August Belmont

August Belmont Sr. (born Aaron Belmont; December 8, 1813November 24, 1890) was a German-American financier, diplomat, and politician. He served as Chair of the Democratic National Committee from 1860 to 1872. He was also a thoroughbred racehorse owner and the founder and namesake of the Belmont Stakes, the third leg of the Triple Crown of American Thoroughbred horse racing. Early life He was born as Aaron or Aron Belmont on December 8, 1813, to a Jewish family in the village of Alzey, which was shortly annexed to the Grand Duchy of Hesse after the Napoleonic Wars. His father, Simon Belmont was the owner of a freehold estate and leading citizen of Alzey, serving as president of the local synagogue for many years. His paternal ancestors were Spanish Jews who fled the Iberian peninsula during the reign of Ferdinand and Isabella. At a young age, his parents began calling him August, the name he used throughout his life. His mother, Frederika Elsass Belmont, died when August was seven. After his mother's death, he lived with his uncle and grandmother in Frankfurt, where he attended the Philanthropin, a school founded by Mayer Amschel Rothschild, designed to integrate the city's Jewish and Christian communities. When he was fifteen, he was forced to withdraw from the Philanthropin after his father failed to pay tuition. His relatives prevailed upon the Rothschild family, who were relatives by marriage of his grandmother and already leading European financiers, to train him for business. While training as an apprentice and running errands, he was tutored in French, English, composition, and arithmetic. In 1832, his training was rewarded with an appointment as confidential clerk; two years later, he became 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. Business career In 1837, the Rothschild branches in Paris and London became concerned with their holdings in the Spanish Empire, which had been destabilized by the Carlist War. They sent Belmont to sail for Cuba via New York City. Reaching New York amid the Panic of 1837, he learned that the Rothschilds' American agent, J.L. and S.I. Joseph & Co., had collapsed under liabilities of $7 million.