A Life of High Stakes and Diplomatic Flair

August Belmont, born Aaron Schnberg, was a German-American financier, diplomat, and politician who left an indelible mark on the world of high finance, politics, and thoroughbred horse racing. He is perhaps best known as the founder and namesake of the Belmont Stakes, the third leg of the Triple Crown of American Thoroughbred horse racing.

Early Life and Education

Belmont was born on December 8, 1813, in Alzey, Germany, to a Jewish family of Spanish descent. His father, Simon Belmont, was a prominent citizen and owner of a freehold estate, serving as president of the local synagogue. After his mother's death when he was just seven, Belmont was sent to live with his uncle and grandmother in Frankfurt, where he attended the Philanthropin, a school founded by Mayer Amschel Rothschild.

Rise to Prominence

Belmont's relatives prevailed upon the Rothschild family to train him for business, and he began his apprenticeship as a confidential clerk. He quickly rose through the ranks, becoming secretary and traveling companion to one of the firm's partners, which led to his first trip outside Germany to Paris, Naples, and the Vatican City. In 1837, the Rothschild branches in Paris and London recognized his talent, and he was appointed to represent their interests in the United States.

Business Career and Diplomatic Ventures

Belmont's business acumen and diplomatic flair led him to become a prominent figure in American politics and finance. He served as Chair of the Democratic National Committee from 1860 to 1872 and played a crucial role in shaping the party's platform. He was also a key advisor to President James Buchanan and later to President Andrew Johnson.

Thoroughbred Enthusiast

Belmont's passion for thoroughbred horse racing led him to establish the Belmont Stakes in 1867, which would become one of the most prestigious horse racing events in the world. He bred and owned several notable horses, including the champion Thoroughbred, Fenian.

Personal Life and Legacy

Belmont married Caroline Slidell Perry, a member of a prominent American family, and had six children with her. He died on November 24, 1890, leaving behind a legacy of business acumen, diplomatic flair, and a lasting impact on the world of thoroughbred horse racing.

Net Worth and Financial Impact

Belmont's net worth at the time of his death was estimated to be around $10 million, approximately $250 million in today's value. His financial acumen and business ventures had a significant impact on the American economy, particularly in the fields of finance and trade.

Philosophical Contributions and Beliefs

Belmont was a firm believer in the power of capitalism and individual initiative. He was also a strong advocate for the principles of democracy and free trade. His philosophical contributions to the fields of politics and finance continue to influence modern thought and policy.

Influence on Modern Society

Belmont's legacy extends far beyond his own time. His contributions to the world of thoroughbred horse racing have made the Belmont Stakes a beloved American institution. His business acumen and diplomatic flair have inspired generations of entrepreneurs and politicians. His commitment to democracy and free trade continues to shape American politics and policy.

Trivia and Fun Facts

• Belmont was known for his impeccable style and was often referred to as the "most fashionable man in New York."
• He was a close friend and confidant of President Andrew Johnson and played a key role in shaping his presidency.
• Belmont was a prolific writer and correspondent, penning numerous articles and letters on politics, finance, and horse racing.