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THE MONEY KINGS: The Epic Story of the Jewish Immigrants Who Reworked Wall Avenue and Formed Fashionable America, by Daniel Schulman
On Feb. 6, 1904, a bunch of highly effective Jewish males met on the Fifth Avenue mansion of Jacob Schiff. Largely forgotten right this moment (besides by antisemitic conspiracy theorists), Schiff was a German immigrant who turned probably the most highly effective bankers on the planet, “a colossus in finance and Jewish life,” Daniel Schulman writes in “The Cash Kings.”
That evening, Schiff’s friends — who included Adolph Ochs, the writer of The New York Occasions, and Oscar Straus, President Theodore Roosevelt’s minister to The Hague — had been speaking in regards to the looming struggle between Japan and Russia. Schiff knocked on the desk for silence and introduced that he had been approached about arranging a mortgage to the Japanese authorities to assist fund the struggle. Then he requested the identical query my grandfather used to ask: What does it imply for the Jews?
That query recurs all through “The Cash Kings,” a sprawling historical past of the German Jews who got here to the USA within the nineteenth century and helped create the trendy financial system whereas navigating their very own identities as Jews, bankers and Individuals.
Schiff is the e book’s central determine, and by the early twentieth century, on the eve of the Russo-Japanese Conflict, his affect had unfold past Wall Avenue. On the time, Jews had been being raped and murdered in yet one more sequence of pogroms in imperial Russia. These assaults burned such an enduring scar on the Jewish psyche that, earlier this yr, an Israeli main normal was moved to check the slaughter of Israeli civilians on Oct. 7 to “a pogrom from our grandparents’ time.”
Schiff thought financing Japan’s struggle effort may assist carry down the Russian czar and, hopefully, finish the pogroms happening underneath his rule. Alternatively, Schulman suggests, a Jewish banker taking sides within the struggle may additionally engender much more antisemitism in Russia.
Schiff determined it was a danger value taking. He organized the mortgage to Japan and wrote to the British banker Nathaniel Rothschild. He hoped that “Jewish bankers of affect” would “work with all their may towards any Russian loans as long as present situations proceed.”
Rothschild replied to Schiff’s letter: “There’s completely no likelihood of Russia getting a mortgage in England.”
Japan received the struggle. Russia misplaced. For Schiff, who additionally bankrolled anti-czarist propaganda aimed toward Russian P.O.W.s, it was a narrative of Jews rallying to oppose a brutally antisemitic Russian regime.
For antisemites, it shortly turned a narrative of Jewish bankers conspiring to form world occasions to the Jews’ benefit. Across the time the struggle ended, in 1905, the primary full model of “The Protocols of the Elders of Zion,” the canonical work of Jew-hating conspiracy idea, was revealed in Russia. It presupposed to reveal a Jewish plot to take over the world, and it will show to be a lethal e book.
“The Cash Kings” exhibits how antisemitism was additionally a power that certain Schiff and his fellow Jewish bankers collectively. Shut out of a lot of society, they labored in the identical places of work and summered in the identical cities and intermarried like European royalty.
Over the course of the e book, the relationships develop into an increasing number of convoluted. In 1875, Schiff married Therese Loeb, the daughter of a accomplice at Kuhn Loeb, the funding agency he went on to run. (A Goldman was a bridesmaid on the wedding ceremony.) Their daughter Frieda married into the highly effective Warburg banking household in 1895. Later that yr, when yet one more Warburg married yet one more Loeb, Schulman dryly informs us, the groom “turned a brother-in-law to his brother’s father-in-law,” and “Frieda’s aunt now turned her sister-in-law.”
There are lots of heroes on this e book, and plenty of journeys, and the journeys generally really feel fairly just like each other. It’s compelling the primary time an bold younger man leaves Bavaria to develop into an itinerant peddler, carrying his wares on his again by means of rural America, bringing his brothers over to the New World and rising to develop into a well-known financier. It’s much less compelling the second time.
The e book sometimes drags, however Schulman, a senior editor at Mom Jones, is a radical reporter with an eye fixed for pleasant particulars. The banker Solomon Loeb was so obsessive about work, Schulman writes, that he as soon as concluded a letter to his son with, “Your Loving Kuhn Loeb & Firm.” Lengthy earlier than Marcus Goldman went into enterprise with Samuel Sachs, he was so poor that he gave his bride-to-be a bouquet of radishes as a result of he couldn’t afford flowers.
There’s numerous finance in “The Cash Kings.” Goldman Sachs and Lehman Brothers carry a brand new period of I.P.O.s to Wall Avenue within the early 1900s; across the identical time, Schiff and J.P. Morgan battle for management of the Northern Pacific railroad. (In the long run, they work it out like gents and engineer a monopolistic merger.) Maybe most importantly for the U.S. financial system, Paul Warburg helps create the Federal Reserve in 1913.
However such occasions play as remoted episodes, and the e book doesn’t ship a coherent narrative of the rising American financial system. As a substitute, the thread that binds is the Jewish expertise in America. This can be a story about Jews who occur to be bankers, not about bankers who occur to be Jews.
Close to the top of the e book, “The Protocols of the Elders of Zion” re-emerges from the muck to encourage an American wave of antisemitic conspiracy theorizing bankrolled by Henry Ford, the good industrial innovator and basic Jew hater.
In Could 1920, The Dearborn Unbiased, a newspaper that was owned by Ford and circulated through Ford sellers across the nation, launched a sequence titled “The Worldwide Jew.” It cited “The Protocols,” and superior the plot: Schiff and the Warburgs, on this telling, had not simply introduced down the Russian Empire; they’d additionally conspired to carry the Bolsheviks to energy in 1917. (Unsurprisingly, these wealthy bankers didn’t the truth is help the Bolsheviks.) Worldwide Jews, Ford’s paper stated, had been the “aware enemies of all that Anglo-Saxons imply by civilization.”
The newspaper sequence was a disaster for American Jews. However Schiff, uncharacteristically, suggested restraint. “If we get into an issue we will gentle a fireplace, which nobody can foretell the way it will develop into extinguished,” he wrote to a bunch of Jewish leaders in June. “I might strongly advise subsequently that no discover be taken of those articles and the assault will quickly be forgotten.”
Schiff died that September, so he didn’t stay to see himself proved catastrophically flawed.
Ford turned “The Worldwide Jew” right into a e book (subtitle: “The World’s Foremost Downside”) and printed thousands and thousands of copies. In 1922, The New York Occasions reported that Adolf Hitler, the chief of a rising group of Bavarian reactionaries, had a portrait of Ford on his workplace wall in Munich. On a desk in Hitler’s anteroom, Schulman writes, there was a stack of copies of “The Worldwide Jew,” translated into German.
THE MONEY KINGS: The Epic Story of the Jewish Immigrants Who Reworked Wall Avenue and Formed Fashionable America | By Daniel Schulman | Knopf | 570 pp. | $35
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