Nathan Mayer Rothschild
|Died||28 July 1836 58) (aged|
|Known for||Rothschild banking family of England|
Hannah Barent-Cohen(m. 1806)
|Parent(s)|| Mayer Amschel Rothschild |
Nathan Mayer Rothschild (16 September 1777 – 28 July 1836) was a German Jewish banker, businessman and financier. Born in Frankfurt am Main in Germany, he was the third of the five sons of Gutle (Schnapper) and Mayer Amschel Rothschild, and was of the second generation of the Rothschild banking dynasty. Like his four brothers, he was from 1822, the Nathan Mayer, Freiherr von Rothschild, an Austrian Baron; however, he never used the title.Once the wealthiest man on earth, he was the richest among the Rothschilds.
In 1798, at the age of 21, he settled in Manchester, England and established a business in textile trading and finance, later moving to London, England and making a fortune in trading bills of exchange through a banking enterprise begun in 1805.
Rothschild became a freemason of the Emulation Lodge, No. 12, of the Premier Grand Lodge of England on 24 October 1802, in London. Up until this point, the few Ashkenazi Jews that lived in England tended to belong to the "Antients" on account of their generally lower social class, while the more established Sephardim joined the Moderns.
In 1816, his four brothers were raised to the nobility (Adelung) by the Emperor of Austria. They were now permitted to prefix the Rothschild name with the particle von, although outside the German-speaking world it was common practice across Europe to use the language of diplomacy, rendering names and titles in French, in this case: de.The offer appears to have been made to Nathan Mayer as well, but was evidently declined as being of little significance in itself in Great Britain.
It appears that Nathan Meyer was the originator of the family device of the 'Five Arrows'.The origin is said to be a Persian tale told to the Patriarch, Mayer Amschel, as the family gathered around his death-bed, when he is said to have observed that the tale was applicable to his own family: individually an arrow may be easily broken, but when held as a bundle they would be unbreakable. In 1818, Nathan Meyer applied for a grant of arms, on learning that gentry status would suffice, and had the Five Arrows confirmed for himself and his wider family. Later, when only the British and the French Houses remained, a distinction was made between upturned arrows and downturned arrows, to determine which House was being indicated.
In 1822, all five brothers were granted the title of Baron, or raised to the Freiherrnstand, by the Emperor. From 1822, both Nathan Meyer himself, and any legitimate male descendant, could call himself: Freiherr von Rothschild, or in the language of diplomacy whether in France or not, Baron de Rothschild. In practice, having accepted the aristocratic title for the benefit of his family, he chose not to use it himself and so did not request official recognition of the title. In 1838, two years after his death, Queen Victoria did authorise the use of this Austrian title in the United Kingdom.
On 22 October 1806 in London, he married Hannah Barent-Cohen (1783–1850), daughter of Levy Barent Cohen (1747–1808) and wife Lydia Diamantschleifer. Their children were:
He operated first as a textile merchant in Manchester, England, then from 1804 he began to deal on the London stock exchange in financial instruments such as foreign bills and government securities.
From 1809 Rothschild began to deal in gold bullion, and developed this as a cornerstone of his business. From 1811 on, in negotiation with Commissary-General John Charles Herries, he undertook to transfer money to pay Wellington's troops, on campaign in Portugal and Spain against Napoleon, and later to make subsidy payments to British allies when these organized new troops after Napoleon's disastrous Russian campaign.
In 1818 he arranged a £5 million loan to the Prussian government and the issuing of bonds for government loans formed a mainstay of his bank's business. He gained a position of such power in the City of London that by 1825–1826 he was able to supply enough coin to the Bank of England to enable it to avert a liquidity crisis.
In 1824 he founded the Alliance Assurance Company (now Royal & SunAlliance) with Moses Montefiore.
In 1830 he funded, along with other notable bankers, the country of Belgium, which had just gained independence and was looking for investors. He loaned them upwards of 3 million Belgian Franks.
In the aftermath of the Slavery Abolition Act 1833 with the Slave Compensation Act 1837, Rothschild and his business partner Moses Montefiore loaned the British Government £15 million (worth £1.43 billion in 2020 ) with interest which was subsequently paid off by the British taxpayers (ending in 2015). This money was used to compensate the slave owners in the British Empire after the trade had been abolished. According to the Legacies of British Slave-Ownership at the University College London, Rothschild himself was a successful claimant under the scheme, as part of "Antigua 390 (Mathews or Constitution Hill)", where he was a beneficiary as mortgage holder to a plantation in Antigua which had 158 slaves in his ownership, he received a £2,571 payment at the time (worth £246 thousand in 2020 ).
In 1835 he secured a contract with the Spanish Government giving him the rights to the Almadén mines in southern Spain, effectively gaining a European mercury monopoly.
He set up his London business, N. M. Rothschild and Sons at New Court in St Swithin's Lane, City of London, where it trades today. He also purchased a country house at Gunnersbury Park near Acton in western London.
An anonymous contemporary described Nathan Rothschild at the London Stock Exchange as "he leaned against the 'Rothschild Pillar' ... hung his heavy hands into his pockets, and began to release silent, motionless, implacable cunning":
Eyes are usually called the windows of the soul. But in Rothschild's case you would conclude that the windows are false ones, or that there was no soul to look out of them. There comes not one pencil of light from the interior, neither is there one gleam of that which comes from without reflected in any direction. The whole puts you in mind of an empty skin, and you wonder why it stands upright without at least something in it. By and by another figure comes up to it. It then steps two paces aside, and the most inquisitive glance that you ever saw, and more inquisitive than you would ever have thought of, is drawn out of those fixed and leaden eyes, as if one were drawing a sword from a scabbard. The visiting figure, which has the appearance of coming by accident and not by design, stops just a second or two, in the course of which looks are exchanged which, though you cannot translate, you feel must be of most important meaning. After this, the eyes are sheathed up again, and the figure resumes its stony posture. During the morning, numbers of visitors come, all of whom meet with a similar reception and vanish in a similar manner. Last of all the figure itself vanishes, leaving you utterly at a loss.
By the time an infected abscess caused his death in 1836, his personal net worth amounted to 0.62% of British national income.He had also secured the position of the Rothschilds as the preeminent investment bankers in Britain and Europe. His son, Lionel Nathan Rothschild (1808–1879), continued the family business in England.
Nathan Mayer Rothschild and his wife Hannah are buried in the Brady Street Ashkenazi Cemetery in Whitechapel.
In the 19th century a story arose that accuses him of having used his early knowledge of victory at the Battle of Waterloo to speculate on the stock exchange and make a vast fortune.
Frederic Morton relates the story thus:
To the Rothschilds, [England's] chief financial agents, Waterloo brought a many million pound scoop. ... a Rothschild agent ... jumped into a boat at Ostend ... Nathan Rothschild ... let his eye fly over the lead paragraphs. A moment later he was on his way to London (beating Wellington's envoy by many hours) to tell the government that Napoleon had been crushed: but his news was not believed, because the government had just heard of the English defeat at Quatre Bras. Then he proceeded to the Stock Exchange. Another man in his position would have sunk his work into consols [bank annuities], already weak because of Quatre Bras. But this was Nathan Rothschild. He leaned against "his" pillar. He did not invest. He sold. He dumped consols. ... Consols dropped still more. "Rothschild knows," the whisper rippled through the 'Change. "Waterloo is lost." Nathan kept on selling, ... consols plummeted – until, a split second before it was too late, Nathan suddenly bought a giant parcel for a song. Moments afterwards the great news broke, to send consols soaring. We cannot guess the number of hopes and savings wiped out by this engineered panic.
Research by the Rothschild familyand others has shown that this story originated in an anti-Semitic French pamphlet in 1846, was embellished by John Reeves in 1887 in The Rothschilds: the Financial Rulers of Nations, and then repeated in other popular accounts like that of Morton and the 1934 American film directed by Alfred L. Werker, The House of Rothschild . Many of the alleged facts are clearly untrue. For example, the size of the market in government bonds at the time could not have supported a gain of anything near one million pounds.
Historian Niall Ferguson agrees that the Rothschilds' couriers did get to London first and alerted the family to Napoleon's defeat, but argues that since the family had been banking on a protracted military campaign, the losses arising from the disruption to their business more than offset any short-term gains in bonds after Waterloo. Rothschild capital did soar, but over a much longer period: Nathan's breakthrough had been prior to Waterloo when he negotiated a deal to supply cash to Wellington's army. The family made huge profits over a number of years from this governmental financing by adopting a high-risk strategy involving exchange-rate transactions, bond-price speculations, and commissions.
The Rothschild family archives confirm that, although "it is virtually part of English history that Nathan Mayer Rothschild made 'a million' or 'millions' out of his early information about the Battle of Waterloo, the evidence is slender". It notes the presence in the archives of a contemporary letter from a Rothschild courier, John Roworth, who wrote to Nathan: "I am informed by Commissary White that you have done well by the early information which you had of the Victory gained at Waterloo." The archivists suggest that this comment – the only hard evidence of Rothschild making a fortune going long on UK gilts – may, in fact, have been a reference to business dealings between Rothschild and the British Government, as suggested by Ferguson. (The contract for supplying cash to Wellington's army had been offered precisely because of Rothschild's international network. "The Government had already failed to establish a similar network of its own and had been let down by other more established London firms, and the Rothschild courier and communications network had gained a justifiable reputation for speed and reliability.") It confirms that the Rothschild couriers brought news of victory at Waterloo "a full 48 hours before the government’s own riders brought the news to Downing Street", but the archive has no records to estimate the size of any gain Rothschild made. "But knowing the structure of the market we can conclude that however much Nathan made out of Waterloo, it must have been very considerably less than a million pounds, let alone 'millions'."
It is also very commonly reported that the Rothschilds' advanced information was caused by the speed of prized racing pigeons, held by the family.However, this is widely disputed and the Rothschild archive states that, although pigeon post "was one of the tools of success in the Rothschild business strategy during the period c. 1820–1850,... it is likely that a series of couriers on horseback brought the news" of Waterloo to Rothschild.
More recently, Brian Cathcart has refuted the claim that Rothschild was the first man in London to know of the victory at Waterloo. [ original research? ]He traces the earliest news to a dispatch Wellington sent via his messenger to Lord Bathurst, the Secretary of War, which was received on the evening of 21 June. However, whether Nathan's profit on the London Stock Exchange was a million pounds or less, the fact remains that he was willing to bankrupt a large number of people and destroy them financially in order to gain more wealth.
Contrary to stories emanating from an article about the family in a late nineteenth-century magazine with decidedly antisemitic undertones, Rothschild's first concern on this occasion was not potential financial advantage; he and his courier immediately took the news to the Government.
The House of Rothschild is a 1934 American pre-Code film written by Nunnally Johnson from the play by George Hembert Westley, and directed by Alfred L. Werker. It chronicles the rise of the Rothschild family of European bankers.
The Rothschild family is a wealthy Jewish family originally from Frankfurt that rose to prominence with Mayer Amschel Rothschild (1744–1812), a court factor to the German Landgraves of Hesse-Kassel in the Free City of Frankfurt, Holy Roman Empire, who established his banking business in the 1760s. Unlike most previous court factors, Rothschild managed to bequeath his wealth and established an international banking family through his five sons, who established businesses in London, Paris, Frankfurt, Vienna, and Naples. The family was elevated to noble rank in the Holy Roman Empire and the United Kingdom. The family's documented history starts in 16th century Frankfurt; its name is derived from the family house, Rothschild, built by Isaak Elchanan Bacharach in Frankfurt in 1567.
Of all the landowners in the home counties, particularly the Buckinghamshire area, none has had more impact on the landscape than the Rothschild family.
Baron Rothschild, of Tring in the County of Hertfordshire, is a title in the Peerage of the United Kingdom. It was created in 1885 for Sir Nathan Rothschild, 2nd Baronet, a member of the Rothschild banking family. He was the first Jewish member of the House of Lords not to have previously converted to Christianity. The current holder of the title is Jacob Rothschild, 4th Baron Rothschild, who inherited the title in 1990.
Mayer Amschel Rothschild, was a German Jewish banker and the founder of the Rothschild banking dynasty. Referred to as a "founding father of international finance," Rothschild was ranked seventh on the Forbes magazine list of "The Twenty Most Influential Businessmen of All Time" in 2005.
Baron Mayer Amschel de Rothschild was an English businessman and politician of the English branch of the Rothschild family. He was the fourth and youngest son of Hannah (Barent-Cohen) and Nathan Mayer Rothschild (1777–1836). He was named Mayer Amschel Rothschild, for his grandfather, the patriarch of the Rothschild family.
Nathaniel Mayer Rothschild, 1st Baron Rothschild, Baron de Rothschild, was a British Jewish banker and politician from the wealthy international Rothschild family.
The Rothschild banking family of France is a French banking dynasty founded in 1812 in Paris by James Mayer de Rothschild (1792–1868). James was sent there from his home in Frankfurt, Germany, by his father, Mayer Amschel Rothschild (1744–1812). Wanting his sons to succeed on their own and to expand the family business across Europe, Mayer Amschel Rothschild had his eldest son remain in Frankfurt, while his four other sons were sent to different European cities to establish a financial institution to invest in business and provide banking services. Endogamy within the family was an essential part of the Rothschild strategy in order to ensure control of their wealth remained in family hands.
The Rothschild banking family of Austria was founded by banker Salomon Mayer von Rothschild in 1820 in Vienna in what was then the Austrian Empire.
S M von Rothschild was a banking enterprise established in 1820 in Vienna, Austrian Empire by Salomon Mayer Rothschild, the founder of the Rothschild banking family of Austria and a member of the Mayer Amschel Rothschild family of Frankfurt, Germany. The business prospered, financing various Austrian government undertakings where large amounts of capital had to be raised. The bank played a major role in the building of the country's economic infrastructure including the first rail transport networks. Passed down to Salomon Mayer Rothschild's male heirs, the bank would be run by Anselm von Rothschild, Albert Salomon von Rothschild, and Louis Nathaniel von Rothschild.
Salomon Mayer von Rothschild was a German-born banker in the Austrian Empire and the founder of the Austrian branch of the prominent Mayer Amschel Rothschild family.
The Rothschild banking family of England was founded in 1798 by Nathan Mayer von Rothschild (1777–1836) who first settled in Manchester but then moved to London. Nathan was sent there from his home in Frankfurt by his father, Mayer Amschel Rothschild (1744–1812). Wanting his sons to succeed on their own and to expand the family business across Europe, Mayer Amschel Rothschild had his eldest son remain in Frankfurt, while his four other sons were sent to different European cities to establish a financial institution to invest in business and provide banking services. Nathan Mayer von Rothschild, the third son, first established a textile jobbing business in Manchester and from there went on to establish N M Rothschild & Sons bank in London.
The Rothschild banking family of Naples was founded by Calmann (Carl) Mayer von Rothschild (1788–1855) who was sent to the Kingdom of the Two Sicilies from Frankfurt am Main, Germany in 1821 by his father, Mayer Amschel Rothschild. Wanting his sons to succeed on their own and to expand the family business across Europe, Mayer Amschel Rothschild had had his eldest son remain in Frankfurt, while his four other sons went to different European cities to establish a financial institution to invest in business and provide banking services.
Carl Mayer Freiherr von Rothschild was a German-born banker in the Kingdom of the Two Sicilies and the founder of the Rothschild banking family of Naples.
Anselm Salomon von Rothschild, baron was an Austrian banker, founder of the Creditanstalt, and a member of the Vienna branch of the Rothschild family.
The House of Bethmann and the House of Rothschild were the two banking dynasties of Frankfurt am Main. For several decades their affairs were closely intertwined while involved in a rivalry. On occasion they would cooperate—as business partners but also, not least thanks to the pro-emancipation outlook of Simon Moritz von Bethmann, with the shared goal of enfranchising the Jews of Frankfurt.
The Rothschild family is a European family of German Jewish origin that established European banking and finance houses from the late eighteenth century.
The Rothschilds is a 1940 Nazi German historical propaganda film directed by Erich Waschneck.
Rothschild & Co is a multinational investment bank and financial services company, and the flagship of the Rothschild banking group controlled by the French and British branches of the Rothschild family.
New Court is a collection of proximate buildings in London having served as the global headquarters of the Rothschild investment bank since 1809. The current building is the fourth incarnation of the Rothschild offices at the same street address. Until 2004, the world price of gold was fixed daily at this building.