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JEwISH PRIVAtE BANKS 229 monarchies in continental Europe, the Rothschilds appear to have adapted themselves to the successive regimes in France after the fall of the monarchy. Similarly, through its broad international interests the family might be involved with both sides in conflicts between a conservative regime and its opponents. Thus, during the wars for Italian unification, the London house underwrote an Austrian loan while at the same time the Rothschilds of Paris were negotiating with the Piedmontese government. As information obtained through personal contacts with business, political and diplomatic circles lay at the core of the private bankers’ business, it is not surprising that government tried to use them as intermediaries and entrusted them with discreet missions. Thus, on several occasions Bleichröder was an intermediary between Bismarck and the liberal opposition in Prussia. We cannot tell his numerous diplomatic missions, but it is worth stressing that after the 1870s his position in Berlin so impressed the Russian Ministers of Finance that they corresponded secretly with him about not only financial but also political matters. Despite appearances, the political influence of Jewish private bankers should not be overestimated. Its efficiency was correlative with the convergence of their interests and the aims of the government they served. Bleichröder’s decline after the fall of Bismarck is a revealing case. The Romanian question is a yet more revealing one. During the 1870s Western Jews decided to use their power and influence in order to organize collective European pressure on East European governments to improve the lot of Jewish minorities. Bleichröder devoted himself to the case of the Romanian Jews. So long as German railway interests in Romania were threatened, Bismarck supported the campaign for emancipating the Romanian Jews. When in 1878 the Powers imposed their liberal principles on Romania at the Berlin Congress, Bleichröder celebrated his triumph sumptuously. It did not last very long. Once the railway question was solved with the Romanian government two years later, Bismarck cynically gave up his support to the Romanian Jews and their emancipation was forgotten. Without debating the financing of the Zionist movement by certain prominent Jewish financiers, let us recall that the deteriorating situation of Russian Jewry also influenced their international business. Indeed, outraged by the pogroms against Russian Jews, Jacob Schiff decided to finance and support Japan during the war of 1904–5, and Japanese bonds were sold on the German market by the Warburg bank with the agreement of the Wilhelmstrasse. On the whole, peace seems to have been the main concern of the international Jewish haute banque. The dread of war inspired Sir Ernest Cassel’s and Max Warburg’s efforts to unite Britain and Germany on the eve of World War I. Siegmund Warburg’s action in favour of European Union after World War II was also motivated by his conviction that prosperity and close Western ties were the best way to prevent Nazi revival. Anyhow, the private bankers’ political influence remains largely an unknown. By the end of the twentieth century, the private Jewish bank had lost its specific place in the banking system. A few houses have survived thanks to their strength and their ability to keep family control and adapt
230 THE WORLD OF PRIVAtE BANKING to banking evolution. The banking revolution of the last decade raises the question whether they will integrate the growing international groups or like their ancestors use their traditions to open up new pathways in the banking industry.
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