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I - Accumulating Capital

Published online by Cambridge University Press:  05 July 2014

Sven Beckert
Affiliation:
Harvard University, Massachusetts
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Summary

In the fall of 1857, August and Caroline Belmont sailed into New York harbor, his four-year assignment as United States ambassador to The Hague complete. As their boat passed the Narrows between Brooklyn and Staten Island, the steeples of Trinity Church appeared on the horizon, followed by the merchant houses of South Street and the banks just north of the Battery. On the calm waters before them, dozens of ships crisscrossed the port, ferry boats shuttling between lower Manhattan and Brooklyn, canal sloops loaded with wheat arriving from Albany via the Erie Canal, ocean-going clippers unloading barrels stamped “Liverpool,” and coastal brigs lying low with their heavy load of cotton bales. As it unfolded before the Belmonts, New York radiated material bounty. Indeed, August himself had thrived in the city in the short twenty years after first setting foot on the North American continent as a representative of the banking house of Rothschild. Now, he was one of the richest and most powerful Americans. Within days of the Belmonts' return to their mansion on Fifth Avenue and 18th Street, they had exhibited their exquisite art collection, “containing paintings of most of the first living masters,” and given lavish dinners that featured the delicacies of a chef brought back with them from Europe. By giving back to this nascent world capital some Old World culture, the Belmonts were reasserting their prominent position.

Type
Chapter
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The Monied Metropolis
New York City and the Consolidation of the American Bourgeoisie, 1850–1896
, pp. 17 - 45
Publisher: Cambridge University Press
Print publication year: 2001

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  • Accumulating Capital
  • Sven Beckert, Harvard University, Massachusetts
  • Book: The Monied Metropolis
  • Online publication: 05 July 2014
  • Chapter DOI: https://doi.org/10.1017/CBO9781107050822.005
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  • Accumulating Capital
  • Sven Beckert, Harvard University, Massachusetts
  • Book: The Monied Metropolis
  • Online publication: 05 July 2014
  • Chapter DOI: https://doi.org/10.1017/CBO9781107050822.005
Available formats
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To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

  • Accumulating Capital
  • Sven Beckert, Harvard University, Massachusetts
  • Book: The Monied Metropolis
  • Online publication: 05 July 2014
  • Chapter DOI: https://doi.org/10.1017/CBO9781107050822.005
Available formats
×