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All the Players Were Important

In: The Forgotten Financiers of the Louisiana Purchase

Author

Listed:
  • Larry Neal

    (University of Illinois)

Abstract

The background of the financial players in the Louisiana Purchase begins with François Barbé-Marbois, whose enthusiasm for the independent republic of the United States of America began with his diplomatic service for France as representative during the final years of the War of Independence. His sojourn in the United States overlapped with that of Albert Gallatin, destined to become the U.S. Secretary of the Treasury under Thomas Jefferson and James Madison. Alexander Baring came to the United States in 1795, ostensibly to oversee the purchase of lands in Maine for Baring & Hope, but devoted most of his time to investing in U.S. government debt and the stock of the First Bank of the United States. In 1798, he became a son-in-law of William Bingham, Senator from Pennsylvania. Bingham was the son-in-law of Thomas Willing, President of the Bank of the United States and hosted eminent visitors from Europe, including Talleyrand. Labouchere fled Amsterdam with Alexander in winter 1794, to serve Henry Hope in London. In the meantime, he married the oldest daughter of Sir Francis, becoming brother-in-law to Alexander. When the Peace of Amiens occurred, Labouchere was sent to Amsterdam to re-open the firm of Hope & Co., but first went to Lisbon to arrange a Portuguese loan backed by a monopoly on diamonds exported from Brazil, which would enable payment of tribute to Napoleon. In sum, Alexander established firm working relationships with Albert Gallatin in the United States and Pierre with Talleyrand and Barbé-Marbois in Paris.

Suggested Citation

  • Larry Neal, 2024. "All the Players Were Important," Palgrave Studies in the History of Finance, in: The Forgotten Financiers of the Louisiana Purchase, chapter 0, pages 83-114, Palgrave Macmillan.
    • Handle: RePEc:pal:psitcp:978-3-031-56277-8_5
    DOI: 10.1007/978-3-031-56277-8_5
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