Mr. Morgan’s suggestions saved the nation from default and netted Morgan and the House of Rothschild, whom Belmont represented, a hefty profit. The bankers secured pledges from other banks to halt gold withdrawals, and they disposed of the bonds easily and quickly. The Rothschilds’ involvement ensured a wave of anti-Semitic abuse, but the New York World hit the key charge: the Cleveland administration had “gratuitously given to the syndicate in a secret conference” what amounted to a $5 million bonus with little risk on their part, “and it will be paid out of the public treasury.” The World
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