, Paris, to his cousins, London, Dec. 19, 1889. Cf. Kynaston, City, vol. I, p. 410.

44 45

AN, 1 32 AQ 3, Inventarium, Oct. 16,1886. RAL, T16/47, Alphonse, Paris, to his cousins, London, Jan. 16, 1894.

46 47 48

Calculated from figures in Levy, "Brazilian public debt," pp. 232-54. AN, 132 AQ5586/1M184, Ministry of Finance, Rio, to NMR, Jan. 4, 1910. The Times, June 20, 1898. See also AN, 132 AQ 5563/lM164bis, NMR to deRF, July 4, 1898. Cf.

49

Levy, "Brazilian public debt," pp. 224f; Joslin, Century of banking, p. 157. For the challenge from Deutsche Bank in Chile after 1906, see RAL, XI/130A/0, Natty, London, to his cousins, Paris, Feb. 12, 1906; same to same, March 5; March 16; March 19; March 21; March 29; March 30. Cf. Barth, Hochfinanz, p. 92; Ziegler, Sixth great power, p. 303; Kynaston, City vol. II, pp.

4l9f. 50

RAL, XI/130A/0, Natty, London, to his cousins, Paris, March 27, 1906; Alfred to his cousins, April 8; RAL, XI/130A/1, Natty to his cousins, Jan. 28, 1907; Leo to his cousins, Jan. 31; Natty to his cousins, Feb. 1 1; same to same, Feb. 20; March 26.

51 52

RAL, XI/130A/0, Natty, London, to his cousins, Paris, Nov. 22, 1906; same to same, Nov. 23; Nov. 26. Cf. Roberts, Schroders, pp. I40ff.; Fritsch, External constraints, pp. I4ff; Kynaston, City, vol. II, pp. 483f.

53

RAL, XI/130A/1, Natty, London, to his cousins, Paris, April 3, 1907; same to same, May 29; July 5; Oct. 1; Oct. 3. See also RAL, XI/130A/2, May 28, 1908. Roberts, Schroders, p. 142. Joslin, Century of banking, pp. 158f. Kynaston, City, vol. II, p. 572. On the difficulties of the 1908 loan, see RAL, XI/130A/2, Natty, London, to his cousins, Paris, July 20, 1908; same to same, July 21; July 22; July 23. AN, 132 AQ 5593/1M191, NMR to deRF, June 10, 1914; RAL, XI/130A/8, Natty, London, to his cousins, Paris, July 17; same to same, July 22; July 27. Cf. Fritsch, External constraints, pp. 30ff. on

54 55 56 57

58

Charles Rothschild's visit to Rio. The French Rothschilds were consistent critics of the Panama scheme: RAL, T 13/72, Gustave, Paris, to his cousins, London, Nov. 23, 1880; RAL, T13/74, same to same, Dec. 22; RAL, T14/06, Alphonse to his cousins, May 18, 1886; RAL, T14/07, same to same, May 18; RAL, T14/10, July 9; RAL, T14/12, July 30; RAL, T14/21, Feb. 22, 1888; RAL, T14/23, Edmond to his cousins, March 12; RAL, T14/24, Gustave to his cousins, March 13; RAL, T14/28, Alphonse to his cousins, June 3; RAL, T14/43, same

SOURCE

NOTES

589

to same, Nov. 27; RAL, T14/44, Dec. 1; RAL, T14/45, Dec. 15; RAL, T15/02, Jan. 24, 1889; RAL, T15/10,July 10. 59 60 61 62

Hatfield House, 3M, Schomberg McDonnell to Salisbury, Oct. 21, 1895. Cf. Davis, English Rothschilds, pp.219f. Ziegler, Sixth great power, pp. 305f. RAL, XI/130A/2, Natty, London, to his cousins, Paris, May 28, 1908. It has recently been suggested that the Rothschilds' interest in the bullion business had waned by the 1870s because of a lack of commitment on the part of Anthony: Kynaston, City, vol. I, p. 314. However, itis worth noting that as late as 1875 a nominal fine of £5 (plus £1 8s costs) was imposed on him for allowing excessive smoke emissions from the refinery — hardly a sign of inactivity: The Times, July 27, 1875.

63

Carosso, Morgans, pp. 1 82f.

64

Russell, International monetary conferences, pp. 178ff. See also Kynaston, City, vol. I, p. 312; Davis, English Rothschilds, p. 156; Kynaston, Cazenove, p. 73. Ellis, Heir of adventure, pp. 108f; Carosso, Morgans, pp. 196f. Pierpont Morgan was resentful of the

65

Rothschilds' de haut en bas manner: "[H]aving anything to do with Rothschilds & Belmont in this matter is extremely unpalatable to us and I would give almost anything if they were out. The whole treatment of Rothschilds to all the party, from Father downwards[,] is such, as to my mind, no one

66

should stand": Chernow, House of Morgan, p. 40. Natty never called on Walter Burns, the resident senior partner at J. S. Morgan; Burns always came to New Court. Ziegler, Sixth great power, p. 216. Between 1865 and 1890, £121 million worth of US railway stocks were issued through London merchant banks, of which Rothschilds were responsible for just £800,000. It was not until 1908-9 that New Court undertook major issues totalling £6 million for the Pennsylva-

67

nia Railway and the Grand Trunk Pacific line. For Belmont's complaint at lack of Rothschild enterprise in the US, see Kynaston, City, vol. I, p. 314. RAL, T16/90, Alphonse, Paris, to his cousins, London, Jan. 29, 1895; RAL, T16/91, same to same, Feb. 5; RAL, T16/92, Feb. 9; RAL, T16/93, Feb. 20; RAL, T16/94, Feb. 22. Cf. Carosso, Morgans, pp. 312fL, 328ff.; Chernow, House of Morgan, pp. 76f.

68 69

Eichengreen and Flandreau, "Geography," table 2. Bramsen and Wain, Hambros, pp. 310-15; Bouvier, Rothschild, pp. 221-3; Kynaston, City, vol. I, pp. 350f. Cf. Seton-Watson, Italy from liberalism to fascism, p. 64; Torido, Economic history of liberal Italy, p. 80; Deutsche Bank (ed.), Studies, pp. 686fT.; Mack Smith, Italy, p. 151.

70 71 72

Eichengreen and Flandreau, "Geography," p. 1 1. Bodleian Library, Harcourt MSS dep. 166 f. 70, "Remarks by Mr Rothschild," Nov. 9, 1886. Bodleian Library, Harcourt MSS dep. 166 f. 59, Natty to Harcourt, Aug. 31. 1892; dep. 166 f. 61, Harcourt to Natty, Sept. 1; RAL, T 16/20, Alphonse, Paris, to his cousins, London, Oct. 6; Davis, English Rothschilds, pp. 222ff.; Kynaston, City, vol. I, p. 391; vol. II, pp. 56, 71-5. Cf. Matthew (ed.), Gladstone diaries, vol. XIII, p. 74.

73

Bodleian Library, Harcourt MSS dep. 166 f 68, Alfred to Harcourt, Sept. 2, 1892; dep. 166 f. 66, Natty to Harcourt, Sept. 2; dep. 166 f. 72, Harcourt to Alfred, undated c. Sept. 3; dep. 166 f. 87, Alfred to Harcourt, Oct. 5.

74

Bodleian Library, Harcourt MSS dep. 166 f. 233, Harcourt to Leo, Nov. 24, 1892; dep. 167 f. 5, Alfred to Harcourt, Dec. 5; dep. 167 f. 7, Harcourt to Alfred, Dec. 6; dep. 167 f. 26, Harcourt to Natty, Dec. 7; dep. 167 f. 41, Alfred to Harcourt, Dec. 7; dep. 167 f. 55, Harcourt to Alfred, Dec. 8; dep. 167 f. 102, same to same, Dec. 15; dep. 167 f. 124, Alfred to Harcourt, Dec. 17; dep. 168 f. 76, same to same, Feb. 2, 1893; dep. 168 f. 82, Harcourt to Alfred, Feb. 2. Cf. Russell, International monetary conferences, pp. 384-97. The other British delegates at Brussels were Sir Charles Rivers-Wilson, Comptroller General of the Public Debt Office, Sir Charles Fremantle, Deputy Master of the Mint and the bimetallist Sir William Houldsworth. The Rothschild plan was in many ways more practicable than the two other

75 76

plans presented to the conference by Adolf Soetbeer and Moritz Levy. Bodleian Library, Harcourt MSS dep. 167 f. 100, Harcourt memorandum, Dec. 14, 1892. Hatfield House, 3M, McDonnell to Salisbury, July 27, 1897; same to same, Sept. 1 1. Cf. Cassis, City

77

bankers, pp. 292f.; Kynaston, City, vol. II, pp. 1 I6f, I64f. The proposal to raise the legal-tender ceiling had also been put forward by Alfred at Brussels. RAL, T16/93, Alphonse, Paris, to his cousins, London, Feb. 20, 1895.

590

SOURCE

NOTES

78 79 80 81

Enaudi, "Money and politics," pp. 115, 120f.; Flandreau, Or du monde, pp. 222, 225, 233n. Flandreau, "Emergence," pp. 24ff. Ibid., pp. 1-23. RAL, T13/76, Alphonse, Paris, to his cousins, London, Jan. 25, 1881; RAL, T13/79, same to April 7; RAL, T13/80, April 8. See also RAL, T15/29, Jan. 9, 1890; RAL, T15/30, Jan. 16; T15/62, Jan. 3; RAL, T15/41, Nov. 8; RAL, T15/48, Dec. 2; RAL, T15/75, Nov. 27, 1891; T15/76, Dec. 11; RAL, T 15/09, April 23, 1892; RAL, T16/16, Sept. 3; RAL, T16/37, Sept. 7, See also Witte, Memoirs, p. 60.

82

Calculated from figures in Martin, Rothschild, pp. 395, 42 1 . This was around 2.5 per cent of total Rothschild profits; as a percentage of the total Spanish budget, the revenue received by the government was a little less than 1 per cent.

83

What follows is based on Turrell and van Helten, "Rothschilds, the Exploration Company and mining finance," pp. 181-205. Ibid, p. 193. AN, 132 A Q 3, Inventarium, Oct. 16, 1886. Kubicek, Economic imperialism, pp. 93f., 112. Ibid., pp. 54, 64, 68, 71, 77. Rothschilds also took shares in Wernher, Beits African Ventures Syndicate in 1903.

84 85 86 87 88 89 90 91 92 93

same, RAL, RAL, 1893.

Turrell and van Helten, "Rothschilds, the Exploration Company and mining finance," p. 192. AN, 132 AQ 5554/1M157, Natty, London, to his cousins, Paris, Jan. 10, 1894. See also Kubicek, Economic imperialism, pp. 180, 185. In 1 887 South Africa had accounted for 0.8 per cent of world gold production; by 1 892 the figure was 15 per cent and by 1898 25 per cent: Green, New world of gold, p. 18. RAL, T43/5, Carl Meyer, Johannesburg, to NMR, March 26, 1892; RAL, T43/35, same to same, March 26. See for example Chapman, "Rhodes and the City of London," p. 663; Kynaston, City, vol. II, pp. 82f. RAL, T43/8, Alphonse, Paris, to his cousins, London, Dec. 29, 1888. For a joking reference to the need for a new precious metal if gold discoveries continued see RAL, T 16/27, Gustave to his cousins, Feb. 17, 1893.

94

RAL, T16/21, Alphonse, Paris, to his cousins, London, Oct. 27, 1892; RAL, T16/24, same to same, Nov. 21.

95 96

Bouvier, Rothschild, pp. 204ff. Cf. Harvey, Rio Tinto, p. 70. Ibid, pp. 75, 188. By 1905, their stake amounted to 39 per cent. See also Carr, Spain, pp. 265, 391.

97

The price of "Tintos" begins to feature in the Rothschild correspondence regularly in the 1880s and by the early 1900s appears almost every week: see RAL, T 13/78, Alphonse, Paris, to his cousins, London, Feb. 7, 1881; RAL, XI/130A/0, Natty to his cousins, Feb. 14, 1906; same to same, March 2; March 16; March 23; March 27; March 28; April 1 1; April 17; RAL, XI/130A/1, May 31; Oct. 3. Harvey, Rio Tinto, p. 107.

98 99

Ibid, p. 74. The price was raised still higher — to above £79 — by a similar agreement in 1899.

100 101

Turrell and van Helten, "Rothschilds, the Exploration Company and mining finance," p. 195. Lomenie, Dynasties, vol. Ill, p. 80.

102 103

Turrell and van Helten, "Rothschilds, the Exploration Company and mining finance," p. 191. Bodleian Library, Harcourt MSS dep.120 f. 48, Ochs Brothers, Hatton Garden, to Natty, Jan. 9, 1893.

104 105

McKay, "House of Rothschild (Paris)," pp. 76fF. Heuberger, Rothschilds, p. 146. Cf. AN, 132 AQ 5526/1 Ml 32, NMR to deRF, Dec. 28, 1882; RAL, XI/130A/0, Natty, London, to his cousins, Paris, March 27, 1906; same to same, April 9.

1 06 107

McKay, "House of Rothschild (Paris)," pp. 78fT. Michel, Banques et banquiers, p. 186.

108 109 1 10 111

Mackay, "Baku oil," p. 617. McKay, "House of Rothschild (Paris)," pp. 80ff. See also Heuberger, Rothschilds, pp. I43f. Cameron, France and Europe, pp. 96f. RAL, T 16/44, Alphonse, Paris, to his cousins, London, Nov. 29, 1893. Cf. Girault, Emprunts russes, pp. 86f., 254, 272-7.

112

Girault, Emprunts russes, p. 590; Yergin, Prize, pp. 60-72, 122f., 132f. Cf. Gerretson, History of the Royal Dutch, vol. II, pp. 238, 245, 250; vol. IV, pp. 132fT.

SOURCE 1 13 1 14 115 116

117

118 1 19 120 121

1 22 123

NOTES

55?/

RAL, XI/4/47, Gansl, Kimberley, to NMR, Aug. 30, 1 882; same to same, Sept. 2 1 ; Nov. 1 6. Cf. Chapman, "Rhodes and the City of London," pp. 65 Iff. For the murky pre-history of De Beers, seeTurrell, "Rhodes, De Beers and monopoly," pp. 313ff. Ibid., pp. 326-34; Turrell and van Helten, "Rothschilds, the Exploration Company and mining finance," pp. 187ff. Cf. the romanticised version of events in Flint, Rhodes, pp. 86ff. Turrell, "Rhodes, De Beers and monopoly," p. 330; Rotberg, Founder, pp. 203f. Cf. RAL, T43/9, Edmond, Paris, to his cousins, London, Aug. 6, 1887; RAL, T43/10, Gustave to his cousins, Aug. 26; RAL, T43/1 1, Oct. 5; RAL, T43/2, Carl Meyer, Paris, to NMR, Oct. 5; RAL, T43/16, same to same, undated, c. Oct. 5; RAL, T43/12, Alphonse to his cousins, Oct. 6. Cf. RAL, T43/9, Edmond, Paris, to his cousins, London, Aug. 6, 1887; RAL, T43/10, Gustave to his cousins, Aug. 26; RAL, T43/1 1, same to same, Oct. 5; RAL, T43/2, Carl Meyer, Paris, to NMR, Oct. 5; RAL, T43/16, same to same, undated, c. Oct. 5; RAL, T43/12, Alphonse to his cousins, Oct. 6. Cf. Newbury, "Technology, capital and consolidation," p. 30. Turrell, "Rhodes, De Beers and monopoly," pp. 33 If. For a rather different negotiations, see Rotberg, Founder, pp. 204—8. RAL, T43/ 1 5, de Crano, Kimberley, to NMR, Nov. 8, 1 887. This seems to buying Central shares described by Rotberg {Founder, p. 206). Newbury, Diamond Ring, p. 90. RAL, T 14/ 17, Alphonse, Paris, to his cousins, London, Jan. 14, 1888; RAL, 17; Rhodes House, Rhodes MSS Afr. l 14 £ 313, Rhodes to Natty, Jan. Natty, Feb. 2; RAL, T43/6, Alphonse to his cousins, Feb. 13. RAL, T43/ 1 9, De Beers to NMR, March 19,1888; RAL, T43/2 1 , same to RAL, T43/23, Natty, London, to Barnato, Kimberley, March 12, 1888;

version of these convoluted predate the decision to start

T43/ 14, same to same, Jan. 20; RAL, T43/3, Alfred to same, April 1 6. RAL, T43/24, Barnato to

Natty, May 14; RAL, T43/25, same to same [telegram], May 14. Cf. Turrell, "Rhodes, De Beers and monopoly," pp. 332f£; Newbury, "Technology, capital and consolidation," p. 33; Chapman, "Rhodes and the City of London," p. 656. The other life governors were to be Rhodes, Alfred Beit, F. S. P. Stow and Baring Gould, though the last was ultimately excluded at the insistence of either Barnato or Rhodes. After much negotiation, it was agreed that the governors should receive 25 per cent of all annual profits in excess of £1.44 million, a right they enjoyed until 1901: Newbury, Diamond Ring, p. 124 125 126

94; Rotberg, Founder, pp. 207-10. RAL, T43/28, Rhodes, Kimberley, to Natty, London, Aug. 20, 1888; Rhodes House, Rhodes MSS Afr t.14 f. 317, same to same, Oct. 29; RAL, T43/27, Paul Dreyfus, Kimberley, to NMR, Nov. 19.

127 128 129 130

Newbury, "Technology, capital and consolidation," pp. 33ff.; Rotberg, Founder, p. 21 1. Rhodes House, Rhodes MSS Afr. t.14 f. 304, Rhodes, London, to Natty, April 18, 1890. Details in Newbury, Diamond Ring, pp. 95f Newbury, Diamond Ring, p. 93. Rotberg, Founder, p. 21 1; Kynaston, City, vol. II, p. 397. Newbury, Diamond Ring, p. 96. Rhodes House, Rhodes MSS Afr. t.14 f. 192, Rhodes to Beit, July 2, 1890.

131 132

Newbury, "Capital accumulation," pp. 36f., 45. RAL, T43/7, Gustave, Paris, to his cousins, London, June 5, 1888.

133 134 135

Newbury, "Technology, capital and consolidation," p. 36. Newbury, Diamond Ring, p. 130. Rhodes House, Rhodes MSS Afr. S. 228 C27 f. 9 (23), Natty to Rhodes, July 7, 1891. Cf. Newbury,

136

"Capital accumulation," p. 32; Chapman, "Rhodes and the City of London," pp. 654f.; Newbury, Diamond Ring, pp. I44f. Rotberg, Founder, p. 499.

137

Newbury, Diamond Ring, pp. 136f.; Newbury, "Capital accumulation," p. 35; Rotberg, Founder, pp. 490ff., 499, 644.

138 139 140

Rhodes House, Rhodes MSS Afr. t.14 £ 313, Rhodes to Natty, Jan. 20, 1888. Rhodes House, Rhodes MSS Afr 1. 14 f. 317, Rhodes, Kimberley, to Natty, London, Oct. 29, 1888. Rhodes House, Rhodes MSS Afr. 1. 1 £23, Rhodes Will, June 27, 1888.

141 142 143

Rotberg, Rhodes, pp. 234f. Cf. Davis, English Rothschilds, pp. 212ff.; Flint, Rhodes, pp. 92, 216. Flint, Rhodes, p. Ill; Galbraith, Crown and charter, pp. 84f. Of the £1 million capital, Natty provided £10,000: Rotberg, Founder, p. 286. Cf. Rhodes House, Rhodes MSS Afr. S. 228 C9 f. 48, Natty to Rhodes, Jan. 23, 1899.

592

SOURCE

NOTES

144

Rhodes House, Rhodes MSS Afr. S. 228 C3b f. 201a, Natty, London, to Rhodes, Cape Town, Jan. 1 5, 1892.

145

Foster, Churchill, pp. 372f. Cf. RAL, T 15/84, Churchill to Natty, March 22, 1891; Rhodes House, Rhodes MSS Afr. S. 228 C3b f. 201a, Natty to Rhodes, Cape Town, Jan. 15, 1892. See also Rhodes House, Rhodes MSS Afr. S. 228 C25 f. 1, Merriman, London, to Rhodes, Feb. 5, accusing Churchill of

146 147 148 149

150

having told the Portuguese government that Rhodes's British South Africa Company was close to bankruptcy. Cf. Rotberg, Founder, p. 422. Kynaston, City, vol. II, p. 81. RAL, T16/39, Arthur, Paris, to his cousins, London, Oct. 20, 1893; RAL, T16/42, Alphonse to his cousins, Nov. 4; RAL, T16/43, Gustave to his cousins, Nov. 11. Flint, Rhodes, p. 170. Rhodes House, Rhodes MSS Afr. S. 228 C3a f. 58, Grey to Maguire, Oct. 24, 1890; RAL, XI/38/244, Randolph Churchill to Natty, May 17, 1891; Rhodes House, Rhodes MSS Afr. t.14 f. 325, Rhodes to Natty, June 6. Cf. Galbraith, Crown and charter, pp. 184ff. Rhodes House, Rhodes MSS Afr. S. 228 C3a f. 172a, Maguire to Rhodes, June 12, 1891; S. 228 C3b f. 201c, John Xavier Merriman, London, to Rhodes, Jan. 22, 1892; S. 228 C25 f. 1, same to same, Feb. 5.

151

Rhodes House, Rhodes MSS Afr. S. 228 C3b f. 201a, Natty, London, to Rhodes, Cape Town, Jan. 15, 1892.

1 52

Rhodes House, Rhodes MSS Afr. S. 228 C25 f. 2, Maguire to Rhodes, Feb. 10, 1893; S. 228 C25 f 4, Sir Charles Mills to Rhodes, April 20; S. 228 C25 f. 5, same to same, April 20; S. 228 C25 f 6, April 21; S. 228 C25 f. 8 (4), Natty to Rhodes, April 21; S. 228 C25 f. 9, Mills to Rhodes, April 24; S. 228 C25 f. 10, same to same, May 9; S. 228 C25 f. 1 1, May 1 1; S. 228 C25 f. 12, Rhodes to Mills, May 12; S. 228 C25 f. 13, Mills to Rhodes, May 15. RAL, T 16/40, Rhodes to Natty, May 16, 1893. For further discussions on the Delagoa Bay question, see Rhodes House, Rhodes MSS Afr. S. 228 C25 f. 17, Maguire to Rhodes, Aug. 26, 1893; S. 228 C25 f. 23, Sir Henry Loch to Rhodes, April 26, 1894; S. 228 C25 f. 24, Natty to Rhodes, May 4; S. 228 C25 f. 27, Loch to Rhodes, May 1 1; S. 228 C25 f 26, same to same, May 1 1; S. 228 C25 f. 24, Rhodes to Natty, May 12; S. 228 C25 f. 29, Rhodes to Loch, May 15; S. 228 C25 f. 28, Natty to Rhodes, May 15; S. 228 C25 f. 31, Rhodes to Loch, June 22; S.228 C2a f. 90, Mills to Rhodes, Nov. 13; S. 228 C16 f. 39, Natty to Rhodes, Feb. 22, 1895; S. 228 C16 f. 39, same to same, Feb. 26. See also Birmingham University, Chamberlain Papers, JC 3/2D/16, Alfred to Chamberlain, July 1, 1896; JC 3/2D/16, Chamberlain to Alfred, July 1; JC 3/2D/21, Alfred

153 1 54

to Chamberlain, July 3; JC 3/2D/17, Natty to Chamberlain, July 5; JC 3/2D/18, Alfred to Chamberlain, July 24; JC 3/2D/19, Chamberlain to Alfred, July 28; JC 3/2D/20, Alfred to Chamberlain, July 29; JC 3/2D/23, same to same, Nov. 2. 15 5

Davis, English Rothschilds, pp. 2 1 2- 1 4 .

156

Rotberg, Founder, p. 316. See also pp. 416, 663, 678. In later versions of Rhodes's will, this idea was transformed into the more realistic scheme for Oxford scholarships to encourage (in Natty's words) "Colonials and even Americans to study on the banks of the Isis and to learn, as Rhodes did there, to love his country and to make it prosperous." Any remaining interest on his fortune was to be used by the Trustees "in the interest of, for the development of the Anglo-Saxon race." In this final version Natty had in fact been replaced as a Trustee. Rhodes House, Rhodes MSS Afr. 1. 14 f. 325, Rhodes, Cape Town, to Natty, London, June 6, 1891; S. 228 C3a f. 172a, Maguire to Rhodes, June 12; S. 228 C27 f. 9 (23), Natty to Rhodes, July 7. Rhodes House, Rhodes MSS Afr. S. 228 C3b f. 201a, Natty, London, to Rhodes, Cape Town. Jan. 15, 1892; S. 288 C3b f. 201b, Farquhar, London, to Rhodes, Jan. 20. Cf. Rotberg, Founder, pp. 497f. Rhodes House, Rhodes MSS Afr. S. 228 C9 f. 36, Natty to Rhodes, July 12, 1892. Alphonse agreed: RAL, T 16/21, Alphonse, Paris, to his cousins, London, Oct. 27; RAL, T 16/ 132, same to same, Feb. 6, 1896.

1 57 1 58 159

160 161

See e.g., Rhodes House, Rhodes MSS Afr. S. C7b f. 197, same to same, Dec. 17, 1898. Cf. Rhodes House, Rhodes MSS Afr. S. 228 C7b 210, Rhodes to Natty, April 21; S. 228 C7b

228 C7a f. 96, Natty to Rhodes, May 17, 1893; S. 228 Rotberg, Founder, pp. 49 If. f. 210, Natty to Rhodes, April 19, 1899; S. 228 C7b f. f. 210, Natty to Rhodes, April 22 [several letters]. Cf.

Chapman, "Rhodes and the City of London," pp. 653, 656, 658; Newbury, "Capital accumulation,"

pp. 38f.

SOURCE

NOTES

593

162

Rhodes House, Rhodes MSS Afr. S. 228 C9 f. 45, NMR

163

same to same, Aug. 22. Cf. Newbury, "Capital accumulation," p. 39. Rhodes House, Rhodes MSS Afr. S. 228 C3a f. 184, Grey to Rhodes, July 31, 1891. Cf. Chapman,

1 64 165 166

to Rhodes, July 10, 1895; S. 228 C9 f. 45,

"Rhodes and the City of London," p. 665n. RAL, T43/35, Carl Meyer, Johannesburg, to NMR, March 26, 1 892; Rhodes House, Rhodes MSS Afr. S. 228 C9 f. 33, Natty to Rhodes, May 9. Hatfield House, 3M, Natty to Salisbury, June 9, 1892; Salisbury to Natty, June 10. Cf. RAL, T16/12, Alphonse, Paris, to his cousins, London, July 1. Rhodes House, Rhodes MSS Afr. S. 228 C9 f. 36, Natty, London, to Rhodes, July 12, 1892.

167

Chapman, "Rhodes and the City of London," pp. 659f. Cf. Kynaston, City, vol. II, pp. 63f; Davis, English Rothschilds, pp. 215f

168

The Uitlanders' main grievance was that in 1890 the Transvaal government had effectively disfranchised them by extending the residence qualification necessary for the right to vote in elections to the First

169

Volksraad and the Presidency: O'Brien, Milner, pp. 128f. RAL.T16/110, Gustave, Paris, to his cousins, London, Dec. 26, 1895; RAL, T 16/ 121, Alphonse to his cousins, Jan. 2, 1896; Hatfield House, 3M, Natty to Salisbury, Jan. 6; RAL, T16/128, Alphonse to his

170 171 172 173 1 74 175 176 177

cousins, Jan. 23. Cf. Davis, English Rothschilds, pp. 2l6f; Marsh, Chamberlain, pp. 378-86. Birmingham University, Chamberlain Papers, JC 5/6/18, Brett to Chamberlain, undated, c. March 1896; JC 5/6/19, Natty to Kruger, undated, c. March; JC 3/2D/21, Alfred to Chamberlain, July 3. Barth, Hochfinanz, p. 196. The loan was subsequently issued in Germany. Birmingham University, Chamberlain Papers, JC 7/2/2C/8, Alfred to Kruger, June 12, 1899; JC 7/2/2C/3, Alfred to Chamberlain, June 12. Fraser, Chamberlain, p. 185. Hatfield House, 3M, Natty to McDonnell, July 18,1899. Kynaston, City, vol. II, p. 193. Rotberg, Founder, p. 619. Hatfield House, 3M, Lewis, London, to Marks, Pretoria, Sept. 25, 1899. Emphasis added: the phrase "without conditions" was inserted at the request of Devonshire. Cf. Jackson, Hartington,

178 179 1 80 18 1 182 1 83 184

pp. 300f Hatfield House, 3M, Lewis and Marks, Pretoria, to Lewis, London, Sept. 26, 1899; McDonnell to Salisbury, Sept. 27; McDonnell to Natty, Sept. 29. Hatfield House, 3M, McDonnell to Salisbury, July 20, 1899; Natty to McDonnell, July 24. Cf. Davis, English Rothschilds, pp. 217f. Hatfield House, 3M, Natty to McDonnell, Oct. 1 8, 1 899. Allfrey, Jewish court, pp. 1 79f. BL, MSS Milner dep 214 f. 286, Natty to Milner, Southampton, May 24, 1901; dep 186 f. 132, same to same, Jan. 1, 1902. Rhodes House, Rhodes MSS Afr. S. 228 C7b f. 267, Natty to Rhodes, Nov. 2, 1900. RA Add. A/ 15/78686, Duke of Connaught to the Duchess of Connaught, July 18, 1902. The Duke

1 86

(the King's brother) declined his invitation "to meet a Boer Gen[era]l." Rhodes House, Rhodes MSS Afr. S. 228 C27 f. 10 (136), Natty to Rhodes, July 5, 1901. For Rhodes's "panicky" demands that Kimberley be relieved, see Rotberg, Founder, p. 627. Rothschild, Dear Lord Rothschild, p. 82.

187

Kynaston, City, vol. II, pp. 206-11. See also Cassis, City, p. 176; Ziegler, Sixth great power, p. 291;

188 189 190 191 1 92 1 93 194

Chapman, "Rhodes and the City of London," pp. 660f; Allfrey, Jewish court, pp. 18 If. Burk, Morgan Grenfell, pp. 120-23. Kynaston, City, vol. II, pp. 222-5. Burk, Morgan Grenfell, pp. 12 If; Kynaston, City, vol. II, pp. 234f. Kynaston, City, vol. II, pp. 267f; Allfrey, Jewish court, p. 196. Rhodes House, Rhodes MSS Afr. S. 228 C7b f. 240, Natty to Rhodes, March 9, 1 900. Rhodes House, Rhodes MSS Afr. S. 228 C7b f. 267, Natty to Rhodes, Nov. 2, 1 900. Rhodes House, Rhodes MSS Afr. S. 228 C7b f. 314, Rhodes to Natty, Aug. 17, 1901; S. 228 C7b f.

195 196

313, Natty to Rhodes, Aug. 20. Rotberg, Founder, p. 644. Cf. RAL, XI/130A/0, Natty, London, to his cousins, Paris, March 14, 1906. RAL, XI/130A/0, Natty, London, to his cousins, Paris, Feb. 20, 1906; same to same, Feb. 22; Feb. 23;

185

594

SOURCE

NOTES

197

March 5; March 30; Dec. 13. For the crisis in Natal in 1906, which Natty blamed on Churchill and Asquith, see RAL, XI/130A/0, Natty to his cousins, March 30; same to same, April 3; June 15. RAL, XI/130A/0, Natty, London, to his cousins, Paris, Dec. 18, 1906; RAL, XI/130A/1, same to same,

198

April 8, 1907; July 15; July 17; July 18; July 22; July 23; July 24; July 25; Aug. 30; Sept. 2; Sept. 11; Dec. 13; Dec. 17; RAL,XI/130A/4, Feb. 1, 1910. Cf. Chilvers, De Beers, pp. 157ff. Kynaston, City, vol. II, p. 220.

TWELVE

Finances and Alliances (1885-1906)

1 2

Hatfield House, 3M, McDonnell to Salisbury, Jan. 2, 1 899. RAL, XI/ 1 30A/ 1 , Natty, London, to his cousins, Paris, May 8, 1 907.

3 4

Kennedy, Anglo-German antagonism, p. 304. Allfrey, Jewish Court, p. 22 1 .

5 6

Kennedy, Anglo-German antagonism, pp. 47f. Churchill College, Cambridge, Randolph Churchill Papers Add. 9248/ 1 842, Natty to Churchill, Sept. 25, 1886; Add. 9248/1844, same to same, Sept. 27. Cf. Swartz, Politics of British foreign policy, pp. 152ff.

7

Stengers, "King Leopold," pp. I47f. See also RAL, T 14/01, Alphonse, Paris, to his cousins, London, Jan. 9, 1886. Davis, English Rothschilds, pp. 199f. Kynaston, City, vol. I, p. 382. Foster, Churchill, p. 198. Barnbougle Castle, Rosebery Papers, Alfred, New Court, to Rosebery, April 2, 1886. RAL, T14/34, Alphonse, Paris, to his cousins, London, Aug. 23, 1888; RAL, T14/33, Edmond to his

8 9 10 11 12

13

14 15

16 17 18 19 20

cousins, Aug. 18; RAL, T14/35, Alphonse to his cousins, Sept. 8. Note also the Goncourts' comment: "[D]ans cette ancienne cite [Samarcande] ... on ignore qui'il y a en Europe un pays qui s'appelle la France, on ignore qu'il y a un homme politique du nom de Bismarck, on sait seulement qu'il existe dans cette Europe un particulier immensement riche, qui s'appelle Rothschild": Goncourt, Journal, vol. Ill, p. 746. Barnbougle Castle, Rosebery Papers, Natty to Rosebery, Sept. 15, 1885. See also RAL, T13/198, Alphonse, Paris, to his cousins, London, Oct. 27; RAL, Tl 3/207, Mayer Carl, Frankfurt, to Leo, Nov. 3; RAL, T 13/ 199, Alphonse to his cousins, Nov. 12; Barnbougle Castle, Rosebery Papers, Natty to Rosebery, Nov. 12. Churchill College, Cambridge, Randolph Churchill Papers Add. 9248/ 1 842, Natty to Churchill, Sept. 25, 1886. See also Davis, English Rothschilds, p. 206, for similar remarks to Rosebery. Churchill College, Cambridge, Randolph Churchill Papers Add. 9248/1844, Natty to Churchill, Sept. 27, 1886; Add. 9248/1883, same to same, Oct. 6; Add. 9248/1907, Oct. 19. Cf. Foster, Churchill, pp. 284-9. Harcourt Williams (ed.), Salisbury— Balfour correspondence, pp. 158f. See also p. 173. Barnbougle Castle, Rosebery Papers, Natty to Rosebery, Nov. 23, 1886; same to same, Dec. 16; Feb. 18, [1887?]. Davis, English Rothschilds, pp. 206ff. RAL, T13/101/10, Alphonse, Paris, to his cousins, London, May 26, 1883; RAL, T13/188, same to same, July 6, 1885. Dugdale (ed.), German diplomatic documents, vol. I, p. 284. RAL, T 16/32, Alphonse, Paris, to his cousins, London, July 17, 1893; RAL, Tl 6/32, same to same, July 19.

21

Taylor, Struggle, p. 342. Cf. RAL, T16/15, Arthur, Paris, to his cousins, London, Aug. 16, 1892; RAL, T16/54, Alphonse, Paris, to his cousins, London, March 5, 1894.

22

NLS, Rosebery MS 10135 fT. 35-9, Alfred, New Court, to Rosebery [relaying report from Julius Blum of the Creditanstalt], Jan. 9, 1894; NLS, Rosebery MS 10102 f. 149, same to same [enclosing telegram from Cairo], Feb. 19; f. 167, Natty to Rosebery, Feb. 21 [enclosing telegram from Cairo]. RAL, T16/63, Alphonse, Paris, to his cousins, London, June 8, 1894. Hatfield House, 3M, McDonnell to Salisbury, March 6, 1896.

23 24 25 26

And by late 1897 McDonnell was negotiating with Natty about the possibility of Rothschild financial support for Sudanese railways: Hatfield House, 3M, McDonnell to Salisbury, Dec. 4, 1897. Hatfield House, 3M, Natty, North Berwick, to McDonnell, London, Sept. 13, 1898; McDonnell to Salisbury, Nov. 2.

SOURCE

NOTES

595

27

Bouvicr, Rothschild, p. 231

28

From a low of 3 roubles to the pound in 1 874, the rouble appreciated to 4.67 in 1 887, then fell back to 3.57 in 1890. It was initially stabilised at a rate of 3.88, then revalued to 9.45 in 1897.

29

RAL, T 13/83, Alphonse, Paris, to his cousins, London, May 16, 1881; RAL, T 13/91, same to same, Dec. 21. Cf. Russo-Jewish Committee, Russian Atrocities.

30 31 32

Rich and Fisher (eds), Holstein papers, vol. Ill, p. 107; Kennan, Franco- Russian relations, pp. I62ff. Bouvier, Credit Lyonnais, pp. 766ff; Kennan, Franco-Russian relations, p. 228. RAL,T13/101/10, Gustave, Paris, to his cousins, London, Oct. 2, 1882.

33

Cyon, Histoire de I'entente, pp. 235-8. Cf. Kennan, Franco- Russian relations, pp. 292f.; Stern, Gold and iron, p. 443.

34 35 36 37

Cyon, Histoire de I'entente, pp. 239f; Kennan, Franco-Russian relations, pp. 296ff. Cyon, Histoire de I'entente, pp. 275, 283, 297f.; Kennan, Franco-Russian relations, p. 339. Cyon, Histoire de I'entente, p. 354. See also pp. 3 1 8, 334. Kennan, Franco-Russian relations, pp. 338ff.

38 39

Cyon, Histoire de I'entente, pp. 301-5. Ibid, p. 340; Girault, Emprunts russes, pp. 146-50, 314-20.

40

Girault, Emprunts russes, pp. 159-62; Kennan, Franco-Russian relations, pp. 382f.; Stern, Gold and iron, pp. 446f. Cf. Kynaston, City, vol. I, p. 312. RAL, T 1 3/ 1 0 1 / 1 0, Gustave, Paris, to his cousins, London, Jan. 1 7, 1 882. RAL, T 1 3/ 1 0 1 / 1 0, Gustave, Paris, to his cousins, London, Oct. 2, 1 882. RAL, T14/25, Gustave, Paris, to his cousins, London, March 13, 1888.

41 42 43 44

RAL,T14/18, Alphonse, Paris, to his cousins, London, Feb. 7, 1888.

45

Kennan, Franco- Russian relations, pp. 387-90; Poidevin, Relations economiques, pp. 46-50. Cf. Davis, English Rothschilds, pp. 230-32. Girault, Emprunts russes, pp. 171-84. Kennan, Franco-Russian relations, pp. 401-3; Stern, Gold and iron, pp. 446f; Poidevin, Finances et relations intemationales, p. 64; Poidevin, Relations economiques, pp. 2 If.

46 47 48 49

Girault, Emprunts russes, pp. 218f; Poidevin, Relations economiques, pp. 46—50. The Times, May 9, 1891, p. 7; May 12, p. 5; May 18, p. 5; Nov. 23, p. 5.

50

Taylor, Struggle, pp. 333f.: "The French gave the final push [towards entente with Russia] when they got the Paris House of Rothschild to refuse to float a new Russian loan, ostensibly because of Russian ill treatment of Jews. The Russians were threatened with a disastrous harvest; they had to have the French money on any terms. They yielded towards the Jews; what was more important, they yielded in foreign

51 52 53 54

policy." Cf. Michon, Alliance Franco-Russe, p. 25; Mayeur, Troisieme Republique, p. 223; Corti. Reign, pp. 442f. Renouvin, Relations, vol. VI, pp. 1 19f. Davis, English Rothschilds, pp. 229f. Cf. Stern, Gold and iron, p. 481. Barnbougle Castle, Rosebery Papers, Leo to Rosebery, May 9, 1891; Natty to Rosebery, Oct. 20. Leo added revealingly that "it would have been better if he had refused at once — [but] the finance minister fortunately is a good practical man of business & will do nothing to spite the R[othschild]s as people

57

imagined." Cf. Heilbrunn, "Haus Rothschild," p. 35, for Natty's comments to the American ambassador Andrew Dickson White. In addition to rebutting the Russian government's charges against the Jews, "He incidentally referred to the money power of Europe as against Russia." RAL, Tl 5/67, Edmond, Paris, to Natty, London, Aug. 21, 1891; RAL, Tl 5/73, same to same, Sept. 22. RAL, T16/08, Alphonse, Paris, to his cousins, London, April 22, 1892. See also RAL, T16/19, Gustave to his cousins, Sept. 28. Girault, Emprunts russes, pp. 223, 230.

58 59 60

Ibid, pp. 188-93; Kennan, Fateful alliance, pp. 77f. Girault, Emprunts russes, p. 205. Ibid, p. 299.

61 62

Corti, Reign, pp. 443f; Girault, Emprunts russes, pp. 235f RAL, T16/17, Alphonse, Paris, to his cousins, London, Sept. 12, 1892.

63 64

Poidevin, Relations economiques, pp. 46—50. RAL, Tl 6/ 155, Gustave, Paris, to his cousins, London, Sept. 14, 1896. Cf. Girault, Emprunts russes, pp. 314-20.

55 56

596

SOURCE

NOTES

65

RAL, T16/152, Alphonse, Paris, to his cousins, London, July 27, 1896. Cf. Girault, Emprunts russes, pp. 73f.

66

Ramm, Morier, pp. 322-9. The Gunzbergs were a Jewish family who had made their fortune in the vodka business and then diversified into banking and mining. However, see Witte, Memoirs, p. 60, which suggests that Alphonse was opposed to Russia going on to gold. AN, 132 AQ5555/1M158, NMR to deRF, Dec. 21, 1894 (two letters); same to same, Dec. 24; RAL, T 16/1 16, Natty, London, to his cousins, Paris, Jan. 30, 1896.

67 68

Lipman, History of the Jews, pp. 74f.

69 70 71 72 73 74 75 76 77

Alphonse also cited the Tsar's enthusiasm for the occult as a cause for concern: Witte, Memoirs, p. 198. Hatfield House, 3M, McDonnell to Salisbury, Aug. 16, 1898; Girault, Emprunts russes, pp. 330-34. Poidevin, Relations economiques, pp. 46-50; Girault, Emprunts russes, p. 73. Hatfield House, 3M, McDonnell to Salisbury, Dec. 31, 1898; same to same, Jan. 3, 1899. Hatfield House, 3M, McDonnell to Salisbury, Jan. 6, 1899; same to same, Jan. 13. Rich and Fisher (eds), Holstein papers, vol. IV, pp. 46f. Ibid., p. 147; Girault, Emprunts russes, pp. 1 14, 340ff. Rich and Fisher (eds), Holstein papers, vol. IV, p. 224. Deutsche Bank (ed.), Studies, pp. 693f.

78

Poidevin, Finances et relations international, p. 88; Seton-Watson, Italy from fascism to liberalism, p. 143.

79

Seton-Watson, Italy from fascism to liberalism, pp. I48f; Corti, Reign, p. 442; Poidevin, Relations

80 81

economiques, pp. 52f.; Askew, Europe and Italy's acquisition, p. 18n.; Nichols, Germany, p. 121. Poidevin, Relations economiques, pp. 2 If., 52f. Hatfield House, 3M, McDonnell to Salisbury, Nov. 6, 1 897.

82 83 84

90

Ferguson, "Kaiser's European Union," passim. Kynaston, City, vol. I, p. 351. RAL, T13/101/12, Alphonse, Paris, to his cousins, London, March 19, 1885; RAL, T14/09, same to same, June 29, 1886. Deutsche Bank (ed.), Studies, p. 31; Stern, Gold and iron, p. 428. RAL, T14/09, Alphonse, Paris, to his cousins, London, June 29, 1886. Kynaston, City, vol. I, p. 380. RAL, T14/13, Alphonse, Paris, to his cousins, London, Aug. 5, 1886. Cf. Deutsche Bank (ed.), Studies, p. 31; Barth, Hochfinanz, pp. 39f. RAL, T14/19, Alphonse, Paris, to his cousins, London, Feb. 9, 1888; RAL, T14/20, same to same, Feb. 10;RAL,Tl4/22,March5. RAL, T 14/26, Gustave, Paris, to his cousins, London, March 20, 1888. See also RAL, T14/30,

91 92 93 94 95 96 97

Alphonse, Paris, to his cousins, London, June 25. Alphonse was equally suspicious of the Kaiser's shortlived aspiration to woo the working classes: RAL, T15/33, Alphonse to his cousins, Feb. 7, 1890. RAL, T 14/29, Alphonse, Paris, to his cousins, London, June 14, 1888. RAL, Tl 5/35, Alphonse, Paris, to his cousins, London, March 18, 1890; Stern, Gold and iron, p. 453. Stern, Gold and iron, pp. 480, 540. RAL, T 15/71, Arthur, Paris, to his cousins, London, Sept. 17, 1891. Stern, Gold and iron, p. 250; Rich and Fisher (eds), Holstein papers, vol. Ill, p. 515. Barth, Hochfinanz, pp. I42ff.; Kynaston, City, vol. II, pp. 125ff. RAL, T16/98, Alphonse, Paris, to his cousins, London, June 14, 1895.

85 86 87 88 89

98

Poidevin, Relations economiques, pp. 77-9. See also pp. 82f. for the involvement of some German bankers, including Max Warburg.

99

Thane, "Cassel," pp. 83f.; Kynaston, City, vol. II, pp. 126f. On the enigmatic Cassel, see also Allfrey, Jewish court, pp. 137-55. 100 Hatfield House, 3M, McDonnell to Salisbury, March 6, 1896; same to same, Jan. 3, 1898. This second letter contradicts Edward Hamilton's malicious claim that "the Rothschilds have not been consulted": Bahlman (ed.), Hamilton diary, p. 349. Cf. Barth, Hochfinanz, pp. I49f., 158; Allfrey, Jewish Court, pp. I56ff. 10 1 102

Hatfield House, 3M, Natty to McDonnell, Feb. 23, 1 898; McDonnell to Salisbury, Feb. 23. In November 1897 the Germans seized Kiao-Chow, the main port of the Shantung province, a move partly influenced by Salisbury's refusal to give of them control of Samoa as they had requested in 1894; the Russian demand for a "lease" of Port Arthur in March 1898 prompted a British naval response.

SOURCE

NOTES

597

103

Barth, Hochfinanz, pp. I60f.

104

Dugdale, Balfour, vol. I, p. 258; Rich and Fisher (eds), Holstein papers, vol. IV, p. 65n.; Jay, Chamberlain, pp. 2 1 8f. Chamberlain favoured an alliance of powers against Russia, foreseeing the piecemeal partition ofChina if Britain continued to act alone as over Wei-hai-wei.

105 106 107 108

Barth, Hochfinanz, p. 163. Hatfield House, 3M, McDonnell to Salisbury, Jan. 6, 1899. Barth, Hochfinanz, pp. I66f. Rich and Fisher (eds), Holstein papers, vol. IV, p. 197.

1 09 1 10

Barth, Hochfinanz, pp. 280f. See also Gooch and Temperley (eds), British documents on the origins of the War, vol. II, p. 72. Barth, Hochfinanz, p. 288.

111 1 12

Dugdale, Balfour, vol. I, pp. 258f. Cf. The Times, History, vol. Ill, p. 816. Dugdale, Balfour, vol. I, pp. 258f.

113

Rich and Fisher (eds), Hobtein papers, vol. IV pp. 46f., 147, 164; Dugdale (ed.), German diplomatic documents, vol. Ill, p. 59.

1 14 Rich and Fisher (eds), Hobtein papers, vol. IV, p. 260. 1 15 Jay, Chamberlain, p. 219. 1 16

The argument is presented more fully in Ferguson, "Public finance" and idem, "The Kaisers European

1 17

Union."andTemperley (eds), British documents on the origins of the War, vol. I, pp. 44-8; Egremont, BalGooch four, p.139; Steiner, Foreign Office, pp. 38f. Hatfield House, 3M, McDonnell to Salisbury, Jan. 13, 1899. Cf. Rich and Fisher (eds), Hobtein papers, vol. IV, p. 71. Hatfield House, 3M, McDonnell to Salisbury, April 4, 1899; Birmingham University, Chamberlain Papers, JC 7/2/2C/4, Alfred to Chamberlain, Oct. 17; JC 7/2/2C/5, Schwabach to NMR, Oct. 18; JC 7/2/2C/6, Alfred to Chamberlain, Oct. 19; JC 7/2/2C/7, same to same, Oct. 27. Cf. Brandenburg, From Bismarck to the World War, p. 125; Rich and Fisher (eds) Hobtein papers, vol. IV, pp. 46f. RAL, T14/38, Gustave, Paris, to his cousins, London, Oct. 11, 1888.

118 119

120 121 122

Hatfield Hatfield Aug. 21; 123 Hatfield

House, 3M, McDonnell to Salisbury, Dec. 2, 1896; same to same, March 30, 1897. House, 3M, NMR to Witte, Aug. 18, 1887; McDonnell to Salisbury, Aug. 20; same to same, Natty to McDonnell, Aug. 24; McDonnell to Salisbury, Aug. 26. House, 3M, Natty to McDonnell, Sept. 3, 1897; McDonnell to Salisbury, Sept. 3.

124 125 126

Barth, Hochfinanz, p. 134; Allfrey, Jewish court, pp. 220f. Gooch and Temperley (eds), British documents on the origins of the War, vol. II, pp. 178f. Allfrey, Jewish court, pp. 222f.; Steiner, Foreign Office, pp. 186f.; Ziegler, Sixth great power, pp. 3l6f.

127 128 129 130 131

Kynaston, City, vol. II, pp. 566-71. Barth, Hochfinanz, p. 240; Kynaston, City, vol. II, p. 514. RAL, XI/130A/0, Natty, London, to his cousins, Paris, May 10, 1906. RAL, XI/130A/1, Natty, London, to his cousins, Paris, Sept. 20, 1907; same to same, Oct. 1. RAL, XI/130A/2, Natty, London, to his cousins, Paris, Nov. 11, 1908; RAL, XI/130A/4, same to same, April 26, 191 1. Cf. Barth, Hochfinanz, p. 258. RAL, T 16/ 122, Alphonse, Paris, to his cousins, London, Jan. 4, 1896; RAL, T16/131, same to same, Feb. 4; RAL, T 16/ 139, Gustave, Paris, to his cousins, London, March 16; RAL, T 16/ 143, same to

132

133 134 135 136 1 37

same, May 2; RAL, T 16/ 146, May 12; RAL, T 16/ 147, Alphonse to his cousins, June 22. Birmingham University, Chamberlain Papers, JC 7/2/2C/1, Alfred to Chamberlain, April 8, 1897; JC 7/2/2C/2, Chamberlain to Alfred, April 8. Hatfield House, 3M, Natty to McDonnell, July 18, 1899; McDonnell to Salisbury, July 20. Dugdale (ed.), German diplomatic documents, vol. Ill, p. 101. Corti, Reign, pp. 454ffi; Morton, Rothschilds, pp. 204f.; Wilson, Rothschild pp. 330f. The Times, History, vol. Ill, pp. 3 1 8, 365ff. However, there was no substance to the suspicion that Natty tried to push Moberly Bell out of Printing House Square during the financial reorganisation of The Times'm which he had a hand in 1907-8: ibid, pp. 510-17, 556, 838. In Schwabach's view Natty was "by no means particularly pro-German" and "would not dream of allowing German influence on the

138

RAL, T46/43, M. M. Warburg & Co. to NMR, May 7, 1903; RAL, T46/44, same to same, May 13. paper." Warburg applied for £1 million but had to be content with £26,000— still a substantial sum.

598

139

SOURCE

NOTES

See e.g. BL, MSS Asquith 19, ff. 180-82, Hamilton to Asquith, Jan. 22, 1907: "[T]he state cannot raise an indefinite amount of money. We all thought so during the Boer War, but we now know that we have

145 146

damaged our credit very materially by the amount we borrowed during that war." Spinner, Goschen, pp. 208f. Rich and Fisher (eds), Holstein papers, vol, IV, pp. 257, 260. Corti, Reign, pp. 459f.; Rich and Fisher (eds), Holstein papers, vol. IV, p. 275. Hatfield House, 3M, McDonnell to Salisbury, Jan. 2, 1 899. Hatfield House, 3M, Alfred to Salisbury, Jan. 16, 1899; same to same, Jan. 17. He was also awarded the Grand Cross of the Order of Francis Joseph of Austria. Hatfield House, 3M, McDonnell to Salisbury, July 20, 1899. Hatfield House, 3M, McDonnell to Salisbury, Oct. 5, 1899.

147 148 149 150

Dugdale (ed.), German diplomatic documents, vol. Ill, p. 50. Rich and Fisher (eds), Holstein papers, vol. IV, p. 257. Ibid, pp. 173f. Brandenburg, From Bismarck to the World War, pp. 171f.

15 1 1 52 153 154 155 1 56 1 57 158 159

Thane, "Cassel," pp. 86ff., 89ff. Guillen, "Entente," pp. 349ff. Ziegler, Sixth great power, pp. 31 If.; Rothschild, Gilt-edged life, p. 190. Kynaston, City, vol. II, p. 350. Dugdale (ed.), German diplomatic documents, vol. Ill, p. 175. Cf. Chernow, Warburgs, p. 100. The Times, Nov. 9, 1 905, p. 6. Rothschild, Dear Lord Rothschild, p. 33. Corti, Reign, pp. 459f. Girault, Emprunts russes, pp. 118, 402. As usual in the Third Republic, there was a political dimension to this financial problem: Paul Cambon claimed that Rouvier had speculated on a rise in Russian bonds

140 141 142 1 43 144

on the basis of Delcasse's assurances that there would be no war. Delcasse called Rouvier a man "who 160 161 162 163

164 1 65 166 167 168 169 170

would sell France for a speculation on the stock exchange": Taylor, Struggle, p. 428n. Ziegler, Sixth great power, p. 312. BL, Add. MS Gladstone 46064 f. 170, Walter to Herbert Gladstone, March 18, 1904. Corti, Reign, p. 460. RAL, XI/130A/0, Natty, London, to his cousins, Paris, Jan. 25, 1906; same to same, Jan. 29; Jan. 30; Feb. 5; Feb. 12; Feb. 14; Feb. 16; March 6; March 9; March 23; April 8; May 8; RAL, XI/130A/1, Jan. 8, 1907; Jan. 9; Jan. 10; Jan. 14; Leo to his cousins, Feb. 4; same to same, Feb. 6; Natty to his cousins, Feb. 1 1; same to same, Feb. 12; Feb. 18; Feb. 20; March 1; April 16. Cf. Kynaston, City, vol. II, p. 412. The London share of the loan was issued jointly by the Hong Kong & Shanghai, Parr's and the Japanese Yokohama Specie Bank. RAL, XI/130A/1, Natty, London, to his cousins, Paris, Feb. 25, 1907. RAL, XI/ 1 30A/0, Natty, London, to his cousins, Paris, May 7, 1 906. RAL, XI/130A/1, Natty, London, to his cousins, Paris, May 7, 1907. RAL, XI/130A/1, Natty, London, to his cousins, Paris, May 7, 1907; same to same, May 8. Dugdale (ed.), German diplomatic documents, vol. Ill, p. 213. RAL, XI/130A/0, Natty, London, to his cousins, Paris, Jan. 3, 1906; same to same, Jan. 4. RAL, XI/130A/0, Natty, London, to his cousins, Paris, Jan. 24, 1906; same to same, Jan. 29; Feb. 2; Feb. 5; Feb. 8; Feb. 9; Feb. 12; Feb. 14; Feb. 15; Feb. 16; Feb. 19; Feb. 20; Feb. 21; Feb. 22.

171

RAL, XJ/130A/0, Natty, London, to his cousins, Paris, Feb. 22, 1906. See also same to same, Feb. 23; Feb. 26; Feb. 27; March 2.

172 173

Gooch and Temperley (eds), British documents on the origins of the War, vol. Ill, p. 280. RAL, XI/130A/0, Natty, London, to his cousins, Paris, March 5, 1906; same to same, March 6; March 9; March 16.

174

RAL, XI/130A/0, Natty, London, to his cousins, Paris, March 20, 1906; same to same, March 21; March 23; March 28.

175 176

Taylor, Struggle, p. 434. Poidevin, Finances et relations internationales, p. 93; Poidevin, Relations economiques, pp. 300f; Deutsche Bank (ed.), Studies, p. 709. RAL, XI/130A/0, Natty, London, to his cousins, Paris, Nov. 5, 1906; same to same, Nov. 12; Bodleian

177

SOURCE

NOTES

599

Library, Asquith MSS 10, f. 212, Hamilton to Asquith, Dec. 24, RAL, XI/130A/0, Natty to his cousins, Dec. 26; same to same, Dec. 3 1 ; RAL, XI/ 1 30A/ 1 , Jan. 3, 1 907; Jan. 4; Jan. 7; Jan. 8; Jan. 9; Jan. 1 5; March 11. 1 78

RAL, XI/ 1 30A/ 1 , Natty, London, to his cousins, Paris, Jan. 4, 1 907.

179

AN, 132 AQ 122/B-24-1/2, cousins, Paris, Nov. 9; Nov. NMR to deRF, Nov. 19; deRF NMR to deRF, Nov. 20; same

1 80 181

RAL, XI/ 1 30A/0, Natty, London, to his cousins, Paris, Nov. 30, 1 906. RAL, XI/130A/0, Natty, London, to his cousins, Dec. 17, 1906; same to same, Dec. 19; Dec. 20; Leo

NMR to deRF, Nov. 9, 1906; RAL, XI/130A/0, Natty, London, to his 16; Nov. 20; Nov. 21; Nov. 22; Nov. 23; AN, 132 AQ 122/B-24-1/2, to Gouverneur, Banquede France, Nov. 19; AN, 132 AQ5579/1M177, to same, Nov. 21; Nov. 22; Nov. 23; Nov. 28; Nov. 30; Dec. 4.

to his cousins, Dec. 21; Natty to his cousins, Dec. 24; AN, 132 AQ 122/B-24-1/2, deRF to NMR, Dec. 19; NMR to deRF, Dec. 20; deRF to NMR, Dec. 20; NMR to deRF, Dec. 21; AN, 132 AQ 5579/1M177, NMR to deRF, Dec. 31; RAL, XI/130A/1, Natty to his cousins, Jan. 3, 1907; AN, 132 AQ 122/B-24-1/2, Jimmy to Gouverneur, Banque de France, Jan. 5; AN, 132 AQ 5580/1M178, NMR to deRF, Jan. 23; AN, 132 AQ 122 B-24-1/2, Natty to his cousins, Paris, Feb. 21; AN, 132 AQ 5580/1M178, NMR to deRF, Feb. 25; same to same, Feb. 27; March 1; March 4; March 1 1; March 17; 1 82 183

April 8. RAL, XI/ 1 30A/ 1 , Natty, London, to his cousins, Paris, Nov. 1 , 1 907. RAL, XI/130A/1, Natty, London, to his cousins, Paris, March 23, 1907; same to same, March 25. See also March 14.

184

AN, 132 AQ 5580/1M178, NMR to deRF, April 12, 1907; RAL, XI/130A/1, Natty, London, to his cousins, Paris, May 8; same to same, May 27; June 20; July 5.

185 186 187

RAL, XI/130A/1, Natty, London, to his cousins, Paris, Aug. 14, 1907; same to same, Aug. 19; Aug. 20. RAL, XI/130A/1, Natty, London, to his cousins, Paris, Oct. 29, 1907; same to same, Oct. 30. RAL, XI/130A/1, Natty, London, to his cousins, Paris, Nov. 1, 1907; same to same, Nov. 4; Nov. 5; Nov. 6; Nov. 7; Nov. 8; Nov. 1 1; Nov. 15; AN, 132 AQ 122/B-24-1/3, NMR to deRF, Nov. 4; same to same, Nov. 5; deRF to NMR, Dec. 6; deRF to Gouverneur, Banque de France, Dec. 6. Cf. Kynaston,

188

189 190

City, vol. II, pp. 444ff. RAL, XI/130A/1, Natty, London, to his cousins, Paris, Nov. 11, 1907; same to same, Nov. 12; Nov. 13. Cf. Kynaston, City, vol. II, pp. 445f. It should be remembered that at this stage the Federal Reserve System did not yet exist. AN, 132 AQ 122/B- 1-24/3, Governor of Bank of England to Natty, Nov. 21, 1907. See also RAL, XI/130A/1, Natty, London, to his cousins, Paris, Nov. 27. RAL, XI/130A72, Natty, London, to his cousins, Paris, Jan. 13, 1908; Leo to his cousins, Jan. 14: Natty to his cousins, Jan. 15; same to same, Jan. 16.

191

RAL, XI/130A/2, Natty, London, to his cousins, Paris, July 10, 1908; same to same, Oct. 7; AN, 132

192

AQ 122/B-24-1/4, NMR to deRF, July 15. AN, 132 AQ 5585/1M183, NMR to deRF, Nov. 12, 1909; RAL, XI/130A/3, Natty, London, to his cousins, Paris, Nov. 15.

1 93 194

RAL, XI/ 1 30A/ 1 , Natty, London, to his cousins, Paris, Nov. 19,1907. RAL, XI/130A/4, Natty, London, to his cousins, Paris, May 5, 1910.

195 196 1 97 198 199

Ferguson, "Kaiser's European Union," pp. 261-70. RAL, XI/130A/2, Natty, London, to his cousins, Paris, RAL, XI/ 1 30A/ 1 , Natty, London, to his cousins, Paris, RAL, XI/130A/0, Natty, London, to his cousins, Paris, RAL, XI/130A/1, Natty, London, to his cousins, Paris, March 18.

200

RAL, XI/130A/1, 19; April 30. RAL, XI/130A/1, RAL, XI/130A/1, Leo to his cousins,

201 202

June 1, 1908. April 1 9, 1 907. April 5, 1906. Jan. 3, 1907. See also same to same, March 13;

Natty, London, to his cousins, Paris, April 17, 1907; same to same, April 18; April Natty, London, to his cousins, Paris, Jan. 28, 1907. Natty, London, to his cousins, Paris, Dec. 10, 1907; Alfred to his cousins, Dec. 11; Dec. 20.

203

RAL, XI/130A/2, Natty, London, to his cousins, Paris, April 2, 1908; RAL, XI/130A/3, same to same, Jan. 7, 1909.

204

See e.g. Dugdale (ed.), German diplomatic documents, vol. Ill, p. 407.

600

SOURCE

205 206 207 208 209 210 211 212

Poidevin, Relations economiques, pp. 635, 655-9. Michon, Alliance Franco-Russe, p. 132. RAL, XI/130A/0, Natty, London, to his cousins, RAL, XI/130A/0, Natty, London, to his cousins, RAL, XI/130A/0, Natty, London, to his cousins, RAL, XI/130A/0, Natty, London, to his cousins, RAL, XI/130A70, Natty, London, to his cousins, RAL, XI/130A/0, Natty, London, to his cousins, Feb. 23; March 2; March 16.

2 13 214

RAL, XI/ 1 30A/0, Natty, London, RAL, XI/130A/0, Natty, London, pp. 312ff.; Kynaston, City, vol. II, RAL, XI/130A/0, Natty, London,

215

NOTES

Paris, Paris, Paris, Paris, Paris, Paris,

Jan. 3, 1906. Jan. 5, 1906; Girault, Emprunts russes, p. 434. Jan. 23, 1906. Feb. 14, 1906. March 5, 1906. Feb. 14, 1906; same to same, Feb. 15; Feb. 16;

to his cousins, Paris, Feb. 6, 1 906. to his cousins, Paris, March 14, 1906. Cf. Ziegler, Sixth great power, pp. 4l9ff. to his cousins, Paris, April 5, 1906. Cf. Ziegler, Sixth great power, p.

314. "Naturally," Natty reported in a revealing postscript, "I have given the most categorical denial & I have done all in my power to prevent the Jewish writers in the International Press from attacking Russian Finance." RAL, XI/130A/0, Natty, London, to his cousins, Paris, March 19, 1906; same to same, March 21; April 2; April 4; Alfred to his cousins, April 8; Natty to his cousins, April 9; Alfred to his cousins, April 11. 217 RAL, XI/130A/0, Natty, London, to his cousins, Paris, April 17, 1906; same to same, April 18; April 19; April 20; April 23; April 24; April 26; May 9. 218 Ziegler, Sixth great power, pp. 424f. 219 RAL, XI/130A/0, Natty, London, to his cousins, Paris, June 18, 1906; same to same, June 19. 220 RAL, XI/130A/0, Natty, London, to his cousins, Paris, May 23, 1906. 221 RAL, XI/130A/0, Natty, London, to his cousins, Paris, June 18, 1906; same to same, June 19; June 20; June 21; June 22. 222 RAL, XI/130A/1 , Natty, London, to his cousins, Paris, Feb. 8, 1907; Leo to his cousins, April 22; Natty to his cousins, April 24; same to same, June 6. 223 RAL, XI/130A/1, Natty, London, to his cousins, Paris, Sept. 2, 1907; same to same, Sept. 26. Cf. Davis, English Rothschilds, pp. 229f 224 RAL, XI/130A/1, Natty, London, to his cousins, Paris, Oct. 7, 1907. Cf. Daily News, Oct. 10; Allfrey, Jewish court, pp. 2 1 6f. 225 RA, W53/98, Natty, Alfred and Leo to the King, June 3, 1908; RAL, XI/130A/1, Natty, London, to his cousins, Paris, June 3, 1908. Cf. Rothschild, Dear Lord Rothschild, pp. 34f; Lipman, History of the Jews, pp. 74f; Davis, English Rothschilds, p. 232. 226 RA, W53/105, Charles Hardinge, H.M. Yacht Victoria & Albert to Natty, June 13, 1908. Stolypin 216

replied vaguely that he was "contemplat[ing] legislation for the amelioration of the lot of the Jews in

228 229

Russia." RAL, XI/130A/1, Natty, London, to his cousins, Paris, June 15, 1908. See also RA, W53/106, Hardinge to Knollys, June 16, 1908. RAL, XI/130A/1, Natty, London, to his cousins, Paris, June 15, 1908; same to same, June 16. Rothschild, Dear Lord Rothschild, p. 36.

230 231

Bridge, Great Britain and Austria-Hungary, p. 98. On the problems of financing the Austrian dreadnought programme, see May, Habsburg Monarchy, p.

232

452; Gebhard, Austria's dreadnought squadron, p. 257. Rich and Fisher (eds), Holstein papers, vol. Ill, pp. 302f.

233 234 235

Michel, Banques et banquiers, pp. 121-53. Poidevin, Relations economiques, pp. 550-53; Komlos, Habsburg monarchy, p. 194. May, Habsburg monarchy, pp. 221 f; Poidevin, Finances et relations internationales, p. 97.

236 237 238

Michel, Banques et banquiers, pp. 121-35. RAL, XI/ 1 30A/0, Natty, London, to his cousins, Paris, April 9, 1 906. RAL, XI/130A/1, Leo, London, to his cousins, Paris, Feb. 4, 1907; RAL, XI/130A/2, Alfred to his

227

cousins, Feb. 21, 1908; Natty to his cousins, May 12. 239

Bridge, Great Britain and Austria-Hungary, p. 31.

240

For fragmentary evidence of the Rothschilds' involvement with Alexander Obrenovic, the King of Serbia, who was murdered in 1903, see CPHDCM, 637/1/35/6-8, Alexander of Serbia, Belgrade, to

SOURCE

NOTES

601

SMR, March 18, 1893; CPHDCM, 637/1/35/2, Milan [his father], Paris, to SMR, March 22; CPHDCM, 637/1/35/3, Milan to Albert, March 22; CPHDCM, 637/1/35/17, Alexander to SMR, July 4; CPHDCM,

THIRTEEN

637/1/35/22, Milan to SMR, July 16.

The Military-Financial Complex (1906-1914)

1 2

RAL, XI/ 1 30A/0, Natty, London, to his cousins, Paris, June 7, 1 906. The Times, June 25, 1909.

3 4 5 6 7

Hobson, Imperialism, p. 57. Steed, Thirty years, vol. II, pp. 8f. Nation, April 10, 1915. Rothschild, Dear Lord Rothschild, pp. 80f. The Times, Oct. 1 7, 1 902. See also RAL, XI/ 1 30A/ 1 , Leo, London, to his cousins, Paris, Dec. 6, 1 907; RAL, XI/130A/2, same to same, Jan. 10, 1908; Jan. 14. Rothschild, Dear Lord Rothschild, pp. 82f. RAL, XI/130A/2, Natty, London, to his cousins, Paris, Nov. 10, 1908; RAL, XI/130A/3, Alfred to his

8 9

cousins, Paris, April 1, 1909. Cf. Kynaston, City, vol. II, pp. 492f. 10

See for reports to Natty of the Maxim gun trials, RAL, T43/4, W. Brodrich Cloete, Washington, to Natty, London, Feb. 29, 1888. Natty also kept Lord Salisbury informed about foreign purchases of Maxim guns, which he regarded as a sign of bellicose intent.

11

Allfrey, Man of arms, pp. 41, 46, 51, 63, 69; Thane, "Financiers and the British state," pp. 83, 88. Kynaston, City, vol. I, pp. 400, 403; Davis, English Rothschilds, pp. 219f.; Allfrey, Jewish court, pp. I60f. RAL, T14/53, Charles Beresford, Admiralty, to Natty, Jan. 12, 1888. RAL, XI/130A/1, Natty, London, to his cousins, Paris, Nov. 28, 1907.

12 13 14 15 16

Michel, Banques et banquiers, pp. 56, 136f., 165, 168, 192; Wistrich, Jews of Vienna, p. 166; Heuberger, Rothschilds, pp. 132ff.; Mayer, Persistence, pp. 58f.; McCagg, Jewish nobles, p. 188. The Times, March 18,1 909, p. 1 9. Cf. The Times, April 1, 1909; Outbok, April 3. The latter periodical inferred that Natty envisaged increased borrowing — "a loan such as the City of London would take up in a few hours" — rather than taxation.

17

RAL, XI/130A/3, Natty, London, to his cousins, Paris, May 6, 1909.

18 19 20 21 22

Ferguson, "Public finance," passim; Hobson, "Wary Titan," RAL, XI/ 1 30A/ 1 , Natty, London, to his cousins, Paris, Jan. Rothschild, Dear Lord Rothschild, p. 38 . Ibid, pp. 26, 32, 322. Allfrey, Jewish court, p. 216. Salisbury made Natty a Privy Minister: Hatfield House, 3M, Natty to Salisbury, June 20, On Rosebery in this period, see RAL, XI/130A/1, Natty, 1907; same to same, Aug. 14; RAL, XI/130A/2, March 13,

23

passim. 28, 1 907.

Councillor shortly before retiring as Prime 1902. London, to his cousins, Paris, March 27, 1908.

24

Robert Offley Ashburton Crewe-Milnes, Earl and later Marquess of Crewe, was Lord President of the Council from 1906 until 1908. Colonial Secretary until 1910 and then Secretary of State for India until 1915: DNB.

25

RAL, XI/130A/0, Natty, London, to his cousins, Paris, June 21, 1906. See also same to same, July 6; Ziegler, Sixth great power, p. 278. Jay, Chamberlain, p. 251; Perkin, Rise of professional society, pp. I62f.; Mackay, Balfour, p. 88. Natty

26

seemed to regard the creation of new private pension funds on an ad hoc basis as the only way to proceed: for his involvement in the Royal National Pension Fund for Nurses, see Maggs, Century of change, 27

esp. pp. 2 1 f. RAL, T13/195, Alphonse, Paris, to his cousins, London, July 31, 1885; RAL, T15/38, same to same, Sept. 18, 1890; RAL,T15/39, Oct. 16; RAL, T15/40, Nov. 6; RAL, T16/154, Aug. 28, 1896; RAL, Tl 6/ 160, Nov. 10.

28 29 30

Cassis, City bankers, p. 304; Kynaston, City, vol. I, p. 373; vol. II, p. 376. Bahlman (ed.), Hamilton diary, pp. 442f. Amery, Chamberlain, vol. VI, pp. 467f.

31 32

Cassis, City bankers, pp. 304ff.; Kynaston, City, vol. II, p. 379. Kynaston, City, vol. II, pp. 382fif.

602

SOURCE

NOTES

33 34 35

Bahlman (ed.), Hamilton diary, p. 455. RAL, XI/130A/0, Natty, London, to his cousins, Paris, Jan. 9, 1906; same to same, Jan. 10. RAL, XI/130A/0, Leo, London, to his cousins, Paris, Jan. 12, 1906; Natty to his cousins, Jan. 1 5; Jan. 16.

36

RAL, XI/130A/0, Leo, London, to his cousins, Paris, Jan. 26, 1906; Natty to his cousins, Jan. 29. Cf. Amery, Chamberlain, vol. VI, pp. 863, 867. Kynaston, City, vol. II, pp. 4l4f. RAL, XI/130A/0, Natty, London, to his cousins, Paris, Jan. 17, 1906; same to same, Jan. 24; Jan. 25. RAL, XI/130A/0, Natty, London, to his cousins, Paris, Feb. 5, 1906; Leo, London, to his cousins, Paris, Feb. 7; Natty to his cousins, Feb. 8; same to same, Feb. 20; Feb. 21. RAL, XI/ 1 30A/4, Natty, London, to his cousins, Paris, Jan. 13,1910. RAL, XI/130A/0, Natty, London, to his cousins, Paris, Feb. 21, 1906; same to same, Feb. 26; Feb. 23; March 5; March 21.

37 38 39 40 41 42 43 44 45

46 47 48 49 50 51 52 53 54 55

RAL, XI/130A/0, Natty, London, to his cousins, Paris, March 5, 1906; same to same, March 19; March 28; April 9; April 19; April 23; May 15. RAL, XI/ 1 30A/0, Natty, London, to his cousins, Paris, April 3, 1 906. RAL, XI/130A/0, Natty, London, to his cousins, Paris, Feb. 19, 1906. RAL, XI/130A/0, Natty, London, to his cousins, Paris, Nov. 2, 1906; same to same, Nov. 5; RAL, XI/130A/1, Leo to his cousins, Feb. 6, 1907; Natty to his cousins, Feb. 28; same to same, March 4; RAL, XI/130A/2, Jan. 20, 1908; Leo to his cousins, Feb. 14; Natty to his cousins, Feb. 17; Alfred to his cousins, Feb. 22; Natty to his cousins, March 25; same to same, Nov. 3. RAL, XI/130A/0, Natty, London, to his cousins, Paris, Jan. 9, 1906; same to same, Jan. 10. RAL, XI/130A/0, Natty, London, to his cousins, Paris, Jan. 22, 1906; same to same, Feb. 1; Feb. 19. RAL, XI/130A/0, Natty, London, to his cousins, Paris, April 2, 1906; same to same, April 3. RAL, XI/130A/0, Natty, London, to his cousins, Paris, May 2, 1906; same to same, May 5. RAL, XI/130A/0, Natty, London, to his cousins, Paris, May 22, 1906; RAL, XI/130A/1, same to same, Jan. 22, 1907. See also Leo to his cousins, Jan. 30; Natty to his cousins, March 20. RAL, XI/130A/1, Natty, London, to his cousins, Paris, May 24, 1906; same to same, June 14; June 22; June 29; July 2; July 3; Oct. 2; Oct. 3. See also Dec. 17. RAL, XI/130A/1, Natty, London, to his cousins, Paris, March 14, 1907; same to same, April 12; June 17; June 18; July 22; July 31; Aug. 12; Aug. 15; Aug. 16; Sept. 26; Sept. 30; Nov. 26. RAL, XI/130A/1, Natty, London, to his cousins, Paris, Feb. 19, 1907; same to same, April 2. Daily News, Oct. 9, 1907. Cf. RAL, XI/130A/1, Natty, London, to his cousins, Paris, Oct. 10; same to same, Oct. 1 1 . RAL, XI/130A/2, Natty, London, to his cousins, Paris, March 4, 1908; Alfred to his cousins, March 18; Natty to his cousins, March 23; same to same, March 25. It was, he wrote, "a measure which threatened all kinds of property & might have inflicted severe harm in banking and financial circles, & if the principle embodied in this measure had once been conceded everything & everybody might be expropriated

56 57 58

for the so-called benefit of the State & without any compensation." See also Leo to his cousins, April 9; Natty to his cousins, Oct. 21; same to same, Nov. 3; Nov. 24; Dec. 3. RAL, XI/130A/3, Natty, London, to his cousins, Paris, Jan. 19, 1909; Alfred to his cousins, Feb. 17. RAL, XI/130A/3, Natty, London, to his cousins, Paris, April 20, 1909; same to same, April 30; May 3. RAL, XI/130A/3, Natty, London, to his cousins, Paris, May 10, 1909; Alfred to his cousins, May 13; Natty to his cousins, May 18; same to same, June 8; Leo to his cousins, June 22. Cf. The Times, May 20; June 5; June 9; June 12; June 18. The meeting was certainly not a purely Conservative affair: Schuster and Avebury were both present and also signed the earlier petition, but their criticisms of the budget were very different from Natty's and Schuster declined to join the Budget Protest League set up to continue the campaign: see Murray, Peoples Budget, p. 178; Kynaston, City, vol. II, pp. 494ff.; Lipman, "City," pp. 18ff.

59 60 61 62 63

Parliamentary debates (official report): House of Lords, 9 Edward VII, vol. IV, pp. 1 1 53ff"., Nov. 29, 1 909. RAL, XI/ 1 30A/4, Natty, London, to his cousins, Paris, Feb. 3,1910. RAL, XI/130A/0, Natty, London, to his cousins, Paris, May 2, 1906; same to same, May 15. RAL, XI/130A/0, Natty, London, to his cousins, Paris, Jan. 9, 1906; same to same, Jan. 10. RAL, XI/130A/1, Leo, London, to his cousins, Paris, Feb. 4, 1907; same to same, Feb. 6.

64 65

RAL, XI/130A/1 , Natty, London, to his cousins, Paris, May 8, 1907; same to same, June 27. RAL, XI/130A/2, Natty, London, to his cousins, Paris, Nov. 24, 1908; same to same, Dec. 3.

SOURCE

66

67

NOTES

603

Grigg, People's champion, p. 200; RAL, XI/130A/3, Leo, London, to his cousins, Paris, June 22, 1907; Natty to his cousins, Aug. 25; AN, 132 AQ 5585/1M183, NMR to deRF, Sept. 10; RAL, XI/130A/3, Natty to his brothers, Oct. 4. Hv Times, Nov. 23, 1909.

68

RAL, XI/130A/0, Natty, London, to his cousins, Paris, June 29, 1906; same to same, July 9; Oct. 2.

69 70

Lipman, "City," appendix VI. RAL, XI/130A/1, Natty, London, to his cousins, Paris, March 12, 1907; same to same, May 29. Cf. Cassis, City bankers, p. 287.

71

RAL, XI/130A/1, Natty, London, to his cousins, Paris, April 19, 1907; Leo to his cousins, April 22; Natty to his cousins, April 24; same to same, May 6; May 1 3; May 21. RAL, XI/130A/1, Natty, London, to his cousins, Paris, June 7, 1907; same to same, June 25; June 27;

72

July 3. For a detailed explanation of the fall in the price of consols covering both economic and political factors, see July 3 1 . 73

RAL, XI/130A/2, Natty, London, to his cousins, Paris, Jan. 17, 1908; same to same, Jan. 29; Feb. 28; March 3.

74

RAL, XI/130A/2, Leo, London, to his cousins, Paris, Feb. 14, 1908; Natty to his cousins, April 9; same to same, April 29; May 5; June 2; July 3; July 17; July 24; RAL, XI/130A/3, Feb. 16, 1909; March 5;

75

March 10. Cf. Lipman, "City," pp. 45ff. BL, MSS Asquith 99, ff. 1 56-7, Natty to Lloyd George, March 7, 1909 [printed for circulation to Cab32-45.

76 77

inet]; The Times, Sept. 10; Sept. 20. Details in Murray, People's Budget, p. 158; Lipman, "City," pp.

RAL, XI/130A/3, Natty, London, to his cousins, Paris, April 30, 1909; same to same, May 3; May 10; May 12; Alfred to his cousins, May 13; Natty to his cousins, May 14; same to same, July 23. RAL, XI/130A/3, Natty, London, to his cousins, Paris, Dec. 1, 1909; RAL, XI/130A/4, same to same, Jan. 6, 1910. Cf. Economist, Dec. 4, 1909.

78 79

RAL, XI/130A/3, Natty, London, to his cousins, Paris, Aug. 30, 1909. RAL, XI/130A/0, Natty, London, to his cousins, Paris, Nov. 5, 1906. See also RAL, XI/130A/3, same to same, Feb. 15, 1909.

80

RAL, XI/130A/0, Natty, London, to his cousins, Paris, Dec. 5, 1906; same to same, Dec. 10; Dec. 11; Dec. 12; Dec. 13.

81 82 83

RAL, XI/130A/1, Natty, London, RAL, XI/130A/1, Natty, London, RAL, XI/130A/1, Natty, London, XI/130A/3, March 5, 1909; Oct.

84

RAL, XI/130A/1, Leo, London, to his cousins, Paris, April 22, 1907. Cf. Parliamentary debates (official

85

86 87 88

89

to his cousins, Paris, Feb. 12, 1907; same to same, March 21. to his cousins, Paris, April 2, 1907; same to same, April 12. to his cousins, Paris, April 15, 1907; same to same, April 17; RAL, 5.

report): House of Lords, 9 Edward VII, vol. IV, pp. 1 153f For details of the campaign RAL, XI/130A/3, Natty, London, to his cousins, Paris, July 6, 1909; same to same, July 8; July 9; Oct. 6; Nov. 15; Nov. 19; Dec. 8; Dec. 12; Dec. 13; Dec. 14; Dec. 16; Leo to his cousins, Dec. 17; same to same, Jan. 29; RAL, XI/130A/4, Natty to his cousins, Jan. 3; Alfred to his cousins, Jan. 4; Natty to his cousins, Jan. 6; same to same, Jan. 7; Jan. 1 1; Jan. 13; Alfred to his cousins, Jan. 14; Natty to his cousins, Jan. 18; same to same, Jan 19; Jan. 29. RAL, XI/130A/4, Natty, London, to his cousins, Paris, Jan. 5, 1910. RAL, XI/ 1 30A/ 1 , Natty, London, to his cousins, Paris, Feb. 14,1 907. RAL, XI/130A/2, Leo, London, to his cousins, Paris, Jan. 10, 1908. As Leo commented, "It certainly wants a great deal of tact to steer clear of Scylla and Charybdis, i.e. to work for Haldane on Friday and to speak publicly against his policy on Tuesday." RAL, XI/130A/2, Leo, London, to his cousins, Paris, Feb. 7, 1908; same to same, Feb. 14; Natty to his cousins, Nov. 10; RAL, XI/130A/3, same to same, Feb. 9.

90

The Times, March 18, 1909; Kynaston, City, vol. II, pp. 492f.

91

The Times, June 25, 1909. Cf. Grigg, People's champion, pp. 197f; Jenkins, Balfour's poodle, p. 87. The speech was addressed to a lunch given by the Land and Housing Reform Joint Committee. RAL, XI/130A/3, Natty, London, to his cousins, Paris, June 25, 1909.

92

93 HoL, Lloyd George Papers C/33/2/19, cutting from The Times, Dec. 18, 1909. 94 Alderman, British Jewry, pp. 192f.; idem, Jewish community, pp. 83f. 95 The Times, December 29, 1909. Cf. RAL, XI/130A/3, Leo, London, to his cousins, Paris, Dec. 29. Cf. Vincent (ed.), Crawford papers, p. 136.

604

96

HoL, Lloyd George schild .. . knowing money together and long ago, he quoted

SOURCE

NOTES

Papers C/34/1/8, cutting from Western Daily Mercury, Jan. 10, 1910: "Lord Roththat this is a Free Trade country with a good deal of money to spare, gathers his loans it to foreigners. And very properly! In a speech in the House of Lords not so his father as sayings that there was nothing more fruitful for the trade of a country

than the fact that it was able to advance money to foreign lands. I don't know why he quoted his father, unless he wanted to prove that wisdom is not always hereditary (laughter)." Cf. RAL, XI/130A/4, Natty, London, to his cousins, Paris, Jan. 11; same to same, Jan. 13. The two continued to quarrel publicly for

97 98 99 100 101 102 103 104 10 5 106 1 07 108

many months. In 1913 Natty attacked Lloyd George's use of funds from the National Insurance scheme for building houses as "jerry building speculation": Rothschild, Dear Lord Rothschild, pp. 43f. RAL, XI/ 1 30A/8, Natty, London, to his cousins, Paris, July 6,1914. RAL, XI/130A/8, Natty, London, to his cousins, Paris, July 10, 1914. RAL, XI/ 1 30A/3, Natty, London, to his cousins, Paris, Aug. 30, 1 909; RAL, XI/ 1 30A/4, same to same, Jan. 11, 1910. RAL, XI/130A/4, Natty, London, to his cousins, Paris, Jan. 24, 1910. Rowland, Last Liberal governments, p. 298. RAL, XI/130A/4, Natty, London, to his cousins, Paris, Feb. 21, 1910; same to same, Feb. 23; Feb. 25; March 3; March 21; March 24; April 7. Davis, English Rothschilds, pp. 240f. Shannon, Balfour and Ireland, p. 194. Davis, English Rothschilds, pp. 242f. RAL, XI/130A/8, Natty, London, to his cousins, Paris, July 2, 1914; same to same, July 6; July 7; July 14; July 17. Rothschild, Dear Lord Rothschild, p. 37. HoL, Bonar Law Papers 12/2/48, Natty to Bonar Law, Jan. 2, 1911; 25/2/55, Lionel to Bonar Law, Feb. 26.

109

HoL, Bonar Law Papers 26/3/39, Steel-Maitland to Bonar Law, May 26, 1912. Cf. Blewett, Peers, parties and people, p. 461. For details see Ramsden (ed.), Real old Tory politics, pp. 25, 38; Vincent (ed.), Crawford papers, p. 286. Sassoon was nevertheless adopted as the Conservative and Unionist candidate and won the seat.

1 10 111 1 12 113 1 14 1 15 116 1 17 118 119 120 121 1 22 123 1 24 125 126 127

Kynaston, City, vol. II, pp. 542f. Halevy, Rule of democracy, p. 666n. Barth, Hochfinanz, p. 448. Kynaston, City, vol. II, pp. 432f., 578f., 586ff. RAL, XI/130A/8, Natty, London, to his cousins, Paris, March 16, 1914. Rosenbaum and Sherman, M. M. Warburg & Co., p. 111. RAL, XI/130A/8, Natty, London, to his cousins, Paris, June 29, 1914. Cf. Cassis, City bankers, p. 309. RAL, XI/130A/8, Natty, London, to his cousins, Paris, July 6, 1914. RAL, XI/130A/8, Natty, London, to his cousins, Paris, July 14, 1914. RAL, XI/130A/8, Natty, London, to his cousins, Paris, July 22, 1914. RAL, XI/130A/8, Natty, London, to his cousins, Paris, July 23, 1914. RAL, XI/130A/8, Natty, London, to his cousins, Paris, July 24, 1914. RAL, XI/ 1 30A78, Natty, London, to his cousins, Paris, July 27, 1 9 1 4. RAL, XI/130A/8, Natty, London, to his cousins, Paris, July 28, 1914; same to same, July 29. RAL, XI/ 1 30A/8, Natty, London, to his cousins, Paris, July 30, 1 9 1 4. RAL, XI/130A/8, Natty, London, to his cousins, Paris, July 31, 1914. RAL, XI/130A/8, Natty, London, to his cousins, Paris, July 27, 1914. Brock and Brock (eds), Asquith Letters to Venetia Stanley, p. 131. RAL, XI/130A/8, Natty, London, to his cousins, Paris, July 28, 1914 (two letters); same to same, July 29. Brock and Brock (eds), Asquith letters to Venetia Stanley, p. 131. RAL, XI/ 1 30A/8, Natty, London, to his cousins, Paris, July 30,1914. RAL, XI/130A/8, Natty, London, to his cousins, Paris, July 31, 1914. RAL, XI/ 1 30A/8, Natty, London, to his cousins, Paris, Aug. 4,1914. Rothschild, Whims, p. 36f. Steed, Thirty years, vol. II, pp. 8f.; The Times, History, vol. IV, p. 208. Barth, Hochfinanz, p. 455; Pulzer, Jews and German state, p. 201.

1 28 1 29 130 13 1 132 133 134

SOURCE

NOTES

605

135 Joll, Origins, p. 30. 1 36 RAL, XI/ 1 30A/8, Natty, London, to his cousins, Paris, Aug. 4,1914. 137 RAL, XI/130A/8, Natty, London, to his cousins, Paris, Aug. 14, 1914; same to same, Sept. 15. 138 AN, 132 AQ 5 594/1 Ml 92, Alfred, London, to his cousins, Paris, Aug. 3, 1914. 1 39 Cohen, Lady de Rothschild, pp. 304f. 140 Ibid, pp. 303f. 1 4 1 Lloyd George, War memoirs, vol. I, pp. 1 15f. Cf. M\frey, Jewish court, p. 271. 142 Rothschild, Dear Lord Rothschild, p. 45; Kynaston, City, vol. II, p. 609. 1 43 Rothschild, Dear Lord Rothschild p. 45. 144 Haldane, Autobiography, pp. I62f. 145 146

Wake, Kleinwort Benson, pp. 1 38-42, 207f. Cecco, Money and empire, p. 160. Cf. RAL, XI/130A/8, Natty, London, to his cousins, Paris, Aug. 5, 1914.

147 148

Ibid, pp. 161-7. HoL, Lloyd George Papers C/l 1/2/2, Alfred and Leo to Lloyd George, Aug. 13, 1914. Cf. RAL, XI/130A/8, Natty, London, to his cousins, Paris, Aug. 14. 149 Bank of England G 15/59 2481/3 f. 37, Memorandum by Lord Rothschild for the Chancellor of the Exchequer, Aug. 27, 1914; Lloyd George Papers C/l 1/2/6, Natty to Lloyd George, Aug. 31; RAL, XI/130A/8, Natty, London, to Edouard, Paris, Sept. 25. 150 Cecco, Money and empire, p. 164. 151 AN, 1 32 AQ 5594/ 1 M 1 92, Alfred to deRF, Aug. 8, 1 9 1 4; NMR to deRF, Aug. 2 1 ; same to same, Aug. 28; RAL, XI/130A/8, Natty, London, to his cousins, Paris, Aug. 15. 152 See e.g. HoL, Lloyd George Papers C/4/14/20, Francis Bertie to Grey, Jan. 18, 1915. 153 AN, 132 AQ 34, NMR to deRF, Sept. 17, 1914; deRF to NMR, Sept. 18; NMR to deRE Sept. 22; deRF to NMR, Sept. 23; NMR to deRF, Oct. 1; AN, 132 AQ 5594/1M192, NMR to deRF, Dec. 4. 154 Lottman, Return, pp. 157ff. 155 RAL, XI/130A/8, Natty, London, to his cousins, Paris, Aug. 4, 1914. 156 Ibid, p. 160.

FOURTEEN

Deluges (1915-1945)

1 2 3 4 5 6 7 8 9 10

Cohen, Lady de Rothschild pp. 3 1 2f. Western Morning News, April 1 , 1915. Financier and Bullionist, April 1 , 1 9 1 5. See also Daily Telegraph, April 1 . For accounts of the funeral see Daily Mirror, April 3, 1915; Reynolds, April 4. Dugdale, Balfour, p. 135. Hertz, Memorial sermon, p. 10. New Witness, April 8, 1915. Daily News and Leader, April 1 , 1915. Ato«, April 10, 1915. RAL, RFamFD/7A, Charles de Rothschild, Memorandum, 1915.

11 12 13

Bagehot, Lombard Street, pp. 132ff. Cassis, City bankers, p. 4 In. RAL, RFamC/21 , Charlotte, London, to Leonora and Leo, Paris, Aug. 7, 1 874; same to same, Aug. 1 1 ;

14 15

Charlotte to Leo, July 28, 1875; same to same, March 24, 1876. Rothschild, Dear Lord Rothschild, pp. 54fT. Ibid, pp. 104f.

16

Ibid, pp. 230f., 254; Vincent (ed.), Crawford papers, p. 1 05. Rumour had it that his debts were in excess of £750,000. Thereafter, Walter was effectively pensioned off with an allowance to finance his researches and theTring museum: ibid., p. 222.

17

Rothschild, Dear Lord Rothschild pp. 92f., 220ff. The author identifies the blackmailer only as a "peeress." On Walter's other amorous entanglements, see pp. 68, 104, 216-23. Ibid, p. 108. BL, Add. MS 46064 f. 27, Walter to Herbert Gladstone, March 1 7, 1 904; f. 1 70, same to same, March 18. Cf. Rothschild, Dear Lord Rothschild, pp. 226f.

18 19

606

SOURCE

NOTES

20

Though it should be noted that like his brother he did dismally at Cambridge, obtaining a Third in finals: theirs was a talent unsuited to established academic institutions.

21

Rothschild, Garton and Rothschild, Rothschild Gardens, pp. 82-1 07. When he came across the property he was delighted to discover that his father already owned it.

22 23

I am grateful to Miriam Rothschild for details of her father's life. Rothschild, Garton and Rothschild, Rothschild gardens, pp. 48-71; The Times, Sept. 3, 1903; Sept. 7, 1905. See also Harper, Mr Lionel.

24

Prevost-Marcilhacy, Rothschild, pp. 267-70; Souhami, Bakst. They were not completed until 1922 and are now at Waddesdon.

25 26

Rothschild, Crosieres autour de mes souvenirs, passim; Rothschild, Milady Vine, pp. 5ff. Rothschild, Whims, pp. 3 If, 149.

27 28 29 30

On the elegant manoir Sans-Souci which he had built for himself near Chantilly, see Prevost-Marcilhacy, Rothschild, pp. 251-4. Michel, Banques et banquieres, pp. 121-35. Morton, Rothschilds, pp. 215-17. Wilson, Rothschild, p. 338.

31

Crewe, Rosebery, vol. II, pp. 649f. He was killed on the same day that Evelyn died of his wounds in hos-

32

pital. Cohen, Lady de Rothschild pp. 307f.

33

Ibid., pp. 312f. According to Cohen, "Her immaculate butler, Lester, used to open the door and proclaim, as though he were announcing a visitor: 'The Zeppelins, my Lady' " Cohen, Lady de Rothschild, pp. 304, 307. Ibid, p. 313. Ibid, p. 314. HoL, Lloyd George Papers D/l 1/3/6, Printed pamphlet about the Volunteer Munitions Brigade, 1915; D/ 16/9/6, Marquess of Crewe to Lloyd George, Dec. 9.

34 35 36 37 38 39 40

HoL, Lloyd George Papers D/20/1/58, Alfred to Lloyd George, July 30, 1915; D/20/1/58A, Lloyd George to Charles, Aug. 2; D/20/1/69, Charles to Lloyd George, Aug. 3. HoL, Lloyd George Papers F/72/16/3, Alfred to Lloyd George, Feb. 28, 1917. Cohen, Lady de Rothschild, p. 3 1 1 .

41 42 43

See e.g. HoL, Lloyd George Papers D/20/1/51, Alfred to Lloyd George, July 21,1915. Jenkins, Asquith, p. 462. Palin, Rothschild relish, pp. 94f.

44 45

Peyrefitte, Juifi, p. 379; Lefebvre, "Rothschild," p. 16. Walter served on committees of the Jewish Board of Guardians and the Jewish Peace Society; Lionel succeeded Leo as treasurer of the Board of Deputies; and the presidency of the United Synagogue remained in Rothschild hands until 1942. Cf. Rothschild, Dear Lord Rothschild, Alderman, British

46 47 48 49 50 51 52 53

Jewry, pp. 21 If; Lipman, Social service, p. 257. Black, Social politics, pp. 240f Levene, War, Jews and the new Europe, p. 30. Lipman, History of the Jews, p. \AA. Levene, War, Jews and the new Europe, pp. 60f Kadish, Bolsheviks and British Jews, p. 60. Born, International banking, p. 57. Cohen, Lady de Rothschild, pp. 323f Ibid, p. 325.

54 55

Rothschild, Dear Lord Rothschild, p. 234; Alter, "German-speaking Jews," p. 210. Leo Baeck Institute, New York, Sally Bodenheimer Collection, AR 7169, 46, 47, letters from Hannah Mathilde, April 12, 1921; March 7, 1923; Feb. 27, 1924.

56 57 58

Wilson, Rothschild, pp. 339f. Cf. Mayorek, "Between East and West," pp. 139ff. Rothschild, Dear Lord Rothschild, pp. 24 If; Lipman, History of the Jews, pp. 127f. HoL, Lloyd George Papers F/45/2/4, C. P. Scott to Lloyd George, Feb. 5, 1917. See also F/3/2/28, R. G[raham] to Lord Hardinge, July 23. Cohen, Lady de Rothschild p. 315. Black, Social politics, pp. 368 f.

59 60

SOURCE 61

NOTES

607

RAL, RFam AD/ 1 I A, Leo to Lucien Wolf, Oct. 1 8, 1 9 1 6. I am grateful to Lionel de Rothschild for this reference.

62

Finestein, Jewish society, p. 1 96.

63

Mackay, Balfour, p. 315.

64 65

Egremont, Balfour, pp. 294ff.; O'Brien, Milner, pp. 288, 325. Dugdale, Balfour, p. 233.

66 67

Rothschild, Dear Lord Rothschild, pp. 235-69, 300f; Sokolow, History of Zionism, vol. II, pp. 44-1 13; Weizmann, Trial and error, pp. 144-262; LitvinofT, Essential Ch aim Weizmann, pp. 191ff. Wilson, RothschiUi p. 342.

68 69

Lipman, History of the Jews, p. 132. Black, Social politics, p. 380.

70

Anglo-Jewish Archives, Southampton University, AJ 232/1, Waley-Cohen, Stern and Swaythling to Lionel, May 5, 1919; AJ 232/2, Lionel to Waley-Cohen, Stern and Swaythling, May 7. Lionel was enthusiastic and funds were raised, though the scheme was never realised.

71 72 73 74 75

Black, Social politics, p. 384; Mayorek, "Between East and West," p. 141. Black, Social politics, p. 381. Mackay, Balfour, p. 317. Egremont, Balfour, p. 295. HoL, Lloyd George Papers F/3/4/8, A. J. B[alfour] to Curzon, Jan. 20, 1 9 1 9.

76

For Jimmy's defence of Samuel, see HoL, Samuel Papers A 1 55 (viii) 127, Jimmy to Lady Samuel, Feb. 3, 1922.

77

HoL, Lloyd George Papers F/92/16/2, Jimmy to Lloyd George, March 18, 1919. See also G/3 1/1/60, Jimmy to Lloyd George, Nov. 30, 1926. HoL, Bonar Law Papers 1 15/5/102, Jimmy to Bonar Law, Oct. 22, 1922.

78 79

Mayorek, "Between East and West," p. 142. Cf. Heuberger, Rothschilds, pp. 159ff. He and his wife asked to be buried in Palestine after their deaths (in 1934 and 1935 respectively), though this did not

80

happen until 1954. The PICA's assets were donated to the state of Israel after Jimmy's death in 1957. HoL, Lloyd George Papers F/3/4/8, Alfred Mond to Lloyd George, Oct. 13, 1919. Cf. Mayorek,

81 82 83

"Between East and West," pp. I40f. RAL, RFamFD/13/E; Ziegler, Sixth great power, pp. 372-8; Roberts, Schroders, pp. 527-35. Palin, Rothschild relish, pp. Iff. Ibid, p. 63.

84 85 86 87 88 89 90 91 92 93

Rothschild, Gilt-edged life, pp. 82ff. Ibid, pp. 68, 78f. Ibid, p. 25. Rothschild, Dear Lord Rothschild, p. 287. Rothschild, Whims, pp. 57ff. Ziegler, Sixth great power, p. 351. Dayer, Finance and empire, p. 123. Deutsche Bank (ed.), Studies, p. 501. Ziegler, Sixth great power, pp. 352ff. Rosenbaum and Sherman, M. M. Warburg & Co., p. 136.

94 95 96 97 98

Rothschild, Gilt-edged life, pp. 1 23ff. Wiskemann, Czechs and Germans, p. 115. Marz, Creditanstalt, pp. 542f. Ibid, p. 130. Lottman, Return, p. 191.

99

By contrast, Rothschild links to North America were few: the French house raised money for the Compagnie du Nord with a $15 million bond issue in New York, and returned the compliment by investing— unwisely, as it proved — in the New York City Interborough Rapid Transit.

100

Fritsch, External constraints, p. 45. On the agreement reached in October 1914 to reschedule the Brazilian debt by partial suspension of interest and amortisation payments see ibid, pp. 35ff. Details in chapter 27. Fritsch, External constraints, p. 90. Ibid, p. 91.

101 102 103

608

SOURCE

NOTES

104 105

!l>uL,p. 117. Ibid., p. 155; Cain and Hopkins, Crisis and deconstruction, pp. I62ff.; Dayer, Finance and empire, pp. 161ff.

106

Turrell and van Helten, "Rothschilds, the Exploration Company and mining finance," pp. 197f., 201. By 1928 it was operating in twenty-two different countries with a host of different interests in metallurgy and chemicals.

1 07 108 109 110

Harvey, Rio Tinto, pp. 171, 217 'ff , 231. Newbury, Diamond Ring, pp. 21 1, 259, 308. Kynaston, Cazenove, pp. 113, 148. Sir William Leese at Freshfield, Leese &C Munns played a vital role in negotiations with Hungary, while Geoffrey Vickers played an analogous part with respect to Brazil: Palin, Rothschild relish, p. 104.

111 1 12

Green, New world of gold, pp. 1 13ff; Green, "Precious heritage," pp. 455f. After an initial period when the bidding was done by telephone, it was decided to hold a formal meeting in the Rothschild office. Represented were the four bullion brokers — Mocatta & Goldsmid, Pixley &C Abell, Sharps & Wilkins and Samuel Montagu — and the other major refiner Johnson Matthey. Quaintly, all the bidders were given a small Union Jack flag which they could raise when they needed to telephone their head offices. When a flag went up, the bidding was suspended until it was lowered

113

again. Pringle, Banking in Britain, p. 66; Balogh, Studies in financial organization, pp. 213f., 218f. The South African mines entrusted their agency to the South African Reserve Bank in 1926 and in 1932 the Bank of England took over the role of principal seller, though N. M. Rothschild continued to act as the

114 1 15 116 117

Bank's agent: Green, "Precious heritage," pp. 460, 497. Green, "Precious heritage," pp. 460-64. Daily Telegraph, 28 Aug., 1 937. Lottman, Return, p. 167. Moreau, Souvenirs, for a hostile account

1 18 119 120 121 1 22 123

Ziegler, Sixth great power, p. 35 1 . Lottman, Return, p. 164. Ibid, pp. \75ff. Fritsch, External constraints, pp. 157f. Palin, Rothschild relish, pp. 1 1 3f. Dennett, Slaughter and May, pp. 49, 187.

124 125

See Eichengreen, Golden fetters, pp. 264-70. Lottman, Return, p. 372. Interest on the loan was charged at 4 per cent until the end of 1933 and 5 per cent thereafter; the money itself was from the French Rothschilds' private fortunes: Edmond put up 70 million francs, Edouard 35 million, Robert 15 million, Henri 10 million, his son James 3 million and

126 127

Philippe also 3 million. Ibid, p. 192. Ibid, p. 193.

128 129

Stiefel, "Reconstruction of Credit- Anstalt," pp. 4l4ff Born, International banking, p. 275.

130 13 1

Kopper, "Rothschild family," pp. 322f. Palin, Rothschild relish, p. 1 06.

132

/^,pp. 106ff.

1 33 134

See Lefebvre, "Rothschild," p. 1 7. Rothschild, Whims, pp. 38ff; Piatigorsky, Jump, pp. 5ff See also Rothschild, Milady Vine, pp. 4ff.

135 136

Rothschild, Gilt-edged life, pp. 5ff. Rothschild, Milady Vine, pp. 10-117. After dabbling in cinema, Philippe eventually devoted his ener-

1 37 1 38 139 140

gies to developing the vineyards on his father's estate at Mouton. It was he who introduced the practice of chateau-bottling after the war. Rothschild, Gilt-edged life, p. 2 1 . Nicolson (ed.), Vita and Harold, p. 301 . Rothschild, Garton and Rothschild, Rothschild gardens, pp. I48ff. The offer was refused. I am grateful to Miriam Rothschild for this information.

141

33 rue du Faubourg St Honore was acquired by the Cercle de l'Union Interallied in 1920; two years

SOURCE

NOTES

609

later the house in the rue Berryer was given to the state; and the villa Ephrussi on the Riviera was left: to the Academie des Beaux Arts in 1934: Prevost-Marcilhacy, Rothschild, p. 242. 142 143 1 44 145 146

Alter, "German-speaking Jews," p. 210. Rubinstein, History of the Jews, p. 231. Palin, Rothschild relish, pp. 1 1 8ff. Cohen, Mangeclous, esp. pp. 59ff., 124. Roth, Magnificent Rothschilds, p. 284. Anthonys daughters Annie and Constance died in 1926 and

147

1931; Natty 's widow Emma in 1935; and Leo's widow Marie in 1937. Rothschild, Meditations, p. 17.

148

Bower, Perfect English spy, pp. 47f., 63. According to Bower, he went so far as to stuff a bundle of Ultra

149

documents through the Soviet embassy's letter-box. Costello andTsarev, Illusions, p. 222.

150

The fact that the government explicitly denied that Victor Rothschild was the "fifth man" in 1986 did not prevent an entire book being written in 1994 insisting — on the basis of wholly circumstantial evidence— that he was: Perry, Fifth Man. To some extent, Victor's dabbling in the Byzantine internal politics of MI5 — in particular, his relationship with Peter Wright — was to blame for encouraging this notion. As Victor discovered while at the CPRS, Wright firmly believed that the former director-general of MI5, Roger Hollis, had been a Soviet agent. (Victor also knew of Wright's involvement in the MI5 attempt to smear Harold Wilson and other Labour politicians as communists after 1974.) When speculation began about his own role following the exposure of his friend Anthony Blunt in 1979, Victor rashly turned to Wright, now living in embittered retirement in Australia. In the belief that the allegations against Hollis would distract attention from himself, Victor encouraged Wright to collaborate with Chapman Pincher on the book Their trade is treachery (1981). This backfired badly when, five years later, Wright decided to publish his own book Spycatcher in defiance of the British government. The ensuing trial brought Victor more unwelcome publicity. In a final effort to clear his name, Victor wrote to a letter to the Daily Telegraph in which he demanded public exoneration from the head of MI5. Mrs Thatcher's response, though formally sufficient, was frosty in its tone — reflecting her reluctance to comment on intelligence matters: "I am informed that we have no evidence that he was ever a Soviet

151 152

See Rothschild, Window, passim, and Rothschild, Gilt-edged life, pp. 45ff. agent." Lottman, Return, p. 197.

153 154

Lefebvre, "Rothschild," pp. 17f; Rothschild, Whims, pp. 62ff. The phrase derived from the fact that only the 200 largest shareholders in the Banque de France could vote at its General Assembly.

155 156 157

Lottman, Return, pp. 202ff. Ibid, p. 204. Ibid, p. 195.

158

Kopper, "Rothschild family," pp. 321ff.

159

Heuberger, Rothschilds, pp. 191ff. They were the Clementine Interdenominational Girls' Hospital at Bornheimer Landwehr; the Baron Carl von Rothschild public library; the Anselm Salomon von Rothschild Foundation for the Arts and the Old People's Home for Jewish Gentlewomen named after Wilhelm Carl and Mathilde.

1 60

Rothschild, Dear Lord Rothschild, plate 39c.

161

Kopper, "Rothschild family," pp. 32 Iff. The Griineburg house was destroyed by bombs in 1944, but the house at Konigstein survived. Ziegler, Edward VIII, p. 343.

1 62 163

164

This was a complex operation for two reason: first, the other major shareholders, the Gutmanns, had to be bought out; second, the transfer had to be made indirectly via Swiss and Dutch institutions to avoid possible confiscation by the British government in the event of a future war. Nicholas, Rape, p. 39.

165 1 66

Kopper, "Rothschild family," pp. 326ff. Morton, Rothschilds, pp. 220-28. Cf. Lang, Karl Wolff, pp. 89f.

167

Kopper, "Rothschild Family," pp. 326ff.; Overy, "Goring's Multi-national Empire," pp. 271ff. See also Heimann-Jelinek, " Aryanization' of Rothschild assets," pp. 351-64. Nicholas, Rape, pp. 4 1 fif.

1 68

610

169

SOURCE

NOTES

170

Rubinstein, History of the Jews, p. 334; Rothschild, Gilt-edged life, pp. 85ff. Anthony became appeal chairman in 1 939 as well as being chairman of the Emigration Planning Committee for Refugees. He, Lionel and Jimmy were also on the appeal committee of the Council for German Jewry set up in 1 936. Chernow, Warburgs, pp. 389, 436.

171

Victor had experienced at first hand the English version of anti-Semitism: at Harrow he remembered being called a "dirty little Jew," and in 1934 (when he was twenty-four) he had been refused membership of a "road house" and country club in Barnet on religious grounds: Rubinstein, History of the Jews,

1 72 173 174 175 176 177 1 78 179 180 18 1 182

pp. 29 If. Daily Telegraph, Oct. 26, 1938. Ibid, Dec. 10, 1938. Ibid., March 20, 1939. Ibid, Aug. 1, 1946. Lottman, Return, p. 209. The second sentence did not appear in the official minutes, but was reported in the press. Costello andTsarev, Illusions, pp. 235, 239ff. Lottman, Return, p. 2 1 1 . Heuberger, Rothschilds, p. 157.

1 83 184

Rothschild, Whims, pp. 84-145. Rothschild, Milady Vine, pp. 1 1 8ff. For example, Edouard was incensed when, following the recovery of Algeria in 1942, the Free French General Giraud failed to restore the Cremieux legislation granting citizenship to the Algerian Jews. Nicholas, Rape, p. 308. Lottman, Return, p. 240.

185 186 187 188 189

Ibid, pp. Nicholas, Lottman, Nicholas, Ibid, pp.

190

Rothschild, Gilt-edged life, pp. 90ff.

19 1 192 193 1 94 19 5

RAL, P. C. Hoyland, "New Court Great War 1 939-1 945. Attack by the German Luftwaffe on the City of London on the night of Saturday 10th May, 1941." Rothschild, Garton and Rothschild, Rothschild gardens, pp. 67ff., 92ff. Ibid, p. 94. Rothschild, Dear Lord Rothschild, p. 323. Rothschild, Milady Vine, p. 1 42 .

1 96

Rothschild, Gilt-edged life, pp. 1 2 1 f.

219ff., 24lff., 246-9. Cf. Prevost-Marcilhacy, Rothschild, p. 152. Rape, pp. 127ff. The proceeds supposedly went to French war orphans. Return, p. 259. Rape, p. 345. 315ff.

EPILOGUE 1

Plumb, Vintage Memories, p. 6f. I am grateful to Sir John Plumb for this reference.

2

Jimmy had been one of those who donated £5,000 towards the purchase of the cash-strapped

3 4

5

Churchill's house at Chartwell in 1946 to allow the Premier to go on living there: Gilbert, "Never despair," p. 256. I have followed Roberts, Schroders, in dropping the umlaut (as in Schroder) after 1939, though it fell into disuse gradually between 1930 and 1957. Construction on the Churchill Falls did not begin until 1966; but in 1974, just three years after the plant had been opened, a new government in Newfoundland decided on nationalisation, paying Brinco $160 million in compensation (compared with total construction costs of $1 billion): Rothschild, Giltedged life, pp. I44ff., 184ff. Anthony gave Palace House at Newmarket to the Jockey Club in 1 944 and Ascott to the National Trust in 1950; Jimmy left Waddesdon to the National Trust in 1957; Mentmore and its contents were sold in 1977 and Tring is now a school run by the Arts Education Trust. In France, the villa Rothschild in Cannes passed out of family hands, as did the house at Boulogne, the chateaux des Fontaines, de la Muette and de Laversine, and the houses in the rue Saint-Florentin and the rue du Faubourg-SaintHonore\ Cf. Prevost-Marcilhacy, Rothschild, esp. pp. 282f., 306-32.

6

Siegmund Warburg had proposed such a merger to Edmund as early as 1955: Rothschild, Gilt-edged life, p. 183.

SOURCE

NOTES

611

Other examples from this period included the former chairman of the Electricity Council Sir Francis

8

Tombs, who became a non-executive director in 1980, and the former Under-Secretary for Trade Iain Sproat, who joined N. M. Rothschild as a consultant after losing his seat in the 1983 election. N. M. Rothschild paid $9.2 million for a 9.9 per cent shareholding in Smith Brothers and $7 million

9

for a 51 per cent stake in what became Smith New Court — in all, an investment of around £10 million. Big Bang ended the strict separation of banks, brokers (who dealt with the public) and jobbers (who executed transactions on the stock exchange). Lawson, View from No. Eleven, pp. 757fif.

10

Clients included Sir James Goldsmith, the Reichmann brothers' Olympia & York and the Hanson Trust — not to mention Robert Maxwell, whose campaign to acquire an American publishing house Pirie backed, earning fees worth $17 million in the process: Bower, Maxwell, pp. 20, 94, 98f. When Maxwell died in 1 99 1 , leaving a legacy of peculation and towering debt, it was N. M. Rothschild which was called in to investigate his books and arrange the sale of his heirs' 54 per cent stake in Mirror Group Newspapers.

11

It had at least symbolic significance that many of the French family's most treasured houses, including Ferrieres, were disposed of in this period. The house in the rue du Monceau was destroyed; 23 avenue de Marigny was sold to the state in 1975; Ferrieres was given to the Sorbonne in 1975; Sans-Souci,

12 13

Gouvieux, was sold in 1977 and is now a hotel, as is the abbaye des Vaux-de-Cernay; the chateau d'Armain-villiers was sold in the 1980s to the King of Morocco. The others are Schroders, Flemings and Lazards. CPHDCM, 1836.

637/1/7/53-69, Vollstandige Abschrift des Societats-Vertrags . . . Ubereinkunft, July 30,

APPENDICES 1 2

Flandreau, "Emergence," pp. 1-23. Armstrong and Jones, Business documents, pp. 137-53.

BIBLIOGRAPHY

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London School of Economics Library Mecklenburgisches Landeshauptsarchiv Schwerin National Library of Scotland Rhodes House, Oxford Rosebery Papers, Dalmeny House and Barnbougle Castle, Edinburgh Rothschild Archive, London

Documentary Collections, Moscow Geheimes Staatsarchiv Preussischer Kulturbesitz, Berlin-Dahlem Hessisches Staatsarchiv, Marburg House of Lords Record Office Institut fur Stadtgeschichte, Frankfurt

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Wemyss Reid.T., Life of the Rt. Hon. WE. Forster (London, 1888) Werner, Moritz, "Eine vergessene Tat des Barons Amschel: Dokumente Rothschildschen Geimeinsinns aus dem Frankfurter Stadtarchiv," Frankfurter Israelitisches Gemeindeblatt (1934) Whale, P. Barrett, Joint stock banking in Germany: A study of the German Creditbanks before and after the War (London, 1930) Whibley, Charles, Lord John Manners and his friends, vol. II (London, 1925) White, Benjamin, Silver: Its history and romance (London, 1917) White, Jerry, Rothschild buildings: Life in an East End tenement block, 1887-1920 (London, 1980) Whyte,A.J. (ed.), The life and letters of Cavour, 1849-61 (Oxford, 1930) Wiebe, M. G., J. B. Conacher and John Matthews (eds), Benjamin Disraeli: Letters, vol. Ill: 1838-1841 (Toronto, 1987) , Benjamin Disraeli: Letters, vol. IV: 1842-1847 (Toronto, 1989) , Benjamin Disraeli: Letters, vol. V: 1848-1851 (Toronto, 1992) Wilde, Oscar, The works of Oscar Wilde, ed. with an introduction by G. F. Maine (London/Glasgow, 1952) Williams, Bill, The making of Manchester Jewry, 1 740-1 875 (Manchester, 1976) , "Nathan Rothschild in Manchester," in Victor Gray (ed.), The Life and times of N. M. Rothschild 1777-1 836 (London, 1998), pp. 34-41 Williamson, Edwin, The Penguin history of Latin America (London, 1992) Wilson, Derek, Rothschild: A story of wealth and power (London, 1988) Wilson, J. S. G., French banking structure and credit policy (London, 1957) Winter, James, Robert Lowe (Toronto, 1976) Winton, J. R., Lloyd's Bank, 191 8-1 969 (Oxford, 1982) Wippermann, Wolfgang, Das Leben in Frankfurt zur NS-Zeit: Darstellung, Dokumente und didaktische Hinweise (Frankfurt am Main, 1986) Wirth, Max, A history of banking in all the leading nations, vol. IV (New York, 1 896) Wiskemann, Elizabeth, Czechs and Germans: A study of the struggle in the historic provinces of Bohemia and Moravia (Oxford, 1938) Wistrich, Robert S., Socialism and the Jews: The dilemmas of assimilation in Germany and Austria-Hungary (Rutherford, New Jersey, 1982) , The Jews of Vienna in the age of Franz Joseph (Oxford, 1 989) , Between redemption andpeidiuon: Modern antisemitism and Jewish identity (London/New York, 1990) Witte, S. I., Memoirs of Count Witte (London, 1921) Wohl, Anthony S., The eternal slum: Housing and social policy in Victorian London (London, 1977) Wolf, Lucien, "Rothschildiana," in idem, Essays in Jewish History, ed. Cecil Roth (London, 1934), pp. 261-308 Wolf, Siegbert, Liberalismus in Frankfurt am Main: Vom Ende der Freien Stadt bis zum Ersten Weltkrieg, Studien zur Frankfurter Geschichte, 23 (Frankfurt am Main, 1987) Wolff, Otto, Ouvrard: Speculator of genius, 1770-1 846 (London, 1932, 2nd edn 1962) Woodward, E. L., "Economic factors making for peace or war," in idem, War and peace in Europe 1815—1870 and other essays (London, 1931), pp. 70-113 Wulf, Joseph, Literatur und Dichtung im Dritten Reich (Frankfurt am Main/Berlin, 1989) Yellen, Sherman, Jerry Bock and Sheldon Harnick, "The Rothschilds: A musical legend," unpublished MS, RAL(1969) Yergin, Daniel, The prize: The epic quest for oil, money and power (2nd edn, London, 1993) Yogev, Gedaliah, Diamonds and coral: Anglo-Dutch Jews and eighteenth century trade (Leicester, 1978) Yonge, Charles Dilke, Life and administration of Robert Banks, 2nd Earl of Liverpool (London, 1868) Zetland, Marquis of (ed.), The letters of Disraeli to Lady Bradford and Lady Chesterfield, vol. I: 1873 to 1875 (London, 1929) Ziegler, Philip, The sixth great power: Barings, 1762-1929 (London, 1988) , King Edward VIII: The official biography (London, 1990) Zielenziger, Kurt, Juden in der deutschen Wirtschaft (Berlin, 1930) Zimmerman, Judith E., Midpassage: Alexander Herzen and European revolution (Pittsburgh, 1989) Zimmermann, Moshe, Wilhelm Marr: The patriarch of anti-Semitism (New York/Oxford, 1986) Zola, Emile, Les Rougon Macquart, vol. V: Histoire naturelle et sociale d'une familU sous le second Empire: LArgent (Paris, 1967)

INDEX

Abdul Aziz, Sultan, 295-96, 297, 305 Abdul Mejid, Sultan, 297 Aberdeen, Lord, 22, 38 ABN AMRO, 494 Acton, Lord, 326 Acton, Sir John, 254 Addresses to Young Children (Charlotte Rothschild), 18, 30 Adelaide, Princess of Hohenlohe, 54 Adler, Hermann, 18,259 Adler, Nathan Marcus, 259 Afghanistan, 310, 334, 371 A la recherche du temps perdu (Proust), 267, 268 Albert of Saxe-Coburg-Gotha, Prince Consort of England, 25, 37-38, 252, 373 Alexander, David, 450-51 Alexander, King of Bulgaria, 371-72 Alexander II, Tsar of Russia, 126, 128, 184, 185,272,375 Alexander III, Tsar of Russia, 377, 380, 382 Alexandra, Queen Consort, 249, 252, 253 Alfonso, Prince of Asturia, 168 Alfred, Prince of England, 252 Algeciras conference (1906), 398, 399 Aliens Act (1905), 278, 333 Allgemeine Zeitung des Judenthums, 21-22 Alliance Assurance company, 471,472,485 Almaden mines, xxviii, 104, 167, 168,351,461 Alsace, 190, 195, 202-5, 208 Amadeo, King of Spain, 168 Amalgamation Committee, 356 American-Canadian

International Nickel Company, 354 Amersham International, 492 Amex International, 489, 490 Ampthill, Lord, 310 Amsterdam Overseas, 482, 488 Anaconda Mining Company, 354 Andrassy, Count, 305, 307 Angell, Norman, 411, 433 Anglican Church, 15-16 Anglo-African Diamond Mining Company, 356 Anglo-American Corporation, 461 129 Anglo-Austrian Bank, 95, 119, Anglo-Egyptian Bank, 298 Anglo-Jewish Association, Conjoint Foreign Committee of, 450-51 anti-Semitism, 22, 246, 260-75, 306-7 and, 122, 176-77, Bismarck 198, 199,261,271 in criticism of Rothschilds, xxix, 117,260-71 in Franco-Prussian War, 198, 199 revocation of citizenship rights and, 281,282 in revolution of 1848, 21, 39 Rothschild response to, 271-83 Zionism and, 450-51 see also specific countries Apponyi, Count, 50, 53, 54, 59, Arabi Pasha, 311,312-13 Arab 76 League, 489 Arabs, 451,453 Argent, Z'(Zola), 262-64, 311 Argentina, 68, 279, 347, 474 Barings crisis and, 340—45

armaments, 411-16 Arnold, Matthew, 18, 226 Artisans' and Labourers' Dwellings Improvement Act Asher,(1875), Asher, 274-75 17 Ashley,Shaftesbury), Lord (later 35 Earl of Asiatic Petroleum Co., 355 Asquith, Herbert, 222, 326, 418, 421-24,431,433,447 Aumale, due d', 195,211 Australia, 65, 69-70, 89, 246, 349, 494 Austria, 64, 90-95, 128-51 Anselm's takeover in, 7 anti-Semitism in, 260, 261-62, 471-72 bonds of, xxiii, xxiv, 123, 124, 125, 132-35, 137-38, 173, 174, 262, 408 Crimean War and, 71, 72, 73, 75-79 French relations with, 50, 54, 86,87,90-91, 126, 138, 144_46, 165, 169, 172-73, 190 Holsteinand, 100, 126, 129-32, 135-38, 143, 144 interwar, 456, 460, 462, 464-66 Italian unification and, 98, 102, 124, 128 Landau initiative and, 143 military expenditures of, 413, 414 National Bank of, 465 Nazism in, 471, 475 Piedmont vs., 80, 82, 90-92, 98-100 Prussian relations with, 52, 93, 120, 122, 124, 126, 129-51, 160, 165, 173, 194 public expenditures of, 123

640 Austria {cont.) railways in, xxviii, 84-89, 130, 297 Rothschild relations with aristocracy in, 248-49 Russian relations with, 124, 126 Salomon's relations with, xxviii, xxix, 6, 76, 174 in Triple Entente, 372-73 in war of 1866, 146-53, 173, 194,204 Austria-Hungary, 165, 195, 407-11,431-32 bonds of, 294, 409 Eastern Question and, 305, 307-10 isolation of, 172-76 military expenditures of, 414 railroads in, 175-76, 311 in Three Emperors League, 305,310,373,375 in Triple Alliance, 310, 373, 384, 385, 389, 399 Austrian Creditanstalt Committee, 465 Ayer,J., 171-72 Bagehot, Walter, 443 Bahia and San Francisco Railway Company, 68, 345 Balcarres, David Lindsay, Earl of, 246 Balfour, Arthur, 319, 327, 329, 350,366,371,372,388, 391-95,397,412,430, 443,451-53 Natty's relationship with, 417-21,441-42 Balfour Declaration (1917), 449-53 Balkans, 173, 176,310,371-73, 409 crisis of 1875-78 in, 186, 305-8 railroads in, 175,297,298, 311 Balzac, Honore de, xxv, 262 Banco de Brasil, 460-61 Bank of England, xxiv, xxviii, 21, 70, 82, 83, 105-6, 225-26, 265,315-16,335,349, 350,367,399-401,410, 436,461,462,465,482, 493 Barings crisis and, 340-45 Suez Canal and, 299, 301, 302-3 bank failures, 82, 262-65, 306, 311-12 Bank of International Settlements, 465 Bank of London, 195

INDEX Bank of the United States, xxviii Banque Austro-Ottomane, 175-76 Banque de France, 61, 62, 74, 82^84,89, 105-7, 155, 158, 160,225,241,265, 312,350,379,399-401, 410, 463, 470 Barings crisis and, 342-43 Franco-Prussian War and, 194, 197,203,206,208-9,211, 213,214 Banque de Paris, 167, 175, 182, 212, 340 Banque Nationale, 79, 166 Banque Ottomaine (later Imperial Ottoman Bank), 296-97, 309 Banque Privee, 488-89 Banque Rothschild, 487-89, 490, 495-96 Baring, Cecil, 344 Baring, Edward, see Revelstoke, Edward Baring, Lord Baring, Evelyn, see Cromer, Evelyn Baring, Lord Baring, John, 340-41 Baring, Robert, 341-^42 Baring, Thomas, 24, 34, 59, 73, 81,89,343 Baring Brothers, xxv, 64, 94, 97, 104, 106, 119, 127, 133, 205,206,216,241,312, 313-14,395,405,423, 458, 459, 460, 464, 466, 486, 494 crisis of, 339-47, 380 Rothschilds compared with, 285,287,288,291-92, 454,455,499 Baring Estate Co., 344, 367 Bark, PL., 448 Baron Vampire (Charnace), 264 Bartholony (railway financier), 59, 84, 95 Battersea, Constance Rothschild Flower, Lady, 43, 100, 246, 322, 447, 450 Jewish identity of, 15-16, 244-45, 258 marriage of, 244—48 party politics and, 319, 320, 322 philanthropy of, 246, 276 on revolutions, 449 World War I and, 434-35, 441,446 Battersea, Cyril Flower, Lord, 227, 244-48, 320, 329 Batum Oil Refining and Trading Company (BNITO), 355 Bauer, Max, 261

233 Bauque, Armand-Louis, 230, Beach, Sir Michael Hicks, 350, 367 Bechuanaland Exploration Company, 358, 360 Becke,275Baron, 133-34, 136-38 Beerbohm, Max, 225, 226, 274, Beit, Alfred, 352, 357, 358 Belgian Congo, 370, 373 Belgium, xxvi, xxviii, 64, 79, 179, 370 agents in, 65, 197 Franco-Prussian War and, 193, 195, 197,203 in Latin Monetary Union, 102, 165 neutrality of, 54, 166, 434 railways in, xxix, 84-85, 166-67 Bell, Charles Moberly, 392 Belmont, August, 65-68, 115-17,348 Benedetti, Comte Vincente, 191-92, 195 Benn, Tony, 49 1 Bentinck, Lord George, 28, 33-34 Bergman (Ferrieres estate manager), 199-200 Berlin,323Treaty of (1878), 306-7, Berliner Handelsgesellschaft, 64, 285, 384 Berthier, Alexandre, prince de Wagram, 244, 447 Berthier, Bertha Clara Rothschild, 244, 447 Bethmann, Moritz, 63, 77, 78 Beust, Count Friedrich Ferdinand von, 173, 174, 176, 195 Bigart, Jacques, 451 Billing, Noel Pemberton, 246 Bineau, Jean, 74 Biotechnology Investment, 494 Bishopsgate Growth, 495 Bismarck, Herbert von, 315, 316,373 Bismarck, Otto von, xxx, 6, 57, 130-32, 135-44, 146, 163, 169, 176-84,219,222, 300, 332, 334, 370-73, 377, 378, 385 alliances in diplomacy of, 305, 310,373,375,388 Amschel as viewed by, 5, 72, 78, 120, 122-23 anti-Semitism and, 122, 176-77, 198, 199,261, 271 Crimean War and, 77-79

INDEX

Eastern Question and, 305-7, 309,310,313,314-15 in fall from power, 122, 141, 380, 386 finances of, 120-24, 181-82 Franco-Prussian War and, 165-66, 180, 182-83, 189-94, 196, 198-200, 203-5, 207-8 German unification and, 92, 95, 123-24, 126, 149-53, 164, 180, 183-84 James and, 48, 100, 121, 122, 135^4, 165-66, 178 Rumanian Jews and, 176—77 Spanish succession issue and, 190-92 war of 1866 and, 149-53, 195 Bismarck and Rothschild (Bauer), 261 Bixio, Alexandre, 86 Bjorko meeting (1905), 398 Blanqui, Auguste, 209 Bleichroder, Gerson, 93, 131-32, 139-42, 147, 149-51, 153, 155,171, 176, 185,249, 272,315-16,378-80,384 Bismarck and, 121, 122, 135, 136, 139, 141, 146, 166, 178, 180, 182-83, 190, 204,206-8,306,310,313, 315,386 death of, 386 Franco-Prussian War and, 190, 197,204,206-8,211-12, 214,216 Bloch, Ivan, 41 1,433 Blum, Julius, 408 Blunt, Wilfrid Scawen, 48 BNOC (Britoil), 492 Board of Deputies, 24, 41, 176, 258,278,448,451,473 Board of Guardians for the Relief of the Jewish Poor, 17, 18, 259, 274, 278-79 Bockel, Otto, 261 Bodelschwingh, 77, 78, 79, 131, 132, 141, 151 Bodencreditanstalt, 408, 409, 460 Boer War, 269, 360, 364-68, 391-92,412,418 Bohm-Bawerk, Eugen, 408 Boleo Company, 354 Bolmida, Luigi, 64, 86 Bonaparte, Louis Napoleon, see Napoleon III, Emperor of France bonds, bond market, xxi, xxx, 67, 68, 265 Crimean War and, 72-76, 81-82 in interwar period, 459-61

Italian unification and, 98, 99 price declines for, 416-17 Rothschild dominance of, xxiii, xxvii, xxx, 72-80, 294 U.S. wars and, 115, 117-19 see also specific countries Bontoux, Paul Eugene, 262, 264, 311-12 Borne, Ludwig, xxiii, 4 Bosnia-Hercegovina, 173, 305, 308,310,407 Boulanger, Georges, 337, 375, 377-79 Boulogne, 45, 48, 156,250 Bradford, Lady, 29-30, 300 Brandeis, Goldschmidt & Co., Brazil,354 xxiii, 469, 474, 485, 494 bonds of, 292, 294, 345-47, 460-61,464 debt of, 296, 297 railways in, 68, 345, 347 Brett, Reginald, 326, 329, 330, 332-35,342,362,371,372 Bright, John, 72, 114 British Aerospace, 492 British Aluminum Co., 484 British Coal, 493 British Gas, 492 British Newfoundland Corporation Ltd. (Brinco), 482-83 British Petroleum (BP), 491-93 British South Africa Company, 360, 362-63 Browne & Wingrove, 70 Brownlow, Earl, 327 Bruck, Baron, 87, 94, 98 Bryan, William Jennings, 270-71,348 Bryce, James, 326 Bucks, Michael, 457, 480, 483 Buddenbrooks (Mann), 220 Buenos Aires Water and Drainage Company, 340-41 Bulgaria, 305, 307, 308, 310, 324, 371-72 Bulgarian Horrors and the Question of the East (Gladstone), 306 Biilow, Prince Bernhard von, 384, 389, 393, 394, 395, 397,415 Bunge, Nikolai K., 377, 378 Burgess, Guy, 468, 474 Burma, 332 Burma Ruby Mines company, 332, 354 Byrom, Peter, 491 Caisse des Actions Reunies, 60 Caisse de la Dette Publique, 304

641 Caisse Generale des Chemins de Fers, 60 Caisse Generale du Commerce et de l'lndustrie, 56 Caixa de Conversao, 346, 347 California, gold rush in, 67, 69, 70,89,351 Cambridge, Duke of, 249, 318 Cambridge University, 20, 21, 43-45, 223-27, 245, 249, 251,444,468 Cameron, Ewen, 387-88 Cameron, Rondo, 56 Campagnie de la Mediterranee, 59-60 Lord Walter, 251 Campbell, Campbell, William, 400 Campbell-Bannerman, Sir Henry, 397, 420, 421,424 Camphausen, Otto von, 180-81, 182 Campos-Salles, Manuel Ferraz, Canada, 346 115,279,349,354, 474, 482-83, 488 Cape Colony, 359-64, 370 Caprivi, Count Leo von, 380 Carlyle, Thomas, 27, 428 Carnarvon, Earl of, 247, 305 Carnarvon, Marie Boyer 247 Wombwell, Lady (Mina), Carol 177 I, King of Rumania, 176, Carrington, Lord Rupert, 324-25, 326 Cassa del Commercio e delle Industrie, 86 Cassel, Sir Ernest, 234, 235, 250, 292,316,344,367,387, 391,394,406,413,4)9 Cassis, Youssef, 248, 255,431 Castellane, Marechal de, 57, 66 Castiglione, Camilio, 462 Catholics, Catholic Church, 16, 22,26,27,34,71,78,95, 101-2, 169-71,254,311, 327, 453, 489-90 Cave, Cavour,Stephen, Camillo 303-4 di, xxx, 50, 80-82,86,90,91,92, 98-101, 169,384 Cawston, George, 359, 360 Cecil, Lord Robert, 450, 453 Celman, Miguel, 341 Central British Fund for German Jewry (later the Council for German Jewry), 473 Ceylon, 331-32Austen, 326 Chamberlain, Chamberlain, Joseph, 281, 326, 328-32,364-65,414, 418-20

642 Chamberlain, Joseph (cont.) Anglo-German amity and, 387,388,391,392,394 Changarnier, Nicolas, 50—53 Channel Study Group, 486 Chaplin, Harry, 327, 419 Charles Anthony of Hohenzollern-Sigmaringen, 176, 177 Charlotte, Empress of Mexico, 118 Charnace Guy de, 264 Charterhouse J. Rothschild, 495 Chieves & Osborne, 116 Chile, 347, 349, 461, 469, 482, 485 bonds of, 346, 460, 464 China, 68-69, 294, 349, 383 Anglo-German amity and, 385-91,395 railways in, 385, 387, 388 Chirac, Auguste, 52, 265, 266-67, 300 Chirac, Jacques, 497 Choiseul, due de, 231 Chotek, Count, 87, 132 Chovevei Zion Association, 280 Christianity: in Balkans, 305, 306-7 conversion to, xxv, 28, 31, 33, 245 origins of, 32, 33 see also Catholics, Catholic Church Churchill, Lord Randolph, 314, 315,319,327-35,340, 361,363,371,372,414 Churchill, Sir Winston, 247, 333, 435, 477, 482, 484 Civil War, U.S., 92, 98, 105-6, 115-19, 144,270,297,348 C.J. Hambro& Son, 64, 81,82, 349, 423, 482 Clarendon, George William Villiers, Lord, 72, 113, 166 Clark, Gordon, 270 Clarke, Sir Edward, 420 Cleveland, Duchess of, 247 Cleveland, Grover, 348 Clive Holdings, 484-85 Clotilde, Princess, 90, 91 Ouzel, Louis, 463 Cohen, Albert, 468 Cohen, Arthur, 43-44 Cohen, Lionel, 275 Cohn, Albert, 20 Coin's Financial School (Harvey), 270 Cologne-Minden Railroad, 131-32, 136, 139, 140, 142, 182, 197,218 Colville, David, 480, 482, 483, 484

INDEX Colville, Jack, 477, 482 Committee of Assistance to Refugees, 474 Common Market Banking Syndicate, 486 Commonwealth Development Finance Co., 483 Compagnie Europeenne de Banque, 496 Compagnie Financiere, 487, 496, 497, 498 Compagnie Francaise des Mines d'Or et Exploration (CONFRADOR), 354, 356-57 Compagnie Generale de Traction de Paris, 354 Compagnie Immobiliere, 106 Compagnie du Nord, 58-59, 85, 264, 336, 470, 486-87, 495-96 Compania de Salitre de Chile 85 (COSACH), 464 Compania General de Credito,

Credit Fonder, 60, 95, 133, 137-38, 146, 150, 158, 162, 169, 170, 173, 182-83, 191,241,298, 299, 303, 378 Credit Foncier and Mobilier of

England, 64

Credit Immobilier, 158 Credit Lyonnais, 95, 168, 212, 213,236,306,378,387 Credit Mobilier, xxx, 50, 56-64, 83,84,95, 119, 129,237, 262, 264 Creditanstalt compared with, 87,89 Crimean War and, 72, 74, 75 demise of, 106-7, 144, 158-60 85 pan-European aspirations of, 63-64, 85, 86 Credito Mobilario Espanol, 64, Cremieux, Adolphe, 198 Crete, 173 Crewe, Marquess of, 418, 444,

Comptoir d'Escompte, 306, 353, 375, 378, 379 Congo, Belgian, 370, 373 Congress of Berlin (1878), 306-10 Congress of Paris (1856), 71, 77 Coningsby, or, The New Generation (Disraeli), 28, 30-32 Conservative party, British (Tory party), 23-24, 26, 32-35, 92, 100, 113-14, 164, 166, 277,318-30,371,490-93 disabilities bill and, 28, 33-35 military-financial complex and, 417-21,424, 429-30 Rothschild disillusionment with, 21,23 Consolidated Gold Fields, 352, 359 Cooke, Jay, 117 Cooper, Sir Frank, 493 copper mining, 167, 168, 235, 251,353-54,358 Cordier, Charles-Henri, 48 Corry, Montagu, 299, 302, 303, 323 Cowley, Earl, 91, 108, 109, 146 69 Cramptons, Hanbury & Co., Creditanstalt (Imperial and Royal Austrian Credit Institute for Commerce and Industry), 87,88-89,95, 129, 151, 172, 174, 175, 185,214, 241,309,311,408,409, 460 Depression and, 464-66

453, 480 Crewe, Peggy Rosebery, Marchioness, 418, 444, 450, 480 Crimean War, 40, 50, 71-83, 89, 296,305,410 Cripps, Fred, 235 Crispi, 384-85 Croatia, Francesco, 88 Cromer, Evelyn Baring, Lord, 314,316,394,407 Cross, Richard, 274-75 Cuba, 68, 104, 167 Cullen, Jeffrey, 69-70 Cumberland, Duke of, 35-36 Currie, Bertram, 332, 341^4, 453 349-50 Curzon, George, Lord, 327, 451, Cuza, Prince Nicholas, 143 Cyon, Elie de (alias Ily FadeyevichTsion), 377-78 Czechoslovakia, 456, 460, 472 Cyprus, 308 Daily News (London), 422-23, 442 Daily 486 Telegraph (London), 409, Dairnvaell, Georges, 256, 264 Daladier, Edouard, 469 Dalhousie, Earl of, 326 Damascus Jews, xxvi, 19, 22, 279 Dardanelles, 71, 305, 307, 373, 374, 390, 407 Darmstadter Bank fur Handel und Industrie, 63, 285, 408, 465

643 INDEX Davidson, Benjamin, 66, 67, 68, 69, 112 Davidson, Narhaniel, 68, 118, 119 Davidson brothers, 7, 351 Davies, Hugh, 480 Dawkins, Clinton, 287, 367, 419,443 De Beers Consolidated, 357-60, 362, 363, 367-68, 454, 461 De Beers Mining Company, 354, 356-57 Decazes, Louis Charles Amadieu, 219,299,304 de Crano, Edmund, 351, 357 Decree of Muharrem, 309-10 de Gaulle, Charles, 475, 488 Delagoa Bay, 361-64, 366, 390 Delahante, Gustave, 86, 95, 167 Delane, John Thadeus, 27, 33, 113, 149, 195,221,321, 322 Delcasse, Theophile, 374, 383, 394, 397 Delors, Jacques, 496 Democrats, Democratic party, U.S., 115,270-71,348 Denmark, 92-93, 124, 126, 129, 131 Depression, Great, 461-62, 464-66, 469 Derby, Earl of, 40, 41,43, 91-92, 148, 164, 298-99, 325 Eastern Question and, 303-6, 308 Dervieu, Andre, 297 Dervieu, Edouard, 297, 298 de Savigny, Karl Friedrich, 177 Destailleur, 230, 231 Deutsche-Asiatische Bank, 385, 387, 388 Deutsche Bank, 285, 310, 346, 384, 408, 472, 499 Deutsche de la Meurthe, 355 Devonshire, Duke of (formerly Lord Hartington), 301, 312,322,326,328-30, 332,365,396,419,420 Dewar, Thomas, 277 Dewey, George, 229-30 Dickens, Charles, 34 Dilke, Sir Charles, 220, 312,

anti-Semitism and, 272, 325 Bismarck's messages for, 178-79 death of, 323-24 debts of, 28, 34, 321 Eastern Question and, 303-9, 313,317,322 family background of, 28, 30, 253,306,321 Franco-Prussian War and, 195, 219 imperialism and, 298-309, 313,317,323 Jewish emancipation and, 33-34,41,42-43 Lionel's friendship with, 15, 28,33,34,41,42-43, 113, 165, 166, 173,253,318, 321-22 mixed marriages and, 245, 246 Natty 's views on, 113-14 novels of, 28, 30-33, 195, 320-23 Polish revolt and, 127 Reform Bill and, 113-14,321 Suez Canal and, 295, 298-303,317,391 Disraeli, Coningsby, 321 Disraeli, Isaac, 28, 321 Disraeli, Mary Anne, 12, 28-29, 34,42,248,321-24 Douglas, Stephen A., 115 Dresdner Bank, 285, 472, 499 Dreyfus, Alfred, 267-68, 282 Drouyn de Lhuys, 126-27, 136, 138 Drouyn de Lhuys, Mme., 54, 56 Drumont, Edouard, 48, 264-67, 269, 272 du Barry, Madame, 230 Dufferin, Lord, 332 Duncombe, Thomas, 40, 41 Dundas, Henry, 72 Dundas,J.C.,328 Duveen, Lord, 472 Eastern European Jews, 17, 19, 259, 272, 306 Anglicization of, 276-77 see also specific countries Eastern Rumelia, 308, 371 Eckardstein, Baron Hermann von, 370, 392, 393, 394,

323, 325-26, 327, 329 Disconto-Gesellschaft, 64, 177, 180,218,241,242,285, 315,384 Discount Bank, 487, 495

Edinburgh Review, 195 Edward VII, King of England, 249-52, 258, 268, 299,

Disraeli, Benjamin, xxv, 28-34, 51,91-92, 140, 161, 163, 219,221,223,249,255, 317-25

300, 393, 406-7 Egypt, 106, 229, 255, 294-304, 306,308,310-17,333, 334, 349, 450

396 Economist, 27, 425

bonds of, 292, 301-4, 308, 315-16 British occupation of, 265, 295,312-16,370-74,394, 412 debt of, 296, 297, 303-4, 316, 339, 394 Eichmann, Adolf, 472 Elisabeth, Empress of AustriaHungary, 248, 252 Emley, Miles! 491 Endymion (Disraeli), 323 England and Germany (Natty Rothschild), 430 Ephrussi, Beatrice Rothschild, 377 Ephrussi, Erlanger, Erlanger, Erlanger, Erlanger 241

Maurice, 377 Lob Moses, 64, 1 16 Michael, 279 Raphael, 131 & Sonne, 64, 129, 152,

ErnestGotha, II, Duke 74 of Saxe-CoburgEskeles (Vienna banker), 86 Esterhazy, Moric, 130, 131, 143 Esterhazy, Paul, 130 Esterhazy family, 130, 152 Est line, 63, 85 Eugenie, Empress of France, 54, 56, 90, 109, 145 European Economic Community, 485-86 European Property Company, 488 Evans-Gordon, Sir William Eden, 277 Evidences of Christianity (Paley), 44-45, 258 exchange rates, 503-4 Exploration Companv, 351-56. 358 Farquhar, Granville, 367 Farquhar, Horace, 222, 250, 352 Fashoda crisis, 373-74 Faure, Jules, 201-3, 205, 207 259 of Synagogues, 258, Federation Feinberg, Josef, 279 Feisal, Emir, 453 Ferdinand of Saxe-Coburg, King of Bulgaria, 168,372-73 Fergusson, Sir James, 327 Ferrieres, 45,47-48, 54, 61, 108-9, 111, 136, 156, 157, 250, 266, 474, 476, 488 Prussian occupation of, 189, 198-201,238 Ferry, Jules, 162,264,315 Feydeau, Ernest, 9, 17, 57, 58, 111-12,228,262,263 Finland, 185

644 First National Bank of New York, 348 Fisher, John Arbuthnot, 1st Baron Fisher of Kilverstone (Jackie), 389, 413 Fitzroy, Hannah Mayer Rothschild, xxv, 14, 244 Fitzroy, Henry, xxv, 244 Fitzwilliam, C.W., 328 Five Arrows, 488 Fleck, Peter, 482 Fleming, Robert, 484 Fleury, Emile Feix, 108 Flower, Cyril, see Battersea, Cyril Flower, Lord Foster, Roy, 332 Fould, 104, 106, 137 Fould, Achille, 50, 51-52, 56, 60,63, 107, 108, 112, 127 Fould, Benott, 50, 52, 57, 60, 63,76,81,82 Four Per Cent Industrial Dwellings Company, 273, 274-75, 277, 480 France, xxiii, 64, 294, 296, 349, 419,495-97 anti-Semitism in, 19, 39, 260, 262-68,271,300,470 Austrian relations with, 50, 54,86,87,90-91, 126, 138, 144-46, 165, 169, 172-73, 190 British entente with, 389, 394_401,453 British relations with, xxii, xxiii, 94, 126, 165-67, 193, 195,300,302,304, 310-13,315,369,373-74 capital exported by, 164, 165, 167 conservatism in, 336-38 in Crimean War, 50, 71,72, 73, 74, 75, 76, 83 Eastern Question and, 304, 305,310-14 1866 banking crisis in, 144^15 foreign assets of, 289, 291 German relations with, 52, 370, 374, 375 imperialism and, 297-300, 302,304,305,310-14, 347, 369, 373-74, 392, 394-95, 450, 453 interwar, 462—64 Italian relations with, 50, 90-91, 138, 144-46, 165, 169-72,384-85 Japanese relations with, 397 Jews in, 19-20,262-68 liberalization in, 160-64, 166

INDEX military-financial complex in, 413-14,416,417,432-33, 434, 436, 437

Frankfurt, xxi, xxiv, xxviii, 4-11, 116, 174, 177, 180-81, 184,249

in Napoleonic Wars, xxi-xxiii, 264-66, 267, 455

James's 1 849 visit to, 7, 8 philanthropy in, 17, 272, 273-74, 470 Rothschild competition in, 63,

Nazi occupation of, 474—77 Popular Front in, 470 Prussian relations with, 93,

Rothschild house in, M. A. 64 Rothschild & Sonne

military weakness of, 163—64, 190

126, 132, 144-46, 148, 163-67, 178-79; see also Franco- Prussian War public expenditures of, 123 railways in, xxviii, xxix, 1 1, 28, 37, 58-59, 62, 63, 84, 85, 86, 162, 196-97,208,290, 262, 264, 265, 293, 336, 463, 470 rentes in, xxvii, 52, 53, 55, 57, 72, 98, 106, 123-24, 160, 194,203,205,209, 211-17 revolution of 1830 in, xxiv, xxvi, xxvii revolution of 1848 in, xxi, xxix, 19,39,83,264,265 Russian entente with, 373-85 Russian relations with, 165, 310,409,432 Second Empire in, 50-63, 82-84,90-91,98-102, 105-14, 118-19, 126, 127, 132, 136, 138, 144-46, 148-50, 155-56, 159-69, 179, 189-98 Suez Canal and, 297-300, 302,313 Third Republic in, 190, 198, 201,204-17,219,233, 262-68, 297-300, 302, 304,305,310-14,336-38, 379, 469-70 World War I and, 432-33, 434, 436, 437, 445-46, 447, 449, 455 World War II and, 474-77 Franchetti, 257 Baron Raimondo, Franchetti, Sara Louise Rothschild, 257 Francis II, King of Naples, 100 Franco-Prussian War (1870-71), 93, 180, 182-83, 189-219, 238, 249, 265, 320 financial consequences of, 193-95,205-19 reparations in, 190, 194, 202, 204-17,265 Spanish succession issue in, 169, 190-94

war of 1866 and, 147, 152-53 Frankfurt Jews and the Mulcting of the Peoples Wellbeing, The ("Germanicus"), 260—61 Franklin, Jacob, 26 Franz Ferdinand, Archduke of Austria-Hungary, 409, 431 Franz Joseph, Emperor of Austria-Hungary, 54, 99, 100, 118, 126, 129, 136, 138, 155,248 Frederick III, Kaiser of Germany, 249, 386 Free French, 475 free trade, 21, 26, 94, 98, 113, 419,420 French Revolution, xxi Freycinet, M. de, 312, 313 Froude, J A., 27, 307 Fuad Pasha, 75 Fukuyama, Francis, 501 Funds of the Jewish Emigration Loan Society, 19 "Future of Palestine, The" (Samuel), 450 Galliera, due de, 62, 87 Gambetta, Leon, 190, 204, 211, 264,312,336-37 Gansl, Albert, 356 Garibaldi, Giuseppe, 93, 99-101, 126, 170 Gaskell, Milnes, 34 Gastein Compromise (1865), 130, 132, 135 Geddes, Sir Auckland, 461 Germain, Henri, 235, 236 German Confederation, 93, 126, 129, 141, 144, 146-53, 165, 183 German Jews, xxiii, 27, 209, 448 of Frankfurt, xxi, xxviii, 4, 5, 14,21,78, 178,260-61, 470, 471 French anti-Semitism and, 262-68 immigration of, 281, 282 Nazism and, 470-74 German National Association, 262 Germany, 99, 291, 294, 385-99, 401-3,409,410,494

645 INDEX anci-Semitism in, xxi, xxiii, 39, 178,249,260-62,281, 282, 470-74 Bjorko meeting and, 398 British relations with, 310-11, 313,369-73,385-95,397, 401,402,406,410,430-32 demonetization of silver in, 349, 350 Eastern Question and, 305-7, 309,310,313-16 economic origins of, 176—84 1873 crash in, 218, 219 financial repercussions of Franco-Prussian War for, 217-19 French relations with, 52, 370, 374, 375 imperialism of, 354, 370-71, 385-94,403,415 joint-stock banking in, 63, 64 military-financial complex in, 413-17,430-34,436 navy of, 389-90, 402-3 railway finance in, xxviii, xxix, 184 Reinsurance Treaty and, 375, 380 Rothschild relations with aristocracy in, 249 in Three Emperors League, 305,310,373,375 in Triple Alliance, 310, 373, 384, 385, 389, 392, 399 unification of, 3, 84, 92, 93, 94,95, 114, 123-26, 146-53, 164, 180, 183-84, 189,503 World War I and, 430-34, 436, 447, 448, 455 World War II and, 471, 472, 474-78 see also Weimar Republic Germany, Nazi, 470-78 Gerschenkron, Alexander, 56 Gibbs, Alban, 420 Gibbs, Harry, 352, 423 Gibbs, Herbert, 430 Gifford, Lord, 359, 360 Girardin, Emile de, 159 Girette, Jean, 233 Gladstone, Herbert, 396, 443 Gladstone, Mary, 232 Gladstone, William, 28, 34-35, 42,70,73, 113-16, 166, 244, 246, 250, 255, 318-20,323-35,343,349, 370,371,372,414,421 Eastern Question and, 305-9, 311-13,324 Franco-Prussian War and, 193, 194, 195,201,203,219, 320

Lionel proposed as peer by, 253,254 Suez Canal and, 298, 301, 302, 306 Glyn, 129 George Grenfell, 95, 119, God Protects Israel (Leandre), 265, 266 gold market, gold, xxiv, 52, 61, 67,69,70,83,89, 105-6, 117-18, 151, 160,380, 399, 433, 436 Barings crisis and, 342-43 Franco-Prussian War and, 194, 197,206,208-9 in South Africa, 352-53, 359,

Government of National Defence, 194, 198 Gramont, Agenor, due de, 190, 244, 447 Gramont, 244 due de, 173, 190-93, Gramont, Margaretha Rothschild, duchesse de, 190,243,244,245,447 Grand Central Company, 62 Grande Socidti des Chemins de Fers Russes, 89 Grandmothers 99th Birthday 3-4 Grant,(cartoon), Robert, 23

363, 482 Goldschmidt, Hermann, 222, 233

Grant, Ulysses S., 115, 117, 155 Granville, Lord, 246, 253, 254, 301,303,319,320,325 Eastern Question and, 307,

Goldschmidt, Moritz B., 64, 80, 128, 131, 138, 139, 176, 189

Great 309,312-14 Britain, xxviii, 20-49, 52,

Goldschmidt-Rothschild, von, 257, 447, 466, Goldschmidt-Rothschild, von, 466, 471 Goldschmidt-Rothschild, von, 242, 249, 257, 471

Albert 471 Erich Max 466,

Goldschmidt-Rothschild, Minna Caroline Rothschild von, 242, 257 Goldschmidt-Rothschild, Miriam Rothschild von, 257, 444, 447 Goldschmidt-Rothschild, Rudolf von, 471 Goldschmidt-Rothschild & Co., 466 Goldsmid, Francis Henry, 22, 329 Goldsmid, Isaac Lyon, 22, 24 Goldsmid, Julian, 245 Goldsmith, James, 487, 495 gold standard, 347-50, 353, 375,382,400-401,462, U.S.503-4 transition to, 270, 349 Goltz, Count Robert von der, 139-40, 142 Goncourt family, 47-48, 49, 108, 109, 111, 112,223, 228-29, 267 Gorchakov, Aleksandr M., 177, 184, 185, 195,219,305, 307 Gordon, Charles George (Chinese), 315, 334 Goring, Hermann, 471-72, 476-77 Goschen, George, 333, 339, 340, 342, 343, 349, 423 Goulburn, Henry, 23, 35

56, 92, 105, 164-67, 369-410 anti-Semitism in, xxvi, 20, 27, 35-36,253,260,268-71, 325 Austria-Hungary's relations with, 407-10 Austrian relations with, 305, 372-73 banking crisis in (1866), 144 banking crisis in (1878), 306 in Boer War, 364-68, 391-92, 412,418 bonds of (consols), xxii, xxiii, xxiv, xxvii, 46, 72, 98, 124, 194,294,339,342-43, 422, 424, 425, 432-33 capital exported by, 164, 347 China policy of, 385-88 in Crimean War, 40, 50, 71-75, 76 . Eastern Question and, 303-17, 322, 324 elections in, 22-24, 26-28, 40, 92, 277, 278, 308-9, 319,322,324-26,328, 418,420,490,493 empire of, 68-69, 281, 289, 291-92,295-317,331-33, 369-74,385-94,413,450 Franco-Prussian War and, 191, 193-96,201,203,320 French entente with, 389, 394-401,453 French relations with, xxii, xxiii, 94, 126, 165-67, 193, 195,300,302,304, 310-13,315,369,373-74 German relations with, 310-11,313,369-73, 385-95,397,401,402, 406,410,430-32

646

INDEX

Great Britain (cont.) Jewish immigration issue in, 276-80,318,474 Jews in, xxvi, 14-28, 33, 35-43, 45, 225, 248-55, 258-60, 447-48, 450-53 military-financial complex in, 411-37 national debt of, 296, 297, 416,455 N. M. Rothschild & Sons compared with economy of, 289,291 Prussian relations with, 148^9, 305 roots of neutrality of, 113—15 Rothschild relations with aristocracy in, 248-56 Russian relations with, 186, 305-8,310,369,371,382, 387-88, 394-97, 401-7, 448 Suez Canal and, 295, 297-304,313 telegraph in, 64 in Triple Entente, 372-73, 407 U.S. relations with, 270 World War I and, 429-37, 445_49, 455 World War II and, 477-78 Greece, xxiii, xxvi, xxvii, 294, 308, 309, 390 Green, A.L., 16, 18, 19 Greenberg, Leonard, 259 Greene, Benjamin Buck, 341 Greenwood, Frederick, 298-99 Gresham Life, 485 Greville, Charles, 4 Grevy, Francois Paul Jules, 209 Grey, Albert H. G., 4th Earl, 27, 328, 329 Grey, Sir Edward, 374,401, 405-6, 407, 434, 435, 450 Grosvenor, Lord Richard, 326 Guinness, Sir Edward, 292, 293 Guizot, Francois, 22 Guy, Robert, 493 Haber, Samuel, 137 Hahamake, Haim Kohen, 278-79 Haldane, Richard, Lord, 232, 240, 427, 435-36 Halton, 229, 231,319, 467 Hambro, Everard, 352, 419 Hambro Life, 495 Hamilton, Edward, 231, 246-47, 250, 254, 255, 293,314,330-34,339, 366-67,368,370,371, 391,418,419

Barings crisis and, 341, 343, 344 Ferdinand and, 232-33, 326 Hankey, Thomas, 70 Hankey, Thomson, 222 Hanotaux, Gabriel, 373-74 Hansemann, Adolph, 117, 180, 182, 183, 185, 194-95, 196,206,212,214,216, 218,241,379 Anglo-German amity and, 385-88 Harcourt, Lewis (Loulou), 361 Harcourt, Sir William, 222, 322, 326, 329, 335, 342, 349, 350, 371 Hardinge, Arthur, 252 Hardinge, Sir Charles, 406 Hart, Robert, 385 Hartington, Lord, see Devonshire, Duke of Hartmann, Alfred, 499 Harvey, "Coin," 270 Hattersley, Roy, 492 Hatzfeldt, Count Paul von, 370-72, 383-84 Anglo-German amity and, 388, 389, 390, 392, 393 Haussmann, Georges, 105, 160-61, 162 Hayashi, Baron Gonsuke, 396 Heath, Edward, 485, 491 Heine, Carl, 50, 62 Heine, Heinrich, xxiv, xxv, xxvi Henckel von Donnersmarck, 206-8,214,216 Herriot, Edward, 463

435 Holden, Sir Edward, 430-31, Holland, xxiii, xxiv Holstein, 100, 126, 129-32, 135-39, 143, 144, 146 Holstein, Friedrich von, 383, 386-87, 393, 394, 407-8 165 Holy Alliance, xxiii, xxvi, 71, homosexuals, homosexuality, 245, 246, 247, 468 Hong Kong, 68, 385, 485 Hong Kong & Shanghai Banking Corporation, 385-88, 391, 395, 458 Hope and Baring, 128, 185 Hoskier, Herman, 348, 378, 379 Hottinguer, 59, 74, 104, 106, 137, 378, 387 House of Commons, British, 20-28, 39-43, 45, 47, 73, 113,248,253,254, 325-26, 327, 329, 420, 422-24, 426, 429, 434 disabilities bill and, 28, 33-35, Reform Bill debates in (1866), 113-15,321 38 House of Lords, British, 20, 23, 28,35-38,40-41,47,293, 324,331,335,423-29 Natty 's elevation to, 248-55 Hovevei Zion ("lovers of Zion") Howe,groups, Geoffrey, 280 492 Howell, George, 324

Hertz, Joseph Herman, 259 Herzl, Theodor, 257, 280-83, 360, 449 Heseltine, Michael, 493 Hesse-Darmstadt, Grand Duke

Hoyland, Philip, 478 Hubner, Count, 50, 51,53, 54, 72,86,90,91,99

Hesse-Nassau, Duke of, 152 Heydt, Baron August von der, 132, 151, 182

Hungary, 39, 71,86, 88, 434 interwar, 456, 459-60, 465, 482, 485

of, 63

Higginson, John, 354 Hill, Philip, 466 Himmler, Heinrich, 472 Hirsch, Maurice de, 175, 250, 257, 279 Hirsch, Samson Raphael, 14 Hirsch, Samuel, 279, 280, 297, 306,311 History of the House of Rothschild (von Scherb), 261 Hitler, Adolf, 470-72, 476-77, 478 Hobbs, Peter, 457 479 William Armfield, Hobday, Hobson, J.A., 269, 284, 294, 364,366,411,412,433

Hungarian General Credit Bank (Magyar Atalanos Hitelbank), 174, 177

see also Austria-Hungary Huret, Jules, 337-38 Iddesleigh, Lord, 372, 385 Ignatiev, Nikolai Pavlovich, 305, 307 487, 495 IMETAL, Imperial and Royal Chartered Austrian State Railway Company (Staatsbahn), 86 imperialism, 284-317, 331-33, 335, 369-74, 412 armaments and, 413-14 Barings crisis and, 339-47 Eastern Question and, 303-17, 322, 324 risk and returns of, 339-68

647 INDEX Suez Canal and, 295, 297-304,306,313, 316-17,391 Imperialism (Hobson), 269, 284 Imperial Lombardo Venetian and Central Italian Railway Company, 87-88, 100 Imperial Maritime Customs, 385

James, Henry, 326 Jameson Raid, 360, 364, 391 Jamnitzer, Wenzel, 230 Janicot, Maurice, 476 Japan, 383, 386-87, 388, 485 Russian relations with, 394-97 Jardine, Matheson &: Co., 385 Jaures, Jean Leon, 403, 419 Jerome, Prince, 90-91

Joseph, N.S., 275, 277 Journal des Debats, 155-56, 162, J. Rothschild & Company, 490 304 J. Rothschild Holdings, 495 J. S. Morgan & Co., 194,212, 287, 288, 367, 423 Judengasse, xxi, 4, 8, 156, 228, 230

Imperial Ottoman Baghdad

Jerusalem, 20, 71, 279, 453

Railway, 390-91 India, 65, 69, 106,297, 322,

Jewish Bund, 377 Jewish Chronicle, 27, 244, 248, 259, 277, 448, 468 Jewish Colonisation Association

Kahn, Zadok, 279, 280 Kaiser-Ferdinand-Nordbahn, 86, 262 Kehrl, Hans, 472

(JCA), 279, 280, 453 Jewish France (Drumont), 264, 266

Kelly, Sir Fitzroy, 40, 49 Kemble, William H., 117

331-32 Indian Midland Railway, 332 Industrial Reorganisation Corporation, 491 Inglis, Sir Robert, 34, 39 Inland Revenue, 368, 457 Inter-American Development Bank, 485 International Acceptance Bank (IAB), 459 International Bank of St. Petersburg, 355 International Financial Society, 64, 129 International Land Company, 64 International Monetary Conference (1892), 349. international monetary system, 70,95,98,347-51 Ireland, 46, 318,321-22 Home Rule and, 327-31, 335, 418,421,429-30,434-35 Isabella, Queen of Spain, 105, 168 Ismail Sadyk Pasha, 295-99, 302-4,308,315 Israel, 489 Israelite Religious Community for Orthodox believers, 14 Italy, xxvii, 7, 50, 65, 130, 349, 384-85, 409-10 Eastern Question and, 304, 305, 309 French relations with, 50, 90-91, 138, 144-46, 165, 169-72, 384-85 Jews of, 22, 79 Landau initiative and, 142-43 military expenditures of, 413-14 railways in, 84-86, 103, 104, 130, 133-34, 137-38, 142, 146, 149, 150, 171-72,384 rentes in, 99, 102, 146, 150, 170, 399 in Triple Alliance, 310, 373, 384, 385, 389, 399 in Triple Entente, 372-73 unification of, 84, 92, 93, 98-105, 115

Jewish Pale, 22, 278, 279, 375, 377, 448 Jewish question, 276-83, 318, 403-7, 448-53, 473-74 Jews, Judaism, 58, 257-83 conversion to Christianity by, xxv, 28, 31,33 of 279 Damascus, xxvi, 19, 22, dietary laws and, 14, 15, 258 Disraeli's fascination with, 28, 31-33 emancipation of, xxi, xxvi, 20-28, 32-45, 45, 78, 79, 80, 176-77,248,249, 253-55, 471 Orthodox, 14-15,258,259, 274 277 poor, 17-21,259,274-75, Reform, 14-15,259 in Rome, 22, 79, 80 Rothschild fidelity to, xxv-xxvi, 4, 13-20, 157-58,244-45,255-60 state for, 280-83, 449-53 in World War I, 447-48 see also anti-Semitism; specific countries Jews against France, The (Drumont), 265 Jews and Economic Life, The (Sombart), 261 Jews' College, 18,274 Jews' Free School, 16, 18,42, 258, 259, 274, 275, 278, 480 Johnson, Percival Norton, 70 joint-stock companies, xxix-xxx, 56-64, 84, 85, 87, 95, 132, 144,159-60,175,241, 242, 285, 306, 443 Franco-Prussian War and, 206, 213,214,216 mining and, 351-56 Joseph, Keith, 491

Kerensky, Aleksandr, 448 Keynes, John Maynard, 208, 436,481 Kidder Peabody, 459 265 Central, 356-57, 368 Kimberley Kings of the Republic (Chirac), Kirkpatrick, Maria Manuela, 54, Kitchener, Horatio Herbert, 374, 412,434,448 56 Kleinwort Benson, 490, 499 Kleinwort & Cohen, 64, 285, 287, 288, 346, 433, 436, 454 Knollys, Sir Francis, 252, 406 Koenig, Pierre, 475 Koniggratz, Battle of (1866), 146-51, 163, 165 Kranefuss, Fritz, 472 Kraus, Karl, 262 Kreuger, Ivan, 466 Kruger, Paul, 363-65, 391-92 Kuhn.Loeb, 396,471,480 Kuntschak, Leopold, 471 Kupelweiser, Paul, 413 Kyd, David Hope, 277 Labour party, British, 420, 421, 481,491-94 Laffitte, Charles, 56, 62, 85, 86 Laffitte, Jacques, xxv Lambert, Samuel, 65, 197 Lamont, Norman, 493 Landau, Horaz, 65, 75, 142-43, 150, 158,298 Langrand-Dumonceau, 95, 101, 130, 133, 169-70,311 Lansdowne, Lord, 390, 392, 394, 395, 397, 426, 429 La Rocque, Francois de, 469-70 Lascelles, Sir Frank, 372 Latin Monetary Union, 102, 160, 165,349,350,503 Lauch, Father, 26, 27 Law, Bonar, 430, 453 Law, John, 56

648

INDEX

Lawson, Nigel, 492, 493 Lawson, Sir Wilfrid, 322-23 Lazard Freres, 64, 486 Lazare, Bernard, 268 League of British Jews, 452 Leandre, Charles Lucien, 265, 266 Leboeuf, Edmond, 193 Le Nickel, 354, 486, 487 Lenin, V.I., 412,448-49 Lennox, Lord Henry, 113, 245 Leopold I, King of Belgium (Leopold of Saxe-Coburg), xxiii, 85, 118, 166 Leopold II, King of Belgium, 256, 370, 373 Leopold of HohenzollernSigmaringen, 168-69, 190-94 Lepneveu, 265-66, 267 Lesseps, Ferdinand de, 297-98, 300,301,304 Letwin, Oliver, 493 Lever, Charles, 269 Lewis, Sir George, 73-74 Lewisohn, Leonard, 354 L. F. Rothschild, Unterberg, Towbin, 495 Liberal League, 335, 418 Liberal party, British (Whig party), 20-28, 33, 35, 38, 40,42,92, 113-14, 164, 244, 253, 254, 278, 318-20,322-35,368,397, 403 imperialism and, 301, 305-9, 311-18,371,372 military-financial complex and, 418-25,427, 429-30 Liberal Unionism, 318, 326, 329-31,429-30 Lidderdale, William, 340-43 Lightfoot, Joseph, 44, 224 Lincoln, Abraham, 115, 117 Lindsay, David, 231,232, 268-69 Littlehales, George, 457 Lloyd George, David, 269-70, 335,411,427-29,433, 441,451,453 People's 427 Budget of, 423-25, World War I and, 435-37, 446-47 Lobengula, King of the Matebele, 359 Lombard line, xxix, 103, 133-34, 137-38, 142, 146, 149, 150, 171-72, 174-75 Lombardy, 86, 90, 92, 99, 100 London, xxi, xxii, 64, 194, 206 philanthropy in, 17, 18-19, 274-75, 277

pro-Reform demonstrations in, 114, 115 Rothschild house in, see N. M. Rothschild & Sons London National Property Co., 466 London and North Western Line, 46-47, 301 London and Westminster Bank, Long, Walter, 327 56 190, 195, 202-5, 208 Lorraine, Lothair (Disraeli), 195, 322 Louis XIV, King of France, 48 Louis Napoleon, see Napoleon III, Emperor of France Louis Philippe, King of France, xxvi, xxvii, 37, 52, 105 Lowe, Sir Robert, 42, 113, 114, 301,302,303,306 Lueger, Karl, 262, 268 Luxembourg, 85, 165-66, 203 Lynch, Henry, 461 Lyons, Lord, 193,203,312

succession struggle in, 7-8, 10, 11 Maximilian, Emperor of Mexico, 118-19 Maxwell, Robert, 484 Mayer, Rene 469, 470 Mazerat, 212, 213 Mendel, Gregor, 244 Mendelssohn, 306, 405, 408 Mentmore, 45^8, 114,231, 246,249,331,368 Merck Finck& Co., 471 mercury mining, xxviii, 104, 167,168,351,353,358 Merimee, Prosper, 106, 145, 157, 196-97, 228 Merrill Lynch, 489, 494 Metternich, Klemens Lothar von, Prince, xxiii, xxvii, 27, 76, 120, 122,231 Metternich, Richard, 105, 143-44, 146, 155,248, 489 397, 398 Mexico, 67-70, 92, 294, 354,

McClellan, George, 1 1 5 McCulloch, Hugh, 270 McDonald, James G., 473 McDonnell, Schomberg, 347, 365, 369, 374, 383, 385, 388, 390, 393 McKinley, William, 348 MacMahon, Marshal, 304, 336

French invasion of, 118-19 Meyer, Carl, 234-35, 237, 242, 365,391 mining and, 353, 358, 362, 363 Midi line, 60, 62, 85 Midland Bank, 285, 288, 454-55

Madrid, Zaragoza and Alicante Railway Company, 85 Magne, Pierre, 74, 83, 84, 164 Magnificent Rothschilds, The (Roth), 468 Magnus, Sir Philip, 452 Mahmud Nedin Pasha, 298 Mallet, 106, 137, 378 Manchuria, 387, 388, 395 Mann, Thomas, xxvi, 220 Manners, Lord John, 34, 39,

Mill, John Stuart, 114 Milner, Alfred, Lord, 259, 364-65,366,429,451,

300 Manteuffel, Count von, 78, 79, 152 Marievale and Nigel Gold Mine Estates, 352 Marks, Samuel, 365 Marr, Wilhelm, 260 Martin, John Biddulph, 343 Matebele, 359-60,361,413 Matthey, George, 70 Maurras, Charles, 469, 470 M. A. von Rothschild & Sonne, 64, 77-79, 93, 220, 237, 385,455 Bismarck and, 120-22 closing of, 223, 242, 470 decline of, 11, 93 Franco-Prussian War and, 194-95, 196,212

453,461 Milnes, Monckton, 27 Mires, Jules Isaac, 58, 60, 63, 74, 80, 83, 84, 85, 106 Mitterrand, Francois, 496, 497 M. M. Warburg, 392, 396 Mocatta, ED., 275 "Model Millionaire, The" (Wilde), 233-34279 Mohilever, Samuel, Moldavia, 71, 88 433 Moltke, Helmuthvon, 198, 199, Montagu, Andrew, 321 Montagu, Edwin, 450, 461 Montagu, Samuel, 259, 275, 277 Montefiore, Claude, 275, 450-53 Montefiore, Jacob, 69 Montefiore, Joseph, 1 1 Montefiore, Judith, 35 Montefiore, Leslie, 69 Montefiore, Moses, 22, 25, 44, 176 Montefiore, Nathaniel, 13 Montefiore & Co., 69 Montenegro, 305, 308, 309

649 INDEX

Monti, Raphael, 47 Moreau, Emile, 463 Morgan, J.P., 400, 405, 437, 455-56 Morgan, Junius Spencer, 1 17, 287,348,419 Morgan, Pierpont, 287, 291, 348, 367 Morgan Grenfell, 285, 288, 454, 455, 460, 464, 482, 486, 499 Morley.John, 193,328 Morny, due de, 58, 60, 62, 85, 86, 118 Morocco, 311,392-93, 394, 397-98, 403, 432, 475 Moser, Sir Claus, 491 Mouton-Rothschild (formerly Chateau Brane-Mouton), 46.61 Mozambique, 389, 392 Muhlinen, 134, 136-37 Munster, Count, 309, 381-82 Myers, Asher, 259 Myers, George, 46, 47

Nauheim, Joseph, 442-43 Naval Construction and 413 Armaments Company, 412, Nelson, Tony, 493 Nelson & Innes, 49 Nesselrode, Count, 22 New Court European Investment Trust, 486 New Court Securities, 488, 494 New Zealand Exploration Company, 353 Nicholas I, Tsar of Russia, 22, 71 Nicholas II, Tsar of Russia, 398, 403, 404 Nicolson, Sir Arthur, 406 Nicolson, Harold, 467, 480 Nigra, Constantino, 80, 81, 142 N. M. Rothschild & Sons, xxii, 24, 63, 64, 68, 69, 82, 98, 102-3, 117, 175, 180, 221-22,239-41,332,373, 442-43,455,501 accounting system of, AA2-A3, AAA armaments and, 412-13

Naples, xxi, xxiii, xxiv, 7, 8, 11, 82, 99, 100 closing of house in, 93, 171, 223, 237 profits in, 93, 96 railways in, 84—85 Napoleon I, Emperor of France, xxi-xxiii, xxx, 50 Napoleon III, Emperor of France, 19,50-54,61,74, 84, 107-10, 112, 155-56, 159-69, 176 assassination attempt against, 90-92 Bordeaux speech of, 54, 91 coup of, 50, 52-54, 58 Ferrieres visited by, 108-9 foreign policy of, xxx, 86, 90-91,98-101, 105, 112-13, 114, 118-19, 126, 127, 136, 138, 144-46, 148, 149, 150, 164-69, 171, 179, 189-90, 192, 195 Franco-Prussian War and, 189-90, 192-93 liberalization by, 160-64, 166 marriage of, 54, 56 Napoleonic Wars, xxi-xxiii, 73, 133,255,264,265,455 Narvaez, Ramon Maria, 104—5 Nathan Mayer or the Origin of the Billions (Lepneveu), 265-66, 267 National Provincial Bank, 56, 459, 486, 488 National Westminster Bank, 488

Barings crisis and, 340—45 Brazil and, 68, 345-47 capital of, 285, 287, 288 Crimean War and, 73-74, 76 decline of, 366-68 1852 agreement and, 10-11 1866 banking crisis and, 144 fourth generation at, 234-35 Franco-Prussian War and, 194-95,206,212-14,216 gold refining of, 70 independence sought by, 6— 10 imperialism and, 291-95, 298-302, 315-16, 340-17, 351-54,356-68 in interwar years, 454—62, 464, 466 Japan and, 395, 396 mining interests and, 351-54, 356-64 privatization and, 490-94 profits of, 11,93,94,97,455, 496, 507-8 railway finance and, 87-88, 171-72,491 selected financial statistics for, 505, 507-9 women employed at, 458 World War I and, 435-37 after World War II, 479-86, 488-95 World War II and, 478 N. M. Rothschild AssetManagement (RAM), 484, 494 N. M. Rothschild group, 490-502

N. M. Rothschild & Sons Limited, 500 Nobel Brothers Petroleum Co., 355 Nomura Securities, 485, 489 Nord, xxix, 37, 58-59, 62, 84, 85, 162, 196-97,262,264, 487 265, 293, 336, 463, 470, Norddeutsche Bank, 64 Northbrook, Lord, 314-15 Northclifre, Lord, 434 Northcote, Sir Stafford, 299, 324, 372 Northern Pacific Railroad, 1 17 North German Confederation, 151, 177-78, 180, 182, 190 Oath of Abjuration, 20, 22, 24, 39-40 Act Amendment Oaths 28, Validity Bill, 41 O'Connell, Daniel, 25, 39 Odhams Press, 484 O'Donnell, Leopoldo, 103 Oettingen-Wallerstein, Prince Ludwig von, 37, 38 OeuvreSecours des loyers, 1' (later 273 Rothschild), oil market, 261,355, 380-81, 489,491,492 Ollivier, Emile, 163, 192-93 Oppenheim, 62, 88, 132, 142, 214 Oppenheim, Abraham, 63, 182 Oppenheim, Henry, 297, 298, Oppenheim, Hermann, 297, 298 352 Oppenheim, Simon, 63 Oppenheimer, Ernest, 461 Organisation of Petroleum Exporting Countries (OPEC), 489 Orsini, Felice, 90-92 Osterreichische Landerbank, 311 Otavi Minen und Eisenbahn Gesellschaft, 354 Ottoman Empire, 71, 280, 295-311,316,449 Anglo-German amity and, see 390-91 also Turkey, Ottoman Overend Gurney, 64, 144 Overstone, Lord, 302, 303 Oxford University, 20, 43, 224-25 Packer, Kerry, 495 Padoa (Rothschild agent), 384-85 Pakington, Sir John, 40 Palestine, 27, 279-82, 445, 473-74

INDEX

6 50 Palestine (cont.) Balfour Declaration and, 449-53 Palestine Foundation Fund, 453 Palestine Jewish Colonisation Association, 453 Paley, William, 44-45, 258 Palin, Ronald, 456, 457-58, 464, 480, 483 Palmerston, Henry John Templeton, Lord, xxx, 40, 41,73,91, 113 Panama Canal, 347, 375 Panama Canal Company, 381 Papacy, Rothschild relations with, xxvi, 79-80, 101 Paraguay, 68 Paribas group, 214, 216, 378, 387, 464, 497 Paris, xxiv, 14, 49, 70 German occupation of, 206, 208 philanthropy in, 17, 19-20, 273 Prussian siege of, 203-4 Paris, Treaty of (1856), 305 Paris Commune, 204, 210, 264 Paris Exhibition, 163-64 Paris-Lyon railway, 58, 59, 62 Paris-Orleans Gestion, 496 Parkinson, Cecil, 493 Parliament, British, xxvi, 20-28, 33-43, 73, 299 see also House of Commons, British; House of Lords, British Parnell, Charles Stewart, 328 Pattison, James, 23-24, 27 Paxton, Joseph, 47, 48 Peabody, George, 1 1 7 Peabody & Co., 82 Peel, Jonathan, 1 13 Peel, Lady Alice, 114,250 Peel, Sir Robert, 21-25, 33, 34, 35,39,113 Penarroya Mining and Metallurgical Company, 354, 486, 487, 495 Pereira, Ludwig, 86 Pergamon Press, 484 Periere brothers, xxx, 50, 56—57, 59-64, 69, 74, 82-89, 98-99, 104, 106-7, 109, 158-59, 168,241,264 Period, 159 Perry, Caroline, 67 Perry, Matthew Galbraith, 67 Persia, 310, 349 Persigny, Jean Gilbert Victor Fialin, due de, 60, 127 Perugia, Achille, 258 Pewin, Henri Philippe, 475-76,

196

Philby, Kim, 468 Philip Morris, 499 Pichler, Adolf, 262 Piedmont, 71, 80-82, 90-92, 98-100, 102, 384 railways in, 84-86 Pinder, Denis, 485 Pio, Emilio, 230, 233 Pirie, Bob, 494 Pius IX, Pope, 99, 101, 146 Pleiger, Paul, 472 Plener, Baron Ignaz von, 131 "PO Banque," 497 Poincare, Raymond, 463 Poisat, Michel Benolt, 70 Poland, xxvii, 119,460 Jews in, 5, 22, 375, 377 revolt in, 126-28, 171 Pollack & Co., 355 Pompidou, Georges, 488 Ponsonby, Sir Henry, 247 Poor Jews' Temporary Shelter, 259, 274 Populists, U.S., 270-71, 347-48 Port Arthur, 387-88, 396 Portugal, xxviii, 85, 349, 370, 474, 475, 485 African colonies of, 359, 361-64,370,389,390, Posse,392 Hans, 472 Postal Savings Banks, 408, 409 Pouyer-Quertier, Augustin, 212, 213,216 Prayers and Meditations (Charlotte Rothschild), 18 Preussische Central-BodenCredit Aktiengesellschaft, 182 Prevost-Paradol, 155-56 Prim, Juan, 105, 167 Primrose, Neil, 446 Prost, Adolphe, 85 Protopopov, Aleksandr D., 448 Proust, Marcel, 267, 268 Prussia, 52, 54, 64, 92-95, 98, 99, 100, 120-26, 129-53, 176-84 anti-Semitism in, 22, 122 Austrian relations with, 52, 93, 120, 122, 124, 126, 129-51, 160, 165, 173, 194 bonds of, xxiii, xxiv, 23-24, 124, 125, 180, 181, 194, 196 Crimean War and, 71, 72, 77-79 and financial background to unification, 123-26 French relations with, 93, 126, 132, 144-46, 148, 163-67, 178-79; see also FrancoPrussian War

Holsteinand, 129-32, 136, 138, 144 Italian relations with, 142-45 railways in, 122, 130, 131-32, 136, 180 Rumanian relations with, 176-77 Russian relations with, 165, 176-77 in war of 1866, 146-53, 173, 194, 195 Prussian Customs Union, 165 Queensberry, 9th Marquess of, 246 Quiet Morning in the Tate Gallery, A (Beerbohm), 274, 275 Rafelsberg, Walter, 471 Rafifalovich, Arthur, 381, 403-4 railways: commuting by, 46-47 internationalization of, 84—89 see also specific railways and Rand Mines, 352, 353 Raphael, Henry, 191 Rasche, Karl, 472 places Rattazzi, Urbano, 169, 170 Redwood, John, 491,493 Reeves, John, 269 Regendanz, Wilhelm, 460 Reichsbank, 219, 378, 402 Reinsurance Treaty (1887), 375, Reliance 380 Group, 484 Renan, Ernest, 30 Republicans, Republican party, U.S., 115,348 Reunion Financiere, 84, 85, 95 Reuter, Julius, 64 Revelstoke, Edward Baring, Lord, 234,255,339,341,344, 352,367,391,396,405, 406,418 revolution of 1 830, xxi, xxiv, xxvi-xxvii revolution of 1848, xxi, xxiv, xxix-xxx, 6—7, 8, 19, 65, 83, 264, 265 anti-Semitism in, 21, 39 Reynolds, Sir Joshua, 231 Rhineland, xxi, 54, 85, 99, 132 Rhodes, Cecil, 294, 339, 356-64, 368 Ribot, Alexandre Felix Joseph, 380,381,384-85 Richardson, Michael, 491 Richard Thomas & Baldwins, 484 Rio Tinto copper mines, 167, 168,235,251,353,461, 486

INDEX 651 RIT Capital Partners, 495 RIT & Northern, 495

homosexuality ascribed to, 247

liberalization and, 161-64 marriage of, 11, 12, 13, 242

Rivers Wilson, Charles, 303-4, 308, 333 Robinson, Sir Hercules, 359 Robinson, Sir James, 230 Rochefort, Henri, 160, 163 Roebuck, John, 38 Rogers, William, 231 Rolls Royce Motors, 491 Roon, Count Albrecht Theodor Emilvon, 132, 135, 141, 199

imperialism and, 292, 304, 309,365,366,371,373,

mining interests and, 353-56 Napoleon III and, 108, 109, 144, 145

Roosevelt, Theodore, 400 Roqueplan, 240-41 Rose, Sir Philip, 301,322 Rosebery, Archibald Primrose, 5th Earl of, 232, 244-49, 315,318,322,335, 371-74,418,424 party politics and, 323, 326, 331-35,337 Rosebery, Hannah Rothschild Primrose, Lady, 47, 244-49, 334,418,446 death of, 246, 247 Jewish identity of, 245, 256 marriage of, 244, 245, 248, 249, 322, 333

374, 392 Jewish identity of, 255-56 mistress of, 247 in paintings, 274, 275 Paris visited by, 155,210,211, 238 party politics and, 318, 322, 323, 329, 333, 334, 335 philanthropy of, 279 real estate of, 229, 231, 467 World War I and, 434, 436, 446, 447 Rothschild, Alice, 230, 243, 251, 255, 320, 467 Rothschild, Aline de, wSassoon, Aline Rothschild de Rothschild, Alix Schey von Koromla de, 475, 489 Rothschild, Alphonse (son of Salbert), 445-47, 471, 472 Rothschild, Alphonse de (son of James), 7, 10-14, 54, 102-9, 133-37, 165-68, 170-75,221,228,238-40, 258,312,384,419

Rosebery, Peggy, see Crewe, Peggy Rosebery, Marchioness Rosenberg, Alfred, 476 Rosenheim, Jacob, 17 Roth, Cecil, 468 Rothschild, Adele de, 242, 245, 257, 447 Rothschild, Adelheid de (wife of Edmond), 243, 244, 444, 447

Anglo-German amity and, 385-87 Anselm's disagreements with, 174-76 anti-Semitism and, 268, 271, 306-7, 380 art collection of, 158-59,

Rothschild, Adelheid Herz (wife

211,213,225,342-43, 350, 379 Barings crisis and, 340,

of Carl), 5

230-31 Banque de France and, 62, 82-83, 105-7, 197, 203,

Rothschild, Adolph, 7, 10, 1 1, 100, 220 art collecting of, 48, 152, 237 capital withdrawn by, 237, 239

342-44 Betty's correspondence with, 50-51,65-66 on Bismarck, 122, 139, 379,

marriage of, 11, 13, 242 philanthropy of, 273 real estate and, 48, 158 Rothschild, .Main de, 475, 486, 497

386 style of, 235, 236 business Cavour and, 81, 82 death of, 220, 239, 441 faith in education expressed

Rothschild, Alexandre de, 490 Rothschild, Alfred, 19, 114, 166,

by, 220, 223 Franco-Prussian War and, 189,

225, 233-37, 240, 245, 385,419 Anglo-German alliance and, 369, 370, 387-94, 410 art collection of, 231, 233

190, 193, 195-98,201^1, 206-14,216-17,219 imperialism and, 298, 300, 302,304,309,312-13, 342^6

Bank of England and, 225-26 British aristocracv and, 249,

James's death and, 154-59, 228, 238

250, 252-53, 255, 256 death of, 441,446, 455

Jewish emancipation and, 38, 89, 177 Jewish identity of, 14, 282

gold standard and, 348-5 1

party politics and, 1 12, 329, 335-38 philanthropy of, 19, 20, 233, 276 in popular literature, 262, 265 railway finance and, 60, 133-34, 137,142,336 Russian finance and, 89, 127, 185, 186,379-82,396 in U.S., 50-51,65-66, 116 U.S. wars and, 117, 119 war of 1866 and, 148-52 Zionism and, 281, 282 Rothschild, Amschel (son of Victor), 494, 499 Rothschild, Amschel Moses, xxii-xxv, xxviii, 36, 471 Bismarck and, 5, 72, 78, 120, 122-23 Crimean War and, 72, 77, 78 death of, 6, 10 Eva's death and, 4, 6, 13 late years Rothschild, Annie Rothschild,

of, 3—1 1, 13 Annie, wYorke, Rothschild Anselm (son of

Solomon), xxviii, 48-49, 95, 100, 114, 144,237^2, 245, 248, 445, 499 art collection of, 222, 228 Austrian loans and, 128-29, 134, 137 407 death of, 220, 222, 228, 239, as father, 227-28 Franco-Prussian War and, i 89, 197,205,214 in Frankfurt succession struggle, 7, 8, 10 inheritance of, 6, 1 1 Jewish emancipation and, 22, 24 Landau initiative and, 143 philanthropy of, 17, 20, 273 political activism encouraged railways and, 86-87, 88, 298 semiautonomy of, 172, by, 24 174-76, 237, 241 Vienna house restored by, xxv, 11,76 war of 1866 and, 147, 149 Rothschild, Anselm Alexander (son of James), 108 Rothschild, Anthony (Billy) (son of Nathan), 109, 163, 164, 166,200,227,327,477 baronetcy accepted by, 25, 26

INDEX

652 Rothschild, Anthony (Billy) (son of Nathan) (cont.) British aristocracy and, 249, 251 death of, 220, 221 France visited by, 14, 57, 108, 140, 155,238 gold refining and, 70 Jewish emancipation and, 27, 35 Jewish identity of, 14, 258 mixed marriages and, 244 philanthropy of, 18, 225 politics of, 23, 24, 25, 164, 225,319 railway investment and, xxix, 140, 171 real estate and, 47 Rothschild, Anthony de (son of Leo), 444, 445, 473, 479-84 Rothschild, Arthur de, 197, 239^0,361 Rothschild, Beatrice de, see Ephrussi, Beatrice Rothschild de Rothschild, Bertha Clara, see Berthier, Bertha Clara Rothschild Rothschild, Bethsabee de, 474, 489 Rothschild, Bettina de, 148, 243, 248, 447 Rothschild, Betty von, 6, 7, 12, 14,20,21,67, 156,245, 257, 279 anti-Semitism and, 264, 267 Changarnier and, 50-5 1 political views of, 21, 51, 54, 112,336 Rothschild, Carl (Kalman), xxiv, xxv, xxvi, 3, 6, 7, 11, 14 Rothschild, Caroline Stern, 19

53, xxii, 10, 5,

Rothschild, Cecile Anspach de (wife of Gustave), 11, 109, 223, 257 Rothschild, Cecile de (daughter of Robert), 474 Rothschild, Charles, 443-44, 450, 477, 478 anti-Semitism and, 271 World War I and, 434, 446-47 Rothschild, Charlotte (wife of Anselm), 76, 222, 242 Rothschild, Charlotte de (wife of Lionel), xxx, 9, 11,49, 100, 102, 109, 129,327,331-32 Alphonse's correspondence with, 161-62 on Bismarck, 100, 122, 177

British aristocracy and, 250-53 Christian activities of, 16, 101 death of, 18,275,320

Middle East as interest of,

diary of, 3, 6-7, 8, 12-13,35, 177-78, 223, 229

philanthropy of, 273, 279-80 real estate of, 230

Disraeli's relationship with, 15, 29-30,34, 113, 114,321,

Zionism and, 280-81, 449, 452, 453

229, business 279-80 role of, 220, 229 minor

Rothschild, Edmund de (son of 322 education advocated by, 43, 44-45 Gladstone's relationship with, 318,320 Hannah's correspondence with, 24-25, 32 Jewish identity of, 16, 258 Lionel's political career and, 27,41, 113 marriage of, xxvi on marriages, 12—13, 56, 243, 244, 245 Mary Anne Disraeli's friendship with, 28-29, 34 as mother, 12-13,223-27, 243, 244 on Napoleon III, 163, 165 philanthropy of, 16, 18-19, 20, 276 Polish revolt and, 127-28 real estate and, 46, 48, 49, 266 in Tancred, 32-33 war of 1866 and, 147, 148-49, 152 Rothschild, Charlotte de (wife of Nat), 6, 54, 156-57, 245 Rothschild, Clarice SebagMontefiore, 447 Rothschild, Clementine, 245, 272 Rothschild, Constance, see Battersea, Constance Rothschild Flower, Lady Rothschild, David de, 490, 495-96, 499 Rothschild, Diane de, 474 Rothschild, Dorothy Pinto de, 417,444,489 Rothschild, Edmond (son of Maurice), 474, 476, 487-90, 496 Rothschild, Edmond de (son of James), 154, 156-57, 186, 229,240,259,337,371, 441,465-66 anti-Semitism and, 267, 380, 448 art collection of, 230, 231 colonizing ventures of, 279-81,449,453 death of, 469 Franco-Prussian War and, 189, 196 marriage of, 243, 244, 447

Lionel), 456, 467, 468-69, 485 477,478,480,481,482, Rothschild, Edouard de (son of Alphonse), 276, 399, 445, 458, 460, 463, 465, 467, 482 anti-Semitism and, 271, 474, 476-77 death of, 486 immigration of, 474, 475, 476 marriage of, 257 World War I and, 433, 437 Rothschild, Edouard de (son of Guy), 496 Rothschild, Elie de, 475, 476, 486, 487, 488, 495, 499 Rothschild, Emma, 229, 243, 244, 447 Gladstone's with, 320 correspondence philanthropy of, 274, 276 Rothschild, Eric de, 488, 490, 496 Rothschild, Eugene, 445, 446, 471,472,477 Rothschild, Eva Hanau, 4, 6, 13 Rothschild, Evelina de, 19, 29, 48, 108, 114, 137,252,253 death of, 243, 272 marriage of, 12, 13, 242—43 Rothschild, Evelyn Achille de (son of Leo), 445, 446 Rothschild, Evelyn de (son of Anthony), 477, 479, 483, 485, 488, 490, 497-500 Rothschild, Ferdinand, 137, 147, 154, 175, 196,210,222, 227, 228-33, 236, 238, 240, 327 art collection of, 228, 230-31, 232, 233 British aristocracy and, 249-53, 255 death of, 232-33 gardens of, 231-32, 233 Jewish emancipation and, 1 76 Jewish identity of, 255—56, 258 marriage of, 242—43 party politics and, 318, 320, 323, 325-26, 327, 333-34 philanthropy of, 233, 272, 273 real estate of, 229-32, 250

653 INDEX Rosebery and, 248 will of, 239 Rothschild, Germaine Halphen de, 257, 444, 474 Rothschild, Gustave de, 7, 10-13,49,89, 108, 109, 162,220,228,230,240, 386 anti-Semitism and, 377, 379 Barings crisis and, 340 death of, 44 1 Franco-Prussian War and, 189, 191-93, 195-98,200-204, 210 imperialism and, 298, 302, 313 James's death and, 1 56-57 marriage of, 11, 12-13, 111, 223, 257 philanthropy of, 19, 20, 273 Rothschild, Gutle Schnapper, 3-4, 5, 12 Rothschild, Guy de, 245, 458, 467, 469, 486-90, 495, 496 marriages of, 488, 489 in World War II, 475 Rothschild, Hannah (daughter of Mayer) , see Rosebery, Hannah Rothschild Primrose, Lady Rothschild, Hannah Cohen (wife of Nathan), xxv, xxvi, 4, 22-26, 32, 35, 36 Rothschild, Hannah Louise (daughter of Mayer Carl), 272, 273 Rothschild, Hannah Mathilde (daughter of Anselm), 6, 11, 12,230,242,249,449 philanthropy of, 273—74 Rothschild, Hannah Mayer (daughter of Nathan), see Fitzroy, Hannah Mayer Rothschild Rothschild, Helene de, wvan Zuylen de Nyevelt, Helene Rothschild Rothschild, Henri, 239, 240, 243, 444-46, 488 immigration of, 474, 476 philanthropy of, 273 Rothschild, Jacob, 483-84, 489-92, 495 Rothschild, lacqueline de, 467, 474 Rothschild, James (Jimmy) (son ofEdmond), 417,444, 445, 447, 467, 469, 477, 489 Zionism and, 450, 452, 453 Rothschild, James (son of Henri), 446, 475

Rothschild, James de (Jacob) (son of Mayer Amschel), xxiv-xxix, 7-14, 54, 56-66, 79-91,95,98-104, 110, 126-62, 174, 184,236-41, 250, 295, 469, 496 anti-Semitism and, 267, 270 art collection of, 48, 108 Austrian loans of, 128-29, 132-33, 136-38, 173 Austrian problem and, 100, 124, 130-31, 142-43 aversion to war of, 93, 112-13, 114, 130-31, 139-46 Banque 106 de France and, 83-84, Belmont and, 66-67 Bismarck and, 48, 100, 121, 122, 135—44, 165-66, 178 in cartoons, 3-4 Credit Mobilier and, 50, 56-64 Crimean War and, 72, 74-77, 79 death of, 154-62, 166, 167, 172, 184,222,228,237, 238, 247 as domineering father, 228-29 Eugenie and, 54, 56 as head of family, xxviii, 7-11, 154-55,156,236-37 honors of, 79, 178 inheritance of, 6, 1 1 Italian unification and, 98-103, 384 Jewish emancipation and, 22, 89, 176 Jewish identity of, xxv, 14, 19-20, 170 liberalization and, 161-64, 166 longevity and vitality of, xxviii, 3, 109-12, 154 in novels, 262—64 Papal negotiations and, 79, 80, 101 philanthropy of, 19-20 Piedmont and, 80-82, 84-86, 384 revolt and, 126-28 Polish political activity of, 24, 25, 336 railway finance and, xxviii, xxix, 11,37,58-60,62-63, 65, 84-89, 103, 104, 128, 130, 133-34, 137, 138, 142, 149, 150, 171,351, real384 estate and, 46, 47-48, 61, 156, 199 revolution of 1 848 and, xxix, 6-7, 100

in Second Empire, 50—54, 56-63,83-84,90-91, 98-102, 105-14, 116-20, 155-56, 161-64, 166-67, 169-72 Suez Canal project and, 297-98 telegraph criticized by, 64—65 vision problems of, 109, 110, 154 war of 1866 and, 147-53 will of, 156-57, 172 Rothschild, James Edouard, 227, 239-40, 273 Franco-Prussian War and, 1 89, 196, 197 marriage of, 243, 447 Rothschild, Jeanette, 255 Rothschild, Juliana Cohen, 11, 16, 18,47,245,252 Rothschild, Julie, 248, 444 marriage of, 11, 12, 13, 242 447 Rothschild, Laura Therese, 243, Rothschild, Leonora, 11, 12, 13, 109, 194, 199,242,249, 258,267,318 Rothschild, Leopold de (1845-1917), 16,29, 139, 155, 166,227,230,231, 234, 240, 420, 436 anti-Semitism and, 271, 406, 448 British aristocracy and, 249, 251 death of, 441,451 education of, 44-45, 224-27, 258 gold standard and, 348-5 1 Jewish identity of, 258, 259 marriage of, 249, 258 party politics and, 318, 319 philanthropy of, 273, 280 Zionism and, 281, 451 Rothschild, Leopold de (1927), 477, 480, 483 Rothschild, Lili, 478 Rothschild, Lionel de (son of Leo), 258, 444, 445, 473, 448, 465, 467, 499 death of, 477, 481 Zionism and, 450, 451,452 Rothschild, Lionel de (son of Nathan), xxvi, xxviii, 66, 91, 103, 112-16,220-28, 238-40, 306, 348 175 Austria-Hungary and, 174, baronetcy refused by, 25-26, 47, 254 Brazil and, 68, 345 British neutrality and, 113-15

654 Rothschild, Lionel de (son of Nathan) (cont.) British royalty and, 249, 251, 252, 253-54 in Coningsby, 30-32 Crimean War and, 72, 73 death of, 220, 221-22, 239, 253, 320, 322 Disraeli's friendship with, 15, 28,33,34,41,42-43, 113, 165, 166, 173,253,318, 321-22 1866 banking crisis and, 144 Franco-Prussian War and, 194, 205 imperialism and, 298—300, 302-7 James's correspondence with, 9, 10 Jewish emancipation and, xxvi, 20-28, 33, 35-43, 45, 176, 221 Jewish identity of, 14, 15, 17, 258 mixed marriages and, 245 party loyalty eroded for, 306, 318 party politics and, 318-22, 324 in Period, 1 59 philanthropy of, 17, 274 Polish revolt and, 127 real estate and, 46-47, 49, 221-22, 229 standing for Parliament of, 20-28,38-43,73,92, 112, 113,178,255,324 Suez Canal and, 298-300, 302, 303, 306 Rothschild, Louis, 409, 445, 460,465,471,472 Rothschild, Louisa Montefiore de, 15-16,47 Disraeli and, 30, 33, 34 philanthropy of, 18, 19 Rothschild, Louise, 147, 149, 155, 196,249,272 Rothschild, Margaretha, see Gramont, Margaretha Rothschild, duchesse de Rothschild, Maria-Beatrice Caracciolo di Forino de, 490 Rothschild, Marie-Helene van Zuylen de Nyevelt de, 488, 489 Rothschild, Marie Perugia, 249, 258,451,452 Rothschild, Mary Chauvin de Treuil de, 474 Rothschild, Maurice de, 257, 444, 469, 474, 487 .in collection of, 476, 477

INDEX 469 career of, 463—64, political Rothschild, Mayer (son of Nathan) (1818-74), 35, 95, 166 British aristocracy and, 249, 252 death of, 220 education of, 43, 44

Rothschild, Minna Caroline von, see GoldschmidtRothschild, Minna Caroline Rothschild von Rothschild, Miriam (daughter of Charles), 451, 476, 478 Rothschild, Miriam de (daughter of Edmond), see

party politics and, 319, 321 political activism of, 23, 25, 26,41,42 racing interest of, 227, 249 real estate and, 46, 47, 1 14, 230

Goldschmidt-Rothschild, Miriam Rothschild von Rothschild, Nadine Lhopitalier, 490 Rothschild, Nathaniel (son of Anselm) (1836-1905), 6, 88, 146-47, 227, 228, 230, 233, 236, 240, 273 Austrian aristocracy and, 248 death of, 239

Rothschild, Mayer Albert (son of Nat) (1846-50), 5, 52 Rothschild, Mayer Amschel (father of Nathan), xxi— xxii, xxvi, 15,21,69,455,501 death of, xxii, 3

Jewish identity of, 255—56 Rothschild, Nathaniel (Nat) (son of Nathan) (1812-70), xxviii, xxix, 11, 14, 27, 46, 61,79, 104, 127, 134, 169, 170

Jewish emancipation and, 43, 44 245 mixed marriages and, 244,

posthumous influence of, 6, 9, 157,237 Rothschild, Mayer Carl (son of Carl) (1820-86), 5-8, 79, 105, 116, 129, 166, 171-74, 176-85,230, 237-43 anti-Semitism and, 271, 272 Austria-Hungary and, 173 Austrian bonds as viewed by, 134-35 Bismarck and, 79, 121-22, 139, 140, 176-84,271 death 245 and will of, 220, 239, election of, 177-78 Franco-Prussian War and, 189-91, 193-96,202-3, 205-6,214,216-18,249 in Frankfurt succession struggle, 7-8, 10, 11 German loans made by, 183-84 honors of, 79, 121, 177-78 177 emancipation and, 176, Jewish lack of male heir of, 223, 242 mixed marriages and, 244, 245 philanthropy of, 272 Prussian interests and, 179-83, 189-90, 196 railways and, 2 1 8 on Rothschild demise, 235-36,241-42 Russian finance as viewed by, 184-86 war of 1866 and, 147, 150, 152-53

death of, 220-21 Jewish emancipation and, 23, 27, 36-38 Lionel's correspondence with, 23, 25, 27 marriage of, 6 political views of, 23, 25, 26 risk aversion of, 7, 299 Rothschild, Nathaniel Mayer de (Natty) (son of Lionel) (1840-1915), 95, 108, 145, 155, 171, 173, 180,237, 277,292,312 Anglo-French entente and, 395^01 Anglo-German amity and, 372,385-91,393 Anglo-Russian antagonism and, 371,401-7 anti-Semitism and, 269-70, 272, 395, 403-7 Barings crisis and, 340—45 Brazil and, 292, 345-47 business style and activities of, 234-36, 240, 285, 287, 293, 295, 339 in cartoons, 425, 426 death of, 287,412,441-42 Eastern European Jews and, 277-79 education of, 43, 44, 223-24, 225,249,251,258 Franco-Russian entente as viewed by, 382, 383 gold standard and, 348-51 imperialism and, 292, 298, 302,306-9,312-16, 331-33,340-51,356-68

655 INDEX

Jewish identity of, 258-60, 282, 450 Lloyd George's attack on, 269-70 marriage of, 243, 244, 447 military-financial complex and, 411-13, 415,417-37 party politics and, 318-24, 326-36 peerage of, 248-55, 260, 326 philanthropy of, 272-75, 279 political marginalization of, 415,418 political views and activism of, 41, 112, 113-14,223,224, 254, 269-70, 277, 293, 295 real estate of, 229-30 Russian finance and, 185, 306, 403-5 taxation and, 413, 421-23, 426-28 wealth of, 287 World War I and, 429-37 Zionism and, 281, 282, 450 Rothschild, Nathan Mayer (1777-1836), xxii-xxviii, 21,22-23,25,45,68, 154, 156,282-83,479,501 ' Rothschild, Nelly Beer de, 258, 444, 474 Rothschild, Noemie Halphen de, 257, 467, 474 Rothschild, Olimpia Aldobrandini de, 490 Rothschild, Philippe, 467, 475, 476, 488 Rothschild, Rene de, 258 Rothschild, Robert de, 271, 446, 458, 469-70, 482 art collection of, 476, 477 death of, 486 immigration of, 474, 476 marriage of, 258 Rothschild, Rozsika von Wertheimstein, 434, 447, 450, 478 Rothschild, Salomon Albert (Salbert) (son of Anselm) (1844-1911), 227-28, 230, 236, 239, 252, 258, 282, 408-9, 413 aristocracy and, 248-49, 252 death of, 408,441,445 marriage of, 243, 447 Zionism and, 280, 282 Rothschild, Salomon James de (son of James) (1835-64), 116,242,447 death of, 220, 229 James's relationship with, 228-29

Rothschild, Salomon Mayer von (son of Mayer Amschel) (1774-1855), xxiii, xxiv, xxvii, xxix, 6, 19, 46 Austrian relationsgovernment's with, xxviii, xxix, 6, 76, 174 death and will of, 6, 10-11 late years of, 3, 5, 10 in railway finance, xxviii, xxix, 86, 262 Rothschild, Sara Louise, see Franchetti, Sara Louise Rothschild Rothschild, Victor, 449, 468, 473-74,477,478,481, 485,490,491,494 Rothschild, Walter de, 271, 278, 380, 394, 396, 443, 444, 462, 468, 477 Balfour Declaration and, 450-53 philanthropy of, 274 in politics, 420, 443 World War I and, 447, 449 Rothschild, Wilhelm Carl, 6, 17, 108, 155,220,230,239, 240, 242, 249, 340, 385 in Frankfurt succession struggle, 10, 11 lack of male heir of, 223, 242 marriage of, 11-12, 13,242 as Orthodox Jew, 14, 15, 258 Rothschild, Yvonne Cahen d'Anvers, 480 497 & Associes Banque, Rothschild Rothschild Australia, 485 Rothschild Bank AG, 497, 498, 499

communications network of, xxvii, xxx, 9, 64, 65, 202^1 criticism of, xxix, 21-22, 38, 39, 117,260-71,469-70 disintegration of unity of, 172, 174-76,214,236-39, 465-66, 469, 490 endogamy strategy of, xxvi, 489 11-13,242-44,257,447, female line and sons-in-law excluded from business by, xxii, xxvi, 6 fidelity to Judaism of, xxv— xxvi, 4, 13—20, 157-58,244-45,255-60 fifth generation of, 442-45 fourth-generation decadence of, 220, 223-44 international bond market dominated by, xxiii, xxvii, xxx, 72-80, 294 Jewish emancipation issue and, xxvi, 20-28, 33, 35-43, 45, 79,80 lowly origins of, xxi, xxv, xxvii, xxviii, 230, 251 mixed marriage in, xxv, 14, 190,244-48,256,489-90 as multinational partnership, xxiv-xxv, xxix, 6, 64—70, 79, 89, 172, 455, 458-59, 497-500 nationalism and, xxx, 90-1 19, 179-83, 189-90, 196,447 origins of wealth of, xxi-xxii partnership agreements of, 8-11,237,239,286 as peace brokers, xxvii, xxx, 130-31, 139-46, 166, 193,

Rothschild & Cie Banque, 497, 498 Rothschild Concordia AG, 498 Rothschild Continuation

philanthropy of, xxvi, 16-20, 225, 233, 272-80, 470, 476, 489, 490

Holdings AG, 497-98, 500 Rothschild family:

in popular literature, xxiv. xxv, 28, 30-33, 262-66, 269,

agents of, xxvii, xxviii, 65-70, 75,115-17,142-43,150, 241,298,348,356,384-85 arbitrage transactions of, xxiv, 70, 350 aristocracy and, 247-56 art collections of, 47, 48, 49,

323, 468 power of, xxvii, 1 1 1-12, 189,

200-201,369-412

190,411-12 railway finance and, xxviii-xxix, xxx, 11, 37, 58-60,62-63,65,68,71, 78,84-89, 103, 104, 117, 128, 130, 133-34, 137-38, 142, 149, 167, 168, 171-72, 174-75, 196-97, 262,298,336,351,470

108, 152, 158-59, 197, 222, 228, 230-34, 237, 266, 444, 472, 476 assassination attempts against, 271, 272 capital of, xxv, 237, 239, 284-85, 286, 287, 455,

real estate holdings of, 45-49, 61, 156, 158, 189, 198-201,221-22,228-32,

481, 505-7 combined profits of, 93-94, 288, 290

266,319,467-68,470-71, 475, 488 relative decline of, 284-89

INDEX

656 Rothschild family {cont.) response to anti-Semitic criticism by, 271—83 revolution of 1 830 and, xxi, xxiv, xxvi— xxvii revolution of 1848 and, xxi, xxiv, xxix-xxx, 6—7, 8, 19, 21,65, 100,264,265 risk aversion in, xxv, xxix, 7, 234, 293, 298, 339 as "royal family," xxvi, 21, 251-52,255-56,282 secrecy used by, xxii, xxviii social assimilation of, xxv, 220, 224, 248-56, 266-67, 276-77, 282-83, 447-48 socialism and, xxix, xxx, 282, 336,337-38,422-23,481, 496 taxation and, 276, 413, 421-23,426-28,454,481, 491 titles and honors of, xxv, 24, 25-26, 47, 79 unity in, xxii-xxiii, xxvi, 9, 129, 157,220,236-37, 501-2 World War I and, 429-37, 445-49 zoological interests of, 48, 49, 443, 444 Rothschild Foundation for the Improvement of the Material Existence of Workers, 273 Rothschild Freres, de, 10-11, 19, 57,61, 180,220-21, 239-41,285,349,373, 432-33, 455, 480, 500 Anselm's disagreements with, 172, 174-76 Austrian loans of, 128-29, 132-33 Banque de France shares of, 62, 83, 107 Crimean War and, 74-77 declines of, xxi, 7, 235 deterioration of relations of, 237-38 in fifth generation, 444-45 Franco-Prussian War and, 1 94, 197,211-14,216 in interwar years, 454, 458, 459, 460, 463, 465-66, 469 Italian unification and, 98-103 James's revitalization of 11, 58-59 Japan and, 395. 396 mining interests and, 351-56 Nazism and, 472, 476 profits of. 1 1. 238

railway finance and, xxviii, xxix, 11,37,58-60,62-63, 65, 84-89, 103, 104, 128, 130, 133-34, 137, 138, 293 142, 149, 150, 170-71, Russian finance and, 377-82, 396 U.S. wars and, 116-19 after World War II, 486-87; see also Banque Rothschild Rothschild Intercontinental Bank (RIB), 488-89, 490 Rothschild Investment Trust (RIT), 484, 490, 495 Rothschilds, The (Reeves), 269 Rothschilds Continuation Ltd., 481,485,490,498 Rouher, Eugene, 104, 146, 161, 166, 171

Eastern Question and, 173, 186, relations 305-10 with, 165, French 310,373-85,409,432 gold standard in, 349, 375, military-financial complex in, 382 413-14,416,417,431-34, 436 petroleum industry in, 355, 380-81 Polish revolt against, 126-28, 171 Prussian relations with, 165, 176-77 railway finance in, xxix, 84, 85,89, 184, 185 Reinsurance Treaty and, 375 405 revolution of 1905 in, 403,

Royal Commission on Alien Immigration, 277-78, 279, 281

in Three Emperors League, 305,310,375 Turkish relations with, 50, 71,

Royal Dutch, 355, 457, 475 Royal Dutch Shell, 355,481 Royal Mint, 70, 478

305-8, 310 World War I and, 431-34,

Royal Navy, British, 389-90, 412,413,415,427 Royal Ordnance, 492 Rubens, Peter Paul, 231 Rudolph, Crown Prince of Austria-Hungary, 248 Rumania, 71, 133, 143, 173, 176-77,306 Rumanian Jews, 176-77, 279, 306 Russell, George W E., 325 Russell, Lord John, 21,25-28, 40,41,42,70, 113, 115, 138, 140,325 disabilities bill of, 28, 33-35, 38,39 Russia, Bolshevik Revolution in, 448-49, 450 Russia, Imperial, 69, 80, 91, 92, 99, 184-86, 195 Austrian relations with, 124, 126 Austro-Hungarian relations with, 173,409 Baring Brothers and, 341-42, 380 Bjorko meeting and, 398 bonds of, xxiii, 306, 375-82, 385, 396, 407 British relations with, 186, 305-8,310,369,371,382, 387-88, 394-97, 401-7, 448 China and, 386-87, 388 in Crimean War, 50, 71-74, 75, 82, 89 debt of, 296, 297, 416

448-49 Russia,436, Soviet, 449, 450, 468 Russian Jews, 22, 89, 279, 448^9, 450 anti-Semitism and, 22, 260, 277,278,280,363,371, 375, 377-80, 395, 403-7, 409, 448 Bolshevik Revolution and, 448-49, 450 Russia Relief Fund, 406 Russo-Japanese War (1904), 394, 396, 398 Russo-Turkish War (1877-78), 305-8, 310 St. James's Place Capital, 495 Salamanca, marques de, 85, 104-5 Salisbury, Lord, 254, 315-16, 347,361,363-65,372-74, 382, 383, 385 Anglo-German amity and, 387, 393-94 Barings crisis and, 342, 343 Eastern Question and, 305, 308 party politics and, 325-30, 332-33 Salomons, 453 David, 21-26, 40, 41 Samuel, Herbert, 428, 441, 450, Sassoon, Albert, 258 Sassoon, 258 Aline Rothschild de, Sassoon, Philip, 419, 430 Say, L^on, 162,206,264,265, 312,336,337

657 INDEX Scherb, Friedrich von, 261 Schiff, Jacob, 395, 396 Schleswig, 126, 129-30, 135, 144, 146 Schoene, Kilburn & Co., 69 Schonerer, Georg, 262 Schroders, 64, 94, 97, 285, 288, 346-47, 408, 433, 436, 454-55, 458, 459, 460, 464, 466, 482, 490, 500 Schuschnigg, Kurt von, 471 Schwabach, Paul, 386, 389, 390, 430, 434 Schwarzenberg, Prince, 77, 78, 87 Scott, C.P., 450 Second Continuation, 488 Seehandlung, 195,206 Serbia, 305, 307, 308, 310, 372, 431,432 S. G. Warburg, 484, 490, 499 Shaftesbury, Earl of, 90, 92, 100 Shelbourne, Philip, 483, 492 Shell-Mex House, 466 Shell Transport and Trading Company, 355, 466 Sherman, John, 348 Sherman Silver Purchase Act, 348 Shuvalov, Count Peter, 305, 307, 375, 377 Shylock (Clark), 270 silver market, silver, xxiv, 61, 69, 70,83, 105-6, 151, 160, 503 demonetization of, 270, 347-51 Franco-Prussian War and, 195, 197, 208-9 Sime Derby, 484-85 Slater Walker bank, 485 Slidell, James, 116 Smallwood, Joseph, 482 Smith, J. Abel, 38, 43, 70 Smith, W.H., 301, 342, 343 Smith New Court, 492-94 Smuts, Jan, 435, 451 Soames, Christopher, 491 Social Democrats, 261, 262, 377, 412,415 socialists, socialism, xxix, xxx, 260, 269, 282, 336, 337-38,422-23,481,496 Sociedad Espanola Mercantil e Industrial, 85 Societe Generale, 85, 95, 103, 104, 133, 169, 297, 298, 500 Societe d'Investissement du Nord, 486-87 Societe Nationale des Chemins de Fer, 470 Sombart, Werner, 261

South Africa, 279, 294, 323, 350,356-68,391-92,421 Boer War in, 269, 360, 364-68,391-92,412,418 mining in, 352-53, 356-60, 391,461,462,482 South Austrian Lombardo Venetian and Central Italian railway, 88, 171-72 South-West Africa, 354, 370-71, 385,415 Spain, xxiii— xxiv, 64, 65, 68, 80, 103-5, 126, 167-70,392 bonds of, 167, 168, 170 debt of, 296, 297 French relations with, 165, 167-69 mining interests in, xxviii, 104, 167, 168,294,354, 355,461 107 in, 84-85, 103, 104, railways revolution of 1868 in, 167, 168 succession issue in, 168-69, 190-94 Speculation of 1870 to 1884, The (Chirac), 265 Sperling, Emanuel, 17 Spitzmuller, Alexander, 408 Staal, Count de, 371, 374 Stafford, Augustus, 34 Standard Oil, 355 179Lord, 34, 40, 161, 166, Stanley, Steed, Henry Wickham, 411, 434 Steel-Maitland, Sir Arthur, 430, 461 Stein, Leopold, 14 Steinberg, Saul, 484 Stephany, Samuel, 456, 457. 464, 466, 480 Stephen, Alexander Condie, 372 Stern, Edward, 419 Stern, Fritz, 121, 183, 198 Stewart, Lionel, 457 stock market crash (1987), 493, 494, 495 Stokes, George Henry, 47, 48 Stolypin, PA., 406-7 Straus, Oscar S., 448 Sudan, 315, 373-74, 413, 474 Sudbahn, 88, 172,298,311 Suez Canal Company, 295, 297-304,306,313, 316-17,391 Sun Alliance, 485 Switzerland, 85, 86, 102, 499 Sybil, or, The Two Nations (Disraeli), 28, 33 Sydney, Lord, 252, 253 Sykes, Sir Mark, 450

Taaffe, Count Eduard von, 311 Talabot, Paulin, 59-60, 84, 88, 95, 103, 172 Tale of Two Nations, A (Harvey), 270 Talleyrand-Perigord, Charles Maurice de, 123-24,231 Tancred, or The New Crusade (Disraeli), 28, 32-33 tariff policy, 419, 420-21 Taussig, Theodor von, 408 Taylor, A.J.P., 398, 501 Tebbitt, William, 271 telegraph, xxx, Mikhail, 64—65 Tereshchenko, 448 Testament of an Anti-Semite (Drumont), 264-65, 266 Tewfiq, Khedive, 308, 311, 313 Thatcher, Margaret, 490-93 Thesiger, Sir Frederick, 39—40 Thierry, Jean-Alexandre, 1 9 Thiers, Louis Adolphe, 19, 203, 207-11,214,336 Three Emperors League (Dreikaiserbund), 305, 310, 373, 374, 375 Thun, Count, 77, 78 Times (London), 3, 27, 38, 75, 108, 113, 149, 155, 156, 195,221,222,223,248, 302,321,322,324,341, 346, 364, 388, 392, 395, 409,411,433-34,448,451 Tindal, Acton, 324 Tirpitz, Alfred von, 389-90, 402 "To the Electors of the City of London" (Lionel de Rothschild), 38, 39 Tokyo Capital Holdings, 489 Transvaal Republic, 353, 359, 363-66,391-92 Tring,467 229-30, 269, 272, 319, 320,361,389,431,443, Triple Alliance, 310, 373, 384, 385, 389, 392, 399 Triple Entente, 372-73, 407 Trochu, Louis Jules, 196, 202 Trollope, Anthony, 269 Turkey, Ottoman, 173, 175-76, 294-98,304-11 bankruptcy of, 298, 309 in Crimean War, 50,71,75, 76, 296 debt of, 296, 297, 304-5 railways in, 85, 175, 297, 390-91relations with, 50, 71, Russian 305-8, 310 Union Generale, 262—65, 311-12,337,375

658 United Concessions Company, 360 United States, 64-69, 82, 167, 383, 388, 396, 456, 464, 474 anti-Semitism in, 117, 270-71 Civil War in, 92, 98, 105-6, 115-19, 144,270,297,348 gold standard in, 270, 271, 348, 462 Rothschild dealings in, xxviii, 65-69, 115-18,348,456 United Synagogue, 258, 259, 274 van Zuylen de Nyevelt, Baron Etienne, 244 van Zuylen de Nyevelt, Helene Rothschild de, 157,244, 245, 489 Venezuela, 351,390, 391 Victor Emmanuel, King of Italy, 90, 138, 168, 169 Victoria, Queen of England, 25, 54, 140, 159, 166,247,249 imperialism and, 299, 300, 306, 307, 371-72 Rothschild peerage and, 249-55 Vienna, xxiv, xxviii, 86—87, 88 philanthropy in, 17, 272-73 Rothschild house in, xxi, xxv, 6,7,8, 11,76, 128-29, 172, 174-76,222,228, 237,239-41,413,445, 449, 454, 458, 459, 460, 462,465-66,471,500 stock market crash in (1873), 190,262 Villiers, Charles, 42, 113,253 Vyshnegradsky, I.A., 377-81, 404 Wagg, Alfred, 235 Wagg, Arthur, 251,302, 352 Wagg, Edward, 222

INDEX Wagram, Alexandre Berthier, prince de, 244, 447 145 comte de, 108, 127, Walewski, Waley-Qohen, Robert, 452 Walpole, Spencer, 41, 114 Warburg, Felix, 473 Warburg, Max, 234, 431, 459, 460, 472, 473 Warburg, Siegmund, 155 435 War Memoirs (Lloyd George), Warren, Samuel, 41 Waugh, Evelyn, 478 269Live Now, The (Trollope), Way We Weber, Max, 222 Weber, Otto, 472 Weimar Republic, 449, 456, 459, 462-63, 465 Third Republic compared with, 190,204-5,208 Weinberg, Mark, 495 Weisweiller, Daniel, 65, 105 Weizman, Chaim, 449, 450, 453, 474 Wellington, Arthur Wellesley, Duke of, xxii, xxiii, 23 Wendel, Frangois de, 463 Werner, Anton von, 190 Wernher, Beit & Co., 358 Wernher, Julius, 352 Wertheimstein, Aranka von, 478 West, Sir Algernon, 231 West of England Bank, 306 Westminster Bank, 458, 459 Whewell, William, 44, 224 White, Arnold, 277, 278 Whitmore, Sir Clive, 493 Wiener Bankverein, 408, 409 Wilde, Oscar, 233-34, 246 William I, Kaiser of Germany, 129, 140, 141, 151, 152, 159, 196,249,310,386 Franco-Prussian War and, 189-93, 198, 199-200

William II, Kaiser of Germany, 249, 380, 386, 390-93, 395, 397, 398, 402 World War I and, 431-32, 434 William IX, Landgraf and Elector of Hesse-Kassel, xxi-xxii, 151 Williams, Gardner, 356 Windsor, Duke of, 471 Witkowitz ironworks, 413, 460, 471-72 Witte, Count Sergei Yulievich, 381-83,403,404 Wolf, Lucien, 450, 453 Wolff, Sir Drummond, 316, 329, Wolseley, Garnet Joseph, 313 371 World War I, 445-49 economic effects of, 454—56 outbreak of, 411, 412, 429-37 peace of 1919 and, 204, 205, 208, 452-53 World War II, 471, 472, 474-78 World Zionist Conference (1921), 453 Worms, Gabriel, 331-32 Worms, Maurice, 331-32 Yorke, Annie Rothschild, 15-16, 100,244,245,319,320, 434, 446 Yorke, Eliot, 244, 245 Zangwill, Israel, 280, 448 Zanzibar, 371,385 Zaragoza line, 103, 104, 107, 162, 167, 168 Zevaes, Alexandre, 268 489 280-83, 449-53, 474, Zionism, Zoegger, Francois-Antoine, 233 Zola, Emile, 262-64, 311 Zurich crisis (1991-92), 499-500

I heir (Hono LcaJ leverage.

1 gave them a unique politiind Churchill were their Hitler their foes. Yet the

friends, Bismar

Rothschilds' failure to establish themselves successfully in the United States proved fateful. As financial power shifted from London to New York after 1914 and as continental Europe fell under the thrall of Marxism and fascism, the Rothschilds' power waned. At once a classic family saga and major work of economic, social and political history, The House of Rothschild is the definitive biography of one of the most powerful firms of the nineteenth century and the riveting stoiy of an exceptional fanuly.

Born in Glasgow in 1964, Niall Ferguson is Fellow and Tutor of Modern History at Jesus College, Oxford, as well as a political commentator and author. His previous publications include The House of Rothschild: Mo ne ifs Prophets, 17981848, now a Penguin paperback, Tlie Pity of War, and the bestselling book Virtual History: Alternatives and CounterfactucUs. .Jacket design: GailTx'le

v nguin Putnam In< New York. \ Y K

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