The House of Morgan: an American Banking Dynasty and the Rise of Modern Finance by Ron Chernow - 1990 - 1232 Pages

WINNER OF THE 1990 NATIONAL BOOK AWARD FOR NON-FICTION

  The House  of Morgan: an American Banking Dynasty  and the Rise of Modern Finance is  fourth of the six works by Ron Chernow I have so far read.  

Prior to today I have read three other works his of biographically centered histories:

1. Alexander Hamilton 
2. George Washington
3. The Warburgs: The Twentieth-century Odyssey of a Remarkable Jewish Family

Julius Pierpont Morgan

Born: April 17, 1837, Hartford, Conneticut, USA

Died: March 31, 1913, Rome, Italy

Founded J.P. Morgan -1895

Co-founded General Electric, U. S. Steel, and International Harvester

Controlled 21 Railroads

Last month I read A People’s History of The United States by Howard Zinn.  Zinn’s central thesis is that all the events in American history from The Revolution up to The Vietnam War were only for the purpose of enriching  a small elite..  He suggests patriotism was used to delude ordinary Americans to die for the rich.  Julius Pierpont Morgan and the companies he was involved with are among those most vilified as causing great harm while pretending to be acting in the public interest.

Chernow presents a very detailed account of the very important role J.P. Morgan had in the Development of the modern American financial system.  The book is of tremendous value to all interested in 20th century American history.  My reaction in regards to the claims of Zinn is that Morgan did in many cases try to do what he thought was best for the country but he expected to profit from his actions

Chernow goes into a lot of details about the interlocking connections of banks to American corporations.  We learn a lot about the personal lives of those involved.

Ronald Chernow is an American writer, journalist and biographer. He has written bestselling historical non-fiction biographies. He won the 2011 Pulitzer Prize for Biography and the 2011 American History Book Prize for his 2010 book Washington: A Life. Wikipedia

 

Washington: A Life by Ron Chernow -2010 - 930 pages. - Winner of the Pulitzer Prize for Biography

George Washington:A Life by Ron Chernow

February 22, 1732

1775 to 1783 - Commanded Continental Army during the American Revolution

1789 to 1797 - First President of The United States

December 14, 1799. 

If you love American history and have not yet read Ron Chernow's biographies of Alexander Hamilton and George Washington you have a marvelous experience awaiting you.

Last month I posted on his Alexander Hamilton - http://rereadinglives.blogspot.com/2019/09/alexander-hamilton-by-ron-chernow-2004_21.html, made into a Broadway musical.  Hamilton was Washington's Aide de Camp as well as a military commander during the American Revolution and was the first secretary of the treasury.

I will in this post not recap Washington's life, just talk a bit about some of the many things that struck me.

Chernow brought Washington very much to life for me.  Long long ago my family and I visited his home in Mount Vernon, from Chernow I felt the great sadness Washington experienced during the eight years the Revolution kept him away from his home and his business.  

Chernow faces square on a fundamental issue, one must say, a flaw in the character of a basically highly principled man, Washington's attitude toward slavery.  He did see the contradiction in leading a war for liberty while owning hundreds of slaves.  Washington is portrayed by Chernow as treating his slaves better than most Virginia plantation owners, he respected slave marriages, he did not sell of spouses or children, he did not rape captive women, he made sure older slaves who could not work had food and medical care.  However, he did have slaves whipped and if a slave would not work and obey the rules he did on occasion sell them to West Indian sugar plantations, which was about a three years to death sentence.  Washington thought a slave should want to do their best for his or her master.  He sent slaves out to work in subfreezing weather.  Forty seven slaves attempted to escape from his ownership and he never seemed to understand why.  He did come to see that perhaps it would be better business to free the slaves thus relieving him of the burden of feeding them and just hire  workers.  He freeded about half the Mount Vernon slaves in his will but half were actually owned by the children of Martha from a prior marriage so he could not under Virginia law free them.  He also knew if he opposed slavery, the southern states might not join the union and might in fact side with the British.

We learn how Washington obtained wealth through inheritance and from his marriage.  Washington did enjoy the company of attractive women but seems in all probability never to have cheated on his wife.

We go along during his leadership in the French and Indian War.  His successful experience during this lead to his selection as leader of the Continental Army.  We meet his generals as well as the British leaders.  Chernow explained how the reluctance of British generals to press early advantages was a great break for the rebels.

Chernow goes into detail about the terrible hardships at Valley Forge.  The farmers in the surrounding areas had lots of food for sale but most would not accept American paper money.  Washington would not allow his soldiers to just take supplies, knowing this might turn the population against the 

revolutionary efforts.  We also see that as the war moved to the southern states, Washington's Quarter Master general did confiscate livestock at the point of a gun on occasions.

A big problem in the eight year war was keeping the army in tact.  Soldiers enlisted normally for one year and got very tired of being hungry and not getting paid.  Both the British and the Americans induced slaves to fight with promises of freedom after victory.  The prospect of slaves with guns caused many plantation owners to fear a slave uprising.

Washington went as long as three years without seeing action. He was focused on taking New York State and the Philadelphia area but the British moved the war to Georgia and the Carolinas, taking advantage of their unmatched in the world fleet to move their troops.  The Brotish generals were used to fighting pitched battles on open fields.  American militia volunteers adopted a style of fighting, partially learned fighting Indians, better suited to American terrain. Chernow showed that Washington's best military field commander was Nathaniel Greene. He goes into a lot of fascinating detail about his relationship to Alexander Hamilton.

The entrance of the French in the war was very valuable.  We learn a lot about Lafayette's life, role in the war and his close friendship with Washington.  I loved learning about the probably gay German officer who turned the Continental Army into a professional fighting force. Friedrich Wilhelm August Heinrich Ferdinand Steuben 

After the war ended it seemed like Washington just wanted to get back to Mount Vernon.

This post is long already.  Chernow brilliantly narrates Washington's time as president, many wanted to make him president for life.

Many know Washington as the father of America, he had no children most likely as a consequence of either his small pox or injuries to Martha during childbirth.  He was very close to his step children and lots of nephews and nieces.

Every American schoolchild used to be taught Washington was called the father of his country.

If you want to know why can also be called the father of the American mule, read this book!

I read last year his book on the Warburg banking family.  I have kindly been given a review copy of his latest book, a biography of Grant which I will read next year, I hope.

Mel u

Alexander Hamilton by Ron Chernow - 2004 - 802 Pages

Alexander Hamilton by Ron Chernow - 2004, 802 pages 

An Autodidactic Corner Selection.

January 15, 1755 (or 1757, the records are unclear) - Charleston, Nevis, British Leeward Islands

July 12, 1804 - Greenwich Village, New York, killed in a duel with Aaron Burr, then Vice President to Thomas Jefferson. 

October,1772 - moves to New York City

July 1775 - Joins The New York State Melitia in support of The American Revolution 

Because of his brilliance and dedication he serves as George Washington’s Chief of Staff for four years.

December 14, 1780 - he marries Elizabeth Schuyler, from one of the wealthiest families in New York State.  They have eight children.  The marriage was of great help to Hamilton in personal, financial and political matters.  They had eight children. Their oldest son was killed, age 19, in a duel.  Chernow thoughout book brings to our minds that Hamilton will die in a duel.  Dueling was an unforunate part of the code of honor.

He and his wife never got over the tragedy.

July, 1781 - at his request he is appointed field commander of three battalions.  His troops play a significant part in the American victory  at York Town which ended the war.

In 1797 he was first American politician to be involved in a sex scandal. Chernow spends a lot of time on this as the affair, with a marrired woman, seems very out of keeping for Hamilton.  The woman’s husband begins to blackmail Hamilton, saying he will  tell his wife and go to the press.  It appears to have been a set up from the start. His wife does eventually discover the affair, it lasted about two years.  Chernow lets us see the deep guilt of Hamilton and the impact of this on his marriage.  Hamilton had many political enermies, chief among them Thomas Jefferson, who also learned of his affair and used it against him for the rest of his life.

From September 11, 1789 to January 31, 1795 he was Secretary of the Treasury.  He essentially designed the financial system of the United States.  Hamilton was an advocate of a strong central government.  Much of the country’s tax revenue came from duties on imported goods.  He founded The U. S. Coastal Service to aid in this.  He also founded The U. S. Mint and was the primary author of The Federalist Papers, in defense of The U.S. Constitution

After leaving office Hamilton practices law in New York and is very involved still in state and National politics.  He wanted a strong central government, a standing army,and a good relationship with England.  Chernow helped me see the genesis of the American political parties in the conflicts between Hamilton and those lead by Thomas Jefferson and James Madison who wanted the states to be almost independent countries.  Chernow has near contempt for the character of Jefferson.  His enemies tried to suggest Hamilton took bribes from England and others but Chernow completely repudiates this idea.

Sugar was the main cash source in Charleston, on the Leeward  Islands.  Slavery was essential for the success of the plantations. Chernow explains how the  terrible cruelty Hamilton witnessed before immigrating made him a life long opponent of slavery.  He goes into a lot of very interesting detail about role  fight over slavery 

had during the formative years of America.  From Chernow i learned why the infamous clause in the U. S. Constitution counting slaves as equal to 3/5ths of a person gave a big advantage to Southern states.  Hamilton did not have confidence in the “common man” and wanted a government by the elite.  This sentiment was part of the reason for the Electoral College system, now an absurdity.  If Hamilton had his way, slavery would have been abolished in the Constitution.

His parents were not married and Chernow shows how this stigma impacted the psyche of Hamilton.  Chernow says the notion that Hamilton was of racially mixed parentage is a myth based on old slurs of his enemies.

Chernow develops the characters as well as a master novelist.  I knew from the start Hamilton would be killed in a dual but i did not know why.  His death was senseless.  Chernow made the duel painfully real.

Chernow greatly admires towering intellect,work ethic, and far sightedness of Hamilton.  As potrayed, Hamilton was quick to take offense and held a grudge.  He was an Autodidactic of the first order, a constant reader in a wide range of fields.  He spoke French, could read Latin and Greek.  His prose style was elegant.  His published writings and letters come to sixty large volumes.

Hamilton’s wife lived on for fifty years after his death, doing all she could to honor her husband’s legacy.

Alexander Hamilton by Ron Chernow is a delight.  Anyone into American history should read it.  

Chernow remarks that America since the passing of the founding fsthers  has never come close to such leaders.  The comparison of 2019 to 1800 is near sickening.

Alexander Hamilton by Ron Chernow is a wonderful book. I loved it.

I have previously read his The Waburgs and shall 

soon read his biography of George Washington, then his latest book, on President Grant.  

From The author’s website

“Ron Chernow’s bestselling books include The House of Morgan, winner of the National Book Award; The Warburgs, which won the George S. Eccles Prize; The Death of the Banker; Titan: The Life of John D. Rockefeller, nominated for the National Book Critics Circle Award; Washington: A Life, which received the Pulitzer Prize for Biography; and Alexander Hamilton, nominated for the National Book Critics Circle Award and adapted into the award-winning Broadway musical Hamilton.

Chernow has served as president of PEN, has received eight honorary doctoral degrees, and was awarded the 2015 National Humanities Medal. He lives in Brooklyn, New York

Mel u

The Warburgs: The Twentieth Century Odyssey of a Remarkable Jewish Family by Ron Chernow - 1993, 880 Pages

I offer my great thanks to Max u for The Amazon Gift Card that allowed me to read this great book.

An Autodidactic  Corner Selection.

Anyone interested in twentieth century Jewish history, international finance, German banking, the Holocaust, and much more narrated through the lives of the Warburg Family will love this book. The story begins in the mid 16th century when a Warburg was a “Court Jew” in Hamburg to the development of a fortune and a legend to rival  the Rothchilds.  One Warburg founded the Federal reserve bank in America while helping other Jews out of Nazi Germany, another used his vast fortune to build great library, preferring Reading to banking.   Chernow has a wonderful way of making us know each of the many family members.  We know much more about them than we do about most subjects of biographies.

The book really gets going toward the end of the 19th century.  The Warburgs were very patriotic Germans.  They helped the Germans Finance the Franco-Prussian War.  Warburgs were in the German Army in World War One.  After the war they did all they could to reduce the harsh demands of The Treaty of Versailles on Germany.  Chernow does a wonderful job working in details about the period.  

As we enter the 1930s Chernow lets us feel the tension among German Jews.  Most German Jews thought or hoped Hitler would “calm down”.  Some knew this was an illusion, others thought their WW One Iron Crosses would save them.  Through a combination of foresight, good luck and a willingness to pay huge penalties, almost all the Family got out before 1939.  To the great credit of the Family, they took many employees and personal servants out with them. The Family entered the private banking business in New York City and became even more wealthy.  

Warburgs tended to marry within the extended family.  (Children of first cousins are only slightly more likely to have Birth defects than orher children though if the practice continues for several generations the risk grows.) An acceptable Warburgs mate had to be Jewish and very rich so the options were limited.  As family members were born in New York City, some did marry rich Christians but they did find some family resistance. We see some of the marriages were long loving relationships, some of the men had mistresses.  The Warburgs supported numerous Jewish causes, had complex feelings about Zionism, were great patrons of the arts in addition to bring powerful business men.  Most were highly cultured and felt a banker should know more than just finance. 

This is a delightful book.  A book as richly informative as the family it teaches us about.

Ron Chernow’s bestselling books include The House of Morgan, winner of the National Book Award; The Warburgs, which won the George S. Eccles Prize; The Death of the Banker; Titan: The Life of John D. Rockefeller, nominated for the National Book Critics Circle Award; Washington: A Life, which received the Pulitzer Prize for Biography; and Alexander Hamilton, nominated for the National Book Critics Circle Award and adapted into the award-winning Broadway musical Hamilton.

Chernow has served as president of PEN, has received eight honorary doctoral degrees, and was awarded the 2015 National Humanities Medal. He lives in Brooklyn, New York. From ronchernow.com

Mel u