I.

Once, many years ago, a bill of exchange for a large amount was drawn[1] by Anselm Rothschild, of Frankfort, on Nathan Rothschild, of London. When the gentleman who held it arrived in London, Nathan was away, and he took the bit of paper to the Bank of England and asked them to discount it.

The managers were very stiff. With haughty assurance they informed the holder that they discounted only their own bills; they said they had nothing to do with the bills of private persons. They did not stop to reflect with whom they had to deal. Those shrewd old gentlemen in charge of the bank of the realm should have known and remembered that that bit of paper bore the signature of a man more powerful than they—more powerful, because independent of a thousand-and-one hampers that rested upon them. “Umph,” exclaimed Nathan Rothschild, when the answer of the Bank was repeated to him. “Private persons! I will let these important gentlemen know with what sort of private persons they have to deal.”

And then Nathan Rothschild went to work. He had an object in view[2]—to humble the Bank of England—and he meant to do it[3]. He sent agents to the Continent and through the United Kingdom, and three weeks were spent in gathering up notes of the smaller denominations of the Bank’s own issue[4].

One morning, bright and early, Nathan Rothschild presented himself at the Bank, and drew forth from his pocket-book a five-pound note, which he desired to have cashed. Five sovereigns were counted out to him, the officers looking with astonishment upon seeing Baron Rothschild troubling himself personally about so trivial a matter. The baron examined the coins one by one, and, having satisfied himself of their good quality, slipped them into a canvas bag, and then drew out and presented another five-pound note. The same operation was repeated, save that the baron took the trouble to take a small pair of scales from his pocket to weigh one of the pieces, for the law gave him that right.

[1] to draw a bill of exchange, +einen Wechsel ziehen+.

[2] +Er hatte sich das Ziel gesteckt.+

[3] +und er wollte alles daran setzen, dies Ziel zu erreichen.+

[4] in gathering — issue, +die auf kleinere Summen lautenden, von der englischen Bank in Umlauf gesetzten Banknoten aufzukaufen+.

_Section 244._

HOW THE BANK OF ENGLAND WAS HUMBLED.