ing, and he was not a little shocked by it. He spent many hours discussing the tragedy with Metternich and Gentz, in its various aspects.

Two rivals had been disposed of, but life went on its course, and it appeared desirable to wipe out their memory, and to anticipate evil tongues by cleverly giving publicity to news regarding the fame, the business dealings, and the prestige of the House of Rothschild. The brothers had long recognized that good advertisement, which owing to the limitations of the time had to be of a literary nature, could be of the greatest value. Through their influence with the authorities, who were able to use the power of the censorship in order more or less to restrain press activities in all countries, they had little to fear from violent attacks in the press; and if any such occurred, they were almost always able to take effective countermeasures. Moreover, they had ample means at their disposal for influencing cowardly papers, and pressing the cleverest pens into their service.

First and foremost there was Gentz, the "Secretary of Europe." He had for a long time been writing propaganda articles for the Rothschilds in various papers, and exerting his influence-backed as it was by the powerful figure of Metternich looming behind him—upon the contemporary press in their favor. Gentz's growing intimacy with the House of Rothschild, which was marked. by constant invitations to dinners and theatres, as well as by "highly welcome financial transactions with the excellent Rothschild," as faithfully recorded by Gentz,79 gave a chance for carrying out a master-stroke of publicity.

In 1826 the Brockhaus publishing firm was just about to publish a new edition of its Conversational Encyclopedia, which had a very wide circulation at that time, and was regarded as an absolute gospel. The Rothschilds had not yet been featured in it, and it seemed to offer a convenient opportunity for describing the origin and progress of their House.

There was nobody better qualified to execute this, as regarded both manner and matter, than Gentz. Solomon Rothschild accordingly requested him in return for a princely fee, to undertake the task, explaining to him the points he wished to have emphasized. He was particularly anxious that the relationship with the Elector of Hesse should be described in such a way as to convey the impression that the whole of his enormous fortune had been entrusted to the management of the House of Rothschild; and that they had succeeded in saving it by risking all their possessions. Special emphasis was to be laid upon their integrity and disinterestedness, and the firm was to be described as more powerful than any contemporary firm, all the titles and dignities that the five brothers had acquired in the course of time being enumerated.

During the first week of April, 1826, Gentz wrote an essay entitled "Biographical Notes about the House of Rothschild," which was to serve as the basis of his article in the encyclopedia. The following extracts will give an idea of the way in which Gentz carried out his task. The essay was accepted at its face value by very large numbers of people, and after appearing in the Brockhaus publication was incorporated into similar foreign works, as for instance Encyclopédie des gens du monde. The article

ran:

The Rothschilds, at the present time the greatest of all business firms, are among those who have achieved greatness and prosperity simply through intelligently taking advantage of opportunities which were available for thousands of others, through a spirit of enterprise seasoned by calm judgment, and through their understanding of men and affairs, and their capacity to adjust themselves to the conditions of the time. Meyer Amschel Rothschild, the father of the five brothers, who are now living, was the founder of this firm. . In a short space of time his knowledge, his tireless industry, and his

straight dealing won for him the confidence of highly respected firms; he was given important orders, and his credit as well as his wealth increased. The relationship which Rothschild established with the Landgrave, afterwards Elector, of Hesse was a decisive factor in the enormous subsequent development of his business. The elector appointed him crown agent in 1801, having come to realize that he was as reliable as he was useful. When in 1806 the French occupied the elector's territories, and he himself was compelled to flee, he left the rescue of his private possessions to Rothschild, their value amounting to many million gulden. It was only by sacrificing the whole of his own property, and at considerable personal risk, that Rothschild contrived to save the property that had been entrusted to him.

The well-known fact that all Rothschild's possessions had been confiscated by the French led the exiled elector to believe that his own property had been lost too. In fact he does not appear to have thought it even worth while to make inquiries about it. When matters had settled down again Rothschild immediately proceeded to do business with the property he had saved. . . .

The brothers are most scrupulous in observing the injunction that their father laid upon them when he was dying, which was to collaborate in absolute brotherly harmony in all business matters. Indeed they treat the memory of their father with such piety that they refer to him in all important business matters, and Nathan generally applies to doubtful cases a rule his father recommended.

When the elector returned to his states in 1813, the House of Rothschild not merely offered immediately to return to him the capital sums with which it had been entrusted, it also undertook to pay the customary rate of interest from the day when it had received them. The elector, positively astonished by such an example of honesty and fair dealing, left the whole of his capital for several more years

with the firm, and refused any interest payments for the earlier period, only accepting a small interest from the time of his return. Through recommending the House of Rothschild, especially at the Congress of Vienna, the elector certainly assisted greatly in extending their connections, until now as the result of the political developments since 1813 the House has, through an uninterrupted series of great transactions, attained the position it at present holds in the commercial and financial affairs of Europe, which are partly directed by it. . .

Students of economics and politics have no doubt frequently wondered how the House of Rothschild has been able to achieve so much in so short a time. Leaving the effects of chance out of account, its success is attributable principally to the strictest observance of certain fundamental maxims, together with wise business management, and the exploitation of favorable opportunities. The principal maxim is harmonious collaboration in all business matters, to which reference has already been made.

After their father's death every offer, whatsoever its origin might be, was made the subject of joint discussion between the brothers; any transaction of any importance at all was carried through according to a concerted plan by their joint endeavors, and all the brothers had an equal share in the result. They continued to act in close agreement, in spite of the fact that they gradually settled in places far removed from one another. This circumstance, indeed, instead of interfering with their collaboration, has proved an actual advantage; it has enabled them to obtain the fullest information as to the state of affairs in the principal markets, so that each of them can from his own center the more effectively take the preliminary steps in any business. The firm as a whole then takes it over and carries it through.

Another of the principles which the Rothschilds have adopted is to keep moving, and not allow themselves to become enmeshed by circumstances. . . .

Finally it should be noted that, apart from the reasonableness of their demands, the punctiliousness with which they carry out their duties, the simplicity and clarity of their schemes, and the intelligent way in which they are put into operation, the personal moral character of each of the five brothers has been a determining factor in the success of their undertakings.

It is not difficult for those whose power enables them to attach large numbers to their interests, to secure the backing of a powerful party; but to unite the support of all parties and, in the popular phrase, to win the esteem of gentle and simple, implies the possession not merely of material resources, but also of spiritual qualities not always found in association with wealth and power. Ever ready to lend a helping hand, without distinction of person, to those who have come to them for assistance, all of the five brothers have achieved a real popularity. They have rendered the most important services in such a manner as to make them most acceptable, for they have been actuated not by considerations of policy but by natural benevolence and kindness. 80

This eulogy of the Rothschilds was a masterpiece executed by a clever stylist; it was bound to raise the prestige of the House enormously, especially in the opinion of those who did not know how it came to be written. Then as now the great mass of the unthinking public accepted anything in print at its face value, and as the article, while containing statements that were untrue, did contain much. that was the result of accurate observation, and attributed excellencies that were not fictitious, even the more critical were inclined to give credence to the description.

It was not signed by Gentz, although it is true he admitted to being the author, at any rate in conversation with his friends. Indeed he actually asked Adam Müller to express his opinion on it. "I should be glad," he wrote, 81 "if you would read the article on Rothschild in the supplement of the Conversational Encyclopedia. It