Nathan Mayer Rothschild
Nathan Mayer Rothschild was a prominent financier born in 1777 in the Jewish ghetto of Frankfurt, Germany. As the son of a coin dealer, he entered the family business at a young age and moved to England in 1798 to escape the turmoil of the Napoleonic Wars. In England, Rothschild initially traded textiles and later shifted to dealing in bullion, notably supplying the British government during critical times, such as the aftermath of the Battle of Waterloo in 1815. His financial acumen helped stabilize the Bank of England and facilitated loans to various European countries, including Austria and France, significantly impacting international finance.
Rothschild also played a vital role in supporting Jewish emancipation in England, leveraging his wealth and influence to advocate for the rights of Jews. He passed away in 1836, leaving a substantial estate and a legacy that shaped the public perception of financiers in Britain. His contributions extended beyond finance, as he became a symbol of the evolving status of Jews in society, bridging gaps between communities and enabling greater political participation.
Nathan Mayer Rothschild
- Born: September 16, 1777
- Birthplace: Frankfurt am Main (now in Germany)
- Died: July 28, 1836
- Place of death: Frankfurt am Main (now in Germany)
British banker and merchant
Rothschild created a new level of internationalism in commodities trading and banking. His readiness to provide loans to governments and royalty gave his business a connection with politics that transcended national boundaries.
Source of wealth: Banking
Bequeathal of wealth: Spouse; children; charity
Early Life
Nathan Mayer Rothschild (NAY-thun MI-uhr ROTH-child) was born in the Jewish ghetto of Frankfurt, the son of Mayer Amschel Rothschild, a coin dealer and moneylender, and his wife Guttle. His father brought Rothschild into the family business at the age of twelve, and his brothers followed him. Rothschild left Frankfurt for England in 1798 out of concern that the fighting between England and France would interfere with the family’s ability to trade in British merchandise. He learned English and became a naturalized British citizen, although he never lost his German accent.
First Ventures
In England, Rothschild initially traded in textiles and other commodities in Manchester as an agent for his father’s business. This venture enabled him to offer ready money to those with wares to sell and to receive this merchandise at prices lower than his competitors’ prices. He also started trading on the stock exchange. In 1806, he married Hannah Barent Cohen, which gave him a connection to both the business world and the Jewish community.
Rothschild came to London in 1808 and started dealing in bullion the next year. He was able to sell bullion to the British government at a time when the duke of Wellington’s soldiers in Spain were threatening to revolt because they had not been paid. This opportunity placed Rothschild in a unique position as a financier for the government.
Mature Wealth
Rothschild became a legend in 1815, when his news that the British had won the Battle of Waterloo reached the British government in London a day before official sources. He began to deal directly with the Bank of England, and he helped to avoid a run on this bank at a time when other banks were failing. He was also involved in making loans to a number of European countries, especially the Austrian Empire, from which he received a patent of nobility. His handling of foreign loans benefited from the international character of his family’s business, as his brothers had gone to the financial capitals of Paris, Vienna, and Naples, in addition to the business hub of Frankfurt. When Napoleon I took possession of parts of what became Germany, at least one elector put his wealth in the hands of Rothschild for safekeeping. Rothschild helped finance the government of King Louis XVIII of France after Napoleon I’s defeat. Brazil’s status as an independent country also depended on Rothschild’s financing.
At the height of his career, Rothschild was able to enter into areas like life insurance in order to break the stranglehold of others’ monopolies. He was not interested in the life of a country gentleman, although he moved his family out of his place of business in 1816, a luxury his father had never been able to afford. He put his wealth and reputation at the disposal of those who wished to see the Jews of England take advantage of the liberalization in laws governing the right to vote.
Rothschild died in 1836 while at a family conclave in Frankfurt, and his body was brought back to London for burial. At his death he left an estate of slightly more than £1 million. Even though his son Lionel Nathan Rothschild was brought in as head of the firm, now called N. M. Rothschild and Sons, the leadership of the international Rothschild network passed to Rothschild’s brother James Mayer Rothschild in Paris.
Legacy
Nathan Mayer Rothschild brought the image of financier to a new level of awareness in the public mind of Great Britain. He appears in Lord Byron’s poem Don Juan (1819-1824) in a somewhat ambivalent role, and there was enough anti-Jewish feeling in England at the time for a lukewarm reception of Rothschild’s wealth. The importance of his contributions to the government made him something of a necessity in the tradition of the Court Jew of earlier centuries. As the nineteenth century went on, the wealth of the Rothschilds would be used to support the emancipation of Jews in England, enabling them to obtain better educations and to become involved in the political process.
Bibliography
Ferguson, Niall. The House of Rothschild: Money’s Prophets, 1798-1848. New York: Viking, 1998.
Kaplan, Herbert H. Nathan Mayer Rothschild and the Creation of a Dynasty. Stanford, Calif.: Stanford University Press, 2006.
Morton, Frederic. The Rothschilds: Portrait of a Dynasty. New York: Kodansha International, 1998.