To the former he wrote: "I have now been living here for four months, groaning under the weight of intolerable grief, and filled with deep concern for the many bitter experiences through which your Majesty is passing, and which . . . affect me even more than my own misfortunes. I have had to watch the land of my fathers suffering an arbitrary rule, and my private property being squandered, and to see my loyal subjects suffering and being gradually reduced to beggary, if they are not speedily succored. It is indeed hard, your Royal Majesty, to have to endure such experiences, and doubly hard when one is conscious that one has always acted in a manner which one could justify before God and men.'

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His letter to the Emperor of Austria was written in exactly the same vein.22 In the opening sentence the epithet "most invincible" was on this occasion, in view of the battle of Austerlitz, not added to those of "most excellent" and "most powerful." He begged in the strongest terms, for the emperor's help and support.

These letters were written after the elector's efforts to conciliate Napoleon had merely resulted in the Emperor of France showing his personal contempt and aversion more clearly than ever. William of Hesse's attitude continued to be completely unreliable and vacillating as far as everybody was concerned. At the same time that he was overwhelming Napoleon with supplications, he was negotiating with England for landing on the coast for combined action against the French. But in England, his overtures to Napoleon were known. He was no longer trusted, and the electoral funds invested in that country were sequestrated, so that although he received the interest, he had no power to dispose of the capital.

All these things had not helped to improve the elector's temper. Prince Wittgenstein, who frequently had occasion to visit him in exile on behalf of the Prussian government, wrote: "Personal association with him is indescribably unpleasant; the greatest patience is required

in order to put up with his endless complaints and sudden outbursts.'

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Buderus and Meyer Amschel Rothschild were soon to suffer in the same way. Rothschild had latterly been collecting and accounting for the interest on the English and Danish loans due to the elector. As this had not been settled by the elector personally, he complained of the arrangement. He again became suspicious, and suddenly required that Buderus should not allow this money to pass through Rothschild's hands, but that it should be paid direct into the reserve treasury at Itzehoe, an arrangement which was more difficult to carry out. This was galling, both for Buderus and for Meyer Amschel Rothschild, who was just endeavoring through Dalberg's good offices to buy back the elector's coin collection, containing so many gold and silver specimens of priceless value, which had been carried off to Paris. The following events did not improve the elector's temper.

By offering the tsar the prospect of sharing the world dominion with himself, Napoleon had in the Treaty of Tilsit reaped the fruits of his campaign against Prussia. The result was that Hesse was allotted to the newly created kingdom of Westphalia, and Napoleon's brother Jerome pitched his tent in William's residence at Cassel. The exiled elector was filled with rage and indignation, and his tendency to behave unjustly to those about him became more marked. When Buderus was again staying with his master at Itzehoe, and spoke of Rothschild and the services that he had rendered, the elector indicated that he noted the special favor shown to Rothschild with surprise, as after all, he was a Jew of very obscure antecedents, and expressed his concern to find Buderus employing him, as he had lately been doing, to the exclusion of almost everybody else, in the most important financial transactions. Buderus declared himself strongly in reply. He pointed out how promptly Rothschild had always paid, especially in the case of the moneys from London,

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

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.