POWER OF ROTHSCHILDS.

Otago Daily Times, Issue 20644, 16 February 1929, Page 9

POWER OF ROTHSCHILDS.

FAMILY THAT DICTATED TO KINGS. DO FINANCIERS MARE WAR? About sis months ago there appeared an English translation of a German work, which had been published last year, dealing with the fascinating romance of the House of Rothschild. This volume carried the history of this powerful family down to 1830. That work was given the title of “ The Rise of the House of Rothschild,” writes the Right Hon. Philip Snowden, M.P., Chancelllor of the Exchequer in the Labour Government. An English translation of the second volume has just been published. Dealing as it does with the influence which this great family of international bankers exercised during the nineteenth century upon the political events of Europe, this new work is appropriately entitled “ The Reign of the House of Rothschild.” There is not in the history of private enterprise anything comparable to the rise, the success, the influence, the wealth and political and social prestige of this Jewish family, whose, fortunes were founded by a humble antique dealer and money changer in the Frankfort Ghetto a century and a-half ago. The wealth of this family has become proverbial in every country in Europe. “As rich as the Rothschilds” is the modern expression of the fabled riches, of Croesus.

A modern banker has said: “ Finance is the arbiter of the world’s destinies.” It is not the men whose names figure prominently in political records who really shape the course of world events. Behind the scenes, controlling Governments, dictating to statesmen, shaping international policy, often determining the question of peace and war, are the men who hold the financial resources of the world. As Count Corti, the Austrian author of these volumes, truly says, historians of special periods have laid stress on many aiid i various aspects of the period under review, but they have neglected to ap-, praise the important influence of financiers upon the politics of the period. Kings, statesmen, and, politicians fill the stage of history, but the hidden hand of the international moneylender is never allowed to obtrude upon the scene. , The explanation of this is po doubt the fact that the great influence which the international bankers exercise upon political policy is usually carried opt in secrecy. Serious international difficulties might be created if financial influence were known to be employed on behalf of one country and against the interests of another. «

■The purpose of this second volume of Count Corti’s work is to repair the omission of the historians, and to trace the Pan-European importance of the House of Rothschild during the nineteenth century. , MOTIVES AND INFLUENCE.

The writer of this work is repeatedly a.t pains to protest his perfect impartiality, hut there are times when the reader must feel that he is rather unjust i- his interpretation of the motives which prompted the Rothschilds to take- a certain line and to influence political rulers to a -v.pt a particular policy. It is, of course, quite true that the Rothschilds were primarly concerted with building u* 1 the fortunes of their own house, but there is little or nothing in th disclosures of these volumes to justify the conclusion that these five brothers were otihe. than honourable men who, while always looking after their own interests, were not indifferent to the welfare of Europe. The motto of the House of Rothschild is “ Concordia, Integritas, Industrial It must be admitted that the House of Rothschild has liyed up to that motto. Such a vast business could never have been built up, and l its high prestige maintained over several generations-if it had not been conducted with integrity and industry. The industry of the five sons of the founder of the house was simply prodigious. Their lives were a literal fulfilment of the Hebrew proverb, " Seest thou a man diligent in business? he shall stand before kings.” At the time ' when the story opens in this new volume, namely, in 1830, the Rothschilds had firmly established their position as the bankers of the Great Powers of Europe. They had amassed enormous wealth in the years following the_ French Revolution, and were in a position to assist with loans out of their own - sources the States which had been impoverished by the long wars. STABILITY OF THE HOUSE.

The greatest test of the, stability of the house, and the skill of its directors in weathering a storm, came with the outbreak of the French Revolution of 1830. The Rothschilds held an enormous quantity of 1 certificates .on advances to Austria and France, and the threat of war between- these two countries placed the, house in an exceedingly dangerous position. The story of the courage and skill with which they faced this crisis is told by Count Corti. It is a long and intricate tale, but the outcome of the crisi. was that the house was saved, and it came through with enhanced stability and increased prestige. •There is an impression abroad that financiers make ..ar. - ' . It is a sheer delusion. Capitalists often do. but financiers never deliberately do that. Wars are wholly against their interests.. Throughout the whole history of - the Rothschild';, 'as related in this volume, they were always working to avoid war. In every one of the European crises of the last century the Rothschilds were always behind the scenes, bringing their powerful influence to bear to avert a threatened outbreak of war, and it is related how, in many such crises, their action smoothed over the difficulties. The Rothschilds had during the early and middle parts of last century, branches of the House in London, Paris, Vienna, Berlin, and Naples, each in charge of one of the brothers. At each of these capitals the representative of the House was in close touch With the King and Ministers, and in this way all the branches were kept constantly informed of the political position in the several capitals. By this means the Rothschilds were better aware of i the exact international situation than were any one of the Foreign Embassies. This ■wide knowledge was turned by them into effective use in promoting their policy of peace.

Every word that any of the Rothschilds wrote revealed how' anxiously they were constantly endeavouring to do everything possible to maintain peace, as they were always anxious about their great undertakings and financial commitments. They watched the political situation as they would a barometer* reporting to one another every oscillation of the needle. Commenting upon the influence of the Rothschilds in the critical period between 1830 and 1840, Count Corti writes:— The previous 10 years had seen three highly critical problems arise, each of which brought Europe to the verge of a devastating war. On each occasion the house of Rothschild had seen the policy of peace triumph, that policy which was so absolutely essential to the maintainence and preservation ,oi their enormous wealth. It was not surprising that their self-confidence, as well as their property, continued to increase to a prodigious degree. ’ ■ If in pursuit of their own interests the Rothschilds worked to maintain European peace, and succeeded :n doing so, as, indeed, they often did, they- conferred also an inestimable boon on humanity. The Rothschilds did not always put their financial interests before other desires. The Jewish race owes an incalculable debt to them for the influence they have exercised, through their financial power, to improve the lot of their co-religionists in every country' where they were the objects of persecution. It was the settled policy of the house to refuse to take up loans for States which treated the Jews badly.

The financial business of the House has been by no means confined to promoting loans for States, great and, small. In the middle of the last century'the Rothschilds took the leading part in. financing

the building of European railways and the establishment of great steamship transport lines. The accessible material which - would throw light on the influence of the Rothschilds since the begimrng of the present century is scanty. That the house still exercises considerable international influence is undoubted, hut'it is not comparable with the unique power it swayed in the last century. New competitors have arisen. The vast financial resources pf new continents have begun to control or influence the international policy. It is' doubtful if the new financial interests are an improvement on the old.

The old house of Rothschild has been dismembered. Its former unity between London, Paris, Vienna, Italy, and Berlin does not now exist/ i'he branches of the family in different countries have become citizens of the respective countries.

But whatever the future of this great family may be, its past will always stand out as - one of the wor 1 * s greatest romances, and will be an' -undying memorial, not only to the 'ndustry, the capacity. and the integrity of the men who made the house of Rothschild, but to tte great race to which tuey belonged.