The morning call., 1890-11-26
THE LATE AUGUST BELMONT

Scant Justice is done to the late Mr.. Bel
mont in the obituary notices he is receiving
He was very remarkable man not amiable,
nor genial, but he was a man of astonishing
strength of will and iron purpose. His res
olute energy raised him from the position of
q penniless German lad to be one of the first
bankers in the world, leading member Of
a great political party, and the representa-
tive, alternately, of two of the great nations
of Chrstendom.
August Belmont arrived in New York at
the age of 81 in the height of panic, and
began to draw bills ON the house of Roths-
chiids. lie was not very welcome among
the New York bankers, who objected to
learning finance from beardless boy. But
he quickly grew popular in society. He had
no difficulty in marrying the niece of Com
modore Perry. who socially had few rivals,
and from that time he has been in the front
rank of New York society.
The Rothschids are peculiar in their way
of doing business Few of their agents, it is
said, receive salaries; they draw for what
money they want and they are expected to
live generously. If their drafts are too
heavy, they get hint from the head of the
house that they are OVERRIDING the thing.
Belmont proposed to charge one-eighth on
all the bills he sold, and his offer was ac-
copied. Bills on R1thschild were the very
choicest in the market; they would sell when
none of the smaller banking houses could
dispose of a pound. Belmont had no diff
Guilty in placing all the exchange which he
could cover by the purchase of mercantile
| bills, or, when the rate warranted, by ship
ments of coin. His commission of an eighth
amounted to an annual fortune. In business
he was prompt and decided, but he had mo-
nopoly of an article which importers could
not do without. People put up with his
austerity for the sake of the security his bills
offered.
| He spent his money as lavishly as he
earned if easily. He entertained sumptu-
ouSly. The appointments of his home were
princely. When William H. Vanderbilt,
then in the zenith of his glory, flied room
with the old masters, Belmont established a
gallery OF modern art, which is the finest
collection of paintings in this country. He
founded stable, and one year, when he gave
|. his mind to it, his horses won the chief
prizes.
Politics had always been hobby with
+ him. For twelve wears he was Chairman of
the Democratic National Committee. When
lie resigned his pest he declared in his speech
OF withdrawal that American politics had
been the love of his youth and were the
comfort of his middle age" He had, never
| theless, been Austrian COnsu-General for
many years. He proved good enough
American, however, when he served this
country as Minister to The Hague. The
| story of his actions at the outbreak Of the
| war it will be for the future historian to de-
tail He suffered much in public estimation
| when Lord Lyons dispatches were pub
lished, and he was suspected of being one of
those Americans who secretly sighed for a
| monarchy. The suspicion probably did him
| injustice. He was too shrewd a man to so
| grossly misunderstood his adopted fellow
| cuuntrymen. For many years before the
war his political affiliations had been with
| the leaders of the Southern Democracy. His
| severance from them involved wrench, but
| he endured it, and after the firing on Sumter
| cast his lot with the defenders of the Union.
| His advice and counsel were often sought by
| Mr.. Lincoln, and were never refused.
| The last years of his life were clouded by
| bitter sorrow. His favofite son, for no
| reason which the world has ever been told,
| committed suicide in his house. The strong
man stifled his grief and gave no outward
| sign, but he never recovered from the blow.