the world of private banking
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PRIVAtE BANKERS AND PHILANtHROpy 257<br />
certainly with some truth, as ‘an ideal type <strong>of</strong> <strong>the</strong> rich Jew. He ga<strong>the</strong>red his vast<br />
wealth by means at which <strong>the</strong> sternest moralist could set no cavil, he took a pride<br />
and a pleasure in distributing huge amounts <strong>of</strong> it with an unsparing hand, an<br />
example to Jews <strong>of</strong> what a rich Jew should be – an example to <strong>the</strong> <strong>world</strong> <strong>of</strong> what<br />
a rich Jew can be’. 28<br />
Ernest Cassel (1852–1921)<br />
Ano<strong>the</strong>r ‘rich Jew’ whose philanthropic activities were more popularly known than<br />
his business dealings was Ernest Cassel. Of course, not all City philanthropists<br />
were Jewish, but <strong>the</strong> patterns <strong>of</strong> philanthropy did not differ substantially between<br />
Jews and non-Jews, though <strong>the</strong> objects might. Cassel, in any case, had converted<br />
secretly to Roman Catholicism on <strong>the</strong> early death <strong>of</strong> his wife and rarely identified<br />
publicly with Jewish causes, though this did not protect him from anti-Semitism.<br />
Cassel came from a modestly successful <strong>banking</strong> family in <strong>the</strong> Rhineland. He<br />
migrated to Liverpool at <strong>the</strong> age <strong>of</strong> seventeen with few resources. He obtained<br />
a clerkship with Bisch<strong>of</strong>fsheim and Goldschmidt. This move was probably<br />
facilitated by an introduction from de Hirsch. Cassell was closely associated with<br />
Hirsch until <strong>the</strong> latter’s death, but as with much in <strong>the</strong> lives <strong>of</strong> both men <strong>the</strong> details<br />
<strong>of</strong> <strong>the</strong>ir transactions remain mysterious.<br />
Cassel achieved rapid financial success. When he married, in 1878, aged<br />
26, he was able to put aside capital <strong>of</strong> £150,000. His wife died <strong>of</strong> tuberculosis<br />
three years later. They had one daughter, Maud. Cassel was a devoted fa<strong>the</strong>r. He<br />
never remarried. His fortune and <strong>the</strong> scale <strong>of</strong> his international activities grew. He<br />
was an active member <strong>of</strong> Edward VII’s social set, an owner <strong>of</strong> racehorses with<br />
some success, mixed in <strong>the</strong>atrical and artistic circles and amassed an impressive<br />
collection <strong>of</strong> paintings and o<strong>the</strong>r valuable items. He was an active donor to charity,<br />
and not only to those patronized by Edward. He made much pr<strong>of</strong>it in <strong>the</strong> 1890s<br />
through financing <strong>the</strong> Aswan dam, also from <strong>the</strong> development <strong>of</strong> sugar production,<br />
<strong>of</strong> agriculture and railways in Egypt. In 1903, Cassel also donated £341,000 to<br />
equip and operate travelling eye hospitals in Egypt. This may have been motivated<br />
at least partly by a desire to mollify opposition to his business ventures. Whatever<br />
<strong>the</strong> motive, <strong>the</strong> outcome was a major contribution to combating <strong>the</strong> ravages <strong>of</strong><br />
such eye diseases as trachoma in poverty-stricken rural Egypt.<br />
In 1910–11 came a turning point in Cassel’s life, for a mixture <strong>of</strong> personal and<br />
political reasons. He felt great personal grief at <strong>the</strong> death <strong>of</strong> Edward VII. With his<br />
friend, he also lost much <strong>of</strong> his social and political influence, to <strong>the</strong> undisguised<br />
and <strong>of</strong>ten openly anti-Semitic glee <strong>of</strong> certain members <strong>of</strong> high society. The<br />
friendship between Edward and ‘Windsor-Cassel’ was close and strong. They met<br />
at <strong>the</strong> racecourse around 1896, possibly introduced by Hirsch, and were friends<br />
<strong>the</strong>reafter. Even more tragically, in 1911 his only daughter died after a long battle<br />
28<br />
Ibid.