The Ascent of Money_ A Financial History Part 7

Notes.

Introduction.

1 To be precise, this was the increase in per capita disposable personal income between the third quarter of 2006 and the third quarter of 2007. It has since been static, rising barely at all between March 2007 and March 2008. Data from To be precise, this was the increase in per capita disposable personal income between the third quarter of 2006 and the third quarter of 2007. It has since been static, rising barely at all between March 2007 and March 2008. Data from Economic Report of the President 2008 Economic Report of the President 2008, table B-31: http://www.gpoaccess.gov/eop/.

2 Carmen DeNavas-Walt, Bernadette D. Proctor and Jessica Smith, Carmen DeNavas-Walt, Bernadette D. Proctor and Jessica Smith, Income, Poverty and Health Insurance Coverage in the United States: 2006 Income, Poverty and Health Insurance Coverage in the United States: 2006 (Washington, DC, August 2007), p. 4. (Washington, DC, August 2007), p. 4.

3 We See Opportunity: Goldman Sachs 2007 Annual Report We See Opportunity: Goldman Sachs 2007 Annual Report (New York, 2008). (New York, 2008).

4 Paul Collier, Paul Collier, The Bottom Billion: Why the Poorest Countries Are Failing and What Can Be Done About It The Bottom Billion: Why the Poorest Countries Are Failing and What Can Be Done About It (Oxford, 2007). (Oxford, 2007).

5 David Wessel, 'A Source of our Bubble Trouble', David Wessel, 'A Source of our Bubble Trouble', Wall Street Journal Wall Street Journal, 17 January 2008.

6 Stephen Roach, 'Special Compendium: Lyford Cay 2006', Stephen Roach, 'Special Compendium: Lyford Cay 2006', Morgan Stanley Research Morgan Stanley Research (21 November 2006), p. 4. (21 November 2006), p. 4.

7 Milton Friedman and Anna J. Schwartz, Milton Friedman and Anna J. Schwartz, A Monetary History of the United States, 1867-1960 A Monetary History of the United States, 1867-1960 (Princeton, 1963). (Princeton, 1963).

8 Princeton Survey Research a.s.sociates International, prepared for the National Foundation for Credit Counseling, 'Financial Literacy Survey', 19 April 2007: Princeton Survey Research a.s.sociates International, prepared for the National Foundation for Credit Counseling, 'Financial Literacy Survey', 19 April 2007: http://www.nfcc.org/NFCC_SummaryReport_ToplineFinal.pdf.

9 Alexander R. Konrad, 'Finance Basics Elude Citizens', Alexander R. Konrad, 'Finance Basics Elude Citizens', Harvard Crimson Harvard Crimson, 2 February 2008.

10 a.s.sociated Press, 'Teens Still Lack Financial Literacy, Survey Finds', 5 April, 2006: a.s.sociated Press, 'Teens Still Lack Financial Literacy, Survey Finds', 5 April, 2006: http://www.msnbc.msn.com/id/12168872/.

1. Dreams of Avarice 1 'A World without Money', 'A World without Money', Socialist Standard Socialist Standard (July 1979). The pa.s.sage was a translated extract from 'Les Amis de Quatre Millions de Jeune Travailleurs', (July 1979). The pa.s.sage was a translated extract from 'Les Amis de Quatre Millions de Jeune Travailleurs', Un Monde sans Argent: Le Communisme Un Monde sans Argent: Le Communisme (Paris, 1975-6): (Paris, 1975-6): http://www.geocities.com/~johngray/stanmond.htm.

2 Indeed, Marx and Engels had themselves recommended not the abolition of money but 'Centralization of credit in the hands of the state, by means of a national bank with state capital and an exclusive monopoly': clause 5 of Indeed, Marx and Engels had themselves recommended not the abolition of money but 'Centralization of credit in the hands of the state, by means of a national bank with state capital and an exclusive monopoly': clause 5 of The Communist Manifesto The Communist Manifesto.

3 JuanForero,'Amazonian Tribe Suddenly Leaves Jungle Home', 11 May 2006: JuanForero,'Amazonian Tribe Suddenly Leaves Jungle Home', 11 May 2006: http://www.entheology.org/edoto/anmviewer.asp?a=244.

4 Clifford Smyth, Clifford Smyth, Francisco Pizarro and the Conquest of Peru Francisco Pizarro and the Conquest of Peru (Whitefish, Montana, 2007 [1931]). (Whitefish, Montana, 2007 [1931]).

5 Michael Wood, Michael Wood, Conquistadors Conquistadors (London, 2001), p. 128. (London, 2001), p. 128.

6 For a vivid account from the conquistadors' vantage point, which makes it clear that gold was their prime motive, see the November 1533 letter from Hernando Pizarro to the Royal Audience of Santo Domingo, in Clements R. Markham (ed.), For a vivid account from the conquistadors' vantage point, which makes it clear that gold was their prime motive, see the November 1533 letter from Hernando Pizarro to the Royal Audience of Santo Domingo, in Clements R. Markham (ed.), Reports on the Discovery of Peru Reports on the Discovery of Peru (London, 1872), pp. 113-27. (London, 1872), pp. 113-27.

7 M. A. Burkholder, M. A. Burkholder, Colonial Latin America Colonial Latin America (2nd edn., Oxford, 1994), p. 46. (2nd edn., Oxford, 1994), p. 46.

8 J. Hemming, J. Hemming, Conquest of the Incas Conquest of the Incas (London, 2004), p. 77. (London, 2004), p. 77.

9 Ibid., p. 355. Ibid., p. 355.

10 Wood, Wood, Conquistadors Conquistadors, pp. 38, 148.

11 Hemming, Hemming, Conquest Conquest, p. 392.

12 P. Bakewell, P. Bakewell, A History of Latin America A History of Latin America (2nd edn., Oxford, 2004), p. 186. (2nd edn., Oxford, 2004), p. 186.

13 Hemming, Hemming, Conquest Conquest, pp. 356ff.

14 See Alexander Murray, See Alexander Murray, Reason and Society in the Middle Ages Reason and Society in the Middle Ages (Oxford, 2002), pp. 25-58. (Oxford, 2002), pp. 25-58.

15 See Thomas J. Sargent and Francois R. Velde, See Thomas J. Sargent and Francois R. Velde, The Big Problem of Small Change The Big Problem of Small Change (Princeton, NJ, 2002). (Princeton, NJ, 2002).

16 Bakewell, Bakewell, History of Latin America History of Latin America, p. 182.

17 Mauricio Drelichman and Hans-Joachim Voth, 'Inst.i.tutions and the Resource Curse in Early Modern Spain', paper presented at the CIAR Inst.i.tutions, Organizations, and Growth Program Meeting in Toronto, 16-18 March 2007. Mauricio Drelichman and Hans-Joachim Voth, 'Inst.i.tutions and the Resource Curse in Early Modern Spain', paper presented at the CIAR Inst.i.tutions, Organizations, and Growth Program Meeting in Toronto, 16-18 March 2007.

18 Hans J. Nissen, Peter Damerow and Robert K. Englund, Hans J. Nissen, Peter Damerow and Robert K. Englund, Archaic Bookkeeping: Early Writing and Techniques of Economic Administration in the Ancient Near East Archaic Bookkeeping: Early Writing and Techniques of Economic Administration in the Ancient Near East (London, 1993). (London, 1993).

19 I am grateful to Dr John Taylor of the British Museum for his expert guidance and a.s.sistance with deciphering the cuneiform inscriptions. I also learned much from Martin Schubik's 'virtual museum' at Yale: I am grateful to Dr John Taylor of the British Museum for his expert guidance and a.s.sistance with deciphering the cuneiform inscriptions. I also learned much from Martin Schubik's 'virtual museum' at Yale: http://www.museumofmoney.org/babylon/.

20 Glyn Davies, Glyn Davies, A History of Money: From Ancient Times to the Present Day A History of Money: From Ancient Times to the Present Day (Cardiff, 1994); Jonathan Williams, with Joe Cribb and Elizabeth Errington (eds.), (Cardiff, 1994); Jonathan Williams, with Joe Cribb and Elizabeth Errington (eds.), Money: A History Money: A History (London, 1997) (London, 1997) 21 See Marc Van De Mieroop, See Marc Van De Mieroop, Society and Enterprise in Old Babylonian Ur Society and Enterprise in Old Babylonian Ur (Berlin, 1992) and the essays in Michael Hudson and Marc Van De Mieroop (eds.), (Berlin, 1992) and the essays in Michael Hudson and Marc Van De Mieroop (eds.), Debt and Economic Renewal in the Ancient Near East Debt and Economic Renewal in the Ancient Near East, vol. III (Bethesda, MD, 1998); Jack M. Sa.s.soon, Gary Beckman and Karen S. Rubinson, Civilizations of the Ancient Near East Civilizations of the Ancient Near East, vol. III (London, 2000).

22 William N. Goetzmann, 'Fibonacci and the Financial Revolution', NBER Working Paper 10352 (March 2004). William N. Goetzmann, 'Fibonacci and the Financial Revolution', NBER Working Paper 10352 (March 2004).

23 John H. Munro, 'The Medieval Origins of the Financial Revolution: Usury, Rentes, and Negotiability', John H. Munro, 'The Medieval Origins of the Financial Revolution: Usury, Rentes, and Negotiability', International History Review International History Review, 25, 3 (September 2003), pp. 505-62.

24 On the advantages to Italian cities of nurturing Jewish communities, see Maristella Botticini, 'A Tale of "Benevolent" Governments: Private Credit Markets, Public Finance, and the Role of Jewish Lenders in Renaissance Italy', On the advantages to Italian cities of nurturing Jewish communities, see Maristella Botticini, 'A Tale of "Benevolent" Governments: Private Credit Markets, Public Finance, and the Role of Jewish Lenders in Renaissance Italy', Journal of Economic History Journal of Economic History, 60, 1 (March 2000), pp. 164-189.

25 Frederic C. Lane, Frederic C. Lane, Venice: A Maritime Republic Venice: A Maritime Republic (Baltimore, 1973), p. 300. (Baltimore, 1973), p. 300.

26 Idem Idem, 'Venetian Bankers, 1496-1533: A Study in the Early Stages of Deposit Banking', Journal of Political Economy Journal of Political Economy, 45, 2 (April 1937), pp. 187-206.

27 Benjamin C. I. Ravid, 'The First Charter of the Jewish Merchants of Venice', Benjamin C. I. Ravid, 'The First Charter of the Jewish Merchants of Venice', AJS Review AJS Review, 1 (1976), pp. 190ff.

28 Idem Idem, 'The Legal Status of the Jewish Merchants of Venice, 1541- 1638', Journal of Economic History Journal of Economic History, 35, 1 (March 1975), pp. 274-9.

29 Rhiannon Edward, 'Loan Shark Charged 11m per cent Interest', Rhiannon Edward, 'Loan Shark Charged 11m per cent Interest', Scotsman Scotsman, 18 August 2006.

30 John Hale, John Hale, The Civilization of Europe in the Renaissance The Civilization of Europe in the Renaissance (London, 1993), p. 83. (London, 1993), p. 83.

31 Gene A. Brucker, 'The Medici in the Fourteenth Century', Gene A. Brucker, 'The Medici in the Fourteenth Century', Speculum Speculum, 32, 1 (January 1957), p. 13.

32 John H. Munro, 'The Medieval Origins of the Financial Revolution: Usury, Rentes, and Negotiability', John H. Munro, 'The Medieval Origins of the Financial Revolution: Usury, Rentes, and Negotiability', International History Review International History Review, 25, 3 (September 2003), pp. 505-62.

33 Richard A. Goldthwaite, 'The Medici Bank and the World of Florentine Capitalism', Richard A. Goldthwaite, 'The Medici Bank and the World of Florentine Capitalism', Past and Present Past and Present, 114 (Feb. 1987), pp. 3-31. On the background to the Medicis' rise, see Raymond de Roover, The Rise and Decline of the Medici Bank, 1397-1494 The Rise and Decline of the Medici Bank, 1397-1494 (Cambridge, MA, 1963), pp. 9-34. (Cambridge, MA, 1963), pp. 9-34.

34 Venetian State Archives, Mediceo Avanti Princ.i.p.ato, MAP 133, 134, 153. Venetian State Archives, Mediceo Avanti Princ.i.p.ato, MAP 133, 134, 153.

35 Franz-Josef Arlinghaus, 'Bookkeeping, Double-entry Bookkeeping', in Christopher Kleinhenz (ed.), Franz-Josef Arlinghaus, 'Bookkeeping, Double-entry Bookkeeping', in Christopher Kleinhenz (ed.), Medieval Italy: An Encyclopedia Medieval Italy: An Encyclopedia, vol. 1 (New York, 2004). The first book to describe the method was Benedetto Cotrugli's Il libro dell'arte di mercatura Il libro dell'arte di mercatura, published in 1458.

36 Raymond de Roover, 'The Medici Bank: Organization and Management', Raymond de Roover, 'The Medici Bank: Organization and Management', Journal of Economic History Journal of Economic History, 6, 1 (May 1946), pp. 24-52.

37 Venetian State Archives, Archivio del Monte, Catasto of 1427. I am grateful to Dr Francesco Guidi for his guidance regarding the Medici papers in the Florence State Archives. Venetian State Archives, Archivio del Monte, Catasto of 1427. I am grateful to Dr Francesco Guidi for his guidance regarding the Medici papers in the Florence State Archives.

38 Raymond de Roover, 'The Decline of the Medici Bank', Raymond de Roover, 'The Decline of the Medici Bank', Journal of Economic History Journal of Economic History, 7, 1 (May 1947), pp. 69-82.

39 Stephen Quinn and William Roberds, 'The Big Problem of Large Bills: The Bank of Amsterdam and the Origins of Central Banking', Federal Reserve Bank of Atlanta Working Paper, 2005-16 (August 2005). Stephen Quinn and William Roberds, 'The Big Problem of Large Bills: The Bank of Amsterdam and the Origins of Central Banking', Federal Reserve Bank of Atlanta Working Paper, 2005-16 (August 2005).

40 See for example Peter L. Rousseau and Richard Sylla, 'Financial Systems, Economic Growth, and Globalization', in Michael D. Bordo, Alan M. Tayor and Jeffrey G. Williamson (eds.), See for example Peter L. Rousseau and Richard Sylla, 'Financial Systems, Economic Growth, and Globalization', in Michael D. Bordo, Alan M. Tayor and Jeffrey G. Williamson (eds.), Globalization in Historical Perspective Globalization in Historical Perspective (Chicago / London, 2003), pp. 373-416. (Chicago / London, 2003), pp. 373-416.

41 See Charles P. Kindleberger, See Charles P. Kindleberger, A Financial History of Western Europe A Financial History of Western Europe (London, 1984), p. 94. (London, 1984), p. 94.

42 Walter Bagehot, Walter Bagehot, Lombard Street: A Description of the Money Market Lombard Street: A Description of the Money Market (London, 1873). (London, 1873).

43 Quoted in Kindleberger, Quoted in Kindleberger, Financial History Financial History, p. 87.

44 Niall Ferguson and Oliver Wyman, Niall Ferguson and Oliver Wyman, The Evolution of Financial Services: Making Sense of the Past, Preparing for the Future The Evolution of Financial Services: Making Sense of the Past, Preparing for the Future (London / New York, 2007), p. 34. See also p. 40 for a composite measure of global liquidity. (London / New York, 2007), p. 34. See also p. 40 for a composite measure of global liquidity.

45 Ibid., p. 63. Ibid., p. 63.

46 Ibid., p. 48. Ibid., p. 48.

47 http://www.bis.org/statistics/bankstats.htm.

48 Lord [Victor] Rothschild, Lord [Victor] Rothschild, Meditations of a Broomstick Meditations of a Broomstick (London, 1977), p. 17. (London, 1977), p. 17.

2. Of Human Bondage 1 David Wessel and Thomas T. Vogel Jr., 'Arcane World of Bonds is Guide and Beacon to a Populist President', David Wessel and Thomas T. Vogel Jr., 'Arcane World of Bonds is Guide and Beacon to a Populist President', Wall Street Journal Wall Street Journal, 25 February 1993, p. A1.

2 Raymond Goldsmith, Raymond Goldsmith, Premodern Financial Systems Premodern Financial Systems (Cambridge, 1987), pp. 157ff., 164-9. (Cambridge, 1987), pp. 157ff., 164-9.

3 See M. Veseth, See M. Veseth, Mountains of Debt: Crisis and Change in Renaissance Florence, Victorian Britain and Postwar America Mountains of Debt: Crisis and Change in Renaissance Florence, Victorian Britain and Postwar America (New York / Oxford, 1990). (New York / Oxford, 1990).

4 John H. Munro, 'The Origins of the Modern Financial Revolution: Responses to Impediments from Church and State in Western Europe, 1200-1600', University of Toronto Working Paper, 2 (6 July 2001), p. 7. John H. Munro, 'The Origins of the Modern Financial Revolution: Responses to Impediments from Church and State in Western Europe, 1200-1600', University of Toronto Working Paper, 2 (6 July 2001), p. 7.

5 James Macdonald, James Macdonald, A Free Nation Deep in Debt: The Financial Roots of Democracy A Free Nation Deep in Debt: The Financial Roots of Democracy (New York, 2003), pp. 81ff. (New York, 2003), pp. 81ff.

6 Jean-Claude Hocquet, 'City-State and Market Economy', in Richard Bonney (ed.), Jean-Claude Hocquet, 'City-State and Market Economy', in Richard Bonney (ed.), Economic Systems and State Finance Economic Systems and State Finance (Oxford, 1995), pp. 87-91. (Oxford, 1995), pp. 87-91.

7 Jean-Claude Hocquet, 'Venice', in Richard Bonney (ed.), Jean-Claude Hocquet, 'Venice', in Richard Bonney (ed.), The Rise of the Fiscal State in Europe, c. 1200-1815 The Rise of the Fiscal State in Europe, c. 1200-1815 (Oxford, 1999), p. 395. (Oxford, 1999), p. 395.

8 FredericC.Lane, FredericC.Lane,Venice:AMaritimeRepublic(Baltimore,1973),p.323.

9 Idem Idem, 'Venetian Bankers, 1496-1533: A Study in the Early Stages of Deposit Banking', Journal of Political Economy Journal of Political Economy, 45, 2 (April 1937), pp. 197f.

10 Munro, 'Origins of the Modern Financial Revolution', pp. 15f. Munro, 'Origins of the Modern Financial Revolution', pp. 15f.

11 Martin Korner, 'Public Credit', in Richard Bonney (ed.), Martin Korner, 'Public Credit', in Richard Bonney (ed.), Economic Systems and State Finance Economic Systems and State Finance (Oxford, 1995), pp. 520f., 524f. See also Juan Gelabert, 'Castile, 1504-1808', in Richard Bonney (ed.), (Oxford, 1995), pp. 520f., 524f. See also Juan Gelabert, 'Castile, 1504-1808', in Richard Bonney (ed.), The Rise of the Fiscal State in Europe, c. 1200-1815 The Rise of the Fiscal State in Europe, c. 1200-1815 (Oxford, 1999), pp. 208ff. (Oxford, 1999), pp. 208ff.

12 Marjolein 't Hart, 'The United Provinces 1579-1806', in Richard Bonney (ed.), Marjolein 't Hart, 'The United Provinces 1579-1806', in Richard Bonney (ed.), The Rise of the Fiscal State in Europe, c. 1200-1815 The Rise of the Fiscal State in Europe, c. 1200-1815 (Oxford, 1999), pp. 311ff. (Oxford, 1999), pp. 311ff.

13 Dougla.s.s C. North and Barry R. Weingast, 'Const.i.tutions and Commitment: The Evolution of Inst.i.tutions Governing Public Choice in Seventeenth-Century England', Dougla.s.s C. North and Barry R. Weingast, 'Const.i.tutions and Commitment: The Evolution of Inst.i.tutions Governing Public Choice in Seventeenth-Century England', Journal of Economic History Journal of Economic History, 49, 4 (1989), pp. 803-32. The cla.s.sic account of Britain's financial revolution is P. G. M. d.i.c.kson, The Financial Revolution in England: A Study in the Development of Public Credit, 1688-1756 The Financial Revolution in England: A Study in the Development of Public Credit, 1688-1756 (London, 1967). (London, 1967).

14 The best account of the financial crisis of the The best account of the financial crisis of the ancien regime ancien regime is J. F. Bosher, is J. F. Bosher, French Finances, 1770-1795 French Finances, 1770-1795 (Cambridge, 1970). (Cambridge, 1970).

15 Larry Neal, Larry Neal, The Rise of Financial Capitalism: International Capital Markets in the Age of Reason The Rise of Financial Capitalism: International Capital Markets in the Age of Reason (Cambridge, 1990). (Cambridge, 1990).

16 Hansard Hansard, New Series, vol. XVIII, pp. 540-43.

17 For a detailed account, see Niall Ferguson, For a detailed account, see Niall Ferguson, The World's Banker: The History of the House of Rothschild The World's Banker: The History of the House of Rothschild (London, 1998). See also (London, 1998). See also Herbert H. Kaplan, Nathan Mayer Rothschild and the Creation of a Dynasty: The Critical Years, 1806-1816 Herbert H. Kaplan, Nathan Mayer Rothschild and the Creation of a Dynasty: The Critical Years, 1806-1816 (Stanford, 2006). (Stanford, 2006).

18 Rothschild Archive, London, XI/109, Nathan Rothschild to his brothers Amschel, Carl and James, 2 January 1816. Rothschild Archive, London, XI/109, Nathan Rothschild to his brothers Amschel, Carl and James, 2 January 1816.

19 Rothschild Archive, London, XI/109/2/2/156, Salomon, Paris, to Nathan, London, 29 October 1815. Rothschild Archive, London, XI/109/2/2/156, Salomon, Paris, to Nathan, London, 29 October 1815.

20 See Lord [Victor] Rothschild, See Lord [Victor] Rothschild, The Shadow of a Great Man The Shadow of a Great Man (London, 1982). (London, 1982).

21 Philip Ziegler, Philip Ziegler, The Sixth Great Power: Barings, 1762-1929 The Sixth Great Power: Barings, 1762-1929 (London, 1988), pp. 94f. (London, 1988), pp. 94f.

22 Heinrich Heine, Heinrich Heine, Ludwig Borne - ein Denkschrift: Samtliche Schriften Ludwig Borne - ein Denkschrift: Samtliche Schriften, vol. IV (Munich, 1971), p. 27.

23 Heinrich Heine, 'Lutetia', in Heinrich Heine, 'Lutetia', in Samtliche Schriften Samtliche Schriften, vol. V (Munich, 1971), pp. 321ff., 353.

24 Anon., Anon., The Hebrew Talisman The Hebrew Talisman (London 1840), pp. 28ff. (London 1840), pp. 28ff.

25 Henry Iliowzi, Henry Iliowzi, 'In the Pale': Stories and Legends of the Russian Jews 'In the Pale': Stories and Legends of the Russian Jews (Philadelphia, 1897). (Philadelphia, 1897).

26 Richard McGregor, 'Chinese Buy into Conspiracy Theory', Richard McGregor, 'Chinese Buy into Conspiracy Theory', Financial Times Financial Times, 26 September 2007.

27 Marc Flandreau and Juan H. Flores, 'Bonds and Brands: Lessons from the 1820s', Center for Economic Policy Research Discussion Paper, 6420 (August 2007). Marc Flandreau and Juan H. Flores, 'Bonds and Brands: Lessons from the 1820s', Center for Economic Policy Research Discussion Paper, 6420 (August 2007).

28 For a more complete list of all the bond issues with which the Rothschilds were in any way a.s.sociated, see J. Ayer, For a more complete list of all the bond issues with which the Rothschilds were in any way a.s.sociated, see J. Ayer, A Century of Finance, 1804 to 1904: The London House of Rothschild A Century of Finance, 1804 to 1904: The London House of Rothschild (London, 1904), pp. 14-42 (London, 1904), pp. 14-42 29 On Amsterdam, see James C. Riley, On Amsterdam, see James C. Riley, International Government Finance and the Amsterdam Capital Market International Government Finance and the Amsterdam Capital Market (Cambridge, 1980), pp. 119-94. (Cambridge, 1980), pp. 119-94.

30 Niall Ferguson, 'The first "Eurobonds": The Rothschilds and the Financing of the Holy Alliance, 1818-1822', in William N. Goetzmann and K. Geert Rouwenhorst (eds.), Niall Ferguson, 'The first "Eurobonds": The Rothschilds and the Financing of the Holy Alliance, 1818-1822', in William N. Goetzmann and K. Geert Rouwenhorst (eds.), The Origins of Value: The Financial Innovations that Created Modern Capital Markets The Origins of Value: The Financial Innovations that Created Modern Capital Markets (Oxford, 2005), pp. 311-23. (Oxford, 2005), pp. 311-23.

31 Johann Heinrich Bender, Johann Heinrich Bender, uber den Verkehr mit Staatspapieren in seinen Hauptrichtungen . . . Als Beylageheft zum Archiv fur die Civilist[ische] Praxis uber den Verkehr mit Staatspapieren in seinen Hauptrichtungen . . . Als Beylageheft zum Archiv fur die Civilist[ische] Praxis, vol. VIII (Heidelberg, 1825), pp. 6ff.

32 Heine, Heine, Ludwig Borne Ludwig Borne, p. 28.

33 Alfred Rubens, Alfred Rubens, Anglo-Jewish Portraits Anglo-Jewish Portraits (London, 1935), p. 299. (London, 1935), p. 299.

34 The Times The Times, 15 January 1821.

35 Bertrand Gille, Bertrand Gille, Histoire de la Maison Rothschild Histoire de la Maison Rothschild, vol. I: Des origines a 1848 Des origines a 1848 (Geneva, 1965), p. 487. (Geneva, 1965), p. 487.

36 Richard Hofstadter, Richard Hofstadter, The Age of Reform from Bryan to F.D.R. The Age of Reform from Bryan to F.D.R. (London, 1962), pp. 75ff. (London, 1962), pp. 75ff.

37 Hermann Furst Puckler, Hermann Furst Puckler, Briefe eines Vers...o...b..nen Briefe eines Vers...o...b..nen, ed. Heinz Ohff (Kupfergraben, 1986), p. 7.

38 J. A. Hobson, J. A. Hobson, Imperialism: A Study Imperialism: A Study (London, 1902), Part I, ch. 4. (London, 1902), Part I, ch. 4.