Transatlantic financiers and the Civil War

This essay examines the sympathies and actions of transatlantic financiers in Britain during the Civil War. Motivated largely by their financial and ideological connection to the Northern states, major Anglo‐American banks sympathized with the Union and campaigned to keep Britain out of the conflict. Unable to procure the support of Britain's leading banking houses, the Confederacy turned to lesser capitalists and speculators for financial assistance. By highlighting Britain's economic links to the Northern states and pointing to the potential dangers of meddling in the conflict, financiers in the City of London provided statesmen in the Westminster Parliament with a powerful justification for the policy of neutrality.