The Deal Is Done, But Problems Arise Everywhere: America, London, Paris, and Amsterdam

Larry Neal ()
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Larry Neal: University of Illinois

Chapter Chapter 7 in The Forgotten Financiers of the Louisiana Purchase, 2024, pp 135-158 from Palgrave Macmillan

Abstract: Contrary to the standard histories that take the finance of the Louisiana Purchase as easily done, problems arose for Alexander Baring and Pierre Cesar Labouchere in each of the four locations involved: America, where the form and number of certificates to be created and sent back with Alexander, conforming to the instructions from his father, are contested by Gallatin; in London, Sir Francis is ordered by the British Prime Minister to cease and desist from further remittances on behalf of the United States to Paris, given war has been declared; in Paris, Napoleon insists upon a large advance payment from the bankers, which Baring does on the advice of Monroe, over the objection of Livingston, but Labouchere covers the remaining obligations by replacing Alexander’s undated acceptances with alternative commitments by Hope & Co. in Amsterdam. There, Labouchere claimed 2/3 of the profits from the sale of the Louisiana bonds that have arrived safely in Europe. This led to Sir Francis revealing much of the background to the financing to make good his claim for ½ of the profits, reducing Labouchere’s share.

Keywords: Alexander Baring; Albert Gallatin; Certificates; Napoleon; Pierre Cesar Labouchere; François Barbé-Marbois; Henry Addington; Sir Francis Baring; Willink Brothers; DeSmeth Brothers (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:pal:psitcp:978-3-031-56277-8_7

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DOI: 10.1007/978-3-031-56277-8_7

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