June 26, 2002

The Big Spenders, Lucius Beebe

Oh! magnificoes! Money in the Gilded Age had a really excellent time, completely proportional to the grinding misery of the poor in the same era. The poor do not get even a look-in in this book. Beebe was a tail-end of money himself, and squired the failing heirs of massive wealth around - in between some lively newspaper work of his own - and was an enthusiast of and expert on spending money. You;d think this would be irritating to read, but it was distant, sounds entertaining, and besides many of these people came to a bad end, if you need schadenfreude. (Spelling?)

"Private varnish", that is, privately owned train cars, are at the top of Beebe's list - are there any left running, do you suppose? With several maid's bells and gold-plated plumbing? (An investment in efficiency - "saves polishing".)

Interesting detail of between-the-wars travel, when money could not be pulled out of an ATM, or even most banks: In a day before American Express credit cards and traveler's checks, a letter of credit was a formidable document issued by one's home bank in the amount of a sum sequestered against it in Boston, New York, or Cleveland. This bedsheet-sized document handsomely engrossed and sealed was presented at the bank's European correspondents... who advanced what the traveler might need in pounds or francs and wrote the amount on the back of the letter of credit. It was the only known way of financing travel.

...

The opening move was to dispatch either by hand or through the post a letter to, say, Baring Brothers' main office in the city acquainting the management with one's identity, references, family and financial background, and warning of one's impending arrival with the intention of drawing against a letter issued by the Old Colony Trust of Boston, It was wise to suggest a date for the rendezvous at least four or five days in the future...

On the appointed morning the party of the first part arrayed himself as for a garden party at Buckingham Palace, braided-edge morning tail coat, black silk hat, umbrella, and wash gloves. ...

It would take until the afternoon to secure the currency from the vaults, count it, and record the serial numbers of banknotes. First there would be lunch at the Travellers' Club....Colchester oysters, Melton Mowbray pie, a cold lobster, Stilton cheese, claret, Port, and cigars followed in the ritual of the busnessman's luncheon, after which a state progress in reverse to the bank was in order. So wrote clew in History (19th c.).

And thus wrote others:
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