and emphasized the skill with which Rothschild had succeeded in concealing from the French his English dealings on behalf of the elector. He related how French officials in Frankfort had recently been instructed to carry out investigations at Meyer Amschel Rothschild's, in order to ascertain whether he did not collect English moneys for the elector; and how Meyer Amschel had immediately produced his books, an inspection of which had revealed absolutely nothing of this matter.24

This fact proved that even then Meyer Amschel was keeping two sets of books, one of which was suitable for inspection by the various authorities and tax collectors, the other containing the record of the more secret and profitable transactions.

Buderus pointed out that Bethmann, in view of his standing as a Frankfort patrician, and as the head of a firm that was centuries old, could not so suitably be employed in transactions which in the difficult political conditions of the time could not bear the light of day. He added that Bethmann's financial resources had given out in connection with the Danish loan in 1806, and that Rothschild far surpassed him in determination and energy. He also suggested that Rothschild had given greater proof of loyalty, for they had hardly heard anything of Bethmann since the elector had gone into exile, whereas Meyer Amschel was constantly concerning himself with the elector's interests, and also, when necessary, coming personally to Schleswig, or sending one of his

sons.

Buderus's representations succeeded finally in allaying this bout of suspicion against the Rothschild family, with whom he had now established very close personal relations. Through the efforts of the administrator of the elector's estates, all the other bankers were gradually forced into the background, Rothschild taking their place.25 From this time onwards he enjoyed the elector's confidence as far as such a thing was possible, and we

find Meyer Amschel becoming, not only William's principal banker, but also his confidential adviser in various difficult matters.

As his health no longer permitted him to do full justice to the strenuous requirements of the elector's service, he placed one of his sons at the elector's disposal when necessary. Up to this time the elector had turned down the various proposals regarding the collection of interest and the investment of capital that Nathan had made to him from London. As late as June, 1807, he actually instructed his chargé d'affaires in London to vouchsafe no reply whatever if Nathan should venture again to inquire as to the elector's financial affairs.26 In this matter too, he was slowly and completely to change his attitude, without any disadvantage to himself. Everybody who possibly could was borrowing money from the elector, for the German sovereigns, and not least, the King of Prussia, were suffering from extreme shortage of money after Napoleon's victorious march through their country, owing to the heavy war expenses and the subsidies which he imposed.

Prince Wittgenstein repeatedly urged the King of Prussia to be very cordial to the elector, and as soon as it should be practicable to invite him to live in Berlin, because it might then perhaps be possible to persuade him to grant a loan. The invitation was actually sent, but the king had then himself been obliged to flee from his capital, and was suffering the most grievous misfortunes, so that Berlin was out of the question. Meanwhile Denmark had also been forced by Napoleon to give up her neutrality. The French invaded the dukedoms and the Danish royal house found the presence of the elector, who was such a thorn in Napoleon's side, most embarrassing.

In these circumstances, the refugee was in constant danger of being discovered and taken prisoner. Jerome was ruling in Hesse, and it was of little use to the elector that Lagrange's double-dealing was brought to light, and

From a portrait by W. Böttner in the Vienna National Library

the general dismissed. In spite of an invitation from the Prince of Wales, William did not wish to go to England, since that would have meant a final breach with the powerful usurper, for the elector continued to cherish an unreasonable hope of Napoleon's forgiveness.

There was still Austria. In his last letter 27 the Emperor Francis had expressed his "most heartfelt sympathy in these sad circumstances," with the hope that he might be of assistance to him. The elector accordingly asked for asylum in Austrian territory, and decided to continue his flight to Bohemia, stopping first at Carlsbad.

He did not part with his treasures, but took with him all the valuables and papers which had been saved, including a chest full of deeds which Meyer Amschel had proposed to bring on afterwards from Hamburg. The travelers were carefully disguised on their journey. In one place where there were French troops they nearly lost their most valuable belongings, as the wheels of the carriage in which they were packed broke in the marketplace, and they were forced to transfer them to another vehicle. Fortunately nobody guessed what the bales contained; the journey proceeded without further mishap; and on July 28, 1808, the elector arrived at Carlsbad, where he awaited the emperor's decision as to his final place of abode.

Meanwhile Meyer Amschel and his son were carrying on their business at Frankfort and developing the trading as well as the purely financial side of it. All the members of the family were actively engaged in it, and Rothschild's unmarried daughter sat at the cash desk, assisted by the wives of Solomon and Amschel. Meanwhile the fifth son, Jacob, generally called James, had reached the age of sixteen, and like his elder brothers had begun to take an active part in the business. This had made it possible for the eldest son Amschel also to leave Frankfort fairly often, in order, like Carl, who was the firm's "traveler," to visit the elector in Bohemia.