CHAPTER IV.

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."