The morning call., 1891-11-02

FINANCE . AND. SENTIMENT.

The recent negotiation of tile Russian
loan IN Paris will constitute one of the most
curious chapters in the history of modern
flnance. 1t appears from NJ. de. BlnwitZ's
letters in the London Times that the Gar
had made arrangements to raise the money
he needed through the house of Rothschilds
at Paris the terms having been all settled
some time ago Shortly before the time
came for the bonds &c. tie placed on the mar
ket,- the London house OF Rothschild, deeply
moved by thetrOubleS of THE Jews'in Rus
STA, dispatched TO the Paris house protest
against the transaction, and awaited itself
of: the: old and almost forgotten article in
the family partnership compact which gives
to each Branch qualified veto on the action
Of each Of the either branches. The. Paris
house -acquiesced. No,iticat ion was sent to
St. Peters burg that so long as the persecu-
ton: of the Jews continued in Russia the
:RothSehilds would decline to place their
financial machinery at the service of the
Russian Government The blow was severe.
for the Influence Of the great Jew bankers
was such that the most prominent Christian
houses declined to anIag0nlZe' them, and re-
specially rejected applications TO act as
agents for the new loan. r.. =
:: But the Russians are the most astute di
pl6matists IN the world Articles began to.
appear in the French papers limiting that,
in. the event OF war with Germany, Russia
might take the field on the side Of France.
A new tire atty. Of close. friendship was said
to have: teen negotiated between the French
Republic and the Russian Empire. 0n+the
heels of these hints to the public the French
fleet was invited To- St. Petersburg, was
treated with unusual hospitality and feted
toflSn toll
which Russian :officers-who would not have
F spoken without ,aurhority-gav utterance
+ TO sentiments Of hot affection for France
and Of bittercontempt for Germany and the
Germans. When French opinion had been
expressed. syndicate Of bankers in Paris
announced that they would receive suhscrip-
tions to a, new Russian loan.
The maneuver was a complete success.
Subscriptions amounting to seven times the
sum of money asked for were made in a
/. single day. Every patriotic Frenchman
opened his purse to the: friend Of France.
The Rothschilds. were beaten. horse, foot
aud Dragons, and their prestige received
; blow from VI itch it will not easily recover.
+ The Christian bankers who held back under
their leadership now scOld nj them for having
been tie cause of their losing good thing.
: The neral of the story is that it does not
always pay to mix sentiment with business.
Every friend of humanity is grieved at the
persecution of the Jews, and would be
pleased TO hear that the Government which
tolerates them was in financial straits. a
sagaCious finaBcier would have foreseen the
effect Of Russian. influence upon so sensitive
=, a people as the French, and would have dis
covered that after the reception at St. Pc
tersbufg Russian securities were sure to be
popular in France. The Rvthschilds sacri-
feed their interest to an honorable feeling
of sympathy with their Russian corelgion-
lists. Il was commendable, but it seems it
was not business
AS a rule the mass of mankind rarely let
sentimental considerations interfere with
their business. The example of Robert
Morris, who ruined himself to furnish money
TO the Government hundred years ago,
has been followed by few. AT the earnest
request. of Mr.. John T..Cisco the bankers Of
New York did supply the money to meet the
interest on Government bonds due January
J., 1861; but they charged L per cent Tor
the lean. Vast sums Of money were loaned
to; the United States during the War of the
Rebellion; but the lenders knew perfectly
well that they we're making prime invest
nsent. If they had not possessed that
knowledge they would have been as shy Of
seyen-t hirties ard ten-foTtes as tie rich men
ef the South were of Confederate bonds
Many a man will give his life for his coun-
try, but most bankers will hang ba-k when
their country asks them for their money.