As the Duke of Wellington Voted to Oppose Jewish Emancipation in Parliament, He Writes His Banker Nathan Rothschild About a Debt Owed to the Rothschild Bank

The letter shows the complicated financial and political situation faced by Jews in the 19th century England and also how dependent the country was on them

Nathan Mayer Rothschild was one of the famous five sons dispatched by their father to Europe’s financial capitals to extend the family's banking business and political reach. He established the banking house in London in 1811, and the London branch made its initial fortune in government bonds. During the Napoleonic Wars, the NM Rothschild firm stepped out from the crowd to materially assist the British cause. It helped the British government send funds to its allies, while an elaborate network of agents and couriers meant the bank also became responsible for providing key financing to the Duke of Wellington’s army in Portugal and Spain. This aid continued, and in 1815 alone, the Rothschilds provided the equivalent of about $10 billion in subsidy loans. The Rothschild financial power meant that in 1825 they were able to supply enough coinage to the Bank of England to prevent a financial crisis. They also provided the £15m gold issue that was needed to pass the Slavery Abolition Act in 1833, as that act provided compensation to slaveholders for their losses.

Nathan Rothschild was a financial adviser to the Duke of Wellington in the 1820s and up until his death in 1834. He also cultivated relationships with a number of prominent Tories, and provided them with access to cash. Wellington himself banked for a time with the Rothschild houses on the continent, and he had an overdraft facility that enabled him to personally borrow money for his own benefit. A surviving ledger from 1825 indicates that he did not use his account to incur debt, but this significant letter from Wellington proves that he in fact did just that. It is made all the more important, as during this time Wellington was either Prime Minister or leader of the opposition, and yet borrowing from the Rothschilds.

Autograph letter signed, London, February 25, 1833, to Nathan Rothschild. “Dear Sir, I have received this afternoon a letter from your brother dated the 20th instant upon the subject of his fee which I am indebted to his house at Paris for which I had raised upon him. I entertain no doubt that I owe him this money. But as I don't recollect the names of the parties in whose favor I drew here to your brother, [do you] have any objection [to sending] the original drafts that I may see them? Your most faithful servant, Wellington.” A search of public sale records going back 40 years fails to turn up even one letter from Wellington to any Rothschild having reached the market, nor do we recall ever seeing one.

If the Rothschilds hoped that their largess to Wellington would advance the cause of Jewish emancipation (the right to vote and serve in Parliament) in England, they were wrong. This very year, despite Wellington’s taking their money, and the historical debt he owed the house for its services to Britain, and Nathan’s pleas, he opposed Jewish emancipation. The Tories having had to accept Catholic emancipation, Wellington thought it premature to propose another such bill. The bill passed the House of Commons, but failed in the Lords, showing that anti-Jewish sentiment was still strong at that time. It was another 25 years before Jewish emancipation gained a head of steam. Nathan’s son and successor, Lionel, became the first Jewish member of parliament in 1858. His son in turn, Nathaniel, was the first Lord Rothschild in the Lords.

As a historical side note, Wellington’s great-great-granddaughter did not share his reluctance to advance the cause of the Jews. She married Nathan Rothschild’s great-grandson.