1820-1826.
DAILY LIFE--DEATH OF HIS BROTHER ABRAHAM--AN EARLY PANAMA CANAL
PROJECT.
Mr Montefiore's occupations may best be described in his own words,
and may furnish a useful hint to those who neglect to keep an account
of the way in which their time is spent. He writes:--
"With God's blessing,--Rise, say prayers at 7 o'clock. Breakfast at 9.
Attend the Stock Exchange, if in London, 10. Dinner, 5. Read, write,
and learn, if possible, Hebrew and French, 6. Read Bible and say
prayers, 10. Then retire.
"Monday and Thursday mornings attend the Synagogue. Tuesday and
Thursday evenings for visiting."
"I attended," he says, "many meetings at the City of London Tavern,
also several charitable meetings at Bevis Marks, in connection with
the Spanish and Portuguese Synagogue; sometimes passing the whole day
there from ten in the morning till half-past eleven at night (January
25, 1820), excepting two hours for dinner in the Committee room;
answered in the evening 350 petitions from poor women, and also made
frequent visits to the Villa Real School."
In the course of the year he went to Cambridge and to Norwich,
visiting many of the colleges, the Fitzwilliam Museum, and other
interesting institutions, and on February the 16th he attended the
funeral sermon of his late Majesty George the Third (who died on the
29th of January).
He often went to his farm, near Tinley Lodge, and sometimes for
special recreation to the English Opera, together with his wife and
members of the family, always finding time for work and pleasure
alike.
"Mr N. M. Rothschild," he records in an entry, "being taken ill, I
stayed with him several days at Stamford Hill."
Subsequently Mr Montefiore had some very important business in
connection with a loan, and experienced much uneasiness, owing to a
riot among the soldiers of the third regiment of the Guards, which, no
doubt, affected the financial world.
He frequently went to the House of Commons and the House of Lords to
ascertain the state of politics, and the progress of the Jews
Emancipation Bill in particular; for the Roman Catholic Emancipation
Bill, which, side-by-side with Parliamentary reform, and the demand
for free trade, was at that time agitating the public mind, naturally
prompted the Jews to bring before the House their own grievances. Mr
Montefiore also visited the Female Freemasons' Charity, and generously
supported the craft which, as has been said, has had a being "ever
since symmetry began and harmony displayed her charms."
_October 30._--An important event in his financial career takes place:
he gives up his counting-house.
1821 (5581 A.M.)--The first day of this year corresponding with the
Hebrew date, Tebet 28, on which his father, he writes, entered into
eternal glory, 11th of January 1804 (5564 A.M.), he repairs morning
and evening to the house of prayer, offering up the customary prayer
in memory of the dead.
"I visited his tomb, distributing gifts to the poor and needy, and on
my return passed the whole of the day in fasting and religious
meditation."
The next entries refer to his frequent visits to the hospital, "Beth
Holim," going to see King George IV. at Drury Lane, dining with the
Directors of the Atlas Fire Assurance Company at the Albion, going
afterwards with the Lord Mayor of Dublin to Covent Garden Theatre to
see His Majesty again, his excursions to the country, together with
his wife, and their visits to Finchley Lodge Farm, where they
sometimes pass the day together. On his return to London, he attends,
as in the preceding year, the meetings of the elders of his community
and those of the communal institutions.
On 8th May they set out for Scotland. Of this tour Mrs Montefiore kept
an interesting journal, which not only describes the state of the
country and the mode of travelling sixty six years ago, but shows her
good temper under difficulties, her gratitude to Providence for the
blessings they enjoyed, and for their safety after apparent danger, as
also her keen appreciation of the beauties of nature and art. It
contains, however, no information likely to be serviceable to the
present generation travelling in Scotland.
In October we meet them again in London, in the House of Prayer,
offering up thanks for their safe return from Scotland. During the
rest of the year Mr Montefiore resumed his usual occupations, always
combining the work of finance with that intended for the welfare of
his community and charitable institutions of all classes of society,
while Mrs Montefiore devoted herself to responding to every appeal for
help commensurately with the merit of the case, comforting every
sufferer by her kind acts of sympathy, and promoting peace and harmony
among those whose friendship seemed likely to be interrupted.
An incident which, at the time, afforded Mr Montefiore special
gratification, he refers to as follows:--
"I was present, on the Feast of Haunkah (the anniversary of the
victory of the Maccabees), at a discourse delivered by the spiritual
head of the congregation, in the College of the Spanish and Portuguese
Hebrew Community. The interest was greatly enhanced by the completion
of the study of one of their theological books in the presence of all
the students. The latter evinced great love for their study, and
appeared well acquainted with the subject to which the lecturer
referred."
Mrs Montefiore presented each student with a generous gift, as an
encouragement to continued zeal in their work.
1822 (5582 A.M.).--He agrees to rent East Cliff Lodge for one year
from the 15th of April, for L550 clear, and signs the agreement on
12th February.
On the eve of the Day of Atonement, in the presence of his assembled
friends, he completes, by adding the last verse in his own
handwriting, a scroll of the Pentateuch, for the use of the Synagogue,
offering on the following day L140 for the benefit of various
charitable institutions of his community as a token of his
appreciation of the Synagogue Service.
The depressed state of trade in this and the preceding year, owing to
serious apprehensions of war, had caused a great diminution in the
importation and manufacture of goods, so that much anxiety prevailed.
Referring to this subject, Mr Montefiore makes an entry to the effect
that a statement had been made in high quarters by the Duke of
Wellington, that peace would be maintained, in consequence of which,
says Mr Montefiore, all the public funds rose.
1823 (5583 A.M.).--Opens with a joyous event in the family. His
brother Horatio, on the first of January, marries a daughter of David
Mocatta, thus allying more closely the two most prominent families in
the Hebrew community.
_August 20th._--Mr and Mrs Montefiore leave England for the third time
for France, Germany, and Italy.
The entry this day refers to something which happened to him seventeen
years previously (1806), (for obvious reasons I do not give the name,
which is written in full in the diary):--"N. N. robbed me of all and
more than I had. Blessed be the Almighty, that He has not suffered my
enemies to triumph over me."
On their arrival at Rome they find Mr Abraham Montefiore very ill;
much worse, Mr Montefiore says, than they had expected. His critical
state induces them to remain with him to the end of the year.
About the same time, his brother Horatio was elected an elder in his
synagogue: "affording him many opportunities," Mr Montefiore observes,
"to make himself useful to the congregation."
1824 (5584 A.M.).--His brother Abraham continues very ill, but
Montefiore can remain with him no longer, his presence being much
required in London.
_February 13th._--Mr and Mrs Montefiore arrive in London, and on the
17th he again goes to the Stock Exchange, this being the first time
for more than a year that he has done so.
_July 28th._--The deed of settlement of the Alliance Life Assurance
Company is read to the general court. On August 4th he has the
gratification of affixing his name to it. "On the same day," he says,
evidently with much pleasure, "I have received many applications for
shares of the Imperial Continental Gas Association."
The diary introduces the subject of Insurance Companies by quoting the
words of Suetonius.
"Suetonius conjectures," Mr Montefiore writes on the first page of the
book, "that the Emperor Claudius was the original projector of
insurances on ships and merchandise."
"The first instances of the practice recorded in modern history," he
observes, "occur in 1560, in consequence of the extensive wool trade
between England and the Netherlands; though it was probably in use
before that period, and seems to have been introduced by the Jews in
1182."
"It is treated of in the laws of Oleron, relating to sea affairs, as
early as the year 1194."
"About the period of the great fire in London, 1666, an office was
established for insuring houses from fire."
This information is probably no novelty to the reader, but my object
in quoting it is to show how attentively Mr Montefiore studied every
subject connected with his financial and other pursuits. We have in
the College library a great variety of books bearing on insurance
offices, all of which, it appears, he had at some time consulted for
information.
Of both the above companies he was elected president, offices which he
held to the last moment of his life. They are now numbered among the
most prosperous companies in England.
His presence at the board was always a cause of the highest
satisfaction, not only to the directors and shareholders, all of whom
appreciated his sound judgment, cautious disposition and energy in the
promotion and welfare of the company, but also to all the officers and
employees of the respective offices.
In conversing with his friends on this subject, he used to say, "When
our companies prosper, I wish to see everyone employed by us, from the
highest to the lowest, derive some benefit from them in proportion to
the position he occupies in the office." He also strongly advocated
the promotion of harmony and friendliness among the officers of the
companies, for which purpose, he used annually to give them an
excellent dinner in one of the large hotels, inviting several of his
personal friends to join them.
When travelling on the Continent, he invariably made a point of
visiting every one of the branches of the Imperial Gas Association,
making strict enquiries on every subject connected with the
operations, and inviting all the officers to his table.
I have frequently (after the year 1839) accompanied him on such
occasions, and often wondered at his minute knowledge of every item
entered in the books of the respective offices.
He often gave proof, in the last years of his life, of his special
interest in the prosperity of these companies by the exertions he
would make in signing every document sent down to him at Ramsgate for
that purpose, even when he appeared to experience a difficulty in
holding a pen.
He strongly objected to a system of giving high dividends to the
shareholders. "Let us be satisfied," he used to say, "with five per
cent., so that we may always rest in the full enjoyment of undisturbed
life on the firm rock of security,"--the emblem represented on the
office seal of the Alliance.
On August the 15th of that year he received a letter from Genoa
stating that his brother Abraham was getting worse, and on Saturday,
the 28th, he received the sad news of his death, which took place at
Lyons whilst on his way back from Cannes.
"It was only in the month of January last," Mr Montefiore says of his
brother, "that when his medical attendant recommended him to take a
sea voyage, he agreed to go with me to Jerusalem, if I would hire a
ship to take us there." "Seize, mortal," Mr Montefiore continues,
quoting the words of the poet:
"Seize the transient hour,
Improve each moment as it flies;
Life a short summer--man a flower;
He dies, alas! how soon he dies."
1825 (5855 A.M.).--The lessons he sets for himself this year are given
in quotations from authors, the selections showing the reflex of the
impressions made on his mind by current events.
The first is an Italian proverb: "Chi parla semina, chi tace racolta,"
corresponding to the English, "The talker sows, the silent reaps."
Those which follow are from our own moralists:--
"A wise man will desire no more than what he may get justly, use
soberly, distribute cheerfully, and live upon contentedly."
"He that loveth a book will never want a faithful friend, a wholesome
counsellor, a cheerful companion, or an effective comforter."
"The studies afford nourishment to our youth, delight to our old age,
adorn prosperity, supply a refuge in adversity, and are a constant
source of pleasure at home; they are no impediment while abroad, and
attend us in the night season, in our travels, and in our
retirement."
"He may be well content that need not borrow nor flatter."
He attends this year regularly all the meetings of eight companies or
associations: the Alliance British and Foreign Life and Fire
Assurance, the Alliance Marine Assurance, the Imperial Continental Gas
Association, the Provincial Bank of Ireland, the Imperial Brazilian
Mining, the Chilian and Peruvian Mining, the Irish Manufactory, and
the British Colonial Silk Company.
With all this, no doubt often very exciting work, he still finds time
for attending all the meetings of charitable institutions of which he
is a member, more especially those of his own community; while he is
often met in the house of mourning performing duties sometimes most
painful and distressing to a sympathising heart.
_February 11th._--He attends for the first time the General Board of
the Provincial Bank of Ireland.
Being now considered an authority of high standing in the financial
world, various offers were made to him by promoters to join their
companies or become one of their directors. Among these undertakings
is one which I will name on account of the interest every man of
business now takes in it. I allude to a company which had for its
object the cutting of a ship canal for uniting the Atlantic and
Pacific Oceans.
He refused the directorship of that gigantic undertaking, which, after
having been abandoned for nearly sixty years, was again taken up,
under the name of the Panama Canal, by M. de Lesseps.
Thirty years later Mr Montefiore also refused to take a leading part
or directorship in the Suez Canal Company, which M. de Lesseps had
offered him when in Egypt. I happened to be present at the time when
M. de Lesseps called on him with that object. It was in the year 1855,
when Mr Montefiore had become Sir Moses Montefiore, and was enjoying
the hospitality of his late Highness Said Pasha, who gave him one of
his palaces to reside in during his stay at Alexandria.
M. de Lesseps spoke to him for several hours on the subject, but he
could not be persuaded that so great an undertaking was destined to be
a pecuniary success.
_May 8th._--Mr and Mrs Montefiore leave for Paris. On their return
they proceed in July to Oxford; and, at the end of the same month, we
see them in Ireland, whither Mr Montefiore went as a member of the
deputation sent by the Provincial Bank. In recognition of the services
rendered to the Board by himself and the other members of the
deputation, a resolution was passed, a copy of which is here
subjoined.
"Provincial Bank of Ireland,
"_Friday, September 9th, 1825_.
"At a meeting of the Court--Present:--John Morris, Esq., in the chair;
M. Attwood, Esq., M. P.; H. A. Douglas, Esq.; S. A. Madgan, Esq.; J.
T. Thorp, Esq.; Jas. Brogdon, Esq., M. P.; J. R. Macqueen, Esq., M.
P.; C. E. Prescott, Esq.; S. N. Ward, Esq.
"Resolved unanimously, That the cordial thanks of the Court are due to
Messrs Medley, Montefiore, and Blount for the zeal and ability they
have evinced in the management of the business committed to their
care, the result of which has fully realised the expectations of the
Court, and will conduce most essentially to the prosperity of the
Company.
"The Chairman is requested to communicate the resolution to the
gentlemen of the deputation on their return from Ireland."
1826 (5586 A.M.).--The diary begins with the prayer, "Renew in me, O
Lord, the right spirit."
For the information of the general reader I quote a short statement
from some historical records of the state of financial transactions in
this and the previous year which will explain the importance of the
entries Mr Montefiore made in these years, referring to monetary
transactions.
On the 12th of January there is an entry stating "the Government will
lend the merchants five millions of Exchequer Bills, and the Bank
directors have agreed to advance the money. They will not fund till
June or July, and then only five or six millions." "This," Mr
Montefiore thinks, "is much in favour of stocks."
One of his acquaintance died suddenly at this time, an unfortunate
event which he considered was the fatal result of large speculations.
"These two years," the historian says, "were characterised by an
extraordinary activity in all departments of trade and commerce. Mr
Huskisson, a minister who was a high authority on commercial matters,
originated several important measures, especially those relating to
the repeal of all duties on goods passing between Great Britain and
Ireland, an alteration in the duties affecting the silk manufacture,
and the repeal of the combination laws and of the law against the
emigration of artisans; while the Executive formed commercial
treaties, on the reciprocity system, with various countries in Europe,
and, acknowledging the independence of the revolted Spanish colonies
in America, drew them as additional customers into the British market.
Capital now so far exceeded the ordinary means of its employment, that
many joint-stock companies were formed as a means of giving it a wider
scope. Some of these associations professed objects which were by long
established usage the proper business of individuals alone, and others
involved hazardous and visionary projects to be carried into effect in
remote countries. The depressed state of trade in 1821 and 1822 had
led to a diminished importation and production of goods, and was
succeeded by an advance of prices in 1823. The consequence was a
sudden and unusually large demand and a powerful reaction of supply,
which did not cease till production had far exceeded the bounds of
moderation.
Through the facilities afforded by a large issue of paper money, the
delusion was kept up longer than it would otherwise have been. The
first symptom of something wrong was the turning of the exchange
against England. A diminution of issues at the bank followed.
Merchants began to experience difficulties in meeting pecuniary
obligations. Then took place a run upon the banks, some of which, both
in London and the country, were obliged to stop payment. Between
October 1825 and February 1826, fifty-nine commissions of bankruptcy
were issued against English country banks, and four times the number
of private compositions were calculated to have taken place during the
same period. While merchants and manufacturers were without credit,
their inferiors were without employment, and distress reached almost
every class of the community. Some liberal pecuniary measures on the
part of the Bank of England helped in a short time, rather by
inspiring confidence than by actual disbursement of money, to
retrieve in some measure the embarrassed circumstances of the country.
"On the same day," Mr Montefiore says, "when the death of an
unfortunate speculator caused a general gloom to prevail in the
financial world, I was asked by a gentleman if I had the courage to
join him in a speculation, my reply was I would see to-morrow." "I
fear," Mr Montefiore observes, "this day's awful lesson is quite lost
upon him."
The entries I am now giving are very brief, sometimes abrupt, showing
(probably) the excited state of affairs in the political and financial
world, which appear to have induced him to form a resolution to
withdraw entirely from all the turmoil of London.
_March 5th._--Heard there will be no war. The ministers' plan of
funding and repaying six millions of the bank has lowered the funds.
_March 17th._--Attended the meeting of the schools; meeting of the
society for granting marriage portions to orphans (Spanish and
Portuguese Hebrew community).
_March 20th._--The King of Portugal died; The Emperor of Austria
dangerously ill; our good king much better.
_April 9th._--Dined with Mr N. M. Rothschild; met there Prince
Esterhazy, Duke of St Albans, his brother and two sisters, Lady
Augusta Cotton, a son of Lord Coventry, and the Earl of Lauderdale.
_April 13th._--The Emperor Nicholas insists upon the Turks evacuating
Moldavia.
_April 16th._--Attended meeting of the elders (Sp. and Port.
Synagogue); signed 1171 cheques, dividends of the Alliance, sixteen
shillings per share.
_June 20th._--War commences again in India, after Bhurtpore had been
stormed by Lord Combermere and peace made with the Burmese, when they
had to pay L100,000 sterling, and cede a great extent of the
territory.
During the following three months he again devotes much time to
communal affairs, attending committees of schools and charitable
institutions.
_October 15th._--Political events of great importance attract his
attention. He calls with Mr N. M. Rothschild on Prince Esterhazy, who
says that Canning and Villele are trying every means to settle a
representative constitution for Spain.
_October 22nd._--The entry states, "Received an express that the
differences between the Russians and Turks are amicably settled."
_October 29th._--He frequently attends meetings of the elders in this
and the following month, also orders blankets for distribution among
the poor.
_December 12th._--The king sends a message to the House to the effect
that five hundred troops would be sent to Portugal.
_December 14th._--The King of France's speech is considered very
warlike.
The diary concludes with the following memorandum:--
"By the blessings of God, prepare for a trip to Jerusalem. Get letters
of introduction from Lord Auckland for Malta, and from J. Alexander
for Constantinople. Study Italian, French, and Hebrew."